Did you know you can secure life insurance without needing…
Yes, it’s possible to secure life insurance for high risk applicants.
Just because insurers deem you to be higher risk than a standard applicant, doesn’t mean your application will automatically be declined.
At Reassured, we’ve over 14 years of experience in helping customers from all walks of life secure the cover they need, at an affordable rate.
Even if you've been declined in the past due to being considered a high risk individual, there may still be some options available to you.
Our specialist impaired risk team could help you secure some form of cover even if you have previously been declined.
Continue reading as we expand on some of the risk factors insurers consider and how you could secure affordable high risk life insurance…
You may be considered high risk by insurers if you present certain factors during the application process.
For example, if you’re at an older age, have a high BMI or a pre-existing medical condition.
Insurers calculate risk based on the likelihood of you making a claim and, in the eyes of the insurer, these factors can make a claim more likely.
How risky insurers perceive you to be will have an impact on whether you’re offered cover, the terms you're offered and how much you pay for your life insurance premium.
High risk factors considered during the application process include:
It’s important to always be completely honest during the application process.
Failure to provide your insurer with the truth is known as ‘non-disclosure’ and this can lead to a pay out being denied when your loved ones need it most.
Risk is assessed differently by each insurer due to the different underwriting processes employed, so it’s important to compare quotes to make sure you’re getting the most favourable rate.
Even if some of these factors apply to you, it can still be possible to secure the cover you need.
Get in touch with us today to find out about your policy options.
High risk life insurance is simply another way to describe a life insurance policy that provides cover to a high risk applicant.
The life insurance policy will work in the same way as any other life insurance policy.
However, you may have to pay a higher premium if you take part in risky activities, work in a dangerous job, have a pre-existing medical condition or if any other high risk factors are present.
This means you may need to provide more information or answer more questions regarding your circumstances during the application process.
The level of risk involved with insuring you will likely vary between insurers so you’ll want to shop around to see who will offer you the most affordable quote.
Why not let Reassured help you compare multiple quotes from some top UK insurers to find the best deal we can offer, without charging you a fee?
Anyone with dependents who rely on them financially is likely to benefit from having some form of life cover in place.
Having a pre-existing medical condition, high risk occupation or any other high risk factors can further emphasise the need of having life insurance in place to ensure loved ones are protected if the worst were to happen.
Why not speak to one of our life insurance experts about your needs and reasons for taking out cover?
We can take your personal circumstances into consideration and provide you with all the necessary information.
At Reassured, we could help you arrange life insurance even if you are regarded a high risk. However, the exact price you pay will depend on your personal circumstances.
Key details that insurers will take into account to calculate your monthly premium include:
Any of these details could lead to insurers identifying high risk factors and it’s likely they may ask you more questions to find out the specifics of your circumstances.
The type of cover, as well as the pay out amount (sum assured) will also help insurers to determine your monthly premium.
For high risk applicants needing to seek cover through a specialist insurer, premiums start from just £15 a month » .
Reassured can compare quotes from some of the UK’s best life insurance providers, as well as smaller specialist insurers to find you their most affordable deal.
The best high risk life insurance for you will depend on what it is you’re looking to cover and for how long, as well as your available budget.
There are different life insurance policy options available, these include:
Each policy is tailored to protect different aspects of your life and some may be more affordable than others, depending on how risky insurers class you to be.
Whole of life insurance
Over 50 life insurance
Reassured could save you time and money by helping to compare a range of life insurance options - ensuring you secure a great deal on a policy that meets your needs. Simply get in touch for your free quotes.
You may also want to consider the following insurance policies:
Terminal illness cover - Terminal illness cover comes as standard will all term life insurance policies and selected over 50s plans with Reassured.
This benefit will allow you to make an early claim on your life insurance policy if you’re diagnosed with a life-threatening illness and predicted to pass away within 12 months.
Critical illness cover - Critical illness cover can be purchased as a standalone policy through some providers or added to a life insurance policy for an additional cost.
It will provide you with a pay out should you be diagnosed with a serious illness. The funds from this pay out could be used to help replace lost income while you’re unable to work, cover medical bills or pay for carers.
Income protection - Income protection insurance is a separate insurance policy that will pay out up to 70% of your usual income if you become too ill or injured to work.
Cover can be purchased on a short or long term basis and policies have flexible terms to help meet your needs.
Family Income Benefit (FIB) - Family income benefit works in a similar way to term life insurance as you’ll be covered for a set period of time. The difference is that rather than receiving a lump sum pay out upon your passing, your loved ones will receive tax-free monthly income payments.
Get in touch to compare policies and quotes to arrange your ideal cover…
During the application process, insurers will take into account key information. This can include information about your occupation.
Those who’re considered to have a job that’s high risk may pay more for their life insurance premiums.
As a general rule, insurers deem your occupation as high risk if you:
Examples of occupations that insurers can consider to be high risk include:
The above list of high risk occupations is not a complete list, it’s merely a guide of the most common.
In particular, those who are self-employed, with a high risk occupation, may benefit from life insurance as you won’t receive a death in service benefit from an employer.
We have written a comprehensive life insurance for self-employed guide which may be of interest.
If your job is on the list, fear not, it’s still possible to secure affordable life insurance.
Why not get in touch with Reassured today to find out how we can help?
Many of us enjoy some thrill-seeking every now and then, but regularly taking part in extreme sports or dangerous hobbies can lead to you being considered as high risk by insurers.
Some hobbies and activities considered as high risk by insurers include:
From the sky
Again, if you see any activities which you undertake listed above, don’t think your quest to secure life cover is hopeless.
It can still be possible to secure life insurance, why not enlist the help of one of our experts?
There are certain elements of your lifestyle that could affect whether insurers deem you to be high risk.
Smoking can cause health complications and have a negative impact on your lifespan. For this reason a smoker will pay more for life insurance than a non-smoker.
This also includes vaping and using e-cigarettes.
Quitting smoking can help to reduce your level of risk, but most insurers will need you to have stopped smoking for a specific period of time before offering you non-smokers rates (this is typically 12 months).
Read our comprehensive life insurance for smokers article »
Having the odd drink at the weekend or as a celebration won’t have a negative effect on your life insurance application.
Government guidelines state that 14 units a week is a healthy limit for both men and women.
If you’re regularly exceeding this amount, you could be considered high risk by insurers.
If you are or have been dependent on alcohol we have this in-depth life insurance for alcoholics guide »
Generally, insurers will ask about your weight and height during the application process to calculate your BMI and assess your level of risk. They will look at your BMI in correlation to your age and determine your monthly premium.
In any case, having a BMI of over 30 (being classified as obese) may place you in the high risk category.
Maintaining a healthy weight will reduce your risk and could help you to secure a lower premium.
If you have a high BMI you may benefit from reading our life insurance for overweight article »
Taking recreational drugs can have a detrimental effect on both your physical and mental health, could put you at risk of HIV and hepatitis and, in a worst case scenario, could result in an overdose.
Therefore, those actively using drugs are likely to be considered too high risk by insurers and will be declined.
It can be possible to secure life insurance after you’ve stopped using drugs, but insurers will often need to you have been clean for a set period of time and it’s likely you may still pay inflated prices.
For more information read our life insurance for drug users article »
Frequently being on the move, whether for work or leisure can be flagged as a high risk factor during a life insurance application.
Particularly if you’re frequenting countries with disease outbreak, political unrest or in the midst of war.
If you’re over the age of 50 it can be possible to secure life insurance without having to give any medical information.
This is through an over 50s plan, which guarantees acceptance to those aged 50 - 85.
Rather than giving details about your health and wellbeing, occupation, weight etc, an over 50s plan simply takes your age and sum assured into consideration (and sometimes your smoking status).
This option is ideal for any high risk individuals that fit into this age bracket that may have struggled to secure other types of cover in the past.
There are some factors you should be aware of when taking out an over 50s plan:
Reassured can help you to compare over 50s plans to find the right policy at the right price. Our over 50 life insurance starts from just 20p-a-day + .
It’s not necessary to secure cover through a high risk life insurance company.
This is because what’s deemed as high risk differs between insurers, and you may be able to secure standard life cover even if you think you may be high risk.
At Reassured, we work with a panel of major insurers as well as smaller specialists, so we’re well equipped to help you find the right cover.
We take your personal circumstances into account and help you find the insurers from our panel who are most likely to offer you cover at an affordable rate.
Simply get in touch for your FREE high risk life insurance quotes.
Yes, it’s possible for you to be refused life insurance if insurers deem you as too high risk. However, this is rare.
Whether you’ll be accepted for life insurance, and the terms offered to you, will depend on the level of risk you pose to the insurer (the likelihood of a claim being made).
In some severe cases, if insurers deem the risk to be too great, cover can’t be offered.
However, it can still be possible to secure life insurance after previously being declined.
If you were declined by a mainstream provider, it can be possible to secure cover through a specialist insurer, such as The Exeter.
Cover with The Exeter can’t be arranged directly, so contact Reassured to find out if they’re the right provider for you.
Our dedicated impaired life insurance team could help you secure some form of cover even if you have been declined in the past.
It’s a natural fact that circumstances in your life will change over time and you may need to adjust your life insurance accordingly.
It may be that:
You won’t always be required to take a medical exam when applying for life insurance.
However, insurers do have the right to ask you to undergo a medical to find out more about the level of risk involved with offering you cover.
This is only likely with some pre-existing health conditions, as insurers may need to see if your condition has caused any other medical problems.
What’s more likely is for insurers to request a medical report from your GP (they will need your permission to do so and you’ll be able to see the report before it is sent to the insurer).
The exception to this is an over 50s plan, where no medical information is required.
Being placed in a high risk category by insurers doesn’t mean your quest to secure life insurance is impossible.
It’s always important to compare multiple quotes to ensure you’re getting a good deal for your chosen policy, and this is especially true for high risk applicants.
Some providers may penalise you more than others, so by comparing quotes you can find the lowest price available from our range of insurers.
Reassured can help you by finding the best price we can offer, while being on hand to answer any questions you may have.
Our quotes are personalised, fee-free and without obligation. So why not get in touch?
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