High Risk Life Insurance
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High Risk Life Insurance
Have you started a new job that can be a bit high risk? Do you want to make sure your loved ones will be looked after, no matter what? Now may be the ideal time to think about high-risk life insurance!
Much like home insurance or travel insurance, we need to protect ourselves -especially if we're at a higher risk, be that in your career, hobby, or medical history.
You may like taking risks with your lifestyle but to not get life insurance can be a risk not worth taking. Discount Life Cover can ensure you get the best life insurance policy to suit you. We search the whole market looking for the perfect high risk insurance company for you. Best of all, we make sure it's at an affordable price.
You won't be risking anything by getting a quote from us today!
What is high-risk life insurance?
As many people know, insurance is based on risk. The greater risk you appear to be to your insurance company, the higher premiums you are likely to pay for life insurance.
Lots of different things are taken into account when determining your risk factor. How you live your life can play a huge part in your life insurance premiums.
If you are a smoker or extreme sports are your hobby then you could be considered 'high-risk' when it comes to life insurance. Just because you like the occasional surfing adventure it won't automatically place you in a life insurance high-risk category - so don't panic!
What is a high-risk policy?
High-risk life insurance policy is for those who are seen to be a higher risk to insure than other applicants. Certain risk factors are taken into account to see who is statistically more likely to claim on any life insurance cover. For example those looking for life insurance for over 60's may be considered high risk. This risk is offset by the life insurance companies by charging higher premiums.
Life insurance providers differ and what one company may deem risky, another may not so don't be put off as affordable high risk life insurance could still be accessible to you.
Why not compare life insurance quotes here to find out your life cover amount? It might be cheaper than you think!
High-risk life insurance companies
There are many different life insurance companies out there that specialise in what is considered high-risk insurance.
However, it can be very time consuming to make a life insurance application for each provider. Especially when you can compare life insurance quotes with us. Each quote from the higher risk insurers will all be in one place, making it easier to compare and ensure you get the right life insurance policy for you and your loved ones.
It's also important to realise that even if you think you might need high-risk life insurance, it doesn't necessarily mean that every insurance company will consider your risk factors to be all that risky. This means you could get a standard life cover, which will be cheaper.
We are authorised and regulated by the financial conduct authority, which means that our team are highly trained and may be able to assist you in finding best insurance provider, whether you are higher risk or not!
What is seen as high risk when it comes to life insurance?
With any life insurance application, you will be required to complete a questionnaire. This will include things such as your medical history and any serious health condition you may have. Insurance providers can then determine the cost of your premiums based on this information. This information will be used to see if you require high-risk life insurance or not.
It may sound quite daunting, but it's a simple process and our team is always there to answer any questions if you're ever unsure of anything!
What is high risk on a life insurance application?
When looking for life insurance, there can be several things that will mean you need a high-risk policy, rather than a standard life insurance policy.
It's a fact of life that we all get older, it's something nobody can stop but we can enjoy! The older we get, the riskier we become to life insurance providers. This alone doesn't often mean a high-risk life insurance policy is necessary, but it can be one of the risk factors taken into account when it comes to the cost of premiums.
When you apply for life insurance, your health and any pre-existing medical conditions are taken into account. The healthier you are, the lower your life insurance premium will be. It's that simple.
So if you didn't have sufficient motivation to take those steps towards a healthier lifestyle, then maybe you've just found it!
All of us are well aware that smoking isn't good for our health. This fact hasn't escaped insurers either and it will affect your life insurance premiums. Some insurance companies will consider you a smoker if you have smoked any cigarettes, cigars, a pipe or used any nicotine replacements within the last 12 months. Some won't.
We are able to compile all of that information in one result for you so now could be the perfect time to compare life insurance quotes here!
Alcohol consumption can increase the cost of your premiums. When it comes to deaths rates relating to personal choices of habits, alcohol consumption comes second only to smoking, so you can see why it can impact your monthly premium!
Your application will also consider your weight and BMI (Body Mass Index). Being under or overweight, if serious enough, can put you in need of high-risk life insurance. Mental health and wellbeing will often fall under standard life insurance. Depending on the severity and other pre-existing medical conditions, it can lead to needing high-risk life insurance.
When looking for any type of life insurance policy, your medical history will be looked at to determine the cost of your premiums based on the risk the insurance companies sees. Certain medical conditions can be seen as higher risk, at which point the insurance provider may ask for further information.
All of this is totally normal and it's the way to get the best high-risk life insurance cover. If the provider knows all of the facts, then your cover will be safe. It is important to be open and honest at all times!
Different jobs can come with different risk factors attached to them. An airline pilot is considered to be riskier to take out insurance for than a banker. So depending on your occupation, a life insurance company may decide that high-risk life insurance is will be the best cover for you.
Careers in the armed forces are a great example of what might be seen as high-risk but that doesn't mean you can't get life insurance! In fact, you probably should get life insurance! If you are in a profession that means you are faced with life-threatening situations on an almost daily basis then life insurance is a seriously important thing for you to be considering.
Ensuring your loved ones are looked after you pass away can bring you a lot of peace of mind, in what can already be a very stressful situation.
Who doesn't love a little something to get their adrenaline going every now and then? Depending on what gets your heart pumping, will depend on your life insurance premiums cost. After all, there's quite a difference between enjoying reading a book on a Sunday afternoon to jumping out of a plane from 10,000 ft!
That's not to say you can't continue to skydive, you most certainly can! However, don't be surprised if your monthly premium is higher as a result. It can get quite complex based on a number of factors, including how much experience you have in these higher-risk activities and how often you enjoy them.
The take away from this is that depending on your lifestyle choice you may fall into the high-risk individuals category, but this isn't always a given!
High-risk sports & hobbies
Thrill-seeking, is, well, it's just that, thrilling! For a life insurance company, it can be viewed as a "dangerous hobby" is it's something you partake in often.
Below we have compiled a list of what some insurance companies class as high risk and can alter your monthly premium.
- Track days
- Motorbike racing
- Competitive go-karting
- Quad biking
- Scuba diving
- Some types of boating
- Deep-sea fishing
From the sky:
- Hang gliding
- Hot air ballooning
- Rock climbing
Life insurance for high-risk occupations
We touched upon the fact that some occupations will mean that you need high-risk life insurance cover. Below are some of the more common jobs that may require you to touch base with high-risk insurance companies:
- Offshore oil or gas worker
- Airline pilot
- Motorbike courier
- Professional sportsperson
- Rally driver or race driver
- Bus, lorry, HGV or coach driver
- Fisherman or trawler
- Prison officer
- Taxi driver
Starting a new dangerous job or risky hobby - things to consider
Starting a new job can be exciting! Starting a high-risk job can bring with its own challenges. If you already have life insurance in place when you start your new job, or new high-risk hobby, you won't invalidate your insurance policy.
Being truthful at the start of your life cover is what is important. However, as you will be taking on more risk then it could be beneficial to you that you do inform your life insurance company of your change in your job - as it could be what causes your death.
By not updating your life insurance policy, you are at risk of having your life insurance cover contested if you were to pass away while working. or partaking in your new hobby. This will jeopardise your loved ones from benefitting from your life insurance.
It is always best to keep life insurance policies up to date to ensure that when your loved ones need to make a claim, they can do so successfully!
Make sure to compare quotes when choosing high-risk life insurance!
We have established that many different things can put you in the high-risk category when it comes to life insurance, from health problems to lifestyle choices. Different insurers can consider different things riskier than others so where you can, it is always best to compare quotes. This can be a time-consuming task in itself, but it doesn't have to be!
Here at Discount Life Cover, we can take that stress away for you. We compare a large number of UK high-risk life insurance companies so we are able to find the best premium for you.
The best bit? You can compare hi risk life insurance quotes here at no cost!
What if you have a self-employed job?
If you are self-employed, life insurance can be something that is worth thinking about even more. Employees in high-risk jobs often get benefits such as a death in service payouts or sickness benefits. As a self-employed individual, this isn't the case so it's important to secure your and your loves one's future.
Whether you like it or not, all of the responsibilities fall to you when you're self-employed - which can be fun! Although, if you're not able to work, it doesn't leave you in a great place and that's where life insurance comes in.
Some life insurance companies will payout if you are unable to work due to injury so it's worth getting as a way to always ensure an income, even in the worst of circumstances. This is especially important to consider if you require high-risk life insurance and are self-employed.
We understand self-employed people are busy people so we can take the stress of finding different life insurers to compare. You can save time and money. Job done!
Best high-risk life insurance
The best high-risk insurance will really depend on what type of cover you need. There isn't a one-sized fit all model, sadly. But we can help! We are able to get different quotes to suit you on different types of high-risk life insurance policies.
So what type of insurance policy should you consider?
Term Life Insurance
This means that the policy will end after an agreed term. This could be when you reach a certain age, your policy ceases to exist.
The benefit of term life insurance is that the cost of the premiums are usually lower than a whole of life policy. Any payout has to occur while the policy is still in place. The payout is a fixed amount and can be a great way of knowing the value of what your loved ones will receive should you pass away.
Should you want to reinstate your policy, life insurance companies can use this as an opportunity to increase the cost of the premiums. That's why it's always a good idea to compare other high-risk life insurance companies before renewing as you may be able to get a better deal with a different provider.
Whole of Life Insurance
Unlike term life, whole of life will cover you for as long as you keep paying the premium. The insurer will only stop providing you with cover if you stop paying the premiums.
Whole of life insurance can be well suited for those who are later in life. Younger people can end up paying more than what their loved ones may receive when the time comes to make a claim.
Family Income Benefit
You may have heard family income benefit referred to as family income protection. Either way, it is a form of life insurance.
Family income benefit works slightly differently than the previous two. The policyholder will pay a monthly amount and this cover will stay in place for a set period of time. The payout isn't in the form of a lump sum as with many other policies. Your loved ones will receive a regular, fixed, tax-free amount, much like receiving monthly income. This can really work for people.
When you initially start the policy, you will set a policy term. This means that the payments will run from the date of death, until the end of the term which was set out by you. This form of life insurance can be ideal for helping families budget and manage their lifestyle.
Whichever area of insurance sounds perfect to you, we can help. Don't waste time by doing application after application, you can simply compare life insurance quotes here and find the best insurer for you in no time!
Why Choose us for your high-risk life insurance policy?
With so many different insurers around, you may be wondering, why choose us? Good question! We are able to save you time and money when you're looking for the right insurer. Discount Life Cover searches the whole life insurance market, so you don't have to. All it takes from you is 2 minutes to fill in our form and we'll find you the best deal!
There is absolutely zero obligation. We don't charge and we don't even require any commitment from you. Want to know the best reason to use us? We GUARANTEE to beat any quote!
So save yourself the time and come to us first!
How does high-risk life insurance work?
The simple answer is, exactly the same way any other life insurance works. Should you pass while you have insurance active, then your beneficiary can make a claim and receive a payout. The difference is that insurers tend to charge higher premiums to those who fall into the high-risk category.
There is also the chance that the insurer will ask you more questions to get a greater understanding of your risk level, and overall health condition. The healthier you are and the younger you are, the lower your premiums will be. If you're a smoker, now may be the time to quit!
Can you get high-risk life insurance with pre-existing conditions?
You absolutely can! Insurers may wish to ask more questions than on your initial application regarding your health issues and general condition but that doesn't mean you won't be able to get cover with a pre-existing medical condition.
Your insurer may look at your medical history and exclude a specific condition from being covered, so it's worth discussing this with them to see what you are truly covered against.
What can stop you from getting high-risk life insurance?
You will probably be always able to find some form of cover. Whether or not it is affordable will depend on you. Serious health conditions may be excluded from the policies. Though if you insist that they are covered then your monthly costs may increase.
Different insurers evaluate risk differently so if you have been unsuccessful with one provider, doesn't mean you can't get cover.
You can save yourself a lot of time looking for cover by speaking to us about it and letting us do the hard work for you!
We are authorised and regulated by the financial conduct authority, so you're in good hands!
How much does this insurance cost?
This is a difficult question to answer, as insurers look at costs on an individual level. The fact someone uses e-cigarettes can mean they pay more than someone who doesn't. It can be something as simple as that, or it could be a job, a hobby, or something in your medical history that can change a quote.
As everyone is different, we can't give you one figure, but our team is always happy to help provide a tailored quote to suit you!
Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.