Because your life insurance company will lose a lot of money when you die, it's understandable that companies might not be willing to provide you with insurance if they perceive you as having a higher than normal likelihood of dying soon. This is why some life insurance companies, such as Watauga Insurance Inc, will require a medical exam before they accept you as a customer. Even if the company does accept you on the understanding that you're a high-risk individual, they'll probably charge you a high premium for the privilege of being insured. Here are three situations that may affect your ability to get life insurance, especially in an affordable manner.
1. Health conditions
If your medical exam turns up any out-of-the-ordinary results, or if you already had a health condition, the insurance company may be more hesitant about offering you life insurance. Some of the health conditions included in this area are:
- Heart conditions
- Cancer or a history of cancer
- HIV or AIDS
- High blood sugar
- Risky cholesterol levels
2. Dangerous occupations
If you have a high-risk job, you may also find it difficult to obtain life insurance. All jobs have occupational hazards, but statistics show that some have much higher casualty risks than others. Some high-risk jobs that commonly cause problems in this area include:
- Working with hazardous materials such as asbestos
- Working on an offshore oil rig
- Working as a logger
- Working closely with animals, especially wild animals
- High-risk performing areas, such as trapeze performing
- Demolition work or other handling of explosives
3. Dangerous activities
Although your health can be completely out of your control and changing careers is often unfeasible, your life insurance can also be affected by activities that you perform in your discretionary time. For example, if you have a history of reckless driving, the insurance company may see you as a high-risk customer. In addition, engaging regularly in hazardous recreational activities can cause premiums to go up. These activities may include:
- Bungee jumping
- Scuba diving
Ask your insurance company if you're not sure. If one company thinks these activities are too dangerous, try to find another company with fewer restrictions rather than applying to the first company. If one company refuses you outright, other companies may think twice about accepting you.
Use these three items to help you analyze your lifestyle for things that an insurance company may not approve of. From there you can start the search for an insurance company with policies favorable to your health condition, occupation, and recreational activities.