Best Life Insurance Companies That Cover Impaired Risk (2021)
Life insurance companies that cover impaired risk offer coverage for people who might not qualify for standard life insurance. Whether your impaired risk is from a medical condition, lifestyle choice, or occupational hazard, you can still find the right policy with affordable life insurance companies that cover impaired risk when you comparison shop online.
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UPDATED: Oct 29, 2021
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- Impaired risks are factors that life insurance companies consider when reviewing an application
- Rates are typically higher for those with impaired risks, though you can work to lower your risk and get better rates later
- Those with a high level of risk may want to consider no-exam life insurance
Life insurance is one of the best ways to provide for your loved ones after you pass away. The right life insurance policy can cover funeral expenses, pay off mortgages, and make up for lost income.
It’s not always easy finding affordable options for life insurance, however. If you have a medical condition or work a dangerous job, you might struggle to find a company willing to insure you.
A life insurance impaired risk specialist will work with you, but you have to know where to find them. Additionally, no-exam life insurance is another option to explore when traditional life insurance policies won’t cover you.
Life insurance companies that cover impaired risks are out there, you just have to find the right one for you. To see life insurance quotes available in your area, enter your ZIP code into our free tool above to get started.
Which life insurance companies cover impaired risk?
In general, the healthier you are, the better rates you’ll be offered when you buy life insurance.
If you have a pre-existing condition, you’re not automatically ineligible for life insurance, but it will affect the rates and products you’re offered.
Insurance companies categorize customers by their risk levels. For example, a perfectly healthy person with no dangerous hobbies and no family history of bad health would be categorized as “Preferred Select.”
They will have access to the most products at the best rates.
|Preferred Select||Nonsmokers in great health||No medical conditions in family history|
|Preferred||Nonsmokers in great health, minor health condition||Minor health issues in family history|
|Standard Plus||Nonsmokers in good health, a few minor conditions||A few minor conditions in family history|
|Standard||Nonsmokers with average health||Average health conditions in family history|
|Preferred Smoker||Smokers in great health||No health conditions in family history|
|Standard Smoker||Smoker with good health||Minor medical conditions in family history|
|Table Rating||A separate category for high-risk people|
Table ratings are sorted by the level of perceived risk, and the levels are usually represented by numbers or letters (1, 2, 3, 4, or A, B, C, D, for example).
Nobody wants to find out they’ve been given a table rating, but it doesn’t mean the end of your life insurance dreams. You’ll still be able to find coverage.
Not all impaired risks are medical. While impaired risk life insurance companies treat every condition differently, here is a list of risks that could negatively affect your life insurance quotes:
|Heart Disease||Aviation (Occupational or hobby)|
|Anxiety, Depression, other mental disorders||High-risk hobbies (skydiving, scuba diving, etc.)|
|Family history of cancer or cardiac arrest before 60||Marijuana/drug use|
|Hepatitis C||DUIs and reckless driving|
|Stroke||Travel to high risk areas|
|High blood pressure||Dangerous jobs (logging, truck driving, etc.)|
Some risks might cause most companies to deny you coverage outright while others won’t. Each company treats treat these differently, but common conditions that might get you denied are current cancer treatment, HIV/AIDS, cirrhosis, kidney dialysis, a recent heart attack, or suicide attempts.
Which are the best companies for impaired risk?
If you know you’ll receive a table rating, you might want to cut right to the chase and look for affordable life insurance companies that cover impaired risk.
The good news is that most life insurance companies will work with impaired risks. It’s possible to get life insurance for stroke patients and many others with medical conditions. You’ll need to shop around — particularly if your risk is high — but finding a policy isn’t impossible.
One way to get around shopping for policies is to consider life insurance that doesn’t require a medical exam.
You can buy simplified issue life insurance, which requires no medical exam, or guaranteed issue life insurance, which asks nothing at all.
Some of the best companies that offer no-exam life insurance are:
|Company||Type of Insurance||Age||Max Coverage||Benefits|
|AIG||Guaranteed issue life||50-85||Up to $25,000||Rates do not increase during the term|
|Americo||Guaranteed issue life||50-80||$2,000 - $30,000||Accidental death offers a full payout from effective date|
|Fidelity Life||Permanent whole life||50-85||Up to $20,000||No medical questions or exams required|
|Gerber||Guaranteed acceptance life||50-80||$5,000 - $25,000||Cash value accumulation|
There are some drawbacks to policies that don’t require medical exams (namely, the coverage is low), but this is an excellent option if you can’t get anything else.
Which companies have the best plans for specific risks?
Sometimes life insurance companies are willing to work directly with specific impaired risks. These include:
- John Hancock – Works with people diagnosed with Type I and II diabetes
- Prudential – Considers applicants with an HIV diagnosis
- Fidelity Life – Offers coverage for cancer patients, though the type, treatment, and stage might affect your eligibility
- Guardian Life – Provides whole life insurance for HIV diagnosis
When it comes to dangerous professions, some life insurance companies that don’t cover impaired risk simply will not write policies for certain careers. For example, Haven Life won’t cover active military members, while Prudential will.
If you work a dangerous job, it’s best to shop around and compare life insurance rates with multiple companies that cover impaired risk. The same goes for dangerous hobbies.
You could have the safest job out there, but insurance companies aren’t going to like it if you spend your weekends jumping out of a plane. Dangerous hobbies include:
- Mountain climbing
- Race driving
- Bungee jumping
- Scuba diving
- Water sports (boat racing, surfing, etc.)
The good news for those with dangerous activities is that you can usually have a regular plan with a flat extra fee attached to it. Some companies offer specific insurance for enthusiasts, such as skydiving insurance.
These policies cost more than policies for people who don’t engage in adrenaline-pumping activities.
You should always let your insurance company know that you engage in those activities. Your claim can be denied if the company finds out you lied or failed to disclose something on your application.
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Can impaired risk life insurance brokers help you find coverage?
There are a lot of variables when it comes to getting life insurance. The way applicants are rated differs so much from company to company that it would take a long time to sort through that alone.
For example, which class would a 46-year-old, prediabetic woman with no other medical issues but a history of heart disease in her family be in?
Or how about a 32-year-old man that occasionally suffers from depression and likes to surf?
This is where life insurance impaired risk specialists can help. They have insider information to help clients find the right policy for them.
There are plenty of ways for people with impaired risks to get life insurance coverage to protect their loved ones.
Ready to explore life insurance companies that cover impaired risk? Enter your ZIP code in our free tool below to get free life insurance quotes today.