Insurance companies label some customers as “high risk” customers. These are customers that either have medical conditions like COPD, cystic fibrosis, cancer, heart disease and other conditions, or they engage in risky activities for work or for recreation. Risky activities can include everything from coal mining to sky diving to alcoholism and drug use.
Many insurance carriers will either refuse to insure high risk consumers, or they make their high risk life insurance premiums expensive so that the average person could not afford it.
Unfortunately, most people don’t consider purchasing life insurance until after they have fallen into the high risk category. Young people don’t often think about what would happen to their loved ones financially if they passed away until they’ve received a surprising diagnosis or have engaged in risky activities. Many people don’t even realize that their behaviors can limit their life insurance options. They often become discouraged when they’re rejected for life insurance coverage.
However, just because one insurance carrier turns you down, doesn’t mean that you couldn’t qualify for a different plan. There are plans available that do not require you to take a medical exam or answer extensive health questions. These plans could help your family take care of funeral and burial costs as well as other outstanding bills if you pass away. These plans are easier to qualify for and do not cost as much as some other high risk life insurance policies.
If you’d like to find out more about high risk life insurance, check out our high risk life insurance page. We also have specific plans for diabetics and people who have been diagnosed with breast cancer, so look for those pages under the health coverage drop down menu at the top of the page.
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