We’ll occasionally get calls from folks specifically wondering if and how they can qualify for life insurance after being diagnosed with asymmetric septal hypertrophy, and to be honest with you (and this is probably something you already know), it’s going to be pretty difficult to qualify for fully underwritten term or whole life insurance with asymmetric septal hypertrophy.
Difficulty, but not necessarily impossible….
Which is why you shouldn’t simply rule out the possibility of qualifying for a traditional term or whole life insurance policy or simplified issue term or whole life insurance before you speak to an expert.
Talking to someone who understands the ins and outs of searching for – and finding – an insurance policy for a person with a serious pre-existing medical condition could make all the difference between getting the insurance you need vs getting only coverage you’re offered!
What is Asymmetric Septal Hypertrophy and why is it difficult to get life insurance
Asymmetric Septal Hypertrophy (also known as hypertrophy cardiomyopathy) is a disease of the heart. Since your heart is arguably the most important muscle in your body, any time you have any kind of abnormality, illness or disease, life insurance companies are going to hesitate before issuing a policy.
Asymmetric means unbalanced or uneven, and in this case, it means that the heart cells have become enlarged. This enlargement will make the lower heart chamber thick.
One side of your heart chambers aren’t the right size. This abnormality can become so serious, it can potentially result in quick and spontaneous death for those affected.
This is exactly why many companies aren’t likely to offer you a traditional life insurance policy and will only be willing to offer final expense or burial insurance.
Does this mean a person with asymmetric septal hypertrophy has no chance at qualifying for life insurance?
We here at TermLife2Go never like to say never, but in most instances, yes, being diagnosed with asymmetric septal hypertrophy will mean that you will not be eligible for a traditional term life insurance policy.
But as we’ve said…
“Nearly impossible” isn’t the same as “totally impossible” which is why we should take a moment an examine exactly what it is that insurance companies are going to be interested in when considering coverage for someone suffering from asymmetric septal hypertrophy.
Common Underwriting Guidelines:
If you were diagnosed with asymmetric septal hypertrophy under the age of 30…
It’s a sure bet that you’re going to be decline any normal policy.
If you were diagnosed with asymmetric septal hypertrophy over the age of 30…
You will actually be able to qualify for some traditional life insurance policies so long as you don’t have any symptoms.
That being said however…you will only qualify for a substandard rating. But don’t be disappointed – it’s a lot better than being rejected a policy straight away!
If you do not qualify for a typical life insurance policy because of asymmetric septal hypertrophy, there’s still hope!
Yes, there is!
You always have the option of getting a guaranteed life insurance policy. Guaranteed life insurance policies are available to almost anyone – even people with pre-existing conditions like asymmetric septal hypertrophy.
The guaranteed issue whole life insurance pros and cons:
To get a guaranteed life insurance policy with asymmetric septal hypertrophy, all you need to do to be eligible is:
-be a US citizen
-fall in the eligible age range. This varies from life insurance company to life insurance company.
There are some obvious drawbacks…
Guaranteed life insurance policies are designed for people with pre-existing conditions like asymmetric septal hypertrophy. This means that life insurance companies know you are a “high risk” client. As a result, there are some major drawbacks. However…it’s still better than having no insurance at all.
First let’s start with the drawbacks
The death benefits are smaller than other policies.
You will probably not find a guaranteed life insurance policy that offers hundreds of thousands of dollars of coverage like you might for term life insurance or whole life insurance. Instead, a realistic expectation is to obtain a life insurance policy right around $25,000.
Guaranteed Life insurance policies are more expensive “dollar per dollar”
This doesn’t mean you will pay more in premiums every month. What it does mean is that your healthy friend might pay $50 a month for a term life insurance policy that offers $100000 in coverage. You, on the other hand, might pay $50 a month for a policy that only offers $10,000 in coverage.
Guaranteed life insurance policies will also contain a graded death benefits clause.
Graded death benefit clauses are clauses written by the insurance companies to protect them from insuring individuals who are very ill and might die from natural causes shortly after purchasing their guaranteed issue life insurance policy.
Insurance companies created a graded death benefit clause which will state that if you will need to live for at least 2-3 years (depending on the insurance carrier) from the date that you purchase your life insurance policy, before your life insurance policy will pay a death benefit for natural causes of death.
This is probably the most serious disadvantage to purchasing a guaranteed issue life insurance policy, we’ve actually written a whole article on guaranteed issue life insurance policies where we go into much greater detail about how they work.
We would strongly encourage you to check it out and then give us a call if you have any questions.
Getting a guaranteed issue policy is still better than no policy!
Despite these drawbacks, it’s still better to get a guaranteed acceptance life insurance policy than no policy. The reasons are simple:
-they provide your loved ones with enough money for your burial/final rites.
-even if you die in the first two years, they will still receive more than had you put the money in the bank – be sure you fully understand how the graded death benefit for you policy works.
The trick is to find the best guaranteed life insurance policy. That’s why you should talk to a life insurance expert who knows a lot about various life insurance companies offering guaranteed life insurance.
So, what are you waiting for? Give us a call today or visit our Compare Life Insurance Quotes Instantly page and see what we can do for you!