High Risk Life Insurance
The key to getting this kind of life insurance is understanding exactly how underwriting works and selecting the right kind of company. You have 4 choices when getting this life insurance. Normally option 1 is the lowest cost and 4 is the highest.
1. Going thru full underwriting.
This way a nurse comes out to your home, paid for by the life insurance company you choose. They take blood, urine and ask you around 50 medical questions. The premiums will normally be lower because you are disclosing more information about yourself. No waiting period.
2. Going thru simplified underwriting.
There are no medical exams to go through, just medical questions. Depending on your health, the insurance company will issue a non rated policy. No waiting period.
3. Getting a Graded Policy.
For most companies if the insured passed away during the 1st year, the beneficiary would received 20% of the death proceeds. After the 2nd year they would receive 100% of the death benefit.
4. Getting a Guaranteed Issue Policy.
This policy is guaranteed to issue regardless of health problems after a 2 year waiting period. After 2 years this policy will pay a death benefit regardless of the causes of death.