Life Insurance after a Heart Attack
If you’ve ever had a heart attack, it’s easy to assume that you won’t be able to buy life insurance. However, this is just not true.
While your heart attack will definitely make qualifying more difficult, there are still many companies that would consider your application.
The key to getting insured is a smart application. Good preparation gives you a much better chance of getting a policy at a fair rate.
Finding life insurance can be a frustrating process, especially if you’ve had a heart attacked, but we are here to help. A life insurance plan is one of the most important purchases that you could ever make for your family. It’s vital that you give them the safety net that they need, in case something tragic were to happen to you.
In this article, we’re going to take a look at the underwriting standards for someone with a heart attack so you can get ready.
Life Insurance Underwriting After A Heart Attack
When you apply for life insurance, your insurance agent should ask a number of questions about your heart attack. Be prepared to answer:
- When did you have your heart attack?
- What health problems led to your heart attack?
- Did you have any procedures to prevent future problems like coronary angioplasty or a bypass?
- Has your condition and health improved since the heart attack?
- Do you have a family history of heart disease and have any close family members died of heart disease?
- Do you currently smoke?
- What medications are you taking for your condition?
Common medications for after a heart attack include: Thrombolytics, Beta blockers, Nitrates, and cholesterol medication like statins. All of these medications could be insurable depending on your health after the attack.
Be sure to answer all these questions in detail for your application. You want the insurance underwriter to get as clear a picture of your current health situation as possible. If your application is missing information, the underwriter is much more likely to reject giving you a policy given your past health problems.
Life Insurance Quotes After A Heart Attack
When you apply for life insurance after a heart attack, insurance companies will want to thoroughly research your current health. This is because they want to determine whether you’re likely to have another heart attack.
It’s a good idea to wait a couple years after your heart attack before applying for coverage. This gives your condition time to stabilize plus gives you a chance to improve your lifestyle. While every insurance company has different underwriting standards, here are some general quote standards to give you an idea what rating you may get.
- Preferred Plus: Impossible. A heart attack is just too serious a health problem for you to qualify for the best possible health rating.
- Preferred: Also likely impossible. Regardless of how much your health improves, insurance companies will still be too worried about your past heart attack.
- Standard: In rare cases, you may be able to qualify for a standard policy. To get this rating, your heart attack must have been very mild, it must have been several years since the attack, and you must be in great health otherwise.
- Table Rating (substandard): Your most likely rating. The rating you receive will depend on the time since you had your heart attack, your current health at the time of your application, the treatments you took for the heart attack, and whether you have a family history of heart disease.
- Declines: Most applications within a year or two of a heart attack Also, applicants that have a poor lifestyle, other health issues or have a family history of heart disease could be declined because of the high chance of future heart attacks.
Life Insurance Case Studies After A Heart Attack
While your life insurance application always matters, it becomes particularly important after a heart attack. Here a couple real life examples that demonstrate the benefit of a well-planned application.
Case Study: Female, 66 y/o, non-smoker, had a heart attack at 63, taking Beta Blockers and Statins, no other health issues.
This applicant had a mild heart attack when she was 59. As soon as she got out of the hospital, she tried to buy a life insurance policy. She was denied because she applied too soon after her attack. The agent didn’t’ clearly explain why she was rejected so she just assumed she couldn’t get life insurance.
When she contacted us, we suggested she try again as more than enough time had passed since her previous attack. We also recommended she request an EKG to test the current state of her heart as the applicant was in fairly good health. By trying again, this applicant received a rated level 1 policy, the best level before a standard rating.
Case Study #2: Male, 64 y/o, had a heart attack at 55, former smoker, improved health and weight since the diagnosis, started regularly seeing his doctor at age 60
This applicant had a very poor lifestyle. He smoked, was overweight, and had high cholesterol and blood pressure. This lifestyle eventually caused him to have a heart attack at 55. For a few years after his heart attack, the applicant continued his bad habits. However, at age 60, he quit smoking, started seeing his doctor regularly, and dramatically improved his health.
When he applied for life insurance, his applications were rejected. We thought this was because insurers weren’t accounting for his better health. We suggested the applicant see his doctor and get a note explaining how he improved his lifestyle. By resubmitting with this new information, the applicant received a rated policy.
Before You Apply
While getting life insurance after a heart attack isn’t easy, it’s definitely possible. It all starts with a good application. To make sure you handle this process correctly, you can work with a qualified broker that understands your medical condition.
There are several ways that you can improve your chances of getting approved and secure better rates from the insurance company. If you want to save money on your insurance plan, there are a few simple lifestyle changes that you can make.
The first thing that you should do is start a healthy diet and get regular exercise. Because you’ve had a heart attack in the past, the insurance company is going to want to see changes that you’ve made to improve your overall health, and these are two great ways that you can do that.
The next thing that you should do is quit smoking. If you’re listed as a smoker on your life insurance application, you can expect your premiums to go through the roof, especially as a person that’s had a heart attack. In fact, smokers are going to pay twice as much for their life insurance protection versus what a non-smoker is going to pay for the same amount of coverage. If you want to get the most affordable life insurance plan available, you’ll need to kick the cigarettes once and for all.
The best way to get an affordable plan is to work with one of our independent insurance agents. We have years of experience working with applicants that have had heart attacks and we know which companies are going to give you the best rates. Instead of wasting your time calling dozens of companies, let us do all of the work for you. We can bring you the best plans without the hassle.
Our company specializes in life insurance after a heart attack. We’ll make sure you submit the best possible application and are matched up with insurance companies that would give you the highest health rating. For free rate quotes, call or fill out our free online quote application form today.
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