Best Life Insurance for High-Risk Individuals in 2024 (Top 10 Companies Ranked)

Prudential, AIG, and Lincoln Life are the top picks for the best life insurance for high-risk individuals, offering comprehensive coverage tailored to meet their unique needs.

These providers excel in creating policies for those with increased risks from health, occupation, or hobbies, ensuring that high-risk individuals receive necessary coverage. Learn more in our complete “Best Life Insurance Companies.”

Our Top 10 Company Picks: Best Life Insurance for High-Risk Individuals

Their commitment to addressing the specific needs of high-risk clients makes them leaders in the life insurance market.

You can get free quotes for life insurance and secure financial protection for your loved ones by entering your ZIP code into our tool above.

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#1 – Prudential: Top Overall Pick

Pros

• Flexible Underwriting Policies: Prudential offers underwriting flexibility, accommodating a broader range of customers.
• Stable Financial Ratings: With an A+ from A.M. Best, Prudential stands as a financially stable choice.
• Moderate Multi-Vehicle Discount: Customers receive a 12% discount on multi-vehicle policies. Find out more in our guide titled “Prudential Life Insurance Company Review.”

Cons

• Higher Premiums for Riskier Profiles: Flexible underwriting might lead to higher premiums for those with riskier profiles.
• Limited Additional Discounts: Compared to competitors, Prudential may offer fewer additional discounts.

#2 – AIG: Best for Risk Acceptance

Pros

• Acceptance of Higher Risks: AIG specializes in accommodating clients with higher risk profiles.
• Substantial Multi-Vehicle Discount: Provides a 15% discount for clients with multiple vehicles.
• Diverse Insurance Offerings: Offers a range of policies suitable for various needs.  More information is available about this provider in our “AIG Life Insurance Review.”

Cons

• Lower Financial Rating: With an A- rating from A.M. Best, it’s slightly lower compared to industry leaders.
• Potentially Higher Premiums: Risk acceptance can translate into higher premiums for coverage.

#3 – Lincoln Life: Best for Customizable Policies

Pros

• Customization of Policies: Offers highly customizable insurance policies to meet individual needs.
• Solid Financial Stability: Holds an A rating from A.M. Best, indicating strong financial health.
• Lower Multi-Vehicle Discount: Offers an 8% discount, focusing more on policy flexibility. Discover more about offerings in our guide titled “Lincoln National Life Insurance Review.”

Cons

• Limited Discounts: Fewer discounts available, focusing more on customization than price reduction.
• Potentially Complex Policy Options: High customization can lead to complexity in choosing the right options.

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#4 – State Farm: Best for Strong Reputation

Pros

• Bundling Policies: Offers significant discounts for bundling multiple insurance policies.
• High Low-Mileage Discount: Provides a substantial discount for low-mileage usage.
• Wide Coverage: Offers various coverage options tailored for different business needs. Learn more in our guide titled “State Farm Life Insurance Review.”

Cons

• Limited Multi-Policy Discount: The multi-policy discount is not as high compared to some competitors.
• Premium Costs: Despite discounts, premiums might still be relatively higher for certain coverage levels.

#5 – Liberty Mutual: Best for Competitive Rates

Pros

• High Multi-Vehicle Discount: Offers a 25% discount on multi-vehicle policies, the highest among the listed companies.
• Competitive Pricing: Known for offering competitive rates across various policy types.
• Strong Financial Rating: Holds an A rating from A.M. Best, ensuring reliability. Read up on the “Liberty Mutual Life Insurance Review” for more information.

Cons

• Inconsistent Customer Service: Reports of varied customer service quality can affect satisfaction.
• Complex Claims Process: Some customers may find the claims process complicated and time-consuming.

#6 – Nationwide: Best for Broad Coverage

Pros

• Broad Coverage Options: Extensive range of coverage meeting diverse needs. Access comprehensive insights into our guide titled “Nationwide Life Insurance Review.”
• High Financial Stability: Nationwide’s A+ rating from A.M. Best ensures strong backing.
• Generous Multi-Vehicle Discount: Offers a 20% discount for multi-vehicle policies.

Cons

• Higher Rates for Specialized Coverage: Specialized coverage options can be expensive.
• Complex Policy Packages: Broad coverage might lead to complex and overwhelming policy choices.

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#7 – New York Life: Best for Financial Stability

Pros

• Top-Notch Financial Stability: Highest rating of A++ from A.M. Best. Check out insurance savings in our complete guide titled “New York Life Insurance Company Review.”
• Longstanding Reputation: Known for reliability and long-term financial stability.
• Moderate Multi-Vehicle Discount: Offers a 15% discount for multiple vehicles.

Cons

• Premium Cost: Can be on the higher end due to the focus on stability and reliability.
• Less Flexibility: May not offer as much flexibility in policy customization.

#8 – Allstate: Best for Reliable Service

Pros

• Reliable Customer Service: Known for dependable and consistent service. Delve into our evaluation of “Allstate Life Insurance Review.”
• Strong Financial Rating: A++ rating from A.M. Best assures financial reliability.
• Good Multi-Vehicle Discount: Provides a 15% discount on multi-vehicle policies.

Cons

• Higher Premiums for Lower Risks: Sometimes charges higher premiums for lower-risk profiles.
• Limited Customization Options: Fewer options for policy customization compared to others.

#9 – Erie: Best for Personalized Service

Pros

• Personalized Customer Service: Focuses on offering tailored service to each client.
• High Multi-Vehicle Discount: Significant 25% discount on multi-vehicle policies.
• Excellent Financial Health: Maintains an A+ rating from A.M. Best. Unlock details in our article titled “Erie Life Insurance Review.”

Cons

• Regional Availability: Limited availability may restrict access to services in certain areas.
• Premium Variability: Premiums can vary significantly depending on personal details and area.

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#10 – USAA: Best for Military Focus

Pros

• Specialized Military Benefits: Tailors services and discounts specifically for military members.
• Exceptional Financial Stability: A++ rating ensures strong backing. For additional details, explore our comprehensive resource titled “What are the benefits of buying life insurance?“
• Focused Multi-Vehicle Discount: Offers a 10% discount for multiple vehicle policies.

Cons

• Exclusive Membership: Only available to military members and their families.
• Limited Policy Options: While focused, options can be limited compared to more general insurers.

Comparative Monthly Rates for High-Risk Life Insurance

When selecting a life insurance policy for high-risk individuals, it’s essential to consider the monthly rates that vary significantly between providers and coverage levels. The following discussion provides an insight into these variations to help you make an informed decision.

High-Risk Life Insurance Monthly Rates by Coverage Level & Provider

Each insurance company offers different rates for their minimum and full coverage options, catering to the specific needs and budgets of high-risk individuals. For instance, Prudential offers the most competitive rates starting at $150 for minimum coverage and up to $300 for full coverage.

On the higher end, Allstate and USAA set their minimum coverage rates at $180 and $175 respectively, with their full coverage reaching $360 and $350. This pricing structure showcases each company’s services and risk management, urging buyers to evaluate coverage against their personal risks and financial capacity.

Learn more: What is the minimum coverage amount for life insurance?

What Is High-Risk Life Insurance

High-risk life insurance is a label that many insurance companies use to identify individuals who do not meet the standard health category but are instead categorized as sub-standard.

Life Insurance Rating Class Summary

As the table indicates, people who are considered high-risk will likely pay the most for life insurance coverage.

The reasons a person may qualify as high-risk are vast and may include:

• Occupation
• Hobbies
• Lifestyle
• Health History
• Travel Tendencies

Because of these factors and many more, some people have to shop specifically to find life insurance for high-risk individuals. See more details on our guide titled “Comparing Term Life Insurance Quotes.”

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What Is a High-Risk Occupation

Most insurance companies consider occupations that endanger your life in any way to be high risk.

For example, in the most recent study by the U.S. Bureau of Labor Statistics, one out of every five work-related fatalities in the U.S. was either a driver/sales worker or a truck driver.

Because of this, the individuals in these job positions will likely be considered high-risk.

Additionally, life insurance for nurses and other people in the medical field may also be considered high-risk due to their risk of exposure to life-threatening illnesses and diseases.

Other high-risk occupations include:

• Agriculture
• Construction
• Emergency Response
• Military
• Transportation
• Manufacturing

While not all insurance companies have the same list of high-risk occupations, most of them are fairly similar.

What Are High-Risk Hobbies

Similar to a person’s career, an individual’s choice when it comes to pastimes can affect life insurance rates. Delve into our evaluation of our article “How to Buy Life Insurance.”

If you enjoy skydiving, scuba diving, rock climbing, or racing cars, you may want to consider searching for life insurance quotes for high-risk individuals.

Are There High-Risk Health Conditions

One of the most impactful categories when it comes to assessing risk is a person’s health. If you have health issues or pre-existing conditions, many insurance companies may deem you high-risk.

High-risk health conditions include:

• Crohn’s Disease
• Kidney Disease
• Heart Disease
• High Cholesterol
• Cancer
• COPD
• HIV/AIDS
• Stroke

Finding life insurance for pre-existing conditions can be difficult, so it’s important to shop around and explore your options. For more information, read our “How To Get Life Insurance With a Bariatric Surgery History.”

A person’s habits, such as smoking, drinking alcohol, chewing tobacco, or using non-prescribed drugs, can classify them as high-risk if these habits impact their overall health. For more information, read our “Best Life Insurance for Smokeless Tobacco Users.”

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What Does Guaranteed Issue Life Insurance Entail

Life insurance for high-risk seniors, especially those who have pre-existing conditions or who participate in high-risk habits, can be difficult to find. This is where guaranteed issue life insurance comes in.

Guaranteed issue life insurance—also called guaranteed acceptance life insurance—involves no health questions and can help individuals pay for end-of-life expenses like funeral costs and medical bills.

Guaranteed issue life insurance falls into the category of final expense life insurance.

How Are Rates for High-Risk Individuals Determined

Because life insurance rates for high-risk individuals fall into the sub-standard category, they will likely automatically cost more than the standard rates for coverage; however, there is still room for interpretation when it comes to average rates per person.

Companies will take all of the above factors into account before offering specific high-risk coverage options. Each insurance company will employ its own system for evaluating a person’s risk level. Discover more about offerings in our “Life Insurance Rate Factors.”

What Are My Options for Life Insurance for High-Risk Individuals

If you are considered high risk, you can likely still purchase a life insurance policy. Discover insights in our guide titled “Managing Your Life Insurance Policy.”

You may find that you have limited coverage options, and you will likely have to pay more for your life insurance policy. This is because any insurer’s life expectancy for you will be considered shorter than average.

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How Do I Choose

After reading all of the information above, it may feel daunting to try and choose where to go to find life insurance for hard to insure individuals. Unlock details in our guide titled “What is universal life insurance?”

Now that you have learned more about high-risk insurance coverage, use our tool below to buy life insurance for high-risk individuals today.

Case Studies: Best Life Insurance for High-Risk Individuals

Choosing the right life insurance is crucial, especially for high-risk individuals who face unique challenges. The following case studies are based on real-world situations, illustrating how Prudential, AIG, and Lincoln Life provide exceptional service to meet the needs of these clients effectively.

• Case Study #1 – Prudential’s Flexible Coverage: John, a skydiving instructor, found it challenging to secure affordable life insurance due to his high-risk profession. Prudential offered him a policy with flexible terms that acknowledged his need for comprehensive coverage while recognizing his expertise in safety.
• Case Study #2 – AIG’s Risk Acceptance: Sarah, diagnosed with a chronic illness, was repeatedly denied coverage by other insurers. AIG accepted her application and provided her with a life insurance plan that addressed her specific health risks and offered peace of mind for her future.
• Case Study #3 – Lincoln Life’s Customizable Policies: Mark, an avid mountain climber, needed a policy that could be tailored specifically to the risks associated with his hobby. Lincoln Life provided him with a customizable insurance plan that included accident coverage and emergency evacuation services.

These scenarios highlight the crucial role of a life insurance provider that deeply understands and addresses the unique requirements of high-risk individuals.

It’s essential that these clients receive tailored protection that ensures their specific needs are met and they are adequately safeguarded. Check out insurance savings in our complete guide titled “Living Benefits Life Insurance.”

Safeguard your family’s future while saving on coverage — enter your ZIP code below to compare life insurance quotes with our free tool today.

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