How To Get Life Insurance if You're a High-Risk Patient

Posted on November 3, 2017

How to Get A No Medical Life Insurance

Are you worried that your medical conditions will make you too high risk to get life insurance? Learn how options like no exam life insurance can help.

Whether you want to think about it or not, insurance is one of modern life's necessities.

While the world is safer than its ever been in the 21st century, it's definitely not cheaper. Expenses add up very quickly in end of life situations.

If you're not prepared, you could end up leaving your loved ones on the hook for a substantial amount of money.

That's why life insurance is vital--especially as we age.

But, like it or not, many life insurers require applicants to meet certain health criteria. And that's not always easy to do for many applicants.

Have you been turned down for life insurance due to your age or medical risks?

Let's take at how high risk and no exam life insurance works and how to get it.

High Risk or No Medical Life Insurance? Know the Difference

The first thing many high-risks - or those that have already been turned down - applicants will want to know is:

Can I qualify for a no exam life insurance policy?

The short answer is yes. But before you dive into either policy, it's important to understand the difference.

The Pros and Cons of No Exam Life Insurance

The biggest pro of no exam life insurance is pretty obvious--there's no exam. Without an exam, you'll be approved much more quickly, often in as a little as just a few days.

Another advantage of no exam insurance is that there are many policies to choose from and nearly all of them are very easy to qualify for.

The biggest downside to going with a policy that does not require an exam is cost. No exam policies often cost more, simply because the insurer knows very little about your health and is, therefore, taking on a lot more risk.

What About High-Risk Insurance?

The biggest advantage to a more traditional policy is the cost. If the insurer knows your risk, they can obviously be more prepared for the future.

The disadvantage, obviously, is that you will have to take an exam and the approval process will take much longer.

How to Qualify for High-Risk Life Insurance

If you want to apply for a traditional policy, but are worried that your health or other factors may affect the outcome, it's important that you understand how the process works and the best way to prepare for the exam.

Understand Your Risk Factors

There are a number of risk factors insurers look at when you apply for life insurance. Some are considered very minor risks while others are much higher risk factors.

Here are a few minor factors that will have little to no effect on your eligibility or policy:

  • • High blood pressure
  • • Currently taking cholesterol medication
  • • Mildly overweight--5 to 10kg
  • • Experiencing depression or anxiety

Some factors that considered high risk are:

  • • Heart disease
  • • History of cancer
  • • Drug or alcohol abuse
  • • Organ transplants

It's About More Than Health Conditions

Another factor insurers look at is your occupation and lifestyle.

Many occupations put workers at much higher risk than others. An accountant, for example, is much less likely to be hurt on the job than a welder, contractor, or logger.

If you work in a field that involves a little more risk than the average job, keep that in mind when applying for coverage.

Your lifestyle is important to insurers also. If you travel internationally often or have dangerous hobbies, like skydiving or motorcycle riding, be prepared for insurers to consider those choices.

Steps to Approval for High-Risk Life Insurance

If you'd like to apply for high-risk life insurance, here are a few steps you can take right now to help get you approved:

  1. Start by working with an insurance agent that has experience with your risk factors
  2. Work on improving your health and controlling your risk factors
  3. Work with an agent that can expose you to lots of policies, so you can pick the best policy

No Exam Life Insurance -- Getting Approved

The process of getting approved for a no exam life insurance will, understandably, be much simpler.

You will still need to complete an application and questionnaire, but get to skip the medical exam. It's important to be honest about any medical conditions if asked. While it may not affect your approval, being dishonest could be considered fraudulent.

Know Your Risks -- And Work on Controlling Them

Whether you're interested in no exam life insurance or not, it's important to work on controlling your risk factors.

As we saw above, even with an exam free policy, you will still need to fill out a questionnaire and an insurer could still look into your medical background.

Even if you have higher risk conditions, obtaining either type of policy may be a simple matter of controlling your existing conditions. If you can show that you are following a Doctor's order to control things like high cholesterol or diabetes, you are showing compliance--and this may just get you the policy.?

Work with an Agency that has Experience and Understands Your Risks

When applying for any type of insurance--whether it's for your car or your life--it's important to explore all of your options, so you can choose the policy that best meets your needs.

If you have unusual needs, like higher risk factors, finding an insurer that's worked with those issues before is vital to you finding the right policy.

From finding the right policy to signing the papers--we can walk you through every step of the process.

Putting it All Together

Finding the right life insurance policy--even with high-risk conditions-doesn't have to be difficult.

If you do your homework and take advantage of all the options available, you're sure to find the right policy.

Get started today with a quote that's right for you.

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