Wheeling, IL (PressExposure) October 29, 2010 -- Life insurance is one of the most important components of a family’s overall financial plan. Unfortunately, some people are not eligible for traditional types of permanent or term life insurance due to a number of factors. AccuQuote, a leader in providing term life insurance quotes to people across the United States, provides consumers ways to find life insurance if they are high risk.

What does high risk mean? High risk is a label given to individuals who have significant health or lifestyle risks. These risks affect an individual’s mortality rate – increasing their probability of death at any given time. For instance, someone who is deemed high risk may have a life-threatening disease, a history of severe medical conditions or even a risky occupation.

“The key to finding life insurance when you’re considered high risk is to do your homework,” says Byron Udell, founder and CEO of AccuQuote. “Many life insurance companies are sympathetic toward certain circumstances; offering some type of coverage to those who have a significant need. Keep in mind, some life insurance coverage is better than nothing at all.”

High risk consumers in need of life insurance protection should follow these tips:

• Sign-up for group life insurance – Many employers offer group term life insurance as part of an employee’s overall benefits package. These plans are usually available to anyone, regardless of existing health conditions. Some employers even offer a small face amount at no cost to the employee. However, the free coverage may not be enough. For that reason, there is usually an option to request more coverage for a monthly fee. Most life insurance experts recommend having 10 to 20 times a person’s annual income in life insurance coverage.
• Convert your group life insurance to individual life insurance – Some group life insurance policies come with an option to convert to individual life insurance. The process of converting usually does not require the insured to undergo underwriting – the process of evaluating and assessing one’s health and lifestyle risks. Rates may be based on age only. However, keep in mind that not all group life insurance plans come with the convertibility option. Without it, the insured risks losing their life insurance if they lose or leave their job for any reason. Employees covered under group life insurance should check with their benefits coordinator to understand their coverage rights.
• If married, insure both spouses with survivorship life insurance – Survivorship life insurance, also known as second-to-die life insurance, is a type of permanent life insurance policy. The survivorship life insurance benefit pays a death benefit at the later death of two spouses. These plans are usually used for estate and tax settlement purposes. Many survivorship life insurance plans allow one of the spouses to be high risk as long as the other spouse qualifies for at least a substandard rate. The downfall to this type of policy is that it only pays the death benefit when the second spouse dies; leaving the proceeds only to children or the estate. If the surviving spouse needs to collect a death benefit immediately after the first spouse’s death, this type of policy will not help.
• Buy a no medical exam life insurance policy – There are types of permanent and term life insurance polices that do not require a medical exam called guaranteed issue or simplified issue life insurance. Usually anyone, below a certain age can qualify by answering some basic questions about their health, health history and lifestyle. These policies are quite a bit more expensive than traditional term life insurance; however they offer coverage to individuals who may have been otherwise denied for traditional coverage.
• Buy accidental death life insurance – Accidental death life insurance provides financial protection in the event of an accidental death unrelated to an illness. Almost anyone can qualify for accidental insurance and it is extremely affordable, costing as low as $11 per month.

“It’s best to talk to a live, licensed life insurance agent, like the professionals at AccuQuote, to determine which option is best for you,” says Udell. “They will help you overcome obstacles and make the life insurance buying process quick and easy, even if you’re high risk.”

AccuQuote offers many types of life insurance that high risk consumers can qualify for. For more information or to speak with licensed life insurance agent, call 800-442-9899.

About AccuQuote

AccuQuote helps consumers find the best values in term life insurance by combining instant life insurance quotes online with the personal service of unbiased, licensed life insurance professionals who will answer questions, identify important issues and make meaningful recommendations. The company offers consumers an extensive selection of life insurance options, including term life, whole life, universal life, long-term care, disability and selected annuities. The website has many handy life insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary that explains industry terminology, a collection of articles and press releases that cover life insurance and personal finance and a blog that provides opportunities for discussion on various insurance and financial topics. For additional information or to get free quotes for low cost life insurance, call AccuQuote at 800-442-9899.

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