Have you been asked to pay more than you expected or have been declined for life insurance due to a high risk medical impairment?
Don’t give up!
We specialize in delivering affordable high-risk life insurance approvals for difficult cases.
In this article, we’ll explain the key to getting “tough” cases approved, and show you some of the best ways to save money on life insurance to make your policy more affordable.
The Key to High Risk Life Insurance Approvals
Some insurance companies are more lenient on specific health issues than others.
What the above sentence means is that every insurance carrier determines your level of risk differently.
Finding which carrier is going to be the most affordable and who is going to give you the best rate for your specific health situation is what we do best.
Finding approvals at low premiums is all about knowing who the best high risk life insurance companies are, and which one is right for each particular case.
One important note to make here: You need to use an independent insurance agency.
If you go directly to a company like Met Life for a quote, they won’t have access to multiple companies.
This could drastically reduce your chances of an affordable approval since you are “stuck” with their one price and their one underwriting outcome.
We have had success with multiple high risk life insurance cases such as:
And I mean we’ve insured them with traditional coverage, not that overpriced guaranteed issue life insurance!
We have also helped people with epilepsy, pacemakers, on medication for high blood pressure or cholesterol, pregnant women, and people on medication for anxiety, depression, or bipolar disorder.
Types of High Risk Life Insurance Explained
Many people think they’re going to pay out the nose for life insurance simply because they take a blood pressure medication.
Not true, usually.
The truth is that some medical conditions have little to no effect on your premium, while others affect the price more substantially.
Here are a few examples of where certain medical issues fall on the spectrum.
Examples of Minor Medical Issues: (In most cases, these have little to no impact on your premium.)
- Taking Cholesterol Medication
- High Blood Pressure
- Anxiety or Depression
- 10-20 pounds overweight
- Cigarettes and E-cigarettes
- Hearing Impaired
- Enlarged Prostate
Examples of More Serious Medical Issues: ( Could be approved at a Standard rating, in most cases.)
- Sleep Apnea
- History of Heart disease or Cancer
- Mild Stroke also known as TIA
Examples of High Risk Medical Issues: ( Could be approved as highly rated case, costing more than an average policy.)
- Crohn’s Disease
- Heart Disease such as Valve Replacement or Enlarged Heart
- Pulmonary Embolism
- Organ Transplants
- History of Some Cancers
- Kidney Disease
- PTSD or Bipolar Disorder
- Drug Abuse
- Atypical Nevus
- and many more!
High Risk Hobbies, Driving History & Travels
Then you have your non-medical high-risk cases, where we also specialize.
Why is this important?
These are your high risk life insurance individuals who may work in a hazardous occupation or have dangerous hobbies, such as riding a motorcycle, racing or skydiving, and they too tend to have to pay higher premiums than the average Joe.
Individuals who do not have a full-time permanent U.S. residence or reside outside of the U.S. for 3 months or more annually are considered non-U.S. residents. Citizenship is not a determining factor in defining a non-U.S. resident.
We’ve also helped people with DUI’s or multiple speeding tickets.
Plainly stated, we are the BEST solution for term and whole life insurance for people with medical impairments or taking medication or any other high risk factors.
3 Steps to Approval for High Risk Life Insurance Cases
- Call us for a Phone Interview – We have created an extensive questionnaire that will cover your medical history. You can call us at 888-603-2876 and complete the Pre-App Questionnaire over the phone. The more we understand your medical condition, the better armed we are for step 2.
- Shop Your Case – Ever buy a house? The more mortgage lenders, the better, right? Same thing goes for high risk life insurance shopping. In Step 2 we write a detailed health bio about you and send it to up to 30 life insurance companies. Their underwriters review the details and get back to us with what’s called a trial offer. Whichever company has the best offer typically also has the best price, so that’s how we know which company will be the best fit for you.
- Pick the Best Option – Apply to the insurance carrier with the best trial offer and attach the trial offer to the application. The company is somewhat bound to the trial offer unless they find out new information during underwriting. Please note that if you can’t qualify for life insurance through traditional underwriting, you will likely qualify for our Express Issue Whole Life plan.
5 Savings Tips with High Risk Medical Issues
Even if you are able to get approved, you still might want to save some money to make your premium more affordable.
Here are 5 tips we suggest for massive savings:
- Lose 3 Lbs – Save 25% on Life Insurance – Many people could be just a few pounds away from “fitting” into a better health class. Insurance companies have max weights for each height, and you might be right on the line or close to it, where just losing a few lbs could save you 25% on life insurance. In addition, you’ll be amazed how much better you can do on your lab results by just eating better and exercising for just a couple weeks.
- Buy more than 1 policy – You can actually save 10% to 30% by buying multiple term policies and staggering their maturity dates.
- Don’t buy No Exam policies – a lot of people looking for high risk life insurance think they can “trick” insurance companies by getting a policy without an exam. Don’t try it, you’ll still have to answer questions on the application about your health, so they’ll find out anyway, and no medical exam life insurance policies tend to charge 30% to 100% more on average, than a policy that requires an exam.
- Choose an Annuity Payment Death Benefit – You have heard that life insurance pays a lump sum death benefit. Did you know you can save 10-30% on life insurance with some companies by setting up the death benefit to be paid out over 10 years or more?
- Always use an Independent Agent – As stated above, we independents can save you thousands because we know which carriers will offer you the best rates for you particular health issue. In other words, don’t use agents from State Farm or Farmers who can ONLY sell products from their OWN carrier.
Guaranteed Issue Life Insurance
For most people with pretty standard health issues like:
- history of stroke
- history of heart disease
You can get high risk life insurance quotes by using our quote form on the top right or clicking here for our free quote page.
Simply set your health rating to “Standard” or “Regular.” This will give you an idea of what someone pays with an average life expectancy. Depending on your health condition, you might expect to pay roughly double to triple that rate. It’s best to call us to confirm.
However, you may not qualify at all for traditional life insurance coverage and may need to buy guaranteed issue life insurance instead.
Guaranteed Issue Life insurance will cover you even if you currently have cancer or any other terminal condition.
However, it’s Guaranteed Issue for a reason.
These policies also go by another name, Graded Death Benefit policies.
Depending on the carrier, there are waiting periods that can last for 2 to 3 years before 100% of the coverage takes place.
During that period your coverage grades up. The longer you live, the more of the policy that pays out.
Until then your policy usually will pay out all the premiums you paid into it along with a few percentage points added to it if you pass away before the waiting period.
I know this seems a bit extreme; however, if you currently have a condition that most carriers will not approve, like COPD or Cancer, the insurance company looks at this as an ultimate risk on their end.
Usually, we try to exhaust all of our options before offering this type of coverage.
More Impaired Risk Life Insurance Resources:
If you’ve been declined or are paying too much for life insurance and are considering giving us a shot at helping you, please read the following articles, so you understand our process and the success we’ve had.
- Testimonials from TOUGH Cases we have Successfully Insured
- Been Declined or Rated for Life Insurance?
- Our Trial Offer Process
Call Us for a Quote Today!
Your other option for quotes on high risk life insurance is to call us at 888-603-2876, where you may obtain an accurate, confidential quote by phone. If you have any questions, feel free to call us and we’ll be happy to help.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.