The term impaired life generally refers to any life insurance applicant who does not meet the criteria for the most affordable rates available. In essence, impaired life suggests that you are a higher risk to the insurance company and therefore more difficult to insure. However, do not think that this means that you are uninsurable.
Where there are so many insurers out there who would like your business, it is a case of finding the right insurer to cover the reason that you’re classified as an impaired risk. They will go about this by asking more questions, requesting access to your medical files or get you to attend a medical assessment. The latter is usually a good way to reduce the premiums if you are in good health.
Different insurers will have different classifications for being an impaired risk, but some examples include; having a dangerous occupation (usually involving heavy machinery), sports professionals (racing drivers are usually high risk),
One of the primary outcomes that will happen as a result of being an impaired risk is the amount you will pay for your monthly premiums. Understandably, insurance companies will view you as a greater risk to them, so you’ll pay a higher amount for the same level of cover as someone who is not an impaired risk. However, with the help of our friends at Reassured, you’ll be able to identify a number of policies that will benefit you, so that you can choose the one that best reflects your requirements and budget.
Click here to find out if you’re considered an impaired risk to insurers and find the right insurer for your impaired risk today!