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 coverage is not impossible. If you want a plan 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.
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 be accepted for a traditional term life insurance plan. 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.
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 goal of the insurance agent is to decide how much risk you are for their plans.
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 could get protection. 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
Life insurance doesn’t have to be a major expense. You can get the lowest rates possible 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, the life insurance company is going to review every area of your life. 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.
Before you buy a plan, you have to add up your mortgage payments, car loans, credit card bills, and much more. These are the debts which would go to your family members. This isn’t the type of inheritance that you want to leave to your children. You’ll leave emotional pain, 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, crunch the numbers to buy a big enough plan.
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? Would they have thousands of dollars of debt thanks to you? Depending on how much coverage you can get, you should consider how long your family would need to replace your income.