Life Insurance Approval with a Defibrillator
You CAN get guaranteed life insurance even with serious medical conditions, such as living with a defibrillator. I have written in the past about how you can obtain life insurance even if you suffer from some sort of heart disease. These cardiovascular complications are extremely common in the United States.
Because there are so many people impacted by it, there are millions of people out there that could benefit from affordable life insurance even with a defibrillator.
It is not easy but as long as you can show improvement in your overall health, getting the life insurance coverage that you need is not impossible. If you’re looking to get life insurance and you have health problems regarding your heart, the good news is that more than likely you’ll be able to get the coverage you want at an affordable rate. In most cases, life insurance is much more affordable than a lot of applicants first think.
There are some cases, however, of certain heart conditions where you will not get approved for life insurance, at least under basic underwriting.
Recently, I had an individual contact my office that was a 61-year-old male that needed a ten-year term life policy for $100,000.
He called in inquiring if he could get approved for a basic term life policy. As mentioned above, with certain heart disease conditions you can get approved, but in this case, we have had a lot of things going against us.
Existing Heart Conditions
For his heart disease conditions, he had a quadruple bypass just over ten years ago. While it definitely raises the flag as a potential high risk condition, it doesn’t necessarily rule out getting approved. Unfortunately, eleven years later he had a defibrillator installed because he was feeling sluggish from the medication that he was required to take.
For those that don’t know what a defibrillator is, according to Wikipedia,
Defibrillation is a common treatment for life-threatening cardiac dysrhythmias, ventricular fibrillation, and pulseless ventricular tachycardia. Defibrillation consists of delivering a therapeutic dose of electrical energy to the affected heart with a device called a defibrillator.
When you combine that with the fact that he was also a diabetic, there were just a lot of high risk conditions that would ultimately lead to him being denied by most life insurance carriers.
Does that mean that it is over? Not necessarily. There are still several options for quality life insurance from highly rated companies
Guaranteed Issue Life Insurance for Serious Heart Conditions
Most insurance carriers would deny him for basic underwriting insurance, but there are guaranteed issue products that would take him on with no medical exams whatsoever. Since he was needing $100,000 of life insurance coverage, we went to Guaranteed Trust Life for our policy. Guaranteed Trust Life is one provider that offers guaranteed issue life insurance, they are just one of the dozens that offer this type of policy.
Guaranteed issue policies will have you answer basic questions and if you can answer “no” to all of them then they will underwrite you. As I have also mentioned here on the blog, guaranteed issue does come at a cost. Since they are willing to write you even though you are a high risk individual, you are going to have to pay for it.
Because you don’t have to take a medical exam, they have very little information on you and what problems could arise in the future. The insurance companies offset this risk by charging you more every month, but you can’t put a price on the value of life insurance and the peace of mind that it brings
For a 60-year-old male that needs $100,000 of coverage, you are looking at a rough cost of about $5000 a year for your premium. Is that expensive? For some people it can be, but if you absolutely need the life insurance coverage then that is the price you are going to have to pay.
As you can see, even though the individual had heart disease with a defibrillator, he was still able to get the life insurance that they needed. If you have been denied from a previous carrier for basic term insurance because of a heart condition, this is another option that you should consider.
Every insurance company is different, some companies have experience working with certain conditions, like diabetes or heart conditions. Depending on your heart condition and defibrillator, there could always be a company that accepts you for a traditional medically underwritten policy. It’s important to work with an agent that has experience with your specific situation.
Getting the lowest rates
Everyone wants to save money, and one way to do that is with your life insurance policy. One of the best ways to get the lowest rates possible is by shopping with different companies before you pick a policy. As we mentioned early, because every company is different, they have different standards and rating system that translates into different monthly premiums.
Similarly, focusing on your health can have a huge impact on your life insurance premiums. If you choose to apply for a traditional policy, there are several other things that the life insurance company is going to look at. If you want to increase your chance of being accepted for a term policy, make sure that you maintain a healthy weight.
Being overweight or obese can drastically reduce your chances of getting life insurance coverage, especially if you have another health problem. Regular exercise and a healthy diet will work wonders on your waistline, your health, and your wallet every month.
The Importance of Life Insurance
Regardless of your health or heart conditions, it’s important that you get life insurance coverage for you and your family. Giving your loved ones the financial security that they need if you were to pass away.
If you’re like most Americans, you would leave your family with thousands of dollars in debt if something tragic were to happen to you today. Mortgage payments, car loans, credit card bills, and much more. This isn’t the type of inheritance that you want to leave to your children. It can be difficult for a family to handle the loss of a loved one emotionally, but it can be even more difficult as the debts are piling up and they have no way to pay for them.
The best way to keep your family from struggling financially to pay for your final expenses is to have a life insurance policy that will cover all those debts. Before you purchase a policy, regardless if it’s a no medical exam or a traditional medically underwritten policy, make sure that your plan is large enough to pay for all of the debt you would leave to your loved ones.
Not only do you have to calculate all of your debt, you also have to think about how much income your family would lose. Do you have a wife and children that rely on your salary? How would your family be able to get by without your income? Would they be able to replace it easily? Depending on how much coverage you can get, you should consider how long your family would need to replace your income.