High-risk life insurance is a class of life insurance for individuals who are considered risky to insure. You could be tagged high-risk if you have a job or hobby that makes you susceptible to life-threatening situations. Also, insurers can tag you at high-risk if you have poor health. Insurance companies vary remarkably on how they classify high-risk but once classified, you may be subject to higher premiums.
If you have a high-risk medical condition and are pondering how it will affect your eligibility for high-risk insurance protection, then you have come to the right place. Some high-risk medical conditions include:
- ALS
- Cancer
- Dementia
- Dialysis
- Heart Attack
- Stroke
- COPD
- HIV or AIDS
- Congestive Heart Failure
How to be eligible for high-risk life insurance?
With very straightforward qualification terms independent of your health status, almost every applicant gets approved for these plans. Hence, it is important to know if you should apply for a guaranteed acceptance policy and not a policy that requires underwriting.
Applying for a no-health question policy is very simple. It only takes about 15 minutes on average to get an application with an independent agent over the line. This is because there is zero underwriting with a guaranteed issue life insurance plan. No matter your health condition, you will still be eligible for coverage. These plans are designed for people with high-risk, pre-existing concerns.
Eligibility requirements include:
- Being a US citizen
- Falling within the 40-85 age range
- State availability
Guaranteed issue life insurance has the following basic features:
- No medical questions asked and no exam
- Guaranteed acceptance
- Fixed monthly premiums
- Guaranteed death benefits
- Accrual of cash value
- No expiration date (you can’t outlive it)
- Mandatory graded period
Bringing high-risk into the picture, a guaranteed issue has stringent limitations in the mandatory graded period, lower face value amounts (usually a cap of $25,000), and increased monthly premiums. For this, a guaranteed issue policy is designed to be the last resort for those who cannot qualify for other kinds of life insurance policies.
But before you delve into the easy application procedure of a zero-questions policy, you should evaluate your eligibility for an instant coverage policy! This may be a simplified-issue policy or an underwritten policy. Of course, qualifying for instant coverage depends on your high-risk condition. Insurers may look at the following:
- Answers to health quizzes on the application form
- A review of prescription history
- A review of your MIB file for any relevant records
- After screening, they will decide whether you qualify for an instant issue policy or whether you should qualify for a guaranteed issue acceptance policy
Applying successfully for high-risk insurance made easy
Applying through seasoned agents like Senior Life Services ensures you get complete clarification for the path which your application should take (guaranteed or simplified). We will ask a series of health-related questions over the phone and tell you what type of health plans are best for you as a unique entity. Contact Senior Life Services at 800-548-3249 to get started.