10 Best Life Insurance Companies for High-Risk Individuals in 2024 (Our Top Picks)

AIG, Prudential, and State Farm are among the best life insurance companies for high-risk individuals, offering affordable plans starting at $29 a month and flexible coverage tailored to your unique needs.

These companies have a strong track record of supporting people with health issues or high-risk jobs so that you can feel confident in their reliability and expertise.

Our Top 10 Picks: Best Life Insurance Companies for High-Risk Individuals

Whether managing a medical condition or working in a riskier field, these providers make it easier to find coverage that gives you peace of mind.

Dangerous occupations, hazardous activities, and pre-existing medical conditions affect life insurance. Enter your ZIP code into our free quote comparison tool to instantly compare life insurance quotes from trusted insurers near you.

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#1 – AIG: Top Overall Pick

Pros

• Flexible Coverage: AIG makes it easy for high-risk people to get coverage that works for them. You can adjust the plan to fit your situation.
• Affordable Rates: Even high-risk people can find coverage at a fair price, with plans starting as low as $29 a month.
• Customizable Riders: High-risk people can add extras, like coverage for specific needs, to make their policy more helpful.

Cons

• Limited Discounts: AIG’s bundling discount is 12%, so it may not save much if you have more than one policy. Explore our guide, “AIG Life Insurance Review” for more insights.
• Higher Premiums for Complex Cases: If you have serious health risks, AIG’s premiums might be higher than other insurance companies.

#2 – Prudential: Best for Competitive Rates

Pros

• Competitive Pricing: Prudential provides affordable life insurance options for high-risk individuals, starting at just $33/month for basic coverage.
• High Financial Strength: It is a high rating and trusted choice for long-term security for high-risk individuals.
• Extensive Policy Options: Prudential’s guide includes different protocol options for people with varying lifestyle needs. Take a look at our guide, “Prudential Life Insurance Review.”

Cons

• Moderate Bundling Discount: It offers discounts for bundling but may provide smaller savings for high-risk customers.
• Longer Underwriting Process: Prudential may require extra time to review applications from high-risk individuals due to a thorough examination of detailed information.

#3 – State Farm: Best for Customer Service

Pros

• Great Customer Service: State Farm is known for being reliable and helpful. Check out our “State Farm Life Insurance Review” guide to learn more.
• Affordable Rates: State Farm’s basic coverage starts at just $38/month, Making it a good choice for high-risk individuals on a budget.
• Bundling Discounts: You can save up to 17% when you bundle multiple policies with State Farm. It is a big help if you have different coverage needs.

Cons

• Limited Coverage Choices: State Farm may need to offer more variety for high-risk individuals who need specific coverage options.
• Lower Financial Rating: With a B rating, State Farm might not be as financially strong as some other insurers, which could be a consideration for high-risk clients.

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#4 – Transamerica: Best for High-Risk Applicants

Pros

• Flexible Policy Options: Transamerica has plans that can be adjusted to fit your needs, even if you have health issues.
• Affordable Premiums: Starting at just $32 a month, Transamerica makes it easier for high-risk people to get covered without spending too much.
• Reliable Financial Backing: With an A+ rating, Transamerica is financially stable, so you can trust your policy will be there when you need it.

Cons

• Low Bundling Discount: If you’re a high-risk person needing multiple policies, the discount could be better than just 6%.
• Limited Customer Support: High-risk people may find Transamerica’s customer support less responsive than other companies. Click our guide, “Transamerica Life Insurance Company Review,” for further details.

#5 – John Hancock: Best for Premium Discounts

Pros

• Health Perks: Discounts for making healthy choices, like staying active.
  Affordable Rates: Plans starting at just $34/month.
• Custom Coverage: Flexible plans designed to fit your needs. Want the full scoop? Check out our guide, “John Hancock Life Insurance Review.”

Cons

• Smaller Bundling Discounts: John Hancock’s 10% discount might not be enough to catch everyone’s eye.
• Higher Starting Premiums: High-risk individuals might notice slightly higher upfront costs compared to others.

#6 – Pacific Life: Best for Coverage Options

Pros

• Plenty of Choices: Pacific Life has lots of plans, so high-risk people can find one that fits their needs.
• Affordable Plans: Rates start at just $31 a month, making it a good option for high-risk people on a budget.
• Reliable Company: With an A+ rating, Pacific Life is a trusted and stable choice.
  Check out our guide, “Best Life Insurance for After a Heart Attack,” for more info.

Cons

• Minimal Bundling Discount: Pacific Life gives a 5% discount if you bundle policies, which could be helpful for high-risk people looking to save on multiple plans.
• Limited Online Support: High-risk people might find Pacific Life’s online resources not as helpful or easy to navigate compared to other insurers.

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#7 – Northwestern Mutual: Best for Personalized Underwriting

Pros

• Fits Your Needs: Northwestern Mutual helps high-risk people find plans that work for their situation.
• Affordable Plans: Coverage starts at $36 a month, making it a good choice for high-risk individuals.
• Highly Trusted: With an A++ rating, Northwestern Mutual is financially stable and reliable. Check out our “Northwestern Mutual Life Insurance Review” guide for details.

Cons

• Small Discounts: The 12% bundling discount isn’t huge, especially if you’re a high-risk person trying to save.
• Fewer Flexible Plans: Northwestern Mutual has fewer options for high-risk people compared to some other companies, so shopping around might be a good idea.

#8 – Banner Life: Best for Customizable Policies

Pros

• Flexible Options: Banner Life lets you add extras to your policy to match your needs. To increase your expertise, have a look at our guide, “Banner Life Insurance Company Review.”
• Affordable Rates: Banner Life’s plans start at $30 a month, which is suitable for people with higher risks who still want to save money.
• Strong Reputation: With an A+ rating, Banner Life is a dependable choice for anyone who wants stability and peace of mind.

Cons

• Lower Bundling Discount: The bundle discount is around 7%, which might be a little if you hope to save more by combining policies.
• Essential Online Tools: Banner Life’s online tools are simple and may not have all the options you want to manage your policy as high-risk individual.

#9 – Mutual of Omaha: Best for Health-Related Conditions

Pros

• Designed for Health Needs: Mutual of Omaha offers life insurance options suitable for people with certain health conditions or higher health risks.
• Affordable Rates: Starting at just $37 a month, Mutual of Omaha keeps coverage within reach, even for those with more health challenges.
• Financially Strong: With an A+ rating, Mutual of Omaha is a reliable choice if you want stability and peace of mind. Get the full scoop in our guide, “Mutual of Omaha Life Insurance Review.”

Cons

• Small Savings for Bundling: The bundling discount is only 4%, so if you’re after significant savings on multiple policies, this may not be the best fit.
• Fewer Customization Options: Other insurers might offer more ways to personalize your policy, especially if you’re considered a higher-risk applicant.

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#10 – Guardian Life: Best for Solid Benefits

Pros

• Great Coverage: Guardian Life offers solid benefits to protect high-risk individuals, so you’re covered when needed.
• Affordable Rates: With plans starting at just $29/month, it’s a wallet-friendly option for many.
• Reliable: With an A++ rating, Guardian Life is financially strong, so you can count on them to be there for you.

Cons

• Limited Discounts: The 11% discount is helpful, but more is needed from everyone. For more info, see our guide, “Best Life Insurance Companies That Cover Impaired Risk.”
• Less Flexible Policies: Some high-risk individuals may find their policy options limited compared to other providers.

 

Choosing The Best Life Insurance Companies For High-Risk Individuals

Choosing life insurance for high-risk individuals is crucial to ensure you receive the coverage you need at a price you can afford. Consider the following factors when making your decision.

Consider the Company’s Reputation

When researching the reputation of a life insurance company, consider factors such as their financial stability, customer service, and how they handle claims. A financially stable company is more likely to honor its commitments and provide the coverage you need when you need it the most.

High-Risk Individuals Life Insurance Monthly Rates by Provider & Coverage Level

Additionally, a company with excellent customer service will respond to your inquiries and support you throughout the policy term.

Evaluate the Coverage Options

Consider the types of coverage offered by each company. Some high-risk life insurance policies may offer basic coverage, while others may provide additional benefits or riders that can be important to you. Life insurance resources can help you explore options based on your needs, like adding a rider for child education or mortgage repayment if you have dependents.

Furthermore, understanding the policy terms and conditions, including any exclusions or limitations, is essential. Reading the fine print will help you make an informed decision and avoid any surprises in the future.

Assess the Premium Rates

If you’re looking for high-risk life insurance companies, it’s essential to know that there are options for life insurance for high-risk individuals. Whether you need life insurance high-risk or are searching for affordable high-risk life insurance, there’s something for everyone. You can explore high-risk term life insurance or life insurance for high-risk people to find the right fit.

Life Insurance Discounts From the Top Providers for High-Risk Individuals

High-risk life insurance carriers offer many high-risk life insurance policies, and finding the best high-risk life insurance companies can make a big difference. Getting high-risk life insurance quotes from high-risk life insurance brokers or agents can help you compare options.

How to Get Lower High-Risk Life Insurance Rates

While life insurance rates for high-risk individuals may be higher, you can potentially take steps to lower your premiums. By following specific strategies, you may secure better rates with high-risk life insurance companies that specialize in life insurance for high risk. Here are some practical tips:

• Improve Your Health Profile:< Work on improving your health by quitting smoking or managing chronic conditions. This can make a difference when a pilot applies for life insurance and the insurer approves at a reduced rate due to health improvements.
• Seek Specialized Providers: Look for high-risk life insurance carriers that offer life insurance for high-risk occupations and understand your specific needs, whether you work in a hazardous job or have pre-existing health conditions.
• Explore Policy Riders and Bundling: Some high-risk life insurance policies offer options to add riders, which can cover specific needs for high-risk term life insurance or life insurance for high-risk jobs.
• Compare Rates from Top Providers: To find the best high-risk life insurance companies, consider comparing rates from providers like Prudential, AIG, and John Hancock, which are known for their flexible options in high-risk coverage.

Using these strategies, you can potentially reduce your costs and find the best high-risk life insurance companies that cater to life insurance for high-risk individuals with fair rates.

Improving Health and Lifestyle

A healthy lifestyle can positively impact your insurability and lead to better rates. Quitting smoking is one of the most effective ways to improve your health and reduce your insurance premiums.

Besides quitting smoking, keeping a healthy weight is just as important. Being overweight can lead to health issues like diabetes, high blood pressure, and heart disease. Eating a balanced diet and staying active can boost your health and even help you get lower insurance rates.

Managing existing medical conditions is also crucial. High-risk individuals often have pre-existing health conditions, such as diabetes, high cholesterol, or a history of heart disease. Working closely with your healthcare provider to manage these conditions effectively is essential.

By following your treatment plan, taking prescribed medications, and attending regular check-ups, you can demonstrate to insurance companies that you are actively managing your health.

Regular Medical Check-ups

Getting regular check-ups and screenings helps catch any health issues early and keeps your well-being in check. By staying on top of your health, you show insurance companies that you’re proactive about taking care of yourself.

These check-ups let doctors monitor your health, spot problems early, and offer the proper treatment. This lowers your risk for health problems and helps you get better insurance rates.

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Factors That Make You High Risk For Life Insurance

Several factors can contribute to an individual being classified as high-risk for life insurance purposes:

• Pre-Existing Medical Conditions: Insurers assess the severity and stability of conditions. For example, well-controlled diabetes or heart disease with successful treatment may be viewed more favorably than unstable cases. Medical high-risk life insurance or life insurance for high-risk patients ensures coverage for people with severe health conditions.
• High-Risk Occupations: Learn how your job impacts your life insurance cost. If you work in a dangerous field, life insurance for high-risk occupations is designed just for you, and there are also high-risk life insurance plans for those with medical issues.
• Risky Hobbies: Activities like skydiving, rock climbing, or bungee jumping involve a higher level of danger and, therefore, increase the chances of accidents or injuries. Insurers consider these factors when determining the premium for high-risk life insurance policies. Learn more in our guide, “Best Insurance for People With Dangerous Hobbies.”

It is important to note that being classified as high-risk does not mean an individual cannot obtain life insurance coverage. There are specialized insurance companies that focus on providing coverage for high-risk individuals.

These companies have expertise in assessing and underwriting policies for individuals with specific risk factors, ensuring they can still obtain the necessary financial protection.

Why High-Risk Individuals Need Life Insurance

How does life insurance work? Despite the challenges that high-risk individuals may face in securing life insurance coverage, having a policy cannot be overstated. Let’s explore why life insurance is essential for high-risk individuals. Whether you need a high-risk life insurance policy or high-risk whole life insurance, understanding high-risk life insurance cost is critical.

Financial Security for Loved Ones

One of the primary reasons high-risk individuals should seek life insurance coverage is to provide financial security for their loved ones. If the unexpected were to happen, having a life insurance policy ensures that dependents are protected and can maintain their standard of living. Finally, checking out a list of high-risk insurance companies can help you make the best choice.

A high-risk individual who supports their family may leave them in financial hardship if they pass away unexpectedly. A life insurance policy can provide a lump-sum payout, ensuring essential support for the family to maintain stability.

Furthermore, life insurance can help cover outstanding debts, such as mortgages, loans, and credit card bills, which the high-risk individual may have left behind. Having a life insurance policy can take care of these financial obligations, preventing the burden from falling on the shoulders of grieving loved ones.

Covering Funeral Expenses

Funeral expenses can be a significant financial burden on families. Life insurance coverage can alleviate this burden for high-risk individuals and their loved ones. A life insurance payout can be used to cover funeral expenses, leaving the family with one less thing to worry about during an already difficult time.

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— State Farm (@StateFarm) October 9, 2024

Funeral costs can quickly add up, including expenses for caskets, burial plots, memorial services, and other related costs. The family can receive a payout designated to cover funeral expenses with life insurance. This financial support can ensure that the high-risk individual receives a dignified farewell without placing an additional burden on their loved ones.

Moreover, life insurance can provide peace of mind to high-risk individuals, knowing that their loved ones will not have to struggle financially to give them a proper send-off. It gives them a sense of closure, knowing that their final wishes will be fulfilled, regardless of their risk profile.

Case Studies: Navigating the Life Insurance Companies for High-Risk Individuals

Let’s look at how AIG, Prudential, and State Farm support higher-risk people. These examples show how each company offers flexible options and reasonable prices to meet unique needs and provide the proper protection.

• Case Study #1—Tailored Coverage for a High-Risk Profession: John, a firefighter, found affordable coverage with AIG, starting at $29/month, thanks to their understanding of his job risks.
• Case Study #2 – Comprehensive Protection for Pre-Existing Conditions: Sarah, who has diabetes, got the cheapest life insurance with Prudential because they specialize in high-risk cases.
• Case Study #3 – Affordable Rates for Active Lifestyle Risks: Alex, a fan of extreme sports, got coverage from State Farm to protect his family while living an active lifestyle.

These case studies show how picking the right provider, like AIG, Prudential, or State Farm, makes life insurance easier and more practical for people with different high-risk profiles. Don’t settle for high life insurance rates. Shop for low rates and protect your loved ones by entering your ZIP code now.

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