Can you get high risk life insurance policy?

High-risk life insurance policy options are generally limited and are mostly offered at higher rates. Since there are lesser chances of longer life thus, insurance companies try to minimize their financial risks by providing expensive policy options or coverage. This exact cost of coverage is the fundamental difference between typical life insurance and high-risk insurance. Several health conditions are considered high-risk conditions. Such as:

• Organ transplant
• Addiction to Cigarettes and Cigar
• Crohn’s Disease
• High Cholesterol level
• Cancer
• Heart and Kidney Diseases
• Chewing Tobacco
• Family Medical History
• Dementia
• HIV/AIDS

After doing a thorough assessment of these or any other expected health conditions, insurers offer various insurance policies to individual and group applicants. Based upon the degree and intensity of threat to their life, insurance coverage is formulated and offered. The offered insurance policy is contingent upon the company’s risk tolerance ratio. That plays a vital role in predicting the number and age of years expected of the applicant’s life. These assessments are crucial to estimate death benefits, cash withdrawal mechanisms, and taking care of other monetary arrangements.

A typical way for calculating high-risk life insurance rates is via, table rating system. That increases the percentage of premium, as compared to a standard level. For instance, if an ordinary insurance applicant is paying $100 for a standard premium, then a high-risk applicant will be paying almost 50% more on a standard premium, i.e., $150. However, every insurance provider and company out there has a definition of its own when it comes to understanding the term ‘high-risk.’ Therefore, despite using a table rating system generally, the final assessment of risk and individual’s application is deduced as per their methods.

If, according to the insurance company’s standard policies, you fall on high-risk criteria. Then the only kind of insurance that you can purchase is high-risk life insurance. There is a distinct difference between typical life insurance packages and high-risk life insurance coverage. And your life expectancy plays a vital role in determining the fate of the policy that will be drawn for you. If you are considered a high-risk applicant, there is a definite chance of increasing your cost of coverage and premium rates associated with it. Therefore, you certainly can qualify for a life insurance policy, but that will be different in substance than standard policies. It would be a high-risk life insurance policy, instead.

Almost all market-competitive insurance companies across the globe offer high-risk life insurance policies as well. Each with a different set of packages and options, from which applicants can then choose as per their preferences. Following are the top providers of high-risk life insurance companies across the globe right now:

• American General (AIG)
• Prudential
• Banner Life
• Transamerica
• John Hancock
• Lincoln International
• Pacific Life
• Protective
• SBLI

Eventually, which policy coverage will you prefer depends only on you. With the help of this article, we can only help you make an educated decision that can highlight your beneficial interests and objectives for you.