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High-risk Life Insurance

High-risk life insurance is a category of life insurance for those who are considered an increased risk to underwrite. If you have an occupation or hobby that places you in life-threatening situations, you could be considered a high risk. Also, insurance companies may deem you a high risk if your health is below-average. 

Insurers can vary on how they label high risk. Once labeled as a high risk to underwrite, you may be prone to higher rates.

Why Purchase High-Risk Life Insurance?

There are some situations or conditions where it makes sense to protect the ones you care about, which we’ll explain below. The primary reason to buy high-risk insurance is if you have dependents who are relying on your income and need to be protected. In the event of your passing, you’ll still be able to take care of them.

Life Insurance for High-Risk Occupations

A dangerous profession can place you in the high-risk group. Here are some examples of high-risk occupations:

  • Steelworkers
  • Roofing specialists
  • Underground miners
  • Construction workers
  • Ranchers and farmers 
  • Commercial fisherman

Different insurers have different interpretations of what a dangerous occupation is. The insurance company considers the daily activities you perform at your job and the working environment to evaluate the main risks of your profession. They will ask you questions about these things during the underwriting process. 

In high-risk occupations, it’s common for employers to offer group life insurance plans to their employees. But basic group plans are often limited to $50,000 or the employee’s annual salary in their coverage. So, if a basic policy doesn’t meet your financial needs, consider acquiring supplemental life insurance coverage.

Life Insurance for High-Risk Diseases and Habits

If you have a pre-existing medical condition or other health issues, the severity will determine whether you are labeled as high-risk. Some diseases can reduce life expectancy, which increases the overall risk for insurers. You may also be considered a high risk if you have developed habits that reduce your life expectancy. Here are examples of high-risk diseases and habits:

  • Heart disease
  • Kidney disease
  • Crohn’s disease
  • High cholesterol
  • Chewing tobacco
  • History of cancer
  • Organ transplants
  • Smoking cigarettes or cigars

Each life insurance company has their own risk tolerance for patients with specific types of conditions or diseases. At Turning 65 Solutions, we have insight into what providers tend to accept and deny, so contact us if you have any questions.

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Life Insurance for High-Risk Hobbies

Your hobbies may also cause you to be labeled a high risk when you apply for life insurance. The cost and likelihood of acceptance will depend on the type of personal hobby and the frequency at which you do it. Life insurance companies will typically ask you about these high-risk hobbies:

  • Skydiving
  • Parachuting
  • Hang gliding
  • Scuba diving
  • Bungee jumping
  • Racing (car, boat, bike, skiing)

If you want to attempt an activity once, you wouldn’t be considered a high risk. For more information, contact Turning 65 Solutions today.

How Are High-Risk Life Insurance Rates Determined?

These rates are typically determined by the table rating system. The ratings, known as substandard insurance, feature the highest costs for coverage. However, each insurance company has its own way of evaluating your risk level.

Choose the Best High Risk Life Insurance Policy

If you’re looking to buy affordable high-risk insurance, it’s best to compare quotes and policies from many insurers before purchasing coverage. Insurance companies are more likely to accept your application and provide affordable rates if they specialize in the kind of high-risk life insurance that pertains to your situation.  

If you need help finding an insurer that will offer the policy you’re searching for, reach out to Turning 65 Solutions. Our experienced agents have insight into which risks insurers will provide financing and can answer your questions. We also know which providers accept applicants with your particular risk profile. Give us a call today at 830-217-6711!

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