Special Risk Life Insurance – How Special Is It?

by Jeff Rose on May 2, 2017 · 0 comments

in High Risk Insurance, Term Life Insurance


special risk life insurance

Life insurance is one of the best safety nets that you can ever buy for your family. It’s the best way to ensure that your loved ones have the money that they need, regardless of what happens to you. When you’re applying for life insurance coverage, there are several different factors that the insurance company is going to look at. Additionally, there are some unique plans and different kinds of life insurance that you should look at when you’re trying to get the best coverage for your loved ones.

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. If you fall in the “special risk” category, you may assume that it’s impossible to get an affordable life insurance policy, but that couldn’t be further from the truth. Regardless of your health or any pre-existing conditions that you have, there are several ways that you can get affordable coverage for your family. 

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.

Getting Affordable Life Insurance Coverage

Regardless of your health or pre-existing conditions, it’s important that you get an affordable life insurance plan. Even as a special risk life insurance applicant, there are several ways that you can get lower premiums and save hundreds of dollars on your life insurance application. Making a few simple lifestyle changes could be the best thing that you do for your wallet.

Before the insurance company accepts your application, they are going to require that you take a medical exam, and the results from this exam are going to play a huge role in how much they charge you in monthly premiums.

The first thing that you should do is start getting regular exercise and stick to a healthy diet. Both of these can help you lose weight, lower your cholesterol, and drastically reduce your risk of being diagnosed with severe health complications later in life. Hitting the gym is a great way to improve your health and keep more money in your pocket. It’s time to dust off those running shoes, your doctor and your bank account will both thank you.

The next way that you can get lower insurance premiums is to eliminate any tobacco that you currently use. Smoking cigarettes or using chewing tobacco increases your risk of several types of cancer, which means that you’re going to be a much greater risk to the insurance companies. They are going to offset that risk by charging you higher monthly premiums. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the exact same amount of protection.

The best way to get the lowest insurance premiums is to work with one of our independent insurance agents. Unlike a traditional agent, we don’t only work with one single company. Instead, we represent dozens of highly rated companies across the nation and we can bring all of the lowest insurance premiums directly to you. We know that your time is valuable, you shouldn’t waste it talking on the phone to different companies. Let us do all of that for you.

Calculating Your Insurance Needs

Aside from getting insurance, it’s vital that you get enough protection for your family. Otherwise, your loved ones could be left with a massive amount of debts and no money to pay for those bills. Before you apply for a plan, it’s vital that you understand how much life insurance your family is going to need. Several factors go into your life insurance needs.

The first numbers that you should add up are your debts and final expenses that your loved ones would be left with after you passed away. The primary goal of your life insurance is to give your family members the money that they need to pay off any bills that you would leave behind. Make sure that your plan is large enough to cover all of your final expenses and prevent them from being left with thousands of dollars of debt.

The next number that you should look at is your paycheck. The secondary goal of life insurance is to give your family the money that they need to replace your income if something tragic were to happen to you. If you’re one of the main income earners in your home, your family would struggle financially if you passed away. Your life insurance policy will give them the money that they need to pay for basic expenses without struggling financially.

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.

You never know what life is going to throw at you tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. We know that finding the perfect life insurance policy can be a frustrating process, especially as a special risk applicant, but our agents are here to help. We can make the process as quick and simple as possible.

If you have any questions about getting special risk life insurance, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best policy to meet your needs at an affordable rate. Everyone deserves to have a quality insurance policy, and we can help you find yours. Our agents have years of experience working with high-risk clients, and we know which companies are going to give you lower premiums based on your situation.

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