The development of a chronic health problem is often more than just a health concern. From an insurance perspective, you’re no longer an average person buying life insurance. But even though you’re not a standard risk, you can still find needed coverage. There is a special type of life insurance called “impaired risk” that is designed to give people in your situation the coverage they need.
In life insurance underwriting, an impaired risk is an individual who has an unfavorable health condition, health history, or some other factor that makes him an above average risk. You may be considered an impaired risk if you can answer “yes” to one or more of the following statements:
- You have a dangerous occupation or leisure time activity
- You have cardiovascular/heart disease
- You have cancer
- You have diabetes
- You suffer from rheumatoid arthritis
- You suffer from chronic asthma
- You are substance abuser
- You suffer from other chronic lung, liver or kidney disease
- You have HIV/AIDS
In spite of these existing conditions, you can still find affordable coverage, but not without a little effort. An insurance agent that is experienced in placing coverage for individuals with impaired risk is a necessity. They will know what carriers are more likely to cover you and which ones to avoid.
Some insurance carriers are now using an underwriting process called "clinical underwriting." This is a recently developed process for underwriting substandard risks that takes into consideration your total health, not just your current health conditions. This process looks at how you are managing your chronic condition. If you follow your physician’s guidelines, take prescribed medications as directed, lead a healthy lifestyle, and have no other health complications, chances are your rate will be more affordable.
Above all, remember that you can find life insurance coverage, but probably not without a few rejections along the way. It’s important that you don’t take no for an answer. Just because one insurer declines your application doesn’t mean that another company will view you as an unacceptable risk.
We are impaired risk and high risk insurance specialists!
We pride our selves offering exceptional service while representing the top insurance carriers with the best pricing available anywhere.
Even if you have been turned down before we will work to get you the coverage you deserve and can afford.
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