Many doubts come to us about whether in this or that circumstance you can take out life insurance. In many cases the answer is usually positive, but (could not miss a but) with a higher cost; that is, with a premium.
That is to say, when there is a higher risk than ‘normal’ -so to speak-, the insurer can make a proposal with a more expensive premium. However, the insurer does not have to do it, if she does not want to. We talk about it in this article.
Life insurance, guarantee of economic well-being for the family
Life insurance is a guarantee of peace of mind for those who are responsible for the economic well-being of their family. Not thinking about it does not remove the possibility of dying or suffering an accident or illness that prevents us from working. With life insurance we are thinking about the economic future of those we love most.
However, standard life insurance, to call them in some way, does not cover all assumptions. This leaves out all workers who have risky professions (firefighters, police, military, civil guards, pilots and flight personnel, people who handle flammable substances, miners, among others) as well as people who practice risky sports ( boxing, bungee jumping, mountaineering, climbing, aviation, caving, horse riding, underwater diving, hockey, motorcycling, motor boating, parachuting, bullfighting, among others).
These circumstances are considered aggravated risks. So, is it not possible to take out life insurance in these cases?
Surcharge for aggravated risks
The fact that there is an aggravated risk does not mean that life insurance cannot be taken out. In fact, there are many other circumstances that can pose an aggravated risk. When there is an aggravated risk, the insurer can apply a surcharge that covers the aggravation of the risk.
The insurer may consider that there is an aggravation of the risk due to the profession, the sports that are practiced, but also due to previous illnesses, health status or age. In any case, it is essential to read the insurance exclusions carefully and report anything that could be considered an aggravation of the risk.
Is the insurer obliged to offer insurance with risk aggravation?
The insurer may refuse to insure an aggravated risk; that is, she is not required to make an insurance offer.
Of course, it must be clear that the reason why the insurer refuses to make an insurance offer has nothing to do with any aspect that can be considered discrimination, since, by law, insurance companies cannot discriminate even for reason disability or because of HIV/AIDS or other health conditions
Life insurance for risky professions
There are life insurance policies specially designed for people with risky professions, such as police officers or firefighters, among others. To find out whether or not the profession that is exercised is risky, it is enough to consult it with the insurer or mediator, who can also inform us about the aggravated risk that said profession entails and the premium that will be applied in your case.
It should be noted that many workers with risky professions can take out group insurance. This is the case of members of the armed forces, who have life insurance from the Ministry of Defense. However, this does not limit the possibility of taking out other insurance on an individual basis, which may include more additional coverage, as well as additional capital. In fact, anyone can have multiple life insurance policies.
The fundamental thing is that when contracting the policy, the profession is specified so that the insurer can calculate the real premium and the insurance covers the risks against which the interested party wants to protect himself.
Life insurance for risky sports
There are insurances specially designed for risk sports practitioners and even for extreme sports. Risk sports usually include boxing, bungee jumping, mountaineering, aviation, caving, horse riding, scuba diving, motorcycling or skydiving.
If you practice any of these sports, we recommend that you notify your mediator so that you can be covered 100% and in the event that you suffer an accident, the insurer cannot pose any problem in paying the benefit.
At PuntoSeguro.com we have published many articles related to life insurance that will help you answer many questions. Some of the most interesting are the following:
- Can smokers take out life insurance?
- Can the beneficiaries of life insurance be changed?
- How much can we insure a person for?
- Can I request a refund of the amount of life insurance if it is cancelled?
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- How does credit card life insurance work?
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