Impaired life insurance There is a common term that is used in the life insurance industry for people with pre-existing medical conditions. The term ‘impaired life insurance’ is an industry term for people who are classed as non-standard because of their health or medical history. If you have a pre-existing medical condition and you need life insurance to protect your family then you might be classed as an impaired life. This is purely industry jargon and does not in any way imply that you are in poor health or at higher risk. According to statistics from 2019, approximately 24.4% of the UK population has at least one underlying health condition. This clearly shows that there is a...
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Life Insurance for Hazardous Activities [2023] What is considered a hazardous activity? Life insurance companies consider hazardous activities to be activities that are high-risk, and can be listed as any sport or hobby that has a high risk of injury. This can include a high-risk job such as a pilot, but in this blog we will be specifically talking about high-risk or hazardous recreational activities. In most cases, people who participate in high-risk or hazardous recreational activities can indeed get some form of life insurance or disability insurance. Thus, the answer to the question of “can I get life insurance if I take part in hazardous activities?” is YES! With that...
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High-Risk Pregnancy Topic Overview What is a high-risk pregnancy? Your pregnancy is called high-risk if you or your baby has an increased chance of a health problem. Many things can put you at high risk. Being called "high-risk" may sound scary. But it's just a way for doctors to make sure that you get special attention during your pregnancy. Your doctor will watch you closely during your pregnancy to find any problems early. The conditions listed below put you and your baby at a higher risk for problems, such as slowed growth for the baby, . But it's important to remember that being at high risk doesn't mean that you or your baby will have problems. Your health plan may have...
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Adverse selection refers to an imbalance of healthy and high-risk policy holders. Adverse selection in health insurance refers to an imbalance of risky policyholders to healthy policyholders. This is impactful for both insurers and policyholders because the insurers might be forced to raise their prices to protect themselves from losing money. Adverse selection can result in financial risks and an increase in health insurance premiums for the insured. What is adverse selection? Health insurance companies strive to strike a balance among their policyholders, including those with low and high levels of current and potential risk. Adverse selection occurs when an inordinate number of people...
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Life Insurance for People with Hazardous Occupations When it comes to enquiring about life insurance, income protection or critical illness cover, there are a variety of dangerous or hazardous occupations that will require further information or mean that you may have to accept specific exclusions or adhere to certain terms. If you are someone who works in particularly high-risk environments or conditions, it’s completely normal to have questions about certain life insurance policies. You may be wondering if it’s possible to get an affordable life insurance policy, or if you are even able to purchase an insurance plan. Fortunately, if you do have a risky occupation but your...
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High-risk life insurance High-risk life insurance is somewhat of a niche market and depending on what it is that makes you a high-risk candidate, finding an insurance company who will give you cheap life insurance with full cover can be quite tricky. Essentially, your premiums will be calculated according to how likely you are to die within the policy term. This calculation includes various factors about you and your life - from your age and health status to your occupation, hobbies and more. What’s important to note is that the terms of who is considered “high-risk” can differ considerably between insurance companies. This means that when looking for life insurance that...
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Life Insurance For High-Risk Applicants Life insurance can help you plan for the future and ensure your loved ones are financially secure. But it may be challenging to qualify for an affordable life insurance policy that suits your needs if you’re considered a high-risk applicant. Who Is Considered High Risk for Life Insurance? Life insurance companies generally consider an applicant to be high risk if they have a shorter life expectancy because of medical or lifestyle risk factors, such as chronic health conditions or a dangerous job. Medical risk factors The following conditions—which are known to shorten a patient’s life—typically put applicants in a high-risk life insurance bracket....
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PEPs and Life Insurance Policies: Things You Should Be Aware Of A politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they hold. So how can the connection between PEPs and life insurance impact insurance firms? Since the purchase of life insurance products has become a popular money laundering methodology in jurisdictions around the world, PEPs may seek to exploit this industry as a way to transform illegally acquired funds. With that in mind, insurance firms must pay special attention...
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Written by Clifford Pendell, Managing Partner and Co-founder High risk life insurance is important. It gives people who might otherwise not qualify for traditional life insurance a way to protect themselves and their families. As a result of the higher risk that the insurance company assumes by covering these individuals, the amount of coverage, term lengths and benefits built into the policy are typically reduced when compared to traditional policies. Another important thing to note is that the cost of high risk life insurance is typically a bit higher than other coverage. Is High Risk Life Insurance is Right for You? For people with certain occupations, high risk life insurance may be...
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Dangerous occupations life insurance People with dangerous occupations understand the need for life insurance to protect their families. It is important to make sure that your loved ones have the right cover in place to protect them if anything happens to you. Taking out life insurance can give you peace of mind against financial instability. Your family will receive a cash lump sum if you die either at work or outside of work. There are hundreds or even thousands of occupations that can be classed as higher risk than other occupations. Some of the most common types of dangerous jobs include: You can SAVE hundreds on your life insurance premiums by speaking to an expert or specialist...
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