What is impaired risk insurance?
Youareinsurable.ca defines impaired risk as any health or lifestyle risk that, when presented to a traditional insurer, ends up with a higher premium rating or a decline. We further define impaired or high risk insurance as insurance coverage that specifically caters to the high risk individual without discriminating due to the health circumstance, occupation, or lifestyle of the individual.
Who is a good candidate for a high risk policy?
There are a number of individuals who may be good candidates for high risk life insurance policies. First, those who have certain types of health conditions should consider this type of coverage. Today, various carriers have started to offer policies to those with severe health issues, such as heart disease, cancer, stroke, anxiety, depression, and bipolar disorder. This would also include someone who has recovered from a serious illness but is not past the waiting period to be cleared as a normal risk. A prostate cancer survivor would be a good example of someone who might need a high risk policy.
But those with adverse health conditions are not the only ones who should consider high risk life insurance coverage. Another group of individuals that often has trouble qualifying for traditionally underwritten coverage is those who are considered to have risky lifestyles because of drug use, poor driving record, or high risk hobbies such as rock climbing or back-country skiing. Finally, people with specific high-risk occupations will also be graded into a high risk category. Individuals who are private pilots, loggers, commercial fishermen, and those who work with explosives could be put into this category.
Bryan and youareinsurable.ca specialize in finding life insurance, disability insurance, and critical illness insurance for all these situations.
If I have already been declined for life insurance, can you help?
In many cases, when a person has been declined it is because an insurance or financial advisor has not done their due diligence in helping that person get matched with the right company and policy. So, yes, we can help. We deal with 10 separate insurers in Canada that either devote themselves to or have product lines catering to the high risk/impaired risk market. Like a mortgage broker turns to secondary financial institutions to obtain loans for those with less than stellar credit scores, we have researched the products and providers to find for my clients with a "less than stellar" medical or lifestyle history.