What is Impaired Risk Life Insurance?

If you have ongoing medical needs and have been denied health insurance, an Impaired Risk Life Insurance plan may be the right choice for you. At The Paul Long Agency, we understand the insurance world can be confusing. To help answer any questions you may have, we wrote a quick Q&A with the most common questions we receive from our clients about impaired risk or high risk life insurance.

As always, our team of expert agents are here to help you, so feel free to contact us with any additional questions. Remember, The Paul Long Agency is in it with you for the ‘long‘ haul.

Why do I need Impaired Risk Life Insurance?

Individuals with pre-existing or ongoing medical conditions may find it difficult to obtain an affordable life insurance plan. Many insurance companies consider those with ongoing health issues to be “high risk” individuals, resulting in higher rates or even a rejection of the life insurance request. Impaired Risk Life Insurance specialists work with high risk individuals and know which insurance companies offer the most competitively priced policies to fit each individual’s specific needs.

How do pre-existing conditions affect my life insurance policy?

Essentially, a company determines your rates by how risky it is to insure you. Another way to think about Impaired Risk Life Insurance is using the definition from IRMI.com, as used here the term risk refers to the subject of insurance coverage. The higher the risk, the higher the probability of having a substandard life insurance policy, resulting in expensive premiums due to the raised possibility of the insurance company being subject to a loss. Many variables determine the correct life insurance plan for clients. It can range from factors such as medical history to your driving record, anything could be used to determine the mortality risk or chance of death.

What should I do when I going to Impaired Risk Life Insurance specialist?

There are important  considerations coming into play when finding a life insurance policy with a pre-existing condition. First, do your research. It’s important to understand all of the choices you have when it comes to selecting the right plan, as well as answers for your questions and information on required paperwork . In addition to research, it is important to be open and honest about your condition and lifestyle. When you work with an independent insurance agent, we work for you.  However, we can only find you the best plan based on the information you provide. Finally, use your agency’s wide network to get quotes from multiple insurance companies. Each carrier is unique and may view certain health issues differently than their competition. For example, one insurer might offer better rates to individuals with diabetes. Another insurer will offer better rates for specific types of heart disease. A third insurer will be more understanding of  an individual with particularly risky hobbies or lifestyles, such as smoking, riding a motorcycle for transportation or a deep sea diving hobby.


Paul Long

Paul Long

Paul Long has been a licensed insurance agent since April of 1999. Paul has had experience working for both captive and independent agencies and started The Paul Long Agency, LLC in February 2006. Paul works with all lines of insurance, specializing in business clients and farming clients. He is a member of NAIFA and ha 5 out of 6 LUTCF Courses completed toward the final designation.