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
There are plenty of people who don’t buy life insurance because they assume that the coverage will cost them more money than they want to spend, 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 for you to buy.
Our first suggestion is improving your health through a diet and getting regular exercise. 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 easiest way to save money on your premiums is to contact an insurance agency that is independent and deals with more than one insurance company. We work with dozens of highly rated life insurance companies across the nation.
Our independent agents work with different companies that specialize in insuring high-risk applicants. 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
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.