About High Risk Life Insurance

Are you considered a “high risk” individual to life insurance companies? That may mean that you’re an older person, that you have medical conditions or illnesses that preclude you getting good insurance, or that you have some other unusual circumstances that keep you from getting the life insurance policy you need.

Perhaps you work at a dangerous job and the insurance company doesn’t want to give you a high risk insurance policy. It can be a difficult task to get life insurance if you fit any of these categories because these people are at a greater risk of dying than others.   However, there are still options for you if you can’t get regular insurance.  One such option is guaranteed acceptance life insurance.

Of course, there are a few drawbacks to these types of plans. Traditional insurance policies will not cover those with serious illnesses or dangerous jobs because these people tend to die sooner.  That means that the insurance company will have to pay out on the policy at a higher rate than for other policyholders.

This in turn means that insurance companies will either charge a lot more for such policies or refuse to cover them at all. A guaranteed life insurance policy will cost more than traditional insurance, and the coverage will be less. Typically policy values are around $20,000 as opposed to half a million dollars for a regular term life policy.

If you can get a regular life insurance policy, you should. As mentioned, they are cheaper and provide better coverage.  However, if you’ve been turned down by several insurance companies, it might be time to get insurance quotes on guaranteed acceptance life insurance. This can be an important step toward providing for your loved ones in their time of need.  Talk to your insurance agent to find out more about these plans.

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