Like Monday morning quarterbacking, it’s easy to see that you should have bought life insurance when you were young and healthy instead of waiting till you’re pushing 50 or racking up health problems. If you suddenly find yourself among the nearly 5% of Americans categorized as a rated or substandard risk, there are companies out there who are willing to underwrite your life even if you have a serious condition or three. Just be prepared to spend more (a lot more) for life insurance. But don’t despair.
Still have a job and company-provided health insurance? Many employers routinely toss in supplemental life insurance coverage with the group plan. You certainly want to take advantage of that, but you might want to also see if an option exists to increase the benefit.
Compare life insurance quotes online from companies that specialize in life insurance for high risk clients. You’ll probably need to provide your medical records to prove that you’re taking active steps to control your health and pay up to 25% more for your premiums, but you’ll have life insurance coverage for your family.
High life insurance premiums don’t need to be a life sentence. There are some steps you can take to pull yourself out of the high risk pool. Many insurance companies will rewrite your policy if your health improves and tests show you’ve sustained the improvement over time.
If you’ve been deemed a poor risk you can change your bad habits and risky behavior. Stop smoking and be able to prove that you’ve been nicotine-free for three years. Depending on your age, you could save hundreds, even thousands of dollars on your term life premiums over the life of the policy.
Your weight is another factor you can control that can result in lower life insurance. Adopt healthier eating habits, cut back or eliminate alcohol consumption, exercise regularly and you’ll reduce your risk of high blood pressure, heart disease, diabetes, stroke, osteoarthritis and some cancers. You’ll also get a cleaner bill of health that can mean lower life insurance premiums.
Do be aware that you must tell the truth on any insurance application, including life insurance. Failure to disclose conditions or report high-risk behaviors (even risky sports or hobbies) can result in policy cancelation or mean that your survivors won’t receive the death benefit because of fraud.