Life insurance is one of the best safety nets that you can purchase for your family. It’s one of the only ways that you can ensure that your family will have the money that they need if something tragic were to happen to you. Because life insurance is so vital to the financial protection of your family, it’s imperative that you make the best decision for your family, but we know that finding the perfect life insurance can be difficult.
When you’re applying for life insurance, there are dozens of different factors that the insurance company is going to account for when they are looking at your application. As an applicant, several things could cause you to be considered a “high-risk” applicant to insure for life insurance. Being in the high-risk category is going to cause the company to give you much higher monthly rates, or possibly decline you for coverage if you’re too much of a risk.
What makes you a High-Risk Applicant?
Because the life insurance company is going to look at just about every aspect of your life, several factors could cause you to be lumped into the high-risk pricing category. It’s important to understand the different high-risk categories and what you can do about it.
One of the most common reasons that people are considered a higher risk is because of their health, which is one of the most important things that the company uses to calculate your premiums. If you’re in poor health, or you have any pre-existing health condition that could shorten your life expectancy, you can expect to be a high-risk insurance applicant and your premiums will reflect that. Anything from diabetes, heart conditions, to being overweight could cause you to pay much higher premiums for your coverage. Maybe you are wondering if you can qualify for life insurance with bipolar disorder. We can help you find the coverage you deserve.
Other high-risk applicants are placed there because of their lifestyle habits. One of those is smokers. Anyone that is listed as a smoker on their application is automatically going to receive smoker’s rates for their insurance application. Research has shown that smokers don’t live as long as non-smokers, which means their shorten life expectancy is going to pose a much higher risk to the company and their will offset that risk through charging higher rates every month.
Your tobacco usage isn’t the only lifestyle factor that could impact your rates, additionally any dangerous hobbies that you have. For example, if you enjoy skydiving or rock-climbing, the insurance company is going to view your past times as something that could drastically shorten your life.
How much is Insurance for High-Risk Applicants?
Because there are dozens of different factors that are used to calculate insurance premiums, it’s impossible to predict how much you would pay for your life insurance coverage without getting specific details, but our agents can give you the lowest rates in a matter of minutes. Simply will out the quote from on the side of the website and you can receive all of the lower rates for insurance that are tailored to your health and specific needs. In just about every case, a life insurance policy is going to be much more affordable than you might think. You can’t put a price tag on the peace of mind that having a quality life insurance policy is going to bring to you and your family.
Getting Cheap Term Life Insurance
One of the most common reasons that people don’t buy life insurance is because they assume that the coverage is going to be too expensive to fit into your budget, but that couldn’t be further from the truth. Even if you’re considered a high-risk applicant, there are plenty of affordable life insurance options to give your family the protection that they need.
The first thing that you should do is improve your health through a diet and getting regular exercise. Before the insurance company approves your application, they are going to require you to complete a medical exam to determine what your overall health is. Both of them are going to improve your health, which is going to mean that you get better results from the medical exam that are going to translate into lower monthly premiums. If your health is to the point where you would not qualify for a medically underwritten policy, there are other options that we can look into, such as a no medical exam life insurance policy, which is going to come with higher rates.
Another way to improve your health and lower your rates is to eliminate any tobacco that you currently use. As we mentioned, being a smoker is going to cause your insurance costs to go through the roof. If you want to slash your rates in half, it’s time to quit that bad habit once and for all. With the insurance policy, you’ll be required to be tobacco-free for at least one year, and after that, you’ll be able to get non-smoker rates for your policy. There are two ways that you can do this, either through purchasing the life insurance policy now, and asking them to redo your medical exam after a year, or you can wait a year to purchase the plan. Either way, it’s a great way to save money on your policy.
The best way to save money on your life insurance is to work with an independent insurance agent, like ours. Unlike at traditional insurance agent, these independent agents don’t only represent one single company. Instead, they work with dozens of highly rated life insurancecompanies across the nation.
Our independent agents have years of experience working with different companies that specialize in insuring high-risk applicants. Every insurance company is different, and all of them are going to view your application and situation different. You could receive drastically different premiums from two separate companies for the same amount of coverage, which is why it’s important that you get dozens of quotes before you pick a plan that fits your needs. Instead of wasting hours and hours on the phone calling different agents, let us do all of that work for you and sent the lowest rates directly to you.
How much Life Insurance do you need?
Aside from finding the most affordable life insurance, it’s vital that you purchase a large enough life insurance plan to protect your loved ones. Not having enough life insurance coverage could be as detrimental as not having any life insurance at all. There are several different factors that you should calculate when you’re determining how much life insurance that you need.
The first thing that you should look at is all of your debts and final expenses that your family members would be responsible for if you were to pass away. If something tragic were to happen to you, your loved ones would have to pay for your mortgage, student loans, and everything else, which can make the situation a thousand times worse. Your primary goal of life insurance is to give your loved ones the money that they need to pay off all of those debts.
The second factor that you’ll need to calculate is your annual income. If you were to pass away, your family members would lose your paycheck, which could create financial strain for those loved ones that rely on your salary. The secondary goal of your life insurance is to replace your income if anything tragic were to happen to you. Most insurance professionals will suggest that you get anywhere from seven to ten times your annual income.
Life Insurance for High-Risk Applicants
Because life insurance is one of the most important investments that you’ll ever make for your family, being a high-risk applicant shouldn’t keep you from getting the coverage that you need. Without life insurance, your family could find themselves struggling to pay for massive bills while going through an emotional rollercoaster. Having a life insurance policy is the best way to ensure that your family has the resources that they need to get through the difficult time without draining their savings account.
Regardless of your health or any pre-existing conditions, don’t assume that you can’t get life insurance protection for your loved ones. We can find a policy to fit your needs at an affordable price. If you’ve ever been declined life insurance or you’ve received expensive quotes for a life insurance plan, don’t assume that you can’t get coverage for your family members. We have plenty of options for you and your family.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. We know that buying life insurance could be an extremely long process, but we can make it as quick and simple as possible. Please contact one of our agents today if you would like to get the process started. Additionally, if you have any questions about getting life insurance for high-risk applicants, please call us today and we would be happy to answer those questions and ensure that you’re getting the best coverage to fit your needs.