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Life Insurance & Impaired Risk

LIFE INSURANCE AND "IMPAIRED RISK" IMPAIRED RISK Definition: In life and health insurance, a person whose physical condition is less than standard or who has a hazardous occupation or hobby. Finding low cost life insurance isn't always an easy task. Impaired-risk specialists are insurance brokers who know which life insurance companies tend to offer the most competitively priced policies for applicants with certain medical conditions or risky lifestyles. Impaired-risk specialists most commonly work with people who have been diagnosed with or have a history of the following: • ALCOHOL OR DRUG ABUSE • CANCER • DEPRESSION DENIED • DIABETES • HAZARDOUS OCCUPATIONS OR HOBBIES • HEART DISEASE • HEPATITIS C • HYPERTENSION • OBESITY • STROKE • TOBACCO USE source: Some Things to know about Impaired-Risk Insurance ALCOHOL (AND DRUG) USE 2 Questions: When you apply for life insurance,you will be asked 1. How much alcohol do you drink and how regularly? 2. Have you ever been convicted of a DUI? Your answers will affect how much you pay for life insurance. Daily = "Preferred"Rates Daily = "Standard" Rates Treatment AA The good news is that your life started over when you start treatment, and, while cautiously, life insurance companies are willing to take a serious look at insuring that new life. Recovery CANCER Life insurance Strategies for cancer survivors Gather all necessary medical records before you apply. This includes your first pathology report, medical records and treatment records. Breast cancer cell Make sure you follow your doctor's treatment plan to the letter. 3 Get life insurance quotes from several companies. Policy costs can vary a great deal among companies. If you can't find affordable life insurance on your own, see if you can get group life insurance through your employer or a professional organization to which you belong. Cons death benefits. an increasing death benefit as you get older) if you cannot get a "graded" policy (one If your cancer bas been successfully treated and you are in good health overall, several insurers may compete for your business. source: DEPRESSION Why Is Depression a Life Insurance Risk? Psychiatric research has consistently demonstrated that people with depression have significantly higher Mortality Rates. People with depression have about 1.81 times the mortality rate of the non-depressed. The Substance Abuse and Mental Health Services Administration (SAMHSA) estimates the lifetime suicide risk of depression at 6%. People with depression also tend to be in poorer health, as the disease has been proven to have a deleterious effect on the following physical functions: * Autonomic regulation * Platelet functioning * Cardiac conduction * Immune system functioning * Neurological processes DIABETES The key to buying affordable life insurance if you have diabetes is this: CONTROL Yearly Eye Exams Show A History of: V Normal Range of Weight V Normal Range of Blood Pressure HAZARDOUS OCCUPATIONS People who have 'high risk occupations' are considered a greater life assurance risk and are often subject to some exclusions and higher premiums. What's more, the definitions can differ from one life assurance provider to another. *Working at heights *Oil and gas industry *Armed Forces *Pilots *Fishermen Cost You should expect to pay considerably more for high risk life insurance Payment restrictions Companies generally have restrictions on the payout of death benefits for the first 2 to 5 years of the policy. Physical exam You should expect a full physical exam, as well as extensive questions about your physical history and any prior conditions. EXTREME SPORTS/HOBBIES 4 Risk Categories for Sports Minimum Risk Level 1 aerobics, skating, volleyball, water polo, football, cricket, golf, baseball, basketball, tennis, badminton, archery, athletics Level 2 adventure racing, airsoft, alpine skiing, canoeing, swimming, rugby, scuba diving, gymnastics, kayaking Level 3 wrestling, motor sports, boxing, bungee jumping, climbing, horse riding, hunting, ice hockey, martial arts, karate, mountain biking, mountaineering, water rafting and ski acrobatics. Level 4 hang gliding, parachuting, paramotoring, skydiving, kitewing usage Extreme Risk An ideal extreme sports insurance policy should provide following cover for: Dependent financial cover Personal injury Physiotherapy fees Accidental death benefit *Emergency medical fees * Hospitalization expenses * Travel expenses * Rescue operations fees * Dental treatment * Permanent total disability * Temporary disability * Personal indemnity or liability * Loss of earnings cover * Legal expenses or advice cover TOBACCO USE The definition of a "nicotine user" is someone who uses any form of nicotine delivery TOBACCO Insurers generally define "occasional" cigar smoking as smoking 12 cigars or less per year. How much hidden cost do you bear with smoking? A Smoking decreases your house value A Smoking decreases your value of possessions Smoking might reduce the resale value of your car Money spent on tobacco products Smoking causes complex diseases like, stomach ulcers, heart attack, various cancers A Smoking increases the cost of cleaning vehicle, clothes, house, etc. E Smoking increases the cost of dental care A Smokers take around eight more sick days annually than the non-smoking co-workers do E Life expectancy of people been reduced 13 to 14 years due to second-hand smoke A Smoking costs up to $167 billion every year and $75 billion in direct medical expenses. Agun

Life Insurance & Impaired Risk

shared by Angel on Mar 24
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There are many factors that go into deciding the price one pays for their health or life insurance, ranging from what you eat and drink, to your job and hobbies. If you find yourself paying more than ...


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