Life Insurance for People With Heart Problems
If you've had a heart attack, have heart disease, have been a heart patient or you have 
had stents implanted and need life insurance, it is important to select an insurancecompany that knows how to best underwrite heart health issues. Dependingupon the insurance company you select, you could be turned you down, you may get a high rating or be offered standard rates.
Here is a basic list of heart health issues that may affect the underwriting of life insurance:
- When was the date of the heart attack?
- Any damage to your heart and if yes, amount of damage?
- What follow up did you have (EKG...)?
- If used, how many stents where implanted and in which vessels?
- How many and what type of medication do you take?
- And yes, your personal interest in your health (regular Dr. visits, exercise...)
Note that, with life insurance, the more heart health issues you have, the more complicated your case may be. Once you’ve had a heart attack and/or more than one stent implant or had a bypass, many life insurance companies will start “rating” you or charging 50%, 100% or more in addition to the “Standard” life insurance rates. Some companies will automatically decline people with heart health problems.
One of the biggest mistakes we’ve seen people, with past heart issues, make with regard to their life insurance, is assuming that the rate for which they qualify is the best available to them. We have seen the same person declined with one insurance company and then offered a standard rate with another company. We’ve seen others get rated upwards of 150% - 200% on top of standard rates with one insurance company and offered Standard to 50% rating with a different company. It pays to shop around and ask brokers who have knowledge in life insurance for people with this health condition. Get Free Quotes
The Type of Plan Matters
few people realize that the type of plan you apply for may make a difference in the net cost of your life insurance and the likeliness of approval. For example, it is very possible that a person could get declined for term life insurance and yet be approved for whole life insurance or universal life insurance (also called permanent life insurance). One reason given by the insurance companies is that, because of he higher premiums on permanent insurance, their liability is diminished.
The fact that we shop with numerous insurance companies has saved our clients with heart health issues, hundred’s if not thousands of dollars on their life insurance. Please do not hesitate to request a free, no obligation quote.
Steps to Take Before Applying for life insurance?
The first step in the life insurance process is to wait a while. You could save substantial amounts of money by waiting a year or two. If you feel uncomfortable about waiting, then select a short term policy such as a 10 year term life insurance. Although the rates per $1,000 may be high, since the plan offers only ten years of rate guarantees, that should compensate a bit.
"For many impairments, the more recent the occurrence, the less favorable the rates,"says one underwriter. "We want to look at what happens afterwards. Are you continuing tosee your physician? Are you following the prescribed treatment? Is your conditionreacting favorably to the treatment and is the condition stabilized or eliminated?"
Some life insurers will charge a "flat extra" premium on top of the rate charged for your heart condition for the first few years after a heart attack or similar occurrence. Delaying your insurance purchase will allow the insurer to see what steps you've taken to improve your health since your heart attack.
Of course, while you are waiting you also need to take steps to improve your health. Following your doctor's orders is one of the most significant things you can to do to help make sure you get the lowest possible premium on your life insurance.
Your doctor may tell you to lower your cholesterol, change your diet, keep track of your blood pressure, take your medications and exercise. It's tried and true and the best advice. Work with your physician to stabilize your condition and make sure that it is all evident in your doctor's records. Those medical records will be essential when you apply for life insurance as further emphasized below.
Make sure the life insurance company knows about your health habits
Making sure the steps you have taken and your successes are detailed in your medical files will help the insurance underwriter assign you lower premiums. The more specific the information you provide, the more likely you are to get the best life insurance rates possible.
Patients who are more proactive and who show they are paying attention to their health tend to reassure underwriters.
As with anything, an underwriter can sometimes be on the fence as to what kind of an offer to make to a life insurance applicant. If the underwriter feels good about the care you have received and your prognosis, he/she will usually lean on the side of the more aggressive offer - better rates for you.
Medical underwriting criteria vary greatly among life insurance companies, so comparison shopping is crucial for finding good rates. Applying to multiple companies at the same time, may also be a good idea. Just make sure that you inform all insurance companies that you are applying to multiple companies and why. Let us help!
Some News on Heart Health
As you may know, a heart attack can strike at any time. The latest statistics from theAmerican Heart Association show that 5.7 million men and women suffer heart failure every year.
The good news is, researchers at the Yale University School of Medicine found that hospital death rates within the first 30 days of a heart attack are decreasing. In 1995, 14.6 percent of heart attack patients died in the hospital, compared to 10 percent in 2006 (that is over a 40% decrease). While there has been vast improvements in the prevention and treatment of heart attacks, a heart attack will still raise a red flag when you apply for life insurance. Make that flag as little as possible. Request a FREE Quote
