Everything You Need To Know About High Risk Life Insurance in Brampton and Mississauga

/ Life Insurance / Mar 8, 2022

You may have already heard that it is hard to get life insurance if you are considered a high risk individual.

And, if you are considered high risk, there are high chances that you may have already been denied coverage; a result of which you are looking for help.

But then, what exactly is high-risk life insurance? Let’s see.

High-Risk Life Insurance – A Brief Overview

All life insurance companies assign a health rating or risk class to you.

Only 5% individuals will qualify for the top rating. Another 10% is eligible for the preferred.

Rest have at least some health issues that are considered during the determination of the premium amount. The higher the risks associated with an individual, the higher the premium. There are also chances of life insurance getting denied in case of the highest risk individuals.

All of these risk factors play a vital role in keeping you to standard insurance rates or pushing you down to the more expensive ones. It depends a lot on how these companies view these risks and that is precisely why you need to apply at the best ones or consult an experienced life insurance advisor to get the best possible rate as per your risk profile.

Factors determining your Life Insurance Risk

  1. Health

This is inclusive of present and past medical conditions, current height and weight, prescriptions, and the lab results of a medical exam if you opt for one.

You may opt for no-medical life insurance, but the premium rates will be considerably higher along with low coverage.

  1. Family history:

The life insurance companies primarily examine your parents and siblings for signs of certain illnesses at or lesser than specific age thresholds, because this data can automatically put you at an increased risk.

  1. Smoking and tobacco use:

In simpler terms, smokers pay higher rates. Cigars, marijuana, vaping or e-cigarettes will all be viewed slightly differently depending on the use.

  1. Hazardous occupations or hobbies and activities:

Certain dangerous occupations and jobs such as firefighting or skyscraper window washing can increase your risk profile. Activities such as skydiving or rock climbing also increase risk depending on the frequency.

  1. Other factors related to lifestyle:

Bad credit, including recent bankruptcy, can increase your rates. Multiple violations of your driving record as well as criminal history are also considered to be high risk factors when purchasing life insurance.

What are the best life insurance companies offering high risk life insurance?

There really is NO universal answer to that question. All life insurance companies view risks in different ways. You need to find the right insurance company offering you the best possible rate according to your risk profile.

An experienced financial life insurance advisor can really help you in such a situation, and that too at no additional fees and no obligations.

Consult our experienced life insurance advisors for any question you might have on high risk life insurance in Mississauga, Toronto, Canada

At Trust Life & Investments, we are all about providing the best life insurance options for our clients in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Get in touch with our expert advisors to know more about high risk life insurance as well as the best and affordable life insurance options in Brampton, Toronto and Mississauga customized as per your requirements, liabilities, and budget. No fees, no obligations!