Many people aren’t sure what high risk is when it comes to insurance policies; and although the definition of risk differs among life insurance companies, there are common situations that they generally all look at as high risk.
Common High-Risk Life Insurance Issues
These situations are always considered high risk:
- Medical history with moderate to high health issues
- A criminal record or poor driving history
- Hazardous occupations
- High-risk recreational activities
However, don’t judge your situation based on the above. There are exceptions and there is no clear-cut answer for each individual. Additionally, with advances in medical research and technology, some insurance companies aren’t as stringent as they were in the past about some medical conditions.
It’s also interesting to note that there are ways to work around some issues – in an honest manner. Before you start looking for high-risk life insurance options, consider the following tips.
High Risk Life Insurance Expert Tips
- Never lie on your application. Always tell the truth no matter how bad you think it sounds.
- Never fill out and put in applications to multiple life insurance carriers at the same time.
- Don’t procrastinate about getting coverage, if you’re thinking about it, there must be a reason.
- Don’t hurt your chances. Be aware of what affects an insurance quote. This information will help you understand the process better.
- Be aware of your potential risks. For example, if you’re a licensed scuba diver, that is not an issue. However, if you deep sea dive onto perilous shipwrecks in hurricane-prone areas, your job becomes a risk.
- Use an independent broker. You need options if you’re potentially high risk and you can’t get those options from a life insurance agent because they will only offer you their products. On the other hand, brokers are high-risk life insurance experts with access to products from several companies.
- Exercise patience. Getting a high-risk life insurance policy can take longer than a standard policy. It will be worth the wait so don’t get stressed if the process takes longer.
- Be thorough. Give your life insurance advisor as much information as you can. Even the slightest detail can greatly affect underwriting guidelines.
At Shelter Bay Financial Corp., we are high-risk life insurance experts and offer our clients services and advice online or on the phone. We can even complete your application via screen share so you can get all the information you need from a licensed broker without having to leave your home.
To learn more, please call us at 1.888.498.5288.