What Is High Risk Life Insurance?
High risk life insurance is a life insurance policy for individuals that are at a higher risk than the average person. One could be deemed high risk by insurance providers for a multitude of reasons. Notably, these include the individual’s health, lifestyle, occupation, hobbies, and travel. Life insurance is more of a challenge for high risk individuals. The coverage options are usually more limited, and they often pay much higher rates. Here at Vector Financial Group, we assist those who require life insurance and are deemed a high risk to procure the best rate possible.
How Is High Risk Life Insurance Classified?
Insurance providers evaluate each candidate and place them in one of several classes based on the level of risk for the insurance provider. There are three primary underwriting classes, which are preferred (low risk), standard (moderate risk), and substandard (high risk). High risk candidates can expect to pay more for their premium or compromise in other areas. Many providers also break the classes down further as well. This may include a preferred select class, tobacco-specific class, etc.
Qualifications Of A High Risk Applicant
Insurance providers consider a range of factors during the underwriting stages. As mentioned, this includes your previous and current health conditions, occupation, lifestyle, habits, hobbies, and much more. Here is a closer look at each consideration during the underwriting phase.
Life-Threatening Health Conditions
Life-threatening health conditions place applicants into the high risk category. History of life-threatening health conditions may also have an impact as well. Other factors such as obesity, blood pressure, medications that are taken, etc., may also impact the underwriting. You are likely deemed high risk for any of the following conditions:
- Heart attack
- Stroke
- Cancer
- HIV / Aids
- Diabetes
- Dementia
High Risk Occupations
Keep in mind that the occupations below do not directly indicate the individual is a high risk insuree. Instead, many factors are weighed during the underwriting process. However, these occupations typically carry job descriptions that may place them in the high risk class for life insurance.
- Logging worker
- Roofer
- Emergency response
- Disaster recovery
- Fisherman / Hunter
- Steel / Ironworker
High Risk Lifestyle Habits And Hobbies
Underwriters also assess the individual’s lifestyle to determine their overall level of risk. They may be more likely to deem the individual as substandard if they participate in any of the following:
- Tobacco use
- Alcohol consumption
- Motorcycle racing
- Scuba diving / Skydiving
- Mountaineering / Hiking
Want To Know How A High Risk Individual Can Get The Best Premium Possible?
If you are deemed high risk to insure and are not sure what you can do to receive the most generous rate possible for your life insurance, then call the insurance professionals at Vector Financial Group today. We can answer your questions, address your concerns, and work with you to help ensure you receive the best rate possible.
