Impaired risk life insurance is not the easiest concept to understand. Like other types of complex policies, such as disability insurance and long-term care policies, there are many obstacles built into the eligibility criteria, and there are many people who don’t even realize that impaired risk life insurance is something they need to know about.
Who Needs Impaired Risk Life Insurance?
Impaired risk life insurance is designed for individuals who have a history of chronic illness, and as a result of that illness may not qualify for traditional life insurance programs. Many life insurance carriers are skeptical of offering life insurance to an individual whose risk of encountering a health-related death is amplified due to their personal health history. However, life insurance is just as necessary for individuals who have had those chronic health issues as it is for someone who hasn’t. In fact, many would argue that life insurance is even more of a necessity, as death may come with hefty medical bills or debt as a result of the very condition that made you ineligible for a traditional life insurance policy.
Every person has the right to ensure their family is secure when they pass on from this world. That is the point of impaired risk life insurance policies. These policies are designed exactly for the individual who doesn’t qualify for traditional policies, often as a result of one of the following health conditions:
- Obesity
- Diabetes
- History of Stroke or heart disease
- Sleep apnea
- Hepatitis C
- Tobacco use
- History of alcoholism
- Crohn’s Disease
- Severe anxiety or depression
- Chronic cholesterol issues
- Multiple Sclerosis
- Cancer
In addition to these health concerns, there are additional lifestyle factors that might influence your ability to qualify for a traditional life insurance policy, including a propensity for the dangerous and thrilling, like sky diving, scuba diving, or outdoor rock climbing. Having a DUI on your record can also inhibit your ability to get a life insurance policy.
What impaired risk life insurance policies do is take into consideration these different factors, and come up with a policy that works for you. For more information about impaired life insurance policies, contact us to speak to an experienced representative. Excalibur Brokerage Agency specializes in impaired risk insurance, and you can request a free quote or contact us with any questions at any time at 800-652-9923
