High Risk Life Insurance Options

If you have a pre-existing condition, securing a life insurance policy can be a frustrating process.  They key thing to know is that life insurance companies all look at you differently.  Just because you’ve been declined life insurance somewhere, doesn’t mean you can’t secure life insurance somewhere else.

Many people who buy life insurance and get declined just give up.  Remember the real reason you bought the life insurance – it’s for your family.  When you were declined, you just used the wrong life insurance company.

The trick is to use an independent life insurance agent who can shop your risk to any carrier who will take it.  Many life insurance agencies only offer a handful of companies and tell you that you can’t qualify for life insurance…it’s just that they don’t offer those high risk life insurance options.

The hard truth is you waited too long to buy life insurance and now you’re going to have to pay a higher premium.  You have to accept the fact that you’re going to pay more for life insurance than everyone else.

Once you accept that fact, you’re ready to look at your options.  The first thing you should do is apply to the traditional life insurance companies.  IF you get declined there, you can have your agent shop your medical records and medical exam to all the other top rated carriers.  This should be your first choice.

If you strike out there, you need to look at a graded death benefit plan.  Graded death benefit plans are high risk life insurance policies that have a 2 year waiting period and are more expensive.  However, after 2 years you have full coverage.  There are dozens of graded death benefit plans on the market so have you agent shop all those companies.

If you can’t qualify for a graded death benefit plan, you want to look at guaranteed issue life insurance.  These have no health questions and everyone qualifies.  Think of them like the graded death benefit plans I just mentioned, but a lot more expensive.

So if you’re a high risk and looking for life insurance, go through the 3 options I just mentioned above.  The key in all of this is to use an experienced agent who has experience with your specific health condition.  It’s your agent who will be able to secure the best life insurance rates.

There is a lot to consider as you are preparing to buy life insurance, and finding the right agent who understands your risk is the first step.  Find a high risk life insurance agent and you’ll be well on your way to securing the best life insurance policy available for your unique risk.