In today’s economy, insurance costs are rising at an astronomical rate, but those that are being hit the hardest with the increased rates are those in need of high-risk life insurance policies. What used to be a small group comprised of those with a family history of high blood pressure, heart disease, or cancer has now been expanded to include smokers, those in high-risk occupations, and those in a high-risk category for contracting AIDS. For these high-risk groups, life insurance premiums put a strain on their budgets, but they are left with little choice.

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What is the solution for those in these high-risk groups? How do they find affordable life insurance? The most obvious way to save money on life insurance for those in a high-risk group is to pre-plan. What this means is to take out the insurance policy at an age young enough that the risk factors do not have as much of a detrimental effect. For most policies, once you take it out, there is no increase in premiums unless the policy calls for an increase in premium after a certain age, usually set at 65 or older. There is a tremendous difference in premiums for someone with a family history of heart disease who is 25 and one who is 45.

One of the easiest ways to beat the expensive cost of high-risk insurance is to work for a company that provides life insurance to its employees. Most companies who did that offer coverage that is at least equal to your annual salary with the option to purchase more. With the employer paid insurance, there are no medical questions asked, but with the voluntary portion, you do usually have to answer some questions. Although health issues are considered, it is a group policy, so the rates will be lower than those you could obtain on your own.

If you are in a high-risk category because of the use of tobacco products, the easiest solution there is to quit. It will certainly be some time before you will see the lower rates, but the longer you refrain from smoking, the lower your premiums will be. For those who have been smoking for many years, that may not seem like a viable solution to the issue. However, if you look at it from a long-term perspective, you may actually save enough money on the premiums to compare what you were spending on tobacco products, giving yourself a nice little savings each month in addition to improving your health.

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