Do you have a current medical condition to deal with such as high blood pressure, heart disease or even cancer? If you do, life is probably already difficult enough for you, so when it comes to seeking coverage for your condition under a life insurance policy, you’ll not only want to minimize both the cost of a high risk insurance policy, but also make sure that you purchase the correct policy, and not be locked into unneeded premium riders on your policy.
Firstly, if you already hold a current life insurance policy, you can possibly buy extra coverage, but you would need to check if the policy has a guaranteed insurablity rider. If your policy does have a guaranteed insurablity rider, then you will be able to buy coverage no matter what, even if you have a newly diagnosed medical condition.
If you don’t have an existing policy, or your current insurance policy doesn’t have a insurablity rider, you will want to look into high risk life insurance companies. However, before you do this, you need to consider a few things. First off, the rating you receive makes a big difference as to how much you will finally pay in insurance premiums. Obviously a low risk rating is preferred, but with a high risk policy your looking at either a standard or worse, a substandard policy rating which could end up with very high premiums.
If you do fall into the high risk category, you should avoid certain types of life insurance policies. Policies such as:
- whole life insurance
- universal life insurance
- and even variable universal life insurance
These forms of life insurance can be extremely expensive for those considered high risk. The reason for these policy types being more expensive is that they contain a cash value account in them, which depending on the payout value, can increase costs of an insurance policy dramatically. For most high risk life insurance policies, it’s recommend you stick with just a term life insurance policy.
