When it comes to insurance, it may be the case that you have to apply for high risk life insurance. This type of policy is only available to people who have a known serious medical condition, a hazardous occupation or potentially dangerous hobbies. If any of these situations apply to you, then you may find it extremely difficult to get standard life insurance from many insurers.
When you apply for insurance the companies will ask you a range of questions to determine whether you are eligible to be covered by them. If you are a high risk to them then it is unlikely that they will agree to give you a policy. And because you are deemed to be a higher risk, the cost of term life insurance cover will be more for you. You may not consider yourself to be a high risk, particularly if what you do is only a hobby, but it will concern the underwriters enough to refuse the cover.
For example, you may enjoy rock climbing at the weekends. This may not seem high risk but there is more of a chance of you dying than if we were sitting at home watching television. This is all taken into account by the insurance companies. If you are in the army or have a debilitating health condition for instance, then you are classed as high risk too.
There are several specialized insurers that will provide high risk life insurance for people in these situations. It is likely that you will have to pay a higher premium than say, the cost of term life insurance premiums. It may also be the case that the death benefit paid out is lower than that of other types. Essentially, this is the only option open to you if you are to have any life insurance at all.
One of the best ways to find the cheapest high risk life insurance is to use a specialist broker. This way you can send in one medical report and fill in one form. The information is then passed to all of the insurers who provide high risk life insurance. They then provide quotations on how much premium they will ask for.
The non-standard rates that they offer can be lower than you might expect. This is due to the fact that they are a streamlined and specialized, and so can afford to be cost efficient for you. You may also benefit from finding out about impaired risk insurance which can be cheaper than high risk insurance.
Many of these insurers also use up-to-date methods of calculating the risk. Whereas many companies use old mortality tables, some employ the “clinical medical underwriting” philosophy. This basically means that they appreciate that there are advances in medicine and new lifestyle choices which mean people with illnesses are able to live longer.
You will find these specialized insurance brokers and companies who deal with high risk life insurance available online. It is possible to get a quote for the cost of term life insurance with a strong risk element quite quickly. If you are in this situation then you do not need to struggle to source the right insurance for you all on your own.