Life Insurance for High-Risk Individuals

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Finding life insurance when you’re considered high-risk can feel overwhelming, but it doesn’t have to be. Whether you have a medical condition, work in a hazardous job, or enjoy extreme sports, options are available to protect you and your loved ones. 

In this article, we’ll break down everything you need to know about life insurance for high-risk individuals, offering practical tips to help you find a policy that suits your needs. 


What is high-risk insurance?

High-risk insurance policies provide coverage to individuals with a higher chance of fatalities. Insurance providers assess each aspect of the applicant’s activities, including their job and lifestyle choices, to determine whether they fall under the high-risk category. 

If you are considered a high-risk applicant, some insurance providers might deny your application, while others could increase the premiums. 

Who falls under the high-risk category?

There are numerous reasons for someone to be classed as high-risk, but they usually fall into these categories: 


According to Forbes, the occupations with high fatality rates include police officers, firefighters, construction workers and warehouse employees. These jobs pose more risks to humans than office or customer service jobs, so the premiums will be higher. 

Lifestyle choices 

People who smoke and drink a lot or are obese put themselves at risk of cancer and other conditions. Insurance companies also assess your hobbies to understand the danger you’re regularly in. 

For example, people who regularly explore caves or go rock climbing may have higher premiums than those who play music or do non-threatening activities. 

Medical conditions 

Your medical history and any current conditions could also increase your risk rating. For example, if you’ve had cancer in the past, there’s a higher risk of it returning. Other conditions, including diabetes and heart problems, could raise your premiums. 

Family history 

The insurance company may also examine your family’s medical history to assess the risks of offering you a policy. Genetic conditions, a history of cancer and even severe mental illness could all factor in the provider’s decision. 


How does it work?

Life insurance policies work similarly to other types of insurance. You decide on the amount of insurance you’d like and pay either monthly or annual premiums. 

There are two main types of life insurance available: 

Whole of life insurance 

Many people opt for whole of life insurance, as it provides a lump sum to beneficiaries when they pass away. These policies pay out, regardless of when you pass away—as long as you pay the agreed premiums. 

The premiums are also more expensive because there’s more peace of mind with whole of life insurance. 

Term life insurance 

Term life insurance provides coverage for a specified amount of time. If you die during the agreed period, your beneficiaries should receive money. These terms can range from one to fifty years, and the premiums are usually more affordable. 

However, if you have a policy for ten years but die after it runs out, your loved ones won’t receive any financial support. 

There are two types of term life insurance cover: 

  • Level Cover: With this form of coverage you’ll pay the same premiums each month. 
  • Decreasing Cover: The payments gradually reduce with decreasing cover. 


How to secure life insurance 

Getting life insurance is a significant decision, as you’re planning for a future event that you don’t want to think about. However, it can also provide peace of mind and ensure your loved ones receive financial support. 

Understanding the process can help you find a policy that aligns with your needs. 

Do you need life insurance?

Nobody can know what the future might bring, and life insurance policies are a safety net for families. As a high-risk individual, you’ll need to decide whether the higher premiums are worth it. 

Some people choose to invest money, but life insurance can provide your loved ones with financial support. 

Does your job offer security?

Professions that pose a danger to employees usually offer death-in-service benefits, which give payment to your family should you die. These policies can pay between two and four times the person’s annual salary. 

However, you can also apply for private life insurance, giving your family more support. 

Finding a provider 

With so many life insurance companies in the UK, finding the right one for you can be challenging. Jumping into a decision might mean you end up paying higher premiums than necessary, so it’s essential to do your research. 

Using  MoneySpider  can help you find suitable life insurance providers for your needs. 

The application process 

When you apply for life insurance, the provider will assess whether you carry minor or significant risks. For example, if you’re only in dangerous situations once a year, your premiums will be lower than someone who battles fires daily. 

Remember, transparency is key here. Lying during your application could mean you make regular payments, but your family doesn’t receive any money when you pass away. 

The insurance company might review your medical history and may ask you to take a medical assessment. 


Final thoughts 

Life insurance is a critical safety net for those who want to ensure their loved ones are financially supported after they’re gone. Securing this protection can be more complex and costly for high-risk individuals, but it is by no means impossible. 

By understanding what factors contribute to being considered high-risk and knowing how to navigate the application process, you can find a policy that fits your unique needs.

Remember, transparency with your insurer is crucial to avoid complications. Investing the time and effort now can provide peace of mind and financial security for your family in the future.

Use MoneySpider to get a life insurance quote today and explore your options. 

The benefits of registering an account

By registering an account you can manage all your details in one place, including setting up alerts when policies are due for renewal.

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