Life Insurance for High-Risk Applicants


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Key Takeaways

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High-risk life insurance applicants often face higher premiums and limited policy options.

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Various factors like health, occupation and lifestyle contribute to a person's risk status.

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High-risk applicants can usually still find coverage through careful planning and consultation.

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What is Considered High Risk for Life Insurance?

Understanding life insurance risk factors helps you make informed decisions regarding policies for high-risk applicants. These factors influence your eligibility and directly affect the cost of your premiums:

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    Medical and Health Risks

    Chronic conditions can seriously affect premiums. Insurers often view these medical issues as indicators of potentially shorter life expectancy, elevating your risk profile. For instance, a recent diagnosis of a severe health condition could lead to much higher premiums compared to someone without such issues.

    High-risk medical conditions that may affect your life insurance rates include:

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    Hobbies

    Activities such as skydiving, scuba diving or mountain climbing can make insurers cautious. These pastimes are known as dangerous hobbies and are statistically more likely to result in accidental death, which can lead to higher premiums.

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    Occupations

    Jobs with inherent dangers, such as working in construction, commercial fishing or law enforcement, likely qualify you as a high-risk applicant. Insurers evaluate these jobs based on historical data and incident rates, often leading to higher premium rates.

    For example, a construction worker may encounter elevated premiums due to the increased risk of workplace accidents.

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    Lifestyle Choices

    Personal habits such as smoking or excessive drinking can also place you in the high-risk life insurance category. For example, life insurance for a smoker comes with higher premiums than a policy for a nonsmoker.

    Similarly, someone who engages in heavy drinking might also face higher premiums because insurers consider these lifestyle choices as factors that could shorten life expectancy.

Life Insurance Risk Classifications

Insurance companies categorize applicants into risk classifications to determine eligibility and premium rates. These classifications rely on various factors, including health status, lifestyle choices and occupation.

Risk Classification
Description

Preferred Best

This classification is for the lowest-risk applicants with excellent health and no risky behaviors. These people receive the most favorable premium rates.

Super-Preferred

Applicants in this category have minimal risk factors but don't quite meet the Preferred Best classification criteria. They still enjoy relatively low premiums.

Preferred

This category is for those who are generally healthy but may have minor risk factors, such as elevated cholesterol levels. Premiums are competitive but not low compared to the top two categories.

Standard

This category includes applicants with moderate risk factors, such as mild health conditions or occupations with some level of risk. Premiums are generally higher in this category than in the Preferred category.

Substandard or Rated

Substandard risk classification is for high-risk applicants. Factors such as severe health conditions, high-risk occupations or dangerous hobbies can land you here. Premiums for high-risk life insurance policies are typically higher, reflecting the increased risk.

Understanding risk classifications can help you assess your risk levels and prepare to purchase the right life insurance for your needs.

How to Get Life Insurance for High-Risk Applicants

Getting life insurance as a high-risk applicant may present some challenges, but knowing the steps to take can help you find coverage and secure a policy that suits your needs.

  1. 1

    Assess Your Risk Level and Coverage Needs

    Start by honestly evaluating your risk factors and determining how much coverage you need. Calculate your debts, income replacement requirements and final expenses to establish your coverage amount before shopping for policies.

  2. 2

    Gather Required Documentation

    Collect all necessary medical records, financial documents and relevant health information before applying. Having comprehensive documentation ready demonstrates responsibility to insurers and speeds up the underwriting process.

  3. 3

    Consult an Independent Agent

    Although optional, working with an independent insurance agent can give you a broader view of the market. They can help you compare policies from multiple high-risk life insurance companies to find a policy that aligns with your specific risk factors and financial situation.

  4. 4

    Consider No-Exam Policies

    Getting approved for traditional policies can be difficult, so no-exam life insurance might be an option. These policies often come with higher premiums, but qualifying for them is easier, especially if you have significant health issues or other high-risk factors. This makes them an attractive choice for people looking for life insurance for high-risk patients.

  5. 5

    Be Honest on Your Application

    Fill out your application completely and accurately. Double-check all information before submitting, as incomplete applications often cause delays in the underwriting process.

    Transparency is important when applying for life insurance for high-risk people. Disclose all relevant information about your health, occupation and lifestyle. Omitting details or providing false information can lead to complications, including the possibility of policy cancellation.

  6. 6

    Prepare for the Medical Exam

    If required, schedule your medical exam promptly and follow preparation guidelines. Arrive well-rested, fasted if required and bring all necessary documentation to ensure accurate results.

Taking these steps helps you navigate the application process and positions you to find the most affordable high-risk life insurance that meets your needs.

High-Risk Life Insurance Required Documentation Checklist

High-risk applicants should gather comprehensive documentation before applying to streamline the underwriting process and demonstrate their commitment to managing their health or risk factors.

Essential documents to prepare:

  • Complete medical records from your primary care physician
  • Specialist reports for any chronic conditions
  • Current medication lists with dosages and prescribing doctors
  • Hospital discharge summaries from recent stays
  • Lab results and diagnostic test reports from the past two years
  • Employment verification and income documentation
  • Driver's license and motor vehicle records (if applicable)
  • Financial statements showing assets and debts

For specific conditions:

  • Cancer survivors: Pathology reports and treatment completion letters
  • Diabetics: Recent A1C test results and glucose monitoring logs
  • Heart disease patients: Cardiac catheterization and stress test results

Having this documentation ready can speed up your application and show insurers you're proactive about your health management, potentially resulting in better rate classifications.

High-Risk Life Insurance Policy: Medical Exam Preparation

Proper preparation for your life insurance medical exam can help ensure accurate results and potentially improve your risk classification, especially important for high-risk applicants.

Before your exam:

  1. Schedule your appointment for morning hours when you're most rested.
  2. Fast for eight to 12 hours before the exam (water is acceptable).
  3. Avoid caffeine, alcohol and intense exercise 24 hours prior.
  4. Get a full night's sleep to help normalize blood pressure.
  5. Bring a list of current medications and dosages.
  6. Wear comfortable, loose-fitting clothing with short sleeves.

Day of the exam:

  1. Arrive hydrated but avoid overhydrating.
  2. Be honest about your medical history and lifestyle habits.
  3. Ask questions if you don't understand any part of the process.
  4. Request a copy of your results for your records.

For high-risk applicants specifically:

  1. Bring recent medical records that show stable condition management.
  2. Be prepared to discuss how you monitor and control your condition.
  3. Explain any positive lifestyle changes you've made recently.

High-Risk Life Insurance Cost

The cost of life insurance for high-risk individuals is higher compared to policies for those with standard or lower risk profiles. This happens because the insurance company has an increased likelihood of paying out a death benefit in a shorter time frame.

Several factors contribute to this higher cost, including the applicant's age, the chosen type of policy and the severity of the risk factors involved. For instance, older applicants or those choosing high-risk whole life insurance policies may find higher costs. And the more severe the risk factors such as serious health conditions, high-risk occupations or dangerous hobbies, the higher the premiums will generally be.

Understanding these contributing aspects can help high-risk applicants prepare for the financial commitment needed to secure life insurance.

The tables below show the average costs of life insurance policies for smokers and people with poor health.

High-Risk Life Insurance Quotes: Average for Smokers
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Coverage Level:$100,000
10 years$36$437
15 years$45$538
20 years$55$664
25 years$80$957
30 years$91$1,096
35 years$113$1,361
40 years$169$2,038

**Rates above are based on average term life insurance quotes for 40-year-old male smokers. Actual rates vary significantly based on individual health, location and insurer underwriting guidelines.

High-Risk Life Insurance Quotes: Average for People in Poor Health
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Coverage Level:$100,000
10 years$15$172
15 years$19$215
20 years$23$267
25 years$30$361
30 years$38$437
35 years$43$522
40 years$69$828

**Rates above are based on average term life insurance quotes for 40-year-old male nonsmokers with poor health ratings. Actual rates vary significantly based on individual health, location and insurer underwriting guidelines.

Tips to Get Affordable High-Risk Life Insurance

You can employ several strategies to find an affordable high-risk life insurance policy. Here are some actionable tips to consider:

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    Improve Your Health

    Taking steps to improve your health can positively impact your insurance premiums. For example, if you manage to lower your cholesterol levels or quit smoking, you may move into a less risky classification, which generally comes with lower premiums.

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    Choose Term Over Whole Life

    For consumers exploring high-risk life insurance, high-risk term life insurance policies are often more affordable than high-risk whole life insurance. They provide coverage for a specific period, such as 10, 20 or 30 years, and don't include a cash value component, making them less expensive. This may be a more feasible option if you're a high-risk applicant.

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    Bundle Policies

    Some insurance companies offer discounts if you purchase multiple types of insurance through them, such as auto, home and life insurance. By bundling these policies, you could receive a discount on your life insurance premium, making high-risk life insurance more affordable in the long run.

Shop around and compare high-risk life insurance quotes from multiple providers to find a policy that aligns with your financial needs and objectives.

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CONSIDER ALTERNATIVE COVERAGE TYPES

If traditional term, whole, or universal life insurance policies are too expensive or unavailable, consider these alternatives:

  • Guaranteed Acceptance Life Insurance: No medical exam required, but coverage amounts are limited, and premiums are higher
  • Group Life Insurance: Available through employers, often with simplified underwriting
  • Final Expense Insurance: Smaller coverage amounts designed to cover burial costs and final expenses
  • Accidental Death & Dismemberment (AD&D) Policy: Covers death or injury from accidents only, with lower premiums than full life insurance

Life Insurance for High-Risk Individuals: Bottom Line

Getting life insurance when you're a high-risk individual may mean facing higher premiums and limited policy choices. Insurers may label you "high-risk" because of various insurance risk factors, including pre-existing health conditions, participation in dangerous hobbies or employment in high-risk jobs that life insurance companies consider precarious.

Understanding what contributes to a high-risk status can help you prepare for the financial implications and explore the availability of high-risk life insurance policies.

Compare Life Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

Why do we need ZIP code?

High-Risk Life Insurance Policies: FAQ

We answer common questions about life insurance for high-risk applicants to help you make more informed financial decisions.

What is a high-risk life insurance applicant?

Can high-risk applicants get life insurance?

Do all insurers classify risk the same way?

Why do insurance companies charge more if they believe you are a high-risk customer?

What are no-exam life insurance policies?

How does risk affect insurance premiums?

How can you lower your premiums?

Can you be denied life insurance coverage?

Do premiums change over time?

Which is better: high-risk term life insurance or high-risk whole life insurance?

Do life insurance companies charge different life insurance rates by job?

How do you find the best high-risk life insurance companies?

Is it possible to find life insurance for high-risk seniors?

Best High-Risk Life Insurance Rates: Our Review Methodology

High-risk life insurance applicants face higher premiums and limited options compared to standard applicants. We designed our research to show you what to expect when shopping for coverage.

We collected quotes from major life insurance companies with broad national coverage that provide online quotes. This ensures our rate data reflects what you'll actually encounter when shopping for coverage.

Sample Customer Profile

We used a standard profile to collect baseline quotes:

  • 40-year-old man
  • Non-smoker
  • 5 feet 9 inches tall and 160 pounds
  • Average health rating

For high-risk scenarios, we modified this profile by changing tobacco use status for smokers and requesting quotes for applicants with poor health ratings.

We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect a variety of quotes and determine the best and cheapest life insurance companies for several types of customers. We collected quotes for term life insurance with varying term lengths and coverage amounts.

Data Analysis

We identified pricing patterns in our data set and used those trends to calculate average rates for different customer profiles. This approach provides realistic rate expectations for high-risk applicants across various coverage scenarios.

The result: Average rate data that helps high-risk applicants understand what they'll pay for different coverage amounts and term lengths based on comprehensive market analysis.

Life Insurance for High-Risk People: Related Articles

About Mark Fitzpatrick


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Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.


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