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High-risk Life Insurance

Life insurance that is classified as high-risk is designed for individuals who are considered to be a higher risk to insure due to various factors such as their health, occupation, or lifestyle. If your job or recreational activities expose you to potentially hazardous situations, you may be viewed as a higher risk by insurance companies and classified as high-risk for life insurance purposes. If your health is not up to par, insurance companies may consider you to be a higher risk and therefore place you in the high-risk category for life insurance.

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 a 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.

It is common for employers in high-risk occupations to offer group life insurance plans to their employees as a benefit. However, basic group life insurance plans often have coverage limits of $50,000 or the employee’s annual salary.

If a basic life insurance policy does not adequately cover your financial needs, you may want to consider purchasing supplementary life insurance coverage.

Life Insurance for High-Risk Diseases

Your risk classification for life insurance purposes will depend on the severity of any pre-existing medical conditions or other health issues that you may have. Those with more severe health issues may be considered high-risk. Some diseases can reduce life expectancy, which increases the overall risk for insurers. Developing habits that have the potential to shorten your lifespan, such as smoking or engaging in dangerous activities, may also lead to a high-risk classification for life insurance purposes.

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

The willingness of life insurance companies to insure individuals with specific types of conditions or diseases may vary from company to company. 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

There may be differences in the risk tolerance of different life insurance companies when it comes to insuring individuals with certain conditions or diseases..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 high risk. 


How Are High-Risk Life Insurance Rates Determined?

These rates are typically determined by the table rating system. Substandard insurance, which is a type of rating, typically carries the highest premiums for coverage. However, each insurance company has its own way of evaluating your risk level.

Choose the Best High Risk Life Insurance Policy

To find the most affordable high-risk life insurance, it is recommended to compare quotes and policies from multiple insurers before making a purchase. If you are seeking high-risk life insurance, you may have a better chance of being accepted and receiving more affordable rates from insurance companies that specialize in the type of coverage that is relevant to your specific 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 830-308-8953!