First, the good news…if you have had a heart attack you can get life insurance. Now the bad news,…not every company out there will approve you. The key is finding the right heart attack friendly high risk ife insurance company.
In this article we will discuss what a life insurance underwriter is looking for in a client that had a heart attack and how a heart attack survivor can qualify for the best life insurance coverage available.
Life Insurance and Heart Attack
If you have had a heart attack then you need to read this. There are three important questions you need to ask if your are applying for life insurance after having a heart attack, which are:
- Can I get life insurance after a heart attack?
- What will life insurance cost for someone who has had a heart attack?
- What is the process of applying for life insurance after you’ve been diagnosed as having had a heart attack?
Let’s begin with a brief overview.
When blood flow to a part of your heart is blocked (typically due to plaque) for a long enough time that part of the heart muscle is damaged or dies. In layman’s terms, this is called a heart attack. The medical term is myocardial infarction. Either way you say it, it is a bad thing.
The quick answer is, YES.
Ultimately, approval will depend on the:
- severity of the heart attack,
- the damage done to your heart,
- how long it has been since your episode,
- how well you are currently taking care of yourself,
- what medications you are taking, and
- what the medications are treating.
Typically, the best case scenario for someone who has had no heart issues for 7-10 years and who has an excellent record of treatment, including stress tests and EKGs, would be a standard rate class. The farther away from your myocardial infarction, the better chance you have of receiving a standard rate class.
For those whose heart attack was more recent, say in the last 3-7 years, then you will receive a table rating, at best.
If you had a recent heart attack or have a history of heart disease then you may want to consider a burial life insurance policy with the best final expense and burial insurance companies where there is no exam and no health questions.
Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your life insurance cost.
Most well controlled clients will come back at a standard rate class if it has been 10 years or more since the episode.
If you had a heart attack and it has not been 10 years but at least 3 years have passed, please call us for a life insurance quote. Most likely you will qualify for life insurance with a table rating (below standard).
Once again, if you had a recent heart attack or have a history of heart disease then you would want to consider a guaranteed issue life insurance policy where there is no exam and no health questions.
If you are curious what your price tag would be, simply enter your information and see what a standard rate class would be for your age and gender.
A fully underwritten life insurance policy requires a life insurance medical exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.
The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same!
Not all life insurance carriers are the same.
The life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to the different heart attack friendly life insurance companies available. Only by doing this can you ensure that you are getting the best policy tailored to your specific needs.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there! For more on how we go the extra mile for you, please read TermLife2Go’s 4 Step Process for Getting Client’s with pre-Existing Conditions Approved for Life Insurance.
So what are you waiting for? Just give us a call to see just what we can do for you!