If you’ve ever tried to get a life insurance policy before but suffered from an impaired risk such as high blood pressure you know how hard it is to find a provider much less one with reasonable prices. So in this article I’m going to cover 3 things you can do to cut down the cost or high risk life insurance.
The first thing you’ll want to do is start as early as possible. The reason for this is because age plays a very important role in how much you’ll pay for your life insurance. Every year you get older the more you will have to pay. Then to boot if you have an impaired risk such as high blood pressure it could end up getting worse over time which will cost you more in the end.
Second, you’ll want to try many different high risk life insurance companies when it comes finding the coverage that is right for you. The reason for this is because life insurance companies all follow different underwriting guidelines. This means what one company will accept others will not. In fact I had a client who could get approved by one company because he suffered from a slight depression issue, so I tried a few other companies and some had no problem taking on the policy.
Finally, if you have an impaired risk go with term versus whole life or universal life policies. Term will cost far less than permanent policies because they only charge you for the cost of insurance rather than for things like cash value accounts.
On top of that they also make a better option because it allows to cut down the term policies length to make it cheaper. For example I once ran a quote for a guy who wanted a term policy and the cost for a 30 year term was $70 while a 10 year term was only $25. That’s $45 a month in cost difference that you could save in the end.