If you are like many Americans, you want excellent coverage even if you require high risk life insurance or some other type of special accommodation. There are many Americans who have had to aggressively pursue adequate protection due to their lifestyle choices or medical conditions. Yet no matter how dire your circumstances, there are options which you can still consider. You may never see life insurance rates that compare with those of your peers, but these innovative policy sources provide viable options.

Option #1: High Risk Life Insurance

This type of plan has long been the go-to option for individuals who cannot qualify for lower life insurance rates. This is the category specifically defined for men and women who are at the highest end of what a company considers an acceptable risk. However, not every high risk policy is identical. Some companies specialize in this field and may provide better coverage than others.

In addition, some companies may have different definitions of a high risk individual. There will certainly be companies whose definitions are identical, but the question ultimately depends on your condition and the insurer's standards. For some companies, you might count as a slightly lower risk and be eligible for lower life insurance rates because of it.

Regardless of the rates available, many companies will still provide you with a policy even if you are in their highest risk category. Whenever you do select a higher risk policy option, ensure that you are being guided by a knowledgeable broker. You should always have proper guidance, but it is particularly important to have a broker on a high risk policy because it is generally more difficult to find affordable high risk insurance.

Option #2: Guaranteed Issue Policies

This type of policy goes a step beyond high risk. Where high risk life insurance considers your condition and decides to insure you as a high risk case, guaranteed issue policies have absolutely no medical check. You will not answer a single medical question and you will not be required to undergo any type of medical exam in order to have your application approved. This type of policy has another advantage: it may be faster than a medically underwritten policy precisely because it does not involve any kind of exam. There is usually a long waiting period while the medical underwriter processes your medical records and exam results before resolving on a rate class for you. With guaranteed issue policies, that entire time period becomes unnecessary.

There are also a number of other policies which fall under the umbrella of nonmedical issue but may ask some questions about medical status on their application forms. These choices are simplified issue policies. Together, these different policies provide a wealth of options for individuals who need it the most. This type of coverage goes significantly beyond high risk life insurance - it covers literally everyone, no matter their current health condition.

Option #3: Specialized Coverage For Smokers

If you have a history of smoking, you often face high life insurance rates and difficulty finding coverage. However, smokers no longer have to accept that they will always pay obscene rates. There are an increasing number of options for a smoker to get great coverage.

The best option is simply to shop around. Different companies will offer different life insurance rates. Some may classify smokers differently from others, placing you in a lower risk category and therefore offering you a better price. Some may also specialize in providing for smokers, giving you excellent coverage without the high price tag. Being flexible and looking online is often the key to getting the lowest life insurance rates in this circumstance. As with high risk life insurance, work with a qualified broker to ensure you get excellent quality coverage.

Option #4: Mortgage Coverage Policies

This type of coverage is unique because it is so specialized. Mortgage coverage is specifically for one purpose: to pay off the mortgage on a specified piece of property in the event of the insured's death. Although it may seem like a small benefit, paying off a mortgage can mean the difference between living in comfort and losing a home. For a business owner, it can mean the difference between the survival of the business and bankruptcy. If property is important, considering mortgage coverage is very wise.

No matter what you decide, always discuss the options with a qualified specialist before you make any changes to your coverage. Every situation will be different, and only a guide who knows your situation can give completely accurate advice.

SEEK INDEPENDENT ADVICE. All information expressed in this article is intended to be general information only. You should not rely upon this general information to make legal, tax, investment, estate or financial planning decisions. No portion of this article is intended to nor does it provide legal, tax, investment, estate or financial planning advice. For this type of advice, you must consult an independent advisor.