High Risk Life Insurance: Who Needs It?


Generally speaking, you can find life insurance policies that could work for you, but you may have to pay more for high risk life insurance. So what is high risk life insurance, and how does it work?  The definition of high risk is that you could potentially have a greater chance of dying than other people, which makes you a higher risk than other people who buy life insurance.  Therefore, people in that category may have to pay more for life insurance coverage. There are two basic things that could put you in the high risk category:

Career or hobby can make you high risk

The first is if you have a high risk occupation, or a high-risk hobby. For example, if you are an airline pilot, a police officer, or a soldier in the armed forces, your profession could be categorized as high risk. You could also be classified as high risk if you are a firefighter or a logger. Another thing involving your activities that could make you high risk is if you participate in a dangerous hobby. For example, if you like to skydive in your spare time, or pilot planes, you may enjoy those hobbies, but your life insurance company not, and can put you in the high risk life insurance category.

Health can also make you high risk

If you have some sort of pre-existing health condition, you may also be placed in the high risk category. For example, if you have diabetes, HIV, or high blood pressure, to name some examples, you may be considered to be in the high risk category.  You can also be in the high risk category if you have had cancer, a heart attack, a stroke, or some other major health condition or chronic illness.  If you are a smoker, you can potentially be considered high risk, depending upon the company. If you are obese, you could also be considered high risk, due to the potential complications that could ensue.


Changes could potentially get you out of category

Generally speaking, when it comes to life insurance, you may not always be condemned to the high risk category if you have health issues. For example, if you were once morbidly obese, yet lost the weight and kept it off for at least five years, you may no longer be considered high risk. That is an example of how health and lifestyle changes can keep you from having to pay for high risk life insurance forever. In addition, if you switch your career from a high risk job, you may also be able to potentially get life insurance that is not in that category, or to get your rates lowered. It really depends upon your individual situation.

Lisa Swan writes for life insurance and financial planning blogs, including Best Life Insurance Deals.