Many millions of Americans suffer from heart disease in one form or another. Heart disease is not a single condition either, but one that exists in virtually dozens of different types.
If you think you can not get life insurance with heart disease, you are almost certainly wrong.
Because so many people have heart disease, the life insurance industry has moved to accommodate these millions of consumers.
Most likely you will not only be approved for coverage, but it may be at a more affordable premium level than you expect
Much depends on the type of heart disease you have, how severe it is, how recent the latest episode where and how well it is currently handled.
If you have heart disease or any other significant health problems. you have come to the right place.
As a life insurance broker, we specialize in high-risk life insurance.
It includes not only serious health conditions but also high-risk churches, high-risk hobbies, and even certain behaviors (such as smoking) that are viewed negatively by the life insurance industry.
Let us currently take a deep dive into life insurance with heart disease.
What is heart disease?
The term heart disease is a catchall phrase that contains many different related conditions.
The list is long and this is not even all-inclusive:
- Atrial fibrillation ("afib")
- Heart murmur
- Congestive heart failure
- Coronary artery disease
- Deep vein thrombosis (DVT)
- Bypass surgery
- Cardiac valve replacement or repair
- Hypertensive conditions (such as atherosclerosis) caused by high blood pressure
- Aortic valve insufficiency or stenosis
- Arrhythmia (bradycardia or tachycardia)
- Angioplasty Surgery1
- Abnormal heart rhythm, including use of a pacemaker
- Pulmonary embolism
As you can see, there is no single condition that determines heart disease, but many. And as is often the case, you can live with two or more of the above conditions at the same time.
But not to fear. You will probably still be entitled to life insurance cover.
As you can see in the list above of the many different variations of heart disease, the application process will be more complicated and will almost certainly result in a higher premium than you would pay if you had excellent health.
How life insurance companies consider applicants with heart disease
When making an application for life insurance with heart disease, the insurance company will look very closely at the condition itself.  And because there are so many variations of heart disease, each one will be considered as a separate condition – which it really is.
For example, while well-managed hypertension is at the lower end of the heart disease scale. , a heart attack in the last three years will receive much greater scrutiny.
Factors that insurance companies consider in connection with heart disease include:
- The specific type of heart disease you have.
- Some existence of several heart diseases.
- How recent the latest episode, such as heart attack or stroke.
- The degree of damage to your heart. If you have experienced a heart attack or stroke or other conditions that may have weakened your heart, the insurance company will evaluate the extent of the damage when they decide.
- At what age was the condition diagnosed – the earlier in the longer it is, the closer the condition is monitored.
- The treatment you have undergone for your condition.
- How well you manage your condition, including regular visits to healthcare professionals and follow up with necessary therapies or medications
- The success of the treatment. A condition that has been handled well for several years will have more favorable consideration than one that has been handled well for only a year or two.
- Your weight. This is an important determining factor for heart disease in general, so it is to your advantage to maintain the right height-to-weight ratio.
- All other health conditions, not related to heart disease. This can include diabetes, cancer, anemia, to name a few.
- Your family history of heart disease, including your parents and siblings. This is especially important for all family members who developed heart disease before the age of 60.
If you have heart disease, it is very important to make sure that your health in addition to your condition is good or excellent. This includes not only maintaining the right body weight, exercising regularly, eating a balanced diet and avoiding stress, but also not smoking, consuming excessive alcohol or engaging in high-risk hobbies.
Another factor that can affect your premium will be your profession. Some are generally considered high risks, such as construction workers, steel workers, non-commercial pilots and truck drivers.
What complicates the connection is that heart disease can be an even bigger factor in combination with the high-risk churches, due to the high tension and the greater risk levels they entail.
How much will life insurance with heart disease cost?
Due to the greatly expanded menu of products available in life insurance today, it is now more likely than ever that you & # 39; I will be approved for coverage, even with heart disease. The real issue is cost.
Life insurance companies use a system of health ratings that determines the contribution you pay. At the top of the list are preferred plus, preferred and standard plus, which are available for those who have good or excellent health. A standard grade is for someone who has average health.
If you have a mild version of a heart disease, you are likely to qualify for standard, standard plus or even preferred prices.
However, if you have a more advanced condition or a combination of conditions, you are more likely to get a substandard grade. These are usually called table ratings and are used to assign a more customized, risk-adjusted premium to your insurance.
In most companies there are as many as 10 table ratings. Everyone calculates a gradually higher risk in your insurance profile, usually the premium increases above a standard interest rate by 25% at each level.
For example, if you receive a table rating of three, your premium will be 75% higher than a standard interest rate (3 x 25%). If you get a table rating of five, your premium will be 125% higher than a standard interest rate (5 x 25%).
In extreme cases, a table rating of 10 will result in a premium announcement that is 250% higher than the standard fee.
The above ratings apply to traditional life insurance products; If you still do not qualify based on the highest table rating, you may need to consider taking a different type of insurance altogether.
The type of life insurance you apply for will be an important factor
When you have a health condition, especially one of the more severe variants of heart disease, the type of insurance you choose will play a major role.
Whole life insurance and heart disease
Whole life insurance, also called permanent life insurance, is the most traditional type of insurance available. However, since it is a permanent insurance policy, it can be the most costly for someone with significant heart disease.
The guarantee standard for the whole life insurance is higher than for other types of insurance, because the life insurance company will pay the death benefit at some point in the future – it's just a matter of when.
From a life insurance point of view, the most cost-effective insurances are those where the applicant is likely to live for decades into the future. A serious heart disease would make this unlikely. This is why a whole life insurance policy is probably not the best choice if you have heart disease.
Term Life insurance and heart disease
A better alternative is the term life insurance. As it is of a temporary nature, the probability of the insurance company paying a claim decreases.
And since there are significant variations in insurance terms – ranging from five to as long as 30 years – it may be possible to be approved at a lower premium rate in a shorter term. For example, the premium over a ten-year period will be much lower than that on a 30-year insurance policy.
Simplified Question Life Insurance and Heart Disease
There are also simplified issuance policies, commonly known as “no degree policies. These policies require very few health conditions and do not require a medical examination.
However, they are not recommended for anyone with significant health illness. There is plenty of information available from third-party databases that can confirm your heart disease to the insurance company, even without you providing the information or submitting an examination.
In addition, no degree life insurance is much more expensive than a comparable
Guaranteed Question Life Insurance and Heart Disease
If all else fails and you do not qualify for traditional life insurance (including a term policy), you may want to consider a guaranteed issue.
Sometimes referred to as funeral insurance, it is a type of coverage that comes with a guaranteed approval. Even if your health condition does not matter, the death benefit under a guaranteed problem policy is low – a maximum of $ 50,000.
In addition, there is usually a waiting time. For example, if you die within the first two or three years that the insurance is in force, the death benefit will not be paid.
This type of insurance is designed specifically for those who cannot get traditional life insurance, but reasonably expect to live longer than the waiting period.
A skilled insurance broker knows exactly what type of life insurance is right for you.
Applying for life insurance with heart disease
If you have heart disease, it is absolutely critical that you make an application for the right type of insurance and that the insurance company most likely views your condition positively. To do otherwise is to risk a reduction in your application.
On that front, it is important not to be distracted by the many low cost insurance ads. They are designed for young applicants who are in excellent health and who do not have any mitigating risks.
If you have heart disease, the best result will be a very high premium; the worst will be a downturn. Low-cost providers are not interested in high-risk applicants!
If you have heart disease or any other significant health condition, you need to work with a life insurance broker. Our job is to work with applicants who have significant health conditions, high-risk churches, high-risk hobbies and behaviors (such as smoking) that are a red flag in the life insurance universe.
Since we work with dozens of life insurance companies all the time, we know who has the most favorable view of each specific health-related condition.
For example, a company may take a weak view of atrial fibrillation and give it a table rating of seven. But another may have a more accommodating position and give it a table rating of three. Joining the other company can save hundreds of dollars every year.
Since you do not work in the industry, you do not know which company is likely to give you the lowest premium. We do, and that's how we can help you.
We will not only help you find the best company with the lowest premiums, but we will also set you up with the type of life insurance that is likely to work with cost. -effective with your specific condition.
It costs nothing extra for our services; you do not pay more than you would if you applied directly to a particular company. We provide all information, handle the paperwork and ensure that your application is placed with the right supplier.
* While we do our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate as of the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.