Those who participate in high-risk activities, have health concerns, or occupational hazards, among other factors, may have some trouble purchasing life insurance. These factors can contribute to difficulties and higher premiums than others. Follow along for some tips and information on this tricky subject.
The Risk Factors
It would be tough to spell out each and every risk factor for life insurance, concerning higher premiums. However, they most commonly fall into three categories:
- High Risk Activities/Hobbies: Skydiving, motorcycle riding, and similar activities can increase your risk related to life insurance. According to CCA Financial Planners, doing anything illegal could immediately void your life insurance policy, and even travelling to a country where a “travel warning” is in place.
- Health Concerns: Have high blood pressure? This could be something that is taken into consideration as your life insurance policy is developed. Other items that can come to light during your examination, or according to your health history, can indeed issue heightened risk from the company where you are insured.
- Occupational Hazards: As stated by experts, your job can affect your life insurance premiums. It is said that “Every life insurance provider is sure to have a list of occupations it considers high risk.” Thus, workers from certain professions (i.e. a police officer) is more likely to have something happen on the job, thereby affecting the risk concerning life insurance.
What Can You Do?
If you can be found on the spectrum of high-risk individuals for life insurance, you should have some recourse to finding a good policy at a reasonable price.
You should be aware that there may not be an easy way out, so to speak. For instance, those that fall into the occupational hazards category may have stricter terms and conditions, or be rejected, according to Life Insurance Net. However, the article advises one in this position to consider job qualifications that can reduce risk.
Speaking generally, one item to consider would be the way you consider life insurance policies. After all, it may take some expertise and connections to really land the best policy. Consider a life insurance agent or adviser who has experience insuring high-risk candidates. Their experience and knowledge could bypass the learning curve – both with comparing life insurance policies in itself, and doing so for those who are “high risk.”
Strategically you could have some options. For instance, you could always look at term life insurance while you work on your status as high risk; you may be able to purchase life insurance later after retiring from a high-risk job, or working on high blood pressure and receiving a clean bill of health. However, you must consider the benefits and disadvantages in each option.
Take some time to evaluate where you are and what options are available. Don’t hesitate to speak to a professional about these topics, as there is no simple way to approach life insurance in this topic.
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