Insurance is an essential component of our financial lives, providing protection against unforeseen events and losses. While most people can easily find standard insurance policies that suit their needs, some may have a hard time finding insurance policies to cover their specific situation due to their high-risk jobs or lifestyle. 

ARE YOU HARD-TO-INSURE?

There are insurance companies in the market that focus on this niche market and cater to those who have a higher risk of loss, such as individuals with a poor driving record, a history of health problems, or hazardous occupations or hobbies.

Let's take a look at the different types of insurance policies that you can get from such insurance companies:

LIFE INSURANCE

Major insurance companies hesitate to insure high-risk individuals, such as those with health concerns, a history of drug use, heavy drinking, or a dangerous occupation or hobby (heli-skiing, base jumping, dealing with explosives, etc.). The result could be a surcharge (called a rating), exclusions, a decline with reconsideration after a certain period of time, or a full decline.  

Insurance companies with high-risk insurance niches will provide life coverage to these high-risk individuals, with the premium very commonly being lower than a rated premium. Other limitations may include a lower maximum coverage, a deferred pay-out, or a limited choice on what type of policies. However, one could usually get some sort of coverage one way or the other.

HEALTH/SICKNESS INSURANCE, a.k.a LIVING BENEFITS

Individuals with pre-existing medical conditions, such as diabetes or cancer, may be considered high-risk, and they are generally not able to get health insurance, such as disability insurance or critical illness insurance. These types of insurance are harder to qualify for than life insurance and, therefore, left many without coverage. 

However, some insurance companies have recently separated certain conditions out (unbundled) and made it possible for even cancer and heart disease patients to get coverage despite their pre-existing conditions. E.g., a Cancer patient could get life coverage even after a recent diagnosis. A heart disease patient could also purchase cancer coverage or other sickness insurance with the exclusion for a limited time.   

DISABILITY INSURANCE

Disability insurance is income-based replacement insurance. When you are not making an income or without a stable income, you will not qualify for disability insurance. If you are in a high-risk occupation, you will most likely get a surcharge, an exclusion, or declined for coverage.

Some niche companies in the market would provide coverage for even non-income earners and children as they understand one family member's suffering from a serious accident or sickness would impact the whole family's financial situation.  

Imagine this: an income earner is hospitalized, and the immediate loss of income is easy to see. However, should a stay-home spouse or their parents or children be hospitalized, who will be paying the bills if the income earner needs to take time off to care for their loved ones? That's why, essentially, everyone should have such a plan.

GROUP INSURANCE

Individuals who run a business in a hazardous industry, or with a history of lawsuits may find it challenging to obtain insurance from standard insurers for their employees. Some good examples would be construction, power-line servicing, logging, mining, and trucking companies. Therefore, workers in these industries very often find themselves without coverage. With companies that focus on hard-to-insure clients in the market, they might not be a problem any longer. 

Insurance Kit Covers Even the *Uninsurable*!

Insurance Kit has access to multiple insurance companies, including those niche insurance companies, to service those who don't seem eligible to get insurance policies from regular insurance providers. 

So, contact us now, or use our online insurance quotes above. 

Please keep reading for more information for Hard-to-Insure clients.

Several factors determine whether an application will go through, and how high the premiums on the policy will be. Age and health status are two of the most important factors, but the applicant's occupation can also enter into the equation.

Insurance companies rely on life expectancy information to determine if they will approve a policy and how they will price it. The underlying rationale is as follows: if an applicant passes away a few months after buying a policy, they will still need to you pay out the full death benefit, resulting in a financial loss for them. 

WHY HIGH-RISK OCCUPATION IS HARD TO INSURE

High-risk jobs have a higher rate of fatal injuries and illnesses, meaning that people with those jobs have a shorter life expectancy on average. As a result, their applications are less likely to be approved and will be priced higher if they are.

Designation of an occupation as high risk is based on historical data and risk factors of the work itself. These are the jobs that the insurance industry considers to be the most dangerous.  See the link to the full article for the description of each occupation:

WHAT CAN YOU DO THEN?

If you have a high-risk job, you already know you face a greater chance of a fatal injury or accident. Your hazardous occupation can also make it more challenging to get coverage. However, it is not impossible: Canada Protection Plan insures many people with high-risk occupations. They carry both term and whole (permanent) life insurance policies, all of which are no-medical or simplified issue, meaning that you don’t have to worry if you have pre-existing conditions. 

Contact us today or book a time with us for your own plan quote if you have one of these jobs, or even you have a risky hobby, and take a proactive stance to get you covered now!

• 1 The Risk of Melanoma in Airline Pilots and Cabin Crew: https://jamanetwork.com/journals/jamadermatology/fullarticle/1899248
• This is a condensed version of a full article on CPP website, which gives more details on each listed occupation.

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This article is written based on information provided by Canada Protection Plan.  This is not an endorsement of the product as each individual's needs are different.  

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This article is written based on information provided by Pacific Blue Cross.  This is not an endorsement of the product as each individual's needs are different.