Expert Insights with Mike Raines of Special Risk Term: A Deep Dive into High-Risk Life Insurance

4 Mins read

In the life insurance industry, there are individuals who blend in seamlessly, while others truly stand out. Mike Raines, the CEO and founder of Special Risk Term undoubtedly falls into the latter category. When it comes to unraveling the complexities of high-risk life insurance, there’s no better guide than Mike himself. A luminary in the field of life insurance, Mike’s career in insurance commenced at a life insurance agency that specializes in serving high-risk clients. Over the course of three and a half decades, he immersed himself deeply into the intricacies of the industry with a focus on understanding the complexities of underwriting.

In this Q&A session, we will embark on an exploration of Mike’s journey and gain valuable insights into the world of high-risk life insurance through his expert lens. From experiences that ignited his passion for life insurance to navigating through challenges and finding effective solutions within this specialized niche – Mike will provide us with an unmatched perspective and valuable expertise.

Q: Mike, could you share with us what motivated you to specialize in high-risk life insurance and walk us through your journey that led you here?

Mike Raines: Sure. My journey within the realm of life insurance began back in 1986 when I started working for the oldest general agency in our country specializing in securing offers for high-risk life insurance.

We specialized in providing life insurance solutions for individuals who faced challenges in securing coverage such as existing medical conditions, engaging in high-risk hobbies, had rated policies or had previously been declined for life insurance. The opportunity to make an impact on their lives and offer protection for their families when it seems unattainable is what inspires me.

Q: Could you elaborate on the difficulties that individuals with high-risk factors encounter when seeking life insurance and how it differs from standard policies?

Mike Raines: Individuals with high-risk factors come across two obstacles. Firstly, many insurance providers are not well-versed in underwriting these situations, resulting in higher premiums or even outright rejections. Secondly, these clients require a customized approach rather than a generic solution. Meeting their needs entails having an in-depth understanding of the underwriting process, medical intricacies and risk evaluation.

Q: What sets you apart from other insurance agents when it comes to handling high-risk cases?

Mike Raines: I have dedicated years to comprehending the underwriting aspect of life insurance. This expertise enables me to ask the right questions, select the best-suited insurance companies, and present each case in a manner that yields the most favorable outcomes. My experience equips me to navigate through complexities and secure coverage at the best possible rates.

Q: Could you share an example of a case you’ve successfully handled in the past where there was a level of risk involved and explain how it positively impacted your client’s life?

Mike Raines: I can recall a situation where I assisted an individual who had a heart condition. This individual had faced rejections from several insurance providers. By evaluating their circumstances and collaborating with carriers, I managed to secure affordable coverage that brought them peace of mind. It’s one instance that showcased how life insurance can turn what seemed impossible into something manageable. 

Q: In today’s age of convenience, why do you think personal interaction and expertise are crucial when dealing with high-risk life insurance cases?

Mike Raines: Although technology has made aspects of insurance convenient, it falls short when it comes to understanding the complexities of unique risks. High-risk cases require a personal touch. Having an expert like myself ensures clients receive tailored solutions, personalized guidance and someone they can trust throughout the process.

Q: What message would you like readers to take away from this interview and your expertise in handling high-risk life insurance cases?

Mike Raines: My objective is to raise awareness about the possibilities for those who may be considered uninsurable or high-risk individuals. Life insurance is not merely a financial safety net; it serves as a lifeline.

I want to emphasize the importance of finding guidance when it comes to securing insurance that provides protection for both your family and business without putting a strain on your finances.

About Mike Raines:

In a world where one-on-one expertise is increasingly rare, Mike Raines stands out as a beacon of hope for those in need of high-risk life insurance solutions. His dedication, knowledge and personal commitment to each client illustrate why he is a true leader in this vital and often overlooked niche of the insurance industry.

With over three decades of experience as an independent life insurance agent, Mike specializes in securing coverage for individuals with diverse medical histories, including heart disease, diabetes, and post-cancer conditions. His expertise extends to those engaged in adventurous pursuits such as scuba diving, mountain climbing, and private aviation. Partnering with renowned insurance companies like Prudential, AIG, Protective Life, John Hancock, Transamerica, and more, Mike navigates the intricate underwriting landscape to ensure clients are matched with the most suitable carrier. To achieve this, he engages in conversation about their health and lifestyle, allowing him to tailor insurance solutions to their unique needs. Mike’s top priorities are his clients’ financial security and peace of mind.

About Special Risk Term:

Special Risk Term, led by Mike Raines, specializes in securing affordable coverage for individuals facing unique challenges like pre-existing medical conditions, high-risk hobbies, and unconventional occupations. Representing top-rated life insurance carriers, Special Risk Term offers diverse products, including term life insurance, whole life insurance, and universal life insurance. Special Risk Term also assists clients with specific needs, such as group and business life insurance. The agency’s core mission is to ensure clients access the most competitive rates available for their distinct situations, offering free consultations to clarify options.


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