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 examples 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.
It’s our goal to show you the truth. There are several ways you can get a plan to fit your needs at a reasonable rate.
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
As an applicant who is considered special risk, you’re going to pay more for your coverage. With just a few changes, you can save some serious cash on your protection.
If you’re a special risk applicant because of your age, you can’t make yourself younger (sadly), but there are plenty of other factors you can change.
To start, you need to reduce your risk to the insurance company as much as possible. You can do this by quitting smoking, cutting out any dangerous hobbies, and much more.
You want to do anything you can to make yourself a desirable applicant to the insurance company. The lower your risk, the lower your premiums are going to be.
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.
Every insurance company has different stances on special risk life insurance. There are a lot of companies out there who automatically decline any applicant who falls into this category, while other companies are more tolerable of the risk.
The most important thing to do is find a company who sells plans which will meet your needs and fit your budget. Did you know there are more than 6,000 companies out there? A lot of those will reject your application because your risk. You could wade through dozens of companies before you find one who accepts you for protection.
Instead of having to suffer from those rejections, we can do all of the searching for you. Through the years, we’ve spent a lot of time working with special risk applicants. We have first-hand experience in dealing with special risk applicants.
If you want to get the perfect policy, all you have to do give us a call. We don’t just represent one single carrier. We have the ability to sell you a plan from over 50 carriers.
Working with our agents is the most time efficient way to get the cheapest plan out there. Don’t let your risk prevent you from getting a plan. Give us a call or fill out the quote form and we can get the process started.