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Impaired Risk Life Insurance

What is impaired risk life insurance?

If you’ve ever heard the term ‘impaired risk’, or ‘impaired life’, in relation to life insurance, you might be wondering what it means? More importantly, you might want to know what it means for you in terms of obtaining life cover, and whether it makes you uninsurable.

Impaired risk refers to any life insurance applicant who doesn’t meet the insurer’s criteria to obtain the most affordable rates. ‘Impaired’ signifies that you’re a higher risk and therefore more difficult to insure.

If you’re classified as an impaired risk, the insurer has decided that because of certain factors, you’re statistically more likely to make a claim. As a result your monthly premiums will be more expensive.

In the vast majority of cases, however, this doesn’t mean that you’re uninsurable. Many insurers specialise in offering impaired life policies, so being labelled with this term doesn’t mean you won’t be able to get competitive quotes.

At Reassured, 45.2% of customers who have been declined before for life insurance, get accepted with us.

Impaired life insurance is handled differently by different insurance companies and premium prices can vary. Some may ask more questions: others may ask for access to your medical history. In some cases, you may be asked to go for a medical assessment in order to satisfy the insurer.

If you have been classed as an impaired risk, but are generally in good health, going for a medical is a good way to reduce your premium, as it will reassure your insurer that you are fit and well.

Who is classed as impaired risk for life insurance?

There can be a number of reasons why insurers may class you as an impaired risk, including:

How does impaired life affect your policy?

For many years, people who were classed as a high risk to insure would have been point blank refused life insurance cover. However, the modern insurance market is accustomed to making provisions for all sorts of individual circumstances.

Some insurance companies have strict underwriting policies which means they will not insure impaired risk applicants, but others are more flexible, with some even specialising in these policies.

The main impact your classification as impaired life will have on your policy is the amount you pay for your premium. As you are a greater risk to the insurer, you’ll pay a greater amount for the same level of cover as someone who is not impaired risk.

Things to consider with impaired life cover:

Talk to our Reassured consultants on 0808 168 2025 about impaired risk life cover and let us search the market to find you the best quotes. Alternatively Start Your Quote online today – it only takes 2 minutes.