High-risk life insurance is a type of life insurance coverage that provides benefits to individuals who do not qualify for other types of life insurance plans. It especially provide coverage to people in apparently dangerous occupations which includes careers like flying instructors, racing car drivers and salvage divers etc.. It takes into account also those who have existing illnesses that are seen as potentially fatal – the likes of cancer, motor-neuron disease and asthma. Life insurance rates for this type of coverage is usually higher, and the terms and conditions of the policies are typically more detailed in terms of what type of events are covered and to what degree. Brokers takes a complete details of your daily routine and sometimes make you participate in a medical examination to evaluate and decide if you need high risk life insurance or just a regular policy.
The types of benefits you may expect to receive from high risk life insurance coverage are limited. In some cases, the death benefit payable to the beneficiaries will be limited to just the amount of the premiums that have been paid in, especially if death is the result of a health condition that existed at the time the policy was written. Other companies might specify a period of five years during which premiums only will be paid out in the event of death.
Fortunately, there are high risk life insurance companies that specialize in meeting the needs of those with high risk lifestyles. But when looking for high risk life insurance coverage, it is advisable to take time and compare the different rates offered by different companies.