Whenever we have a client who is looking to purchase a life insurance policy after being diagnosed with a pre-existing heart condition, we always like to take things slow at first so that we don’t jump to any immediate conclusions.
We also like to get an idea about how much life insurance coverage the client was “hoping” to be able to purchase so this way can gain some insight on which “type” of life insurance policy might be the best option.
When it comes to purchasing a life insurance policy, “how much” coverage you’re looking for will often dictate what the application process will look like.
If someone is simply looking to purchase approximately $25,000 dollars or less in coverage, a final expense or burial insurance policy may be a good fit. For these clients, it may make sense to take a look at either a simplified issue or guaranteed issue life insurance policy first, which would allow them to qualify for life insurance coverage without having to take a medical exam or answer any health-related questions.
The main problems with these types of life insurance policies however, is that they’re not always offered in every state and they will generally always contain what is called a graded death benefit clause.
And a graded death benefits clause…
Will put limitations on when the guaranteed issue life insurance policy will begin to cover an insured for “natural” or “illness based” causes of death.
Our article covering the best final expense insurance companies list out our top 20 choices for companies dealing with these guaranteed issue or simplified issue whole life policies.
Now if $25,000 dollars in coverage isn’t going to get the “job” done…
We’ll then need to move on and take a look at some more “traditional types” of life insurance options. These “options” however, will require clients to be able to qualify for them based on their current “medical” condition.
Which is why…
At this point it helps out if your agent is familiar with your pre-existing medical condition, and knows what’s going to be important to the insurance underwriters when considering your life insurance application.
Coronary Artery Bypass Surgery.
Coronary artery bypass surgery (coronary artery bypass grafting) is a surgical procedure that is performed on an individual so that the normal flow of blood to the heart can be restored.
This is achieved by creating new routes for the blood to enter into the heart when one or both of the coronary arteries have become blocked or obstructed (atherosclerosis), by having a healthy blood vessel from another part of ones’ body removed and then used to “bypass” the unhealth or clogged artery located in the heart.
Often times you will hear the term double, triple or quadruple in reference to the “type” of bypass surgery someone has received, which is simply referring the number of “unhealthy” arteries within the heart that needed to be “bypassed”.
Atherosclerosis (coronary artery disease).
Atherosclerosis or coronary artery disease, is the medical condition in which deposits of fatty plaques attach themselves to the inner walls of ones’ arteries. Atherosclerosis is also the leading cause of why someone would need to have a bypass surgery performed.
Symptoms leading up to requiring coronary artery bypass surgery may include:
- Lightheadedness or dizziness.
- Tachycardia or rapid heartbeat.
- Shortness of breath.
- Chest pain.
- Heart attack.
Coronary Artery Bypass and the Process of getting Insured.
Now there’s really no denying the fact that having a coronary artery bypass surgery is a “big deal”, and it will certainly make it more difficult to qualify for traditional term or whole life insurance policy.
However, in our experiences here at TermLife2Go, it’s not all that uncommon to speak to someone who has received a coronary artery bypass surgery, just a few years ago, who are now MUCH healthier today than they’ve ever been before.
This is why, life we said before, we always like to take our time when speaking with folks who have had a previous coronary artery bypass surgery performed because when it comes to determining if they’ll be eligible for coverage, it’s quite possible that they may qualify for up to 8 different possible rate classes!
When it comes to qualifying for a traditional term or whole life insurance policy, there are a total of 12 different rate classes one can potentially qualify for. Rate classes are how insurance companies “rank” individuals based on what type of “risk” they represent to an insurance company and are how insurance companies determine what price someone will ultimately end up having to pay for their insurance.
And while it is true that after one has had a bypass surgery performed, he or she isn’t going to be eligible for a Preferred or Preferred Plus rate class anymore, it doesn’t mean that they’ll automatically be declined either.
What we usually hope for…
Is that these clients who have had, a bypass surgery performed in the past, will now be eligible for a “high” ranking “Low Table Rate” which are rankings coming in just below standard or “normal”.
Questions that will be used by the insurance company to determine what “type” of risk you will “represent” will include:
- When did your bypass surgery take place?
- What type of bypass surgery did you have? Single, Double, Triple, Quadruple?
- Have you ever suffered from a heart attack?
- Have you been diagnosed with any other serious medical conditions?
- How often do you see your cardiologist?
- What medications are you currently taking now?
- In the past 12 months have you been hospitalized for any reasons?
- When was the last time you had an EKG? And what were the results?
- When was the last time you had a cardiac stress test? And what were the results?
- What is your current height and weight?
- In the past 12 months have you used any tobacco or nicotine products?
- Are you currently working now?
- In the past 12 months have you applied for or received any form of disability benefits?
From here, the insurance companies will generally have a pretty good idea about what “type” of life insurance policy you may or may not qualify for.
Until an insurance underwriter is able to review your full life insurance application, including the results from your medical exam and medical records from your doctor, knowing exactly what rate class you may or may not qualify for or even if you’ll be eligible for traditional coverage will still be an unknown!
What we here at TermLife2Go try and do is…
Try to push the odds in your favor by using the answers you provide in your life insurance application, to help guide you to who we “feel” may provide you with the best opportunity for success.
You see, because we operate as an independent life insurance brokerage that is able to work with dozens of different life insurance companies, we’re not dependent on just one or two different insurance companies when it comes to finding you the best life insurance policy that you can qualify for.
Instead, we’re able to simultaneously “shop” dozens of different life insurance companies and make them compete for your business. So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!
Leave a Comment