Usually, your application for life insurance is denied if you are considered a high-risk prospect. In many cases, even if it is accepted, you will end up paying hefty premiums. From the perspective of insurance companies, it is risky for them to write an insurance policy for you if they believe you are likely to encounter accidents, contract a serious disease, or meet a premature death. How can you determine whether you are a high-risk prospect for life insurance, and if you are, then what can you do about it? When insurance companies evaluate you as a prospective policyholder, they take into account several factors related to your lifestyle, current medical or health status, employment, and place of residence. You are considered a high risk for life insurance if an aggravating condition or a combination of these circumstances puts you at risk of possible injury, incapacitation or accidental death.

You are considered high risk for life insurance if any of these health and medical conditions apply to you.

• An existing condition or history of heart disease or other serious circulatory system illnesses
• HIV infection or AIDS
• Kidney disease
• Systemic ailments as a result of drug abuse, alcoholism, or smoking
• Chronic ailments apart from heart and vascular conditions, such as diabetes, bipolar disorder, and high cholesterol level
• Having undergone a major operation such as bypass surgery, organ transplantation, and so on
• Taking medication for a chronic or serious medical condition such as high blood pressure, abnormal sugar levels, renal disease, epilepsy, and others
• Having a history or existing condition of cancer
• Having suffered from a stroke, or being at risk of experiencing one
• Other medical conditions as determined by the insurance company

An insurance company will also either reject or approve your life insurance claim under certain limitations based on your lifestyle patterns.

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Below are some examples of factors that are likely to result in you being considered high-risk.

• You regularly engage in hazardous sports such as skydiving, motor racing, extreme rock climbing, scuba diving, surfing, and other dangerous activities
• You are a frequent flier, or you fly your own plane
• You are a heavy drinker or smoker
• You involve yourself in any other activity that puts you at risk of serious physical injury, death, or serious disease, again as determined by the insurance company

Another set of conditions involves the kind of work you do.

A job that is deemed dangerous will get you labeled as a risky prospect by most insurance companies. You are considered a high risk for life insurance if any of the following are true about your occupation.

• You are a law enforcement officer or a member of the military.
• You are a high-rise construction worker
• You handle explosives or toxic substances
• You handle aggressive or poisonous animals
• You regularly drive long distances, or operate heavy machinery in all weather conditions
• You have any other job that puts you at risk of serious accidents or violence

Your geographical location can also pose hazards.

Where you live or work can sometimes establish your status as a potential life insurance policyholder. The insurance company considers the following:

• If you live or work in a country under military or social conflict
• If you work in an extremely harsh environment, such as in a polar region or in a desert
• If you live in a city or locality with a high crime rate

Finally, any combination of these factors can determine whether you would be considered a high risk for life insurance.

For example, even if you have a relatively low-risk occupation, such as being a physician, if you happen to be working in a jungle environment where both medical and physical hazards abound, most insurance companies will probably classify you as a high-risk prospect. Conversely, if you were a military employee handling clerical tasks hundreds of miles away from conflict, you would have a better chance of obtaining regular life insurance than combatants stationed within areas of military unrest.

These are general guidelines. Each insurance company has its own policy on risk assessment for prospective policyholders. Nevertheless, the conditions described above should allow you to gauge your status as a life insurance applicant based on self-assessment alone. Should you find that you are in the high-risk category, here are a couple of things you should keep in mind:

• Do not lie to the insurance company when you apply for life insurance. If a risk factor materializes during the course of your insurance coverage, but you have not informed your insurance provider of the condition when you obtained the policy, you could be deprived of your payout and you or your Do not lie to the insurance company when you apply for life insurance. If a risk factor materializes during the course of your insurance coverage, but you have not informed your insurance provider of the condition when you obtained the policy, you could be deprived of your payout and you or your intended beneficiaries (in case of your death) could even be sued by the insurance provider for fraud.
• Do look for companies that specialize in high-risk life insurance. They may be able to mitigate the high premium costs, or help you work out a suitable policy.
• Even insurance companies who focus on providing coverage for high-risk individuals are not equal in their policies or areas of expertise. Find one that suits your specific condition. For instance, if you are categorized as a high risk insurance prospect because of your involvement in dangerous sports and not because of an existing medical condition, an insurance company specializing in this particular area will be able to help you more.

Sources:

• Medical Schemes
• Money at CNN
• Free Life Insurance Quotes
• High Risk Life Insurance Guide