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High Risk Life Insurance: All You Need To Know

Jan 9, 2023 | Insurance, Life Insurance

If you have a pre-existing health condition, finding a high risk life insurance policy that fits your budget can be a struggle. Many insurance providers are reluctant to offer a life insurance policy to high risk applicants or may offer rates that exceed your budget, adding stress to your daily life that you don’t need. 

But you deserve access to life insurance that fits your budget, lifestyle, and health conditions. At Alliance Income Services Corporation, we have the tools to help you find a policy that works for you and your family and fits your budget. Read on for everything you need to know about high risk life insurance in Canada.

What Is High Risk Life Insurance?

Life insurance is an agreement between the person who holds the policy and the insurance provider. The provider will pay a specified loved one a predetermined amount of money in the event that the policyholder dies. This sum of money can pay for funeral services or manage finances during the time the family grieves. 

High risk life insurance provides life insurance coverage for people with a lifestyle or health condition that carries more or bigger risks to their life. An insurance provider may consider someone a high-risk applicant because of a variety of factors, including dangerous careers, pre-existing health conditions, hobbies, and other lifestyle choices. 

These risks increase the probability of untimely death, so high risk insurance may come with higher premiums. When someone passes away during an active policy term, their family will obtain the tax-free amount of money previously mentioned.

The Cost of High Risk Life Insurance in Canada

How much will your high risk life insurance cost? While the overall amount depends on several factors, the main cost influence is the probability of premature death. As a policyholder’s chance of untimely passing increases, so do their standard rates. However, your insurance provider will consider a few other aspects when determining your premium rate, including: 

  • Age of diagnosis
  • Current age
  • The type of health condition
  • Whether you’ve developed any complications associated with the condition
  • How you presently manage the condition
  • Medical history
  • Whether the high risks come from occupation or lifestyle choices

A premium for high risk life insurance can be up to three times more costly than a standard policy. However, purchasing one now will be more economical and easier to obtain than in the future as you age. Regardless of whether your risk factors come from a medical condition, job, or lifestyle, you can still find an appropriate high risk insurance policy.

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Who Should Get High Risk Life Insurance?

Three distinct categories help define whether a person is a high risk candidate: medical condition, occupation, and hobbies.

Different insurance providers may consider varying factors as high risk compared to others. This can make shopping for providers a tricky and time-consuming task. 

If you fill out an application form and find that a factor present in your life isn’t shown, you can assume that this provider doesn’t consider it high risk. However, many things will fall under the high risk label across the board. Below are the three categories you may fall under when applying for high risk life insurance. 

Medical Conditions

Medical conditions can affect your general health, and therefore require consistent treatment from your healthcare provider. Since many health conditions will increase a person’s likelihood of premature death, insurance providers take them into consideration when providing quotes for premiums. The following conditions are widely considered high risk:

  • Cancer is a high risk condition, according to most insurance providers. It can be extremely difficult to find life insurance while you undergo cancer treatment. However, a couple of years after the initial diagnosis, many Canadians can find affordable life insurance. Each insurance provider will treat cancer diagnoses differently. 
  • Heart disease not only affects the heart but can have dire consequences for the rest of your body, including health problems like stroke, heart attack, and congestive heart failure. If you have been diagnosed with heart disease or suffered from any of the associated health problems, you will need high risk life insurance. 
  • Strokes and heart attacks are considered significant medical events. The life insurance coverage you receive depends on the severity of the event, your recuperation process, and how healthy you are after you recover. 
  • Chronic diseases generally affect you for a year or more and necessitate consistent medical treatment. They may make it difficult or impossible to manage daily life. Because of this, insurance companies consider various chronic diseases to be high risk since they pose a significant threat to your quality of life.   


Certain occupations create more dangerous conditions and risk of injuries. Even when everyone is careful on the job site, mistakes or unpredictable occurrences can take place and cause death or life-threatening injuries. Insurance providers may assess you as a high risk applicant if you work in these fields:

  • Construction workers are at risk for a variety of injuries related to their work. Someone handling heavy equipment and tools could drop or misuse them, causing injury to themselves or others. Debris can fall from high places and hit someone on the head. This category can include roofers, window washers, and other jobs related to maintaining buildings. 
  • Fishers at commercial seafood sellers work long hours in unpredictable conditions for days or even weeks at a time. They traverse stormy weather and churning waters all while handling heavy equipment. This puts them at an increased risk of falling off of the boat, drowning, or being crushed by the equipment on the boat if someone slips up.
  • Agricultural workers like farmers and ranchers may require high risk life insurance. This group deals with regular exposure to pesticides, dangerous machinery, extreme elements, and sometimes animals — all of which contribute to a high injury and mortality rate. 
  • Miners often come into contact with dangers like collapsing mines and toxic dust particles. These factors put them at risk for death at their job site and lung cancer after several years of exposure.


Everyone needs a hobby, but some hobbies are riskier than others. When you regularly pursue a dangerous hobby, you’ll need to include that information in your insurance application. This ensures that you get the right coverage in the event you experience an injury or a life-threatening situation. Some high-risk hobbies include:

  • Skydiving, parachuting, hang gliding, and bungee jumping. Trying any of these thrills a couple of times while on vacation will not likely require high risk life insurance. However, engaging in these activities consistently will put you at greater risk of falling from lethal heights. Faulty equipment or making mistakes can cost someone their life during these adrenaline rushes. 
  • Scuba diving. Some occupations require scuba diving, but most of the time, people go scuba diving for fun. A few of the risks involved, such as faulty air tanks, losing track of time or sense of direction, or coming into contact with the wrong creature, will make it more likely that a diver experiences fatal injuries or situations than the average person. 
  • Racing certain vehicles like boats, cars, or bicycles. Collisions with barriers or other riders, loss of traction, and speed all make racing a dangerous hobby. Routine daily commutes can already be dangerous enough. Adding competition and speed to the mix increases injuries and fatalities. 

Find Your Perfect High Risk Life Insurance Match Today

If you’re seeking a life insurance policy while dealing with one or more high risk factors, there are a few ways to go about the process:

  1. Go shopping no matter what your risk factors are or how you are currently treating them. Many providers define similar factors as high risk, but that doesn’t mean they will all look the same or provide the same rates. 
  2. Keep managing your health conditions appropriately. As you continue with recommended treatment plans, more life insurance options will become available with time. The amount of time that passes after a significant medical event and how well you do during treatment plays a big role in the premiums available. 
  3. Educate yourself further on your options and what they provide as you shop. Once you understand what each term means and how it affects your coverage, you make the best choice for you and your family. 
  4. Work with an insurance broker that makes comparing life insurance quotes easy. With Alliance income, you can compare offers from high risk life insurance providers at the touch of a button.

High Risk or Not – Everyone Needs Life Insurance

Find out why in this article.

Find High Risk Life Insurance That Fits Your Budget with Alliance Income

With Alliance Income on your side, you’ll find a wealth of customized life insurance policies that suit your needs — even if you are considered a high risk applicant. Searching for high risk life insurance providers that offer affordable life insurance shouldn’t be a hassle. We’re ready to help you weigh your options and make a choice that gives you and your family peace of mind — no matter what the future holds. Fill out our quote form today.


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