If you are one of the thousands of Americans who would be classified as an impaired risk when applying for life insurance, you should know each company will evaluate you differently.
There are a lot of impaired risk life insurance companies, but they don’t have the exact same underwriting practices. Some could view heart issues strictly, but be liberal with other diseases or occupations.
Let us do the work for you.
Impaired Risk Life Insurance Companies
Plenty of reasons turn what would seem like a normal life insurance purchase into a high risk life insurance purchase. A high risk life insurance usually involves one of these major attributes:
- Minor/Major Medical Concerns
- Flawed Motor Vehicle Record
- Dangerous Occupation
- Hazardous Activity Involvement
Most of the high risk, or impaired risk life insurance companies deal with all of the risks listed, but most of them have a particular affinity towards one or another. While a carrier might see a flawed vehicle history as no big deal, a dangerous occupation might be something they’re not willing to accept at normal rates.
Medical concerns are perhaps the most common among reasons for an impaired risk life insurance policy. Because of the varying degrees of all the different diseases, it’s almost impossible to categorize which companies are liberal, and which are stringent on their underwriting practices. Each concern will have to be independently researched. Medical concerns can get any thing from preferred rates to declines.
A flawed motor vehicle report can cause an impaired risk, but life insurance companies are only looking for the “bit ticket items,” no pun intended. Yes, your driving record does matter for life insurance. A speeding ticket is not a concern, but a DUI is. For most, the greatest issue here is simply the time of infraction. The closer your vehicle matter to the date of your application, the worse outcome you can expect for most carriers.
A dangerous occupation is sometimes a more difficult thing to find affordable life insurance for, but it’s not often so much an issue with finding a policy, but finding one which won’t cost as much as our mortgage. In order to lighten the blow, you’ll want to be able to provide any licensing, certifications, or extra education and safety practices which you’ve completed.
Hazardous activity involvement is becoming more prominent in the life insurance industry, especially with the ever increasing activities which are being considered. These are the more extracurricular activities like scuba diving, flying, sky diving, or other thrill seeking weekend activities which are not associated with your job.
Finding The Right Impaired Risk Life Insurance Companies
There is little chance you, as a consumer, will be able to hunt and sift through all the major carriers to find which company will give you the best rates for whichever category you fall into.
This is why it’s imperative you employ an independent agent in order to help guide you through the search, but also to walk you through the application process with the right carrier to ensure you find the perfect match at the perfect premium.
Just because you think you’ve found a carrier who will issue you life insurance, does not mean you should move forward with them!
As independent agents, we have no affinity towards one company or the next, and we have the resources to qualify you ahead of time to give you the best expectations of not only where to go, but how much you can expect to pay if you’re offered life insurance.
Depending on what products you’re seeking, it’s not even uncommon to have multiple carriers under one households roof. Especially if there are multiple people with concerns, different companies will likely be an optimal solution in finding you the right coverage.
Getting Affordable Life Insurance Coverage
Depending on your situation, a life insurance company could view you as a high-risk applicant, which means that you’re going to pay much more for your life insurance plan. There are several ways that you can secure lower rates from the insurance company and keep more money in your pockets.
The first thing that you should do is improve your health, and there are several ways that you can do that. The easiest ways are to start getting regular exercise and stick to a healthy diet. Both of these can help you lower your cholesterol, lower your heart rate, and drastically reduce your risks of having a variety of health complications later in life. Your doctor and your wallet will both thank you.
The next way that you can improve your chances of getting an affordable plan is to eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance plan, you can expect to pay much higher premiums. In fact, non-smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same amount of coverage. If you want to get the most affordable protection, you’ll need to kick the bad habit once and for all.
The best way to ensure that you’re getting an affordable life insurance plan is to work with one of our independent insurance agents. As we mentioned before, we work with dozens of insurance companies and we can bring all of the lowest insurance rates directly to you. Every insurance company is different, and all of them have different qualifications for their medical underwriting, which means you could get drastically different rates depending on which company that you get the quote from. It’s easy to see why you should always receive dozens of quotes before choosing the one that’s going to work best for you.
Calculating Your Life Insurance Needs
Before you apply for any life insurance, it’s important that you understand what your life insurance needs are. Aside from having a life insurance policy in place, it’s vital that you give your family the protection that they will need if something tragic were to happen to you. There are several different factors that go into calculating your life insurance needs.
The first number that you should crunch is your debts and any final expenses that you would leave behind to your loved ones. The primary goal of your life insurance plan is to give your loved ones the money that they need to pay off your mortgage, car payments, student loans, and any other bills that they would be responsible for if you were to pass away.
The next number that you should look at is your annual income. The secondary goal of your life insurance plan is to replace your stream of income if something tragic were to happen to you. If you’re one of the main income earners in your home, your loved ones would suffer financially if you passed away.
It’s important that you get the perfect amount of life insurance for your loved ones. If something were to happen to you, they would be left with a mountain of debt, which is going to make an already stressful situation a thousand times worse. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance process started. So whether you need a $50,000 policy or a million dollar insurance policy, we can help.
If you have questions about impaired risk life insurance companies, we’d be happy to walk you through, step-by-step, to make sure you can find the most affordable life insurance product for you and your family. Contact us today or start by getting a free quote.
Our agents have years of experience working with different applicants and we can connect you with the perfect plan to meet your needs. We know that finding the perfect insurance policy can be a long and difficult process, but it doesn’t have to be. Our agents can help get the perfect plan to meet your needs at an affordable price.
Not having life insurance is one of the worst mistakes that you could ever make for your loved ones. If you were to pass away, your loved ones would be left with all of your debts. Losing a loved one is never easy, but if they are left with hundreds of thousands of dollars of debt, it can make the process much worse. Nobody wants to think about his or her own death, but it’s important that you plan for the things that you can’t avoid. Contact one of our agents and we will be happy to get the process started.