Welcome to Waterway Financial Group, LLC., your home for high risk life insurance and impaired risk life insurance policies of all types.
You may have stumbled upon this site for many different reasons.
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Many people don’t necessarily consider themselves as a high risk for a life insurance company, however they view many different factors as being riskier than your average consumer. It could be related to health, it could be related to your job, or even the hobbies you’re involved in on the weekends.
It could be just your age, too, because a senior citizen poses more of a risk than a teenager. The costs for a young adult versus someone who is over 60, over 70, or even over 80, can vary widely. In any case, you need a high risk life insurance specialist or you’ll overpay.
Risk to a life insurance carrier is considered to be anything which might decrease your life span, even if only by a year or two. The more risk you pose, the higher premium they need to charge you in order to approve you for coverage. If you are considered very risky due to any or all of the aforementioned items, you’re considered a high risk for life insurance.
This doesn’t mean you can’t be approved, even if you’ve already been declined. It simply means you need to find the right company who will insure you based on your circumstances. Every company has separate underwriting guidelines, and looks at each risk differently.
Here are some of the most common reasons a person gets rated (charged more):
Any of the above can trigger a red flag where the life insurance company may seek more detailed information to get a better idea how much of a risk you are. It could be little to no risk at all, or it may be a severe impairment. Only after all the information is collected will they make their final decision on whether or not to offer you coverage, and at what cost.
No, not exactly.
Many of the higher risk approvals we get are using traditional life insurance products. In other words, you’re able to undergo the same applications, medical exams, and underwriting processes as anyone else. The product choices, like term, universal, or whole, are all available. The only difference is the approval rating.
Approval ratings are just the insurance company’s way of pricing your risk. There are your typical ratings, like Preferred Plus, Preferred, Standard Plus and Standard, but then there’s a full list of sub-standard ratings, too. They are called sub-standard or table rates, as they fall outside of the parameters for a Standard or better issued product. Separately, there are ratings just for smokers, too.
Each table rating is a linear percentage of increase in premium based off of the Standard rate. Each table, with a max of 10, is a 25% increase, respectively. A table 2 is 50%, a table 3 is 75%, and so on.
If, for some reason, you can’t qualify for a traditionally underwritten policy under these rating tables, you’ll be declined; this happens to as much as one third of high risk life insurance applications. However, you aren’t out of options just yet. There are other types of coverage called graded or guaranteed. We’ll get to those shortly.
This is where we come into the process. There’s no way you could possibly know which company is going to give you the best price without applying to all of them, unless you use an independent, high risk life insurance specialist, like us. Your typical property and casualty agent can’t even help you. In fact, they refer business to us.
The process we go through, sifting through more than 50 companies, is how we are able to cherry pick the top carrier for you.
We have access to behind-the-scenes technology and underwriters directly which allows us to get significantly more accurate quotes from the start. But we don’t stop there. We can request preliminary quotes from each carrier using your information anonymously. In other words, we’re able to give them in depth information about you before you apply to see how high of a risk they’ll consider you.
Once we have all the answers back, we can help you apply with whichever high risk life insurance carrier you prefer based on the premiums predicted. This saves you time, saves you money, and may even get you approved where you were otherwise declined already.
While it depends, the answer is mostly yes. You can get different kinds of impaired risk life insurance products without going through the exam process, but you’ll not only pay more per thousand, and you’ll be limited in your options.
Many consumers think of the physical as a hindrance, but for underwriting high risk cases, it gives the insurance company more information about you which allows them to be more confident in offering you coverage. Think of it this way: would you buy a car without test driving it?
Life insurance medical exams are pretty simply. The examiner meets you at a destination of your choosing. The examiner then takes your blood pressure three times, measures your height and weight, then takes both a blood and urine sample. In some instances, an EKG may be required for very high death benefit amounts or older age consumers, but is not typical. The whole process takes 20-30 minutes.
But by undergoing this exam, you are giving much more accurate data to the carrier so you get the best chance of an approval. Not only this, but you’ll be eligible for much lower rates, in general, by proving your health. Few high risk life insurance policies are issued without an exam.
For certain face amounts, or amounts of coverage, a medical exam is unavoidable. If you really prefer not to complete the exam, you’ll most likely be left with just the graded or guaranteed options once again.
See our list of risks we insure for more information.
When you work with us at Waterway Financial Group, we are here strictly to find you the best policy. Our blog is a massive resource, but it doesn’t stop there.
Many agents or call centers are simply looking to get you the first approval available, but we don’t think that’s enough. We aim to get you into the most affordable, durable policy from only the best life insurance companies in the marketplace.
Don’t just buy life insurance. Buy it from Waterway Financial Group, LLC., your personal high risk life insurance specialist.