Risky Candidates for Life Insurance Coverage
When you are looking for life insurance policy, no matter the insurer you choose there will always be risky candidates for life insurance coverage. The truth is that every insurer underwrites differently, but there are some general situations that will affect the price of your policy no matter the insurer you choose.
What Will Affect the Price of My Life Insurance Premium?
Having a high risk disease such as high blood pressure, obesity or cancer could even make your premium high or even unaffordable. The same goes for heart patients or HIV patients. Life insurance policies with medical conditions like that could be more expensive, unaffordable or even make you uninsurable. Same goes for people with heart disease and high pressure. Fortunately, it doesn’t always have to be like that.
Life Insurance and Age
Your age plays an important role when it comes to life insurance. We all know that the older you are the more you will pay for your policy, especially if your health is poor. However, if you are a senior that is looking for life insurance and you happen to be in good health, there will be no problem for you to get affordable and traditional life insurance policy. In that case, an insurer will not underwrite your condition as high risk if it is common for somebody in your age. In other words, you may be a senior over 80, but if you are in good health condition for somebody your age, you will for sure find an affordable policy that will give you the cover you need.
If you are on the other hand searching for life insurance for seniors over 90, there is a big chance that you will find the policy that covers final expenses, which is what seniors in this age are often looking for.
Will my lifestyle affect the price of the premium?
When it comes to risky candidates for life insurance coverage, lifestyle and high-risk hobbies could also affect the price of your monthly premium. You could say that generally, any activity that you participate in that carries an above average risk, is usually an activity that a life insurance company may consider to be dangerous, and that will eventually increase the price of your life insurance premium. Activities like car racing, bungee jumping, skydiving, and skiing can make you a risky candidate when it comes to life insurance. Why is that?
If you happen to like skiing, for example, you have to know that it will affect how insurer sees you. Maybe for you, skiing is an extracurricular activity, but many life insurance companies may see it as a risk factor. This means that this kind of activity increases the likelihood of you getting hurt and at the same time insurance company having to pay out a claim. Same goes for high risk professions like being a pilot or policemen. When you have a risky profession like that, you have to be ready that every insurer will see you as higher risk and you will pay more than someone who is not put at risk this much at his job.
The same goes for professional drivers. If you happen to be bus or truck driver, a price of your premium may be high. This is mainly because there are many things that could happen while on the road, like falling asleep at the wheel for example. Therefore, being a professional driver also counts as a high risk profession.
So, your lifestyle or profession may force you to get included in risky candidates for life insurance coverage.
Does a Bad Habit Affect the Price of Life Insurance Premium?
Risky candidates for life insurance coverage are also the ones with bad habits like smoking or drinking regularly. These high risk habits like being a cigar smoker could be associated with many diseases, such as lung problems and heart failure, cancer etc. Therefore, it doesn’t come as a surprise that insurer will see you as high risk, and you will and up paying much more than you could if you have stopped with your bad habits.
Therefore, make sure you learn about how insurer will see your situation before you actually start searching for life insurance.