In the insurance industry, risk is determined by the likelihood of a payout. Risk classes are set by each insurer’s underwriting guidelines, but always take several factors into account. These typically include the insured’s age, health history, lifestyle, occupational hazards, nicotine use, and any hazardous hobbies.
In general, young people with a clean health history, sedentary job, no history of nicotine use, and no unusual hobbies receive the best rates. People who fall into high risk categories include those in dangerous jobs, those who indulge in skydiving and other hazardous activities, and those who have certain health conditions.
Not every insurance company will issue a policy to someone who is considered high risk, and all insurers charge high premiums to account for the increased risk. However, insurance rating is a highly complex practice, and an experienced agent who specializes in the high risk market can help you save hundreds or even thousands of dollars on a high risk policy.
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Family owned and operated since 1969, American Term is dedicated to getting you the right life insurance at the right price, even if you are considered high risk. Call us today at 1-800-380-3533 to learn how our unique dual application process can bring your life insurance premiums down.