There are many factors that can label someone as a high risk patient in the eyes of an insurance company; age, health problems, occupation, lifestyle habits, etc. are a few common factors that can make it difficult, if not impossible, for individuals to get life insurance coverage. If you fall into any of these categories and are struggling to find affordable rates, don’t give up quite yet; here are few strategies you can use to improve your chances of finding a company that’s willing to work with you.
Compare Your Options
This might sound extremely obvious, but the truth no insurance company operates exactly the same way. Some might be more willing to understand your situation than others, so try and find one who has experience specifically with what you’re concerned with. Whether it’s smoking cigarettes or dealing with diabetes, the internet has made it extremely easy to find information on agencies who have dealt with a variety of things, and most websites have a surplus of information that allows you to quickly see if it would work for you or not. Also, ask around. If you know smokers, ask them if and how they received coverage, or talk to patients who have a similar health issue as you. The more questions you ask and information you seek, the more likely you’ll be able to find what you’re looking for.
Understand There are Certain Things You Can Control
If your high-risk status comes from something that’s not an involuntary health issue, take charge and change the things you can; if you’re over/under weight, take some time to get yourself to a healthy level, or if you smoke, quit (most companies require you to be tobacco free for a year, but ask around) and then apply for coverage.
Similarly, think of other areas in your life that you have control over. If you engage in hobbies that wave a red flag, such as rock climbing, sky diving, etc., or if your current occupation poses a threat (pilots, construction workers, fisherman, etc.) weigh your options when it comes to making a change. If you love the industry you’re in but aren’t completely attached to your current position, consider moving to an administrative role. It all comes down to separating what you can control over what you can’t.
Show Stability and Responsibility
Unfortunately, there are some health issues that can’t be easily controlled, but there are ways you can show an insurance agent the risks have been reduced. Medical documents and a statement from your doctor saying that your condition is stable can ease some companies into covering you. For example, if you’ve had cancer in the past but can prove you are now in remission, you’ll get coverage much easier.
Even if you have an ongoing medical condition, such as diabetes, you can still show you have been responsible with your health. Taking your medication on time, following your doctor’s advice, and living a lifestyle that benefits your condition are all ways to show agencies that they’re you’re not suffering from any complications. A history of a stable condition will benefit your search for life insurance.
Speak with an Expert
If you’re feeling discouraged or overwhelmed with all the information and technicalities you read up on, don’t underestimate the power of reaching out to an expert in the industry. They can explain and elaborate on any information that seems conflicting or confusing, and they can also help you find the best and most affordable option for you. Most seasoned experts would already know what companies are worth reaching out to and which aren’t, so you could save time and energy searching around.
Consider Seeking Employment Benefits
More on Life Insurance
If you have some solid skills or in-demand qualifications, consider transferring to a company that offers group life insurance. Just as it sounds, group life insurance is provided to a group of people, and because they are insuring the group instead of individual applicants, no medical history or exam is necessary. It generally provides less coverage than a personal policy, but it might be a good option to explore if your choices are limited.
Life insurance is an important tool that allows you to look out after your family’s finances if you were to pass away. If you’re older, in poor health, or currently practicing high-risk behaviors, it doesn’t mean the chance of getting coverage has passed. You might have to pay a bit more on premiums, but if you’re dedicated in your search and efforts, you should be able to find the best and most cost-effective choice for your situation. In the end, nothing is as valuable as helping ensure your family’s safe and happy future.
Arlene Chandler is a freelance finance writer who enjoys laid back evenings and morning yoga. She currently writes about money saving strategies, financial planning, and Life Cover from Suncorp.