Special Risk Life Insurance – How Special is it?
Special risk life insurance is a lot like high risk life insurance, you can get it but you’ll wind up paying more than those the insurance companies deem not a risk.
Smokers and seniors looking for life insurance coverage are the primary example of those who companies deem a ‘special risk’, along with any other person with a pre-existing medical condition.
Fortunately, those who are a special risk can still find special risk life insurance policies from companies willing to work with them or law firms working on their behalf.
Perhaps one of the best things about a special risk policy is that your premiums can decrease after a year or more with no complications.
With benefits like that waiting for clients, getting a special risk policy doesn’t seem so bad.
But to really know if a policy is the right choice for you, you need to get all your facts about it.
Where to Get Special Risk Life Insurance?
Most find it easiest to go through a special risk advocate to get quotes and estimates, and it’s not a bad idea. Having an in-home specialist to act as your go between, someone who knows what companies will look at, you’re chances of getting the best rates for your policy is pretty good. You may not always get the policy you were hoping for, but you’ll certainly get a secure plan for yourself and your family.
Companies are re-evaluating their quoting policies and procedures, trying to keep up with the competition from other companies, and the chances of a special risk advocate finding a dependable policy sure beats trying to find one by yourself.
Your Online Options
But maybe letting someone look for you isn’t how you want to get your policy. Looking for special risk life insurance is almost like looking for high risk life insurance, but you already have a powerful advantage, the internet. Insurance companies are willing to give you free quotes, giving you an idea of how much you’ll be paying a policy.
But beyond that, contact an insurance company you like, find out if there are any benefits you can receive, any discounts or decreases in premiums you’ll gain after being a client for several years. Another option is to try a website, like TheLifeInsuranceBlog.com, that specializes in special risk cases. Keep in mind that as a special risk case, you’re likely to have higher initial premiums, but insurance is a must for your family’s financial security. If the premiums through standard underwriting are too high you might consider a policy with no physical exam. The nice feature about these is that you can frequently get your policy in less than two weeks.
Finding Special Risk Insurance
Finding the right special risk life insurance can be difficult, but there is always a company willing to insure even special risk clients. It can take time, but taking advantage of all the resources available to you makes getting special risk life insurance a much easier process than it once was.