Do You Need High Risk Life Insurance?
Are you concerned about a particular health issue that has recently come up or have you recently had genetic testing done to see if you or your family members are prone to any disastrous diseases like cancer? Are you an avid outdoorsman who enjoys rock climbing, hang gliding, parasailing, scuba diving or auto racing (as a driver)? If you can answer yes to any of those questions unless you are planning on being a little less than forthright on your application for life insurance are going to be buying high risk life insurance instead of regular term or whole life insurance policies.
Before you decide to not check the boxes next to avocations like the above mentioned outdoor activities you should take in to consideration that if you happen to have an accident and die during an activity considered high risk by life insurance companies your family's claim to your life insurance policy will either be denied or you can be sued for fraud.
I am all for getting the lowest premium possible, but lying about an activity or knowledge of a particular disease or tendency for a disease is really unethical and constitutes insurance fraud.
If you are looking for a policy with a significant payout ($250,000 or higher) the insurance company is more likely to want a physical before issuing the policy.
If you have had one in the past year they will most likely take that one, but if you have had any other testing done that has revealed any physical problems like diabetes, heart disease, high cholesterol, hepatitis, epilepsy, or issues with your liver or pancreas you can expect to be either denied or placed in a high risk category and therefore subject to much higher premiums than a normal healthy person would pay.
If you are an active outdoor person you will also fall into the high risk category if you participate in the activities mentioned in paragraph one.
Auto racing comes to mind as a very dangerous sport basically driving around a track with over two thousand pounds of metal as a potential weapon.
I have climbed waterfalls and hiked many trails in our Western National Parks and have never considered my activities to be high enough risk to warrant being charged a premium over my regular life insurance costs.
If you do get placed in a high risk category you will have little trouble buying high risk life insurance unless you have cancer that you have only recently received treatment for.
Different types of cancer require different waiting times before the patient can be even considered for life insurance.
For example skin melanoma, testicular cancer, cervical cancer and cancer of the larynx only require a one year waiting period; colon and breast cancer - two years; ovarian, lung, esophageal, and kidney cancer - three years; bone cancer - five years; and leukemia - ten years.
If you have been denied regular life insurance do not be discouraged.
You can be buying high risk life insurance in no time to protect your family.
Make sure you shop around for the best coverage and pricing.
Before you decide to not check the boxes next to avocations like the above mentioned outdoor activities you should take in to consideration that if you happen to have an accident and die during an activity considered high risk by life insurance companies your family's claim to your life insurance policy will either be denied or you can be sued for fraud.
I am all for getting the lowest premium possible, but lying about an activity or knowledge of a particular disease or tendency for a disease is really unethical and constitutes insurance fraud.
If you are looking for a policy with a significant payout ($250,000 or higher) the insurance company is more likely to want a physical before issuing the policy.
If you have had one in the past year they will most likely take that one, but if you have had any other testing done that has revealed any physical problems like diabetes, heart disease, high cholesterol, hepatitis, epilepsy, or issues with your liver or pancreas you can expect to be either denied or placed in a high risk category and therefore subject to much higher premiums than a normal healthy person would pay.
If you are an active outdoor person you will also fall into the high risk category if you participate in the activities mentioned in paragraph one.
Auto racing comes to mind as a very dangerous sport basically driving around a track with over two thousand pounds of metal as a potential weapon.
I have climbed waterfalls and hiked many trails in our Western National Parks and have never considered my activities to be high enough risk to warrant being charged a premium over my regular life insurance costs.
If you do get placed in a high risk category you will have little trouble buying high risk life insurance unless you have cancer that you have only recently received treatment for.
Different types of cancer require different waiting times before the patient can be even considered for life insurance.
For example skin melanoma, testicular cancer, cervical cancer and cancer of the larynx only require a one year waiting period; colon and breast cancer - two years; ovarian, lung, esophageal, and kidney cancer - three years; bone cancer - five years; and leukemia - ten years.
If you have been denied regular life insurance do not be discouraged.
You can be buying high risk life insurance in no time to protect your family.
Make sure you shop around for the best coverage and pricing.
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