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Life insurance can secure your family’s financial future when you’re no longer able to care for them. But what if your medical conditions, hobbies or habits make it difficult for you to purchase life insurance in the first place? Even if you’re considered “high risk,” finding a life insurance policy that meets your needs and budget is still possible.
I want to learn more about high-risk…
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It differs between insurers, as each one has its own set of underwriting standards. For example, one insurer might deny you coverage for a certain risk, while another will simply raise your rate. When insurers build your risk profile, they consider various lifestyle and health factors.
You may be surprised that not every medical condition or risky behavior results in the highest rates. Sometimes a combination of several conditions can categorize you as high risk.
If you enjoy the adrenaline rush that come with extreme sports and hobbies, it just might increase your risk profile. Providers typically consider the activities and how much you participate in hobbies that include:
If you walk into a high-risk workplace every day, you’ll likely pay more for coverage than someone with an office job. These are examples of hazardous occupations:
Your current and past drug use can also affect your approval and increase your rates. While a few providers like Liberty Financial Group claim to help those in recovery, you’re likely required to disclose your history with:
Providers also evaluate factors you’re less in control of, like the medical history of your extended family. In most cases, medical conditions that are more typical for those ages 60 or older aren’t weighted as heavily as those occurring earlier in life.
Medical and hereditary conditions that can bump up your riskiness include:
A pre-existing health condition doesn’t necessarily mean you’re shut out from affordable life insurance rates. Providers consider the medical condition specifically. This includes how you treat it, how long you’ve lived with it and even how long it’s been since you’ve overcome it.
Medical conditions that can raise a red flag include:
Depending on how recent the charges or infraction — typically three to five years — you may be considered high risk if your record includes:
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The cost of life insurance comes down to your insurer as well as the type and amount of coverage you’re buying — along with the level of risk you present to the insurer. But if you’re categorized as high-risk, you won’t be able to access the preferred or preferred plus rating classes with most insurers.
To get the best possible coverage at the lowest possible price, get high risk life insurance quotes from a range of insurers. Since underwriting varies significantly, so too can rates.
Again, it depends on the insurer and their underwriting standards. They weigh some conditions, events or lifestyles as more dangerous than others. No matter which companies you’re comparing, newer health and lifestyle risks, driving infractions and arrests will likely result in higher rates than, say, a lifelong battle with your weight.
To know what to expect, ask potential providers directly about their specific underwriting practices and key factors they consider when determining your premiums. Answer any questions honestly and openly discuss your needs before settling on any one provider or policy.
Outside of dramatically changing your lifestyle or improving your overall health, you can take steps to find affordable high-risk coverage:
The policies available to you depend on your risk profile — which includes any risky conditions or behaviors, as well as your age and health. Generally, you’ll have three main options:
While some risk factors may be out of your control, you can take some steps to lower your risk in the eyes of an insurer:
You may not be able to completely change your lifestyle or health, but you could find providers who may be able to accept you at a decent rate. No matter which route you take, remember to evaluate more than just if the insurer will accept you. Take your time and compare providers with our comprehensive guide to life insurance to find the best rates for your particular needs.
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
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