Life Insurance For High-Risk Applicants

Life insurance isn’t the same for everyone. For some people, applying for cover can be quick and easy, but for others it can be more challenging if they are considered high-risk applicants.

So what do we mean by high-risk, and how does it affect your chances of getting cover? The good news is that you may still be able to be accepted for life insurance, even if you fall under the high-risk category. In this guide, we’ll explain how this works in more detail.

Key points:

• Being high-risk doesn’t mean going without cover
• The cost of the policy depends on lifestyle, health, and financial needs
• Advisers can help secure suitable and affordable protection

What is high-risk life insurance?

High-risk life insurance isn’t a separate type of policy. It’s a term used to describe life insurance taken out by someone who is considered a higher risk by insurers.

A high-risk applicant is typically someone whose health, lifestyle, or occupation increases the likelihood of an early claim being made. This could include people with pre-existing medical conditions, those who take part in dangerous hobbies, or those with hazardous jobs.

Because insurers see a greater chance of paying out, premiums may be higher, and certain exclusions may apply based on your circumstances.

Can I still get life insurance as a high-risk individual?

Being high-risk does not automatically mean you’ll be denied cover. Insurers will typically review your application more closely to tailor the cover to your situation. In this case, you may be offered:

• Standard cover with higher premiums
• A policy with specific exclusions
• Shorter policy terms
• Specialist cover (like guaranteed life insurance)

No medical life insurance is one type of policy that is tailored to applicants who may be denied cover due to risk factors. You don’t need to answer any medical questions, though your premiums may be higher. You may also be limited to the amount of cover you  can take out.

Working with an adviser experienced in high-risk cases can make a big difference in finding the right insurer and the most competitive premium.

Do I need high-risk life insurance?

It’s better to have some life insurance than none at all, especially if you have people who depend on you financially.

If something happens to you, your loved ones would be protected by the proceeds of the policy, which can help cover any expenses they may need support with.

Although your premiums may be higher because of our risk, most insurers should offer you cover. Insurers evaluate risk in their own ways, so what one company considers high risk might be treated differently by another.

What do insurers classify as high risk?

While every insurer has its own method for assessing your risk level, most tend to focus on three key areas:

Medical history

Insurers consider certain health issues to increase the likelihood of a claim. This can include:

• Heart conditions – such as high blood pressure, heart disease, or a history of heart attacks.
• History of cancer – including both recent and past diagnoses.
• Diabetes or high BMI
• Mental health conditions – including depression, anxiety, or other psychiatric diagnoses.

Occupational risks

This includes jobs that involve physical danger or exposure to hazards that can increase your risk profile. This affects occupations such as:

• Construction and offshore roles
• Armed forces
• Emergency services
• Aviation roles
• Working at heights or with heavy machinery

Lifestyle factors

Your personal activities and habits can also affect your classification:

• High-risk sports – activities such as rock climbing, skydiving, scuba diving, motor sports, and other extreme hobbies.
• Smoking or vaping – nicotine use significantly increases premiums. Insurers often ask for confirmation of your smoking status through medical checks or questionnaires.
• Frequent travel to high-risk regions
• Substance or alcohol misuse

Should any of these factors apply, insurers may request further medical information, reports, or a medical exam. As with any details you give, it’s important to be honest. If you provide inaccurate or incomplete information, it could result in a claim being denied in the future.

Whole life insurance for high-risk applicants

Whole of life insurance provides lifelong cover and guarantees a payout whenever you pass away. Because the insurer knows a claim will eventually be made, premiums are generally higher, even more so if you are considered high-risk.

However, it can be a valuable option if you want to:

• Cover funeral costs
• Leave money as an inheritance
• Support long-term financial planning

It’s best suited to those who want permanent protection and can commit to the ongoing cost.

Term life insurance for high-risk applicants

Term life insurance covers you for a set number of years, making it a more affordable option for people deemed high-risk. You can choose a policy to match certain financial commitments, such as:

• The length of your mortgage
• Until your children are financially independent
• Covering a specific stage of life

This type of policy is usually easier to tailor around changing risks and budget needs.

What If I’ve Been Declined Before?

Being declined by one insurer does not mean you cannot get cover elsewhere. Applications can be declined for a variety of reasons, including medical history, occupation, or lifestyle factors. The next step is often to approach specialist insurers who are experienced in covering higher-risk applicants. 

It’s important not to take a single decline as final. With the right advice and a tailored approach, you can still secure protection even if you are deemed as a high-risk to insure.