Applying for life insurance can require a great deal of information. This is especially the case if you are considered to be a high risk individual. High risk to an insurance company can mean a number of different things. For example, it may mean that the insurer could have to pay out a claim due to an individual having an adverse health condition, and in turn, a lower life expectancy.
It may also mean that a person takes part in high risk activities such as scuba diving, hang gliding, or skydiving – which can also equal the potential for serious injury leading to an early death, and thus the pay out of a life insurance claim.
Also, a high risk individual may also be someone who is employed in what is considered to be a more dangerous occupation. These types of jobs can include police officers and firefighters, as well as window washers and crane operators. Any or all of these jobs may put an individual in harm’s way at any time – in turn, leading a life insurance carrier to having a costly claim.
Because of these higher risk cases, life insurance companies need to take additional precautions when they are evaluating such applicants – and because of that, such individuals may or may not qualify for coverage. And, even if they do, coverage may be approved on what is deemed a Substandard basis. This means that the individual is allowed to have life insurance coverage – but it is approved at either a lesser amount of death benefit, a higher amount of premium price or both.
Life Insurance Carriers That Underwrite Higher Risk Applicants
The good news is that there are several life insurance companies that may be better suited to take on applicants who are higher risk. Some of the life insurance companies that may be a better match for applicants who are considered to be higher risk can include the following:
Farmers Insurance offers a wide variety of different life insurance coverage products – including term life, whole life, universal life, and accidental death insurance. The Farmers simple term insurance coverage starts with a death benefit of $75,000, and it is convertible to lifelong coverage that will build up a cash value – regardless of the insured’s future health status. There is also a value term life insurance option that provides affordable life insurance coverage with premiums that are guaranteed not to increase for 10 years, 20 years, or 30 years. This plan has a death benefit that begins at $150,000.
Farmers also offers a simple whole life plan that provides a simplified underwriting option, as well as a graded death benefit whole life insurance plan. With this plan, there is no medical exam required for underwriting, but rather just three simple health questions to determine a person’s eligibility for the coverage.
American General Life Insurance Company
American General Life Insurance Company was established in 1960. However, even though it is a relatively new company in terms of life insurers, it still ranks as one of the top life insurance carriers in North America. The firm has customer service centers across the country to help in serving their producers, as well as the company’s customers.
American General offers a number of different life insurance products to choose from, including burial life insurance, permanent life insurance – including whole life insurance, universal life insurance, and variable universal life insurance, term life insurance, and survivorship life insurance. The company also offers options for no medical exam policies. Also, group life insurance policy options are also available for businesses that are providing life insurance coverage for their employees.
AAA Life Insurance Company
Although you may think of AAA as more of an auto and homeowners insurance company, this insurer also writes life insurance coverage. The company offers an Express Term life coverage option that can be purchased in just three easy steps. Once these steps have been completed by the applicant, the policy may be able to be approved in just a few short minutes online.
There is no medical exam that is required – and the coverage amount begins at $25,000 and it can go up to $250,000 in amount. The policy durations may be 10 years, 15 years, 20 years, 25 years, or 30 years, and the premium payment amounts are guaranteed to remain level throughout the coverage term. Those who are already AAA members may also be able to receive a discount on their premium amount. Those who are between the ages of 18 and 75 may apply.
Only a few health related questions are required to be answered by the applicant in terms of qualifying for the insurance – and, even if you are approved, if you are not fully satisfied, you have 31 days after your policy approval to cancel and receive your money back.
Amica Life Insurance
Amica Life Insurance is also known for being one of the best life insurance companies for those who are high risk individuals. For more than 100 years, the Amica companies have built a reputation for providing high quality customer service. Also, Amica has attained the Ward’s 50 Top Life-Health Insurance company award for safety, consistency, and superior performance for many years.
This company offers both level and renewable term life insurance, as well as whole life insurance. The level term product is offered in coverage amounts of between $100,000 and over $1 million, with coverage periods of 10 years, 15 years, 20 years, 25 years, and 30 years. Amica also has an annual renewable term life insurance product that offers coverage amounts of between $250,000 and in excess of $1 million, with a term period of one year. The company is known for recently reducing its term life insurance rates, as well as for offering discounts on coverage amounts of $250,000 or more.
Regular whole life coverage is offered in amounts of $25,000 and up, with simplified issue whole life policies being offered in coverage amounts of between $5,000 and $25,000. These policies will last throughout the remainder of an insured’s life, provided that the premium continues to be paid.
In addition, to being known for its low rates on coverage, Amica has attained great insurance company ratings, such as an A+ (Superior) from A.M. Best, which is a leading authority on insurance company financial stability. This means that the company will be there when you need them – which is essential for your peace of mind.
New York Life Insurance Company
New York Life Insurance Company also offers several options for those who are high risk individuals. These include the following:
- Simplified Term Life – The Simplified Term Life option is designed for shorter-term needs. It provides life insurance for a set period with coverage amounts of up to $100,000.
- Simplified Whole Life – This option is coverage that can be kept for one’s entire lifetime – provided that the premium is paid. It offers coverage up to $50,000 in amount.
- Guaranteed Acceptance Life – This option is also coverage that will last for one’s entire lifetime, with protection of up to $15,000. There are no health or lifestyle questions such as if you are seeking life insurance as a smoker, to answer on the application for coverage, and no medical exam to undergo for underwriting purposes.
Types of High Risk Life Insurance Coverage
Often, those who work at high risk occupations or those who participate in higher risk hobbies, as well as those who have certain types of adverse health conditions, may have been turned down for “traditionally underwritten” term or permanent life insurance policies. This means that you may have gone through the regular channels of applying for life insurance coverage, taken a medical exam, and then been deemed as being “too risky” for the life insurance company to take on as an insured policyholder.
Even if that is the case, there is good news – and that is you still have options. There are other types of high risk life insurance coverage available – options that do not require taking a medical examination to qualify. These include the following:
- Simplified Issue – With simplified issue life insurance, an applicant will typically just answer a few health-related questions on the application for coverage. There is no medical exam required to qualify. Here, there will be a maximum amount of death benefit that you can obtain, and, due to the higher risk to the insurance company, the premium is typically higher than on a traditionally underwritten policy with a comparable amount of coverage.
- Guaranteed Issue – A guaranteed issue life insurance policy will have no medical questions on the application, as well as no medical examination required. Here, the premium will also be higher than that of a comparable traditional policy. However, these plans do provide a way for higher risk applicants to obtain coverage.
- Accidental Death – Because guaranteed issue policies only allow a certain amount of death benefit, adding an accidental death and dismemberment rider can be a great way to add additional coverage. (It is important to note, however, that these riders will only pay out a claim for death that occurs as a result of an accident as versus sickness or disease).
Obtaining Life Insurance Quotes for High Risk Individuals
If you’ve been denied for life insurance coverage in the past, you may feel like you will have to do without this type of coverage. However, doing so could leave your family or other loved ones at a great amount of financial risk should the unexpected occur. This is especially the case if they depend on you for any financial support.
The good news is that obtaining life insurance coverage is not completely out of reach. In fact, with high-risk life insurance coverage, those who have pre-existing medical conditions can often obtain the coverage that they need at very favorable premium rates. In fact today, many of the best life insurance companies in the industry are offering coverage to those who may not otherwise qualify for more “traditional” types of life insurance.
In order to find the best higher risk life insurance coverage for your particular needs, it is important to work with a company or an agency that can guide you to the right insurer and the right policy – as there are many different options that you can choose from today. You will also want to work with someone who will be able to answer any of the questions that you may have before moving forward with your life insurance purchase.
Even though all life insurance companies will have some type of application process for those who want to have coverage, the reality is that not all life insurance carriers underwrite their policies in the same manner. For example, what may constitute a decline for one insurance company may be acceptable to another. For this reason, it pays to shop around.
When doing so, we can help. We work with many of the top life insurance companies in the marketplace today, and we can help you to obtain all of the necessary information that you need to make an informed purchase decision. As an example, we can assist you in determining the answers to questions such as:
- Which type of coverage is best for you – term or permanent?
- How much coverage is right for your personal needs?
- Which carrier will be the best for you?
When you are ready to move forward, we make the process quick, easy, and convenient as well, by getting you the information directly via your computer – there is no need to meet in person with a life insurance agent. So, if you’re ready to get the process started, fill out the form on this page.
If you have any more questions in regard to the best life insurance companies for people who qualify as high risk – or even if you have any questions about life insurance in general – please feel free to contact us directly. Our experts are here to help. We can be reached via phone, toll-free, by calling 888-229-7522.
We realize that going through the purchase process for life insurance can sometimes feel a bit overwhelming. There are a lot of decisions to be made – and you will want to make sure that you have all of your important questions answered prior to moving forward.
You don’t want to leave those whom you care about unprotected. We can help you to obtain the right coverage at a premium price that is right for you and your budget needs. We can also help if you have had other health issues such as someone needing life insurance after a heart attack. So, contact us now – we are here to help.