High Risk Factors
Before an insurer will consider offering Life Insurance cover to you, they will look at how ‘risky’ it would be for them to accept your application. This reflects how likely you are to claim on the cover, and how many premiums you are likely to pay before this happens. Any high-risk factors you carry as a potential policy holder will usually result in higher premiums or a declined application, but this doesn’t mean you shouldn’t apply. Those with the most dangerous professions or medical history are often the most in need of life cover, so there are still many routes you can take to ensure those you love are protected.
Health and Lifestyle Risks
The key factors that your insurer will look at when considering your application are your age, your smoker status, your BMI (body mass index), your own medical history, and your family’s medical history. They may also ask you to attend a medical exam to give the provider an idea of your health, and will make a more personal decision based on your circumstances. If you have cover in place already and have lost a significant amount of weight to become healthier, or quit smoking for 12 months, you could find a cheaper alternative quote than the cover you applied for when you were considered more ‘risk’.
Some professions which may be considered ‘risky’ include:
- Police officer
- Fire officer
- Armed Military (including navy and army personnel)
- Piloting (including commercial, military, or private flight)
- Roofing and scaffolding (working at a height outdoors)
- Off-shore work (including oil riggers, off-shore drillers, & off-shore maintenance)
While your premiums may be higher or cover may be offered with extra conditions, this doesn’t mean you shouldn’t apply. There are insurers who specialise in offering Life Insurance cover for high-risk applicants. Call our dedicated team of consultants for more information about getting covered while in a high-risk occupation.
While it’s true that many adventurous hobbies promote healthy living, there are some activities which are considered particularly dangerous and could make it harder to get insured. Some hobbies that may be considered risky our:
- Extreme Sports (including water-sports, mountaineering, skiing, sailing, diving, etc.)
- Motor-racing or boat-racing
- Motorcycle riding
It’s vital that you disclose any high risk activity on your application; your insurer will likely find out if you have sustained any injuries consistent with a dangerous hobby when they contact your GP and, if you die as a result of an undisclosed high-risk hobby, your policy may be void. However, it’s worth bearing in mind that sport safety standards and medicine practices are always improving, so regularly reviewing what’s available will prevent you from paying above-the-odds for your favourite past-time.