For a lot of people these days Life Insurance is fairly cheap. If you’re a young healthy individual with no medical issues to speak of you could get a $100,000 term policy for less than $20 a month. That’s pretty damn cheap.
However, if your 65 years old, have diabetes, smoke, and have high blood pressure, life insurance may be very expensive for you. If this is your situation you may have to consider what is known as a high risk life insurance policy. In this article I’m going to give you a few tips you can use to save some money on high risk insurance and where you should look to get it.
Where To Get High Risk Life Insurance Policies
The first thing you can do is check your current life insurance policy if you have one. Many life insurance policies offer what is known as a guaranteed insurability rider which does exactly what it says. You won’t get turned down but you may have to still take a physical exam and blood test.
However, this does not guarantee that the coverage you apply for will be cheap. They will most likely up the rate on you based on the result of your questionnaire and blood test.
The second place I would look is actually contacting an insurance agent who deals with multiple high risk life insurance companies. This way you can have them run a high risk life insurance quote with several companies, finding you the cheapest rate of them all.
I must mention though if you’ve had a bad history of anything from heart disease, diabetes, to mild to strong depression the damage has already been done. You can’t escape the past, the underwriters will surely take all of this information into consideration when reviewing you application.
Why Do You Need The Policy
Now that we know where we could apply for this type of insurance let talk about a more important question, why do you need the high risk life insurance policy? The reason I say this is because the cheapest life insurance to pay on is nothing at all.
If the reason you believe you need the policy is because someone like an insurance agent told you that you must have it, you may want to question their motives. I say this because life agents make a lot of money on these types of polices. In fact as a former life insurance agent myself I’ve seen other agents who intentionally gave others high premiums just so they could make a higher commission.
The question that really needs to be answered is, what will this policy solve? Will it cover the large amount of debt you have, or will it cover you medical bills in the event of your death. The point is that this policy should be covering some financial aspect for you and if not, they why do you need it?
Nothing Is Guaranteed
The last point I should cover is that not all Life Insurance for high risk individuals is guaranteed. This means that even though you are going through a high risk life insurance provider you still may not qualify unless you had the guaranteed insurability rider on your current life policy.
Although I should also mention that I’ve seen some cases go through that I thought wouldn’t go through in a million years. For example, we quoted a guy a high risk policy that had congestive heart failure and almost died. He had 98% blockage to his heart and they still gave him the policy.
Will this work for you, I can’t say, but it never hurts to try after all it doesn’t cost you any money to get a quote, just a little time.