High Risk Life Insurance
Some people are still told that it is impossible or unreasonably expensive to buy life insurance for high-risk lifestyles. However, this is not always true. There are several companies today offering more affordable plans designed specifically for individuals with risky jobs or lifestyles. There are several different factors that can put individuals in this special category. Soldiers who are on active duty may be classified as high risk, and many other individuals with dangerous jobs may be on the list. Health and pre-existing conditions can also earn a person a spot on this list. For example, people who have had organ replacement surgeries, diabetes or multiple heart attacks may be considered high risks by insurance companies.
Some companies are willing to work with individuals on their policy options and premiums. For example, certain companies take individual circumstances into consideration. This means one company may not accept a person who has had a heart attack, but another company may take that person if he or she has met specific health improvement requirements. These may include smoking cessation for those wanted to swicth from smoker life insurance to non smoker, weight loss or enrollment in healthy living classes. However, not all companies are like this. People who have special circumstances that place them at higher risks should evaluate their individual situations and needs. Whole life coverage is usually the most expensive option, but it is the most inclusive. Term life insurance may be best for individuals who are on tight budgets.
There are also other
policy options, but some may not be offered by certain companies. Most
insurers are willing to offer term life
insurance to people with high-risk lifestyles. However, longer terms may
come with higher premiums. Although some people may not find this option
ideal, it can be a good temporary tool. For example, a deployed soldier
who plans to serve one tour of duty and then seek other work could buy
this form of life insurance. When the term expires, he or she may have
a job with less risks, which would allow a more affordable policy change.
These are all important issues each person should think about. The first
and most important step in the process is requesting a free quote. Our
company offers a side-by-side comparison
tool for various companies' quotes, which allows consumers to view
rates without spending hours researching each company. For those who have
questions, we also offer access to live professional financial advice.