Life Insurance Agent: Do you participate in any high risk activities?
Person seeking life insurance: I’m getting ready to base jump of a 10,000 foot mountain this weekend. Does that count?
Life Insurance Agent: <Silence>
When you’re trying to get cheap life insurance, participating in “high risk” activities is not going to do any favors to your checking account.
High risk, as viewed by a life insurance company, doesn’t just look at base jumpers, sky divers, or deep water scuba divers. Being high risk can also mean you have high blood pressure, diabetes, sleep apnea, and a host of other medical conditions.
Being a high risk candidate basically guarantees your premiums will be much higher, but when you have beneficiaries or a spouse that needs to be taken care of no matter what happens to you, buying a life insurance policy is critical.
If you are not an ideal candidate for life insurance, it may be difficult to get approved for a policy. In some cases, you can still get approved for high risk life insurance, depending on your situation.
Working in a risky profession or if your health isn’t that great, you fall into a category known as impaired risk. If you find yourself in a situation, there are steps that you can take to increase your chances of getting approved for a life insurance policy.
Here are a few factors to consider about high risk life insurance.
[click to continue…]