Life Insurance After A Heart Attack

If you have had a heart attack and are wondering about your options for life insurance, you’re at the right place. The world of insurance can be somewhat confusing and complex, but not to worry, we’re here to help you get a better understanding of it. This article was written to demystify life insurance after a heart attack, and offers you crystal clear,in-depth information while guiding you toward making the best decision for your individual circumstances.

Modern medical advancements have brought more knowledge of heart attacks and  altered the insurance landscape in a big way. Nowadays, numerous insurers offer term along with whole life insurance options for people who have had a heart attack. We’ll explore these options, as well as look at how best to qualify for life insurance, coverage details, and more, to help you get the best policy for your needs.

There are several factors that will come into play as far as what kind of life insurance you can get. Insurers have stringent guidelines for heart attack survivors, and not all insurance companies offer policies to those who have had a heart attack.

There are usually more rules and restrictions associated with life insurance in these cases, so be prepared to answer a lot of questions and have a medical exam in the underwriting process.

How Does A Heart Attack Affect My Life Insurance Eligibility?

If you have had a heart attack, your eligibility for life insurance will be impacted. As mentioned above, not all insurance providers will offer coverage to individuals who have had a heart attack. Those that do will still probably have quite a complicated and in-depth underwriting process. Here are 3 key factors that insurers will take into consideration when you apply for life insurance after a heart attack:

1. Waiting Period: The majority of insurance carriers will require a waiting period after a heart attack before anyone can make an application for life insurance. This waiting period is normally around six to twelve months.
2. Medical Records: Underwriters for the insurer will thoroughly review your medical records, and make an assessment of your treatment, diagnosis, lifestyle changes, and medications.
3. Severity and Recovery: The severity of your heart attack will be considered, as will the extent of your recovery. If your heart attack was mild, and you can show that you’re being proactive about managing your health, it will be advantageous to your chances of securing life insurance.

Life Insurance Underwriting Process After A Heart Attack

When you find a life insurance provider that offers coverage to heart attack survivors, you can count on a strict underwriting process.

The typical things that insurers want to evaluate when you apply for coverage are:

• How long has it been since your heart attack?
• Was it your first heart attack?
• What treatments are you getting for your condition?
• What lifestyle changes have you made to help avoid another heart attack, if any?

You should be aware that factors such as your age, your weight, your occupation if employed, your lifestyle such as smoking, drug or alcohol use, your physical activity…all these and more will contribute to the decision to insure you, or not. Life insurance in particular is all about risk from the insurance company’s point of view. Naturally, they prefer to insure someone’s life who has a good chance of being around for a while.

Demonstrating that you are compliant with your doctor’s orders and recommendations, as well as doing everything you can do to prevent having a second heart attack, will go a long way toward being issued life insurance or being denied.

What Do Life Insurance Companies Consider When You’re Applying After A Heart Attack?

When you’re making an application for life insurance after having a heart attack, you should realize that life insurance providers will view multiple key factors.

• Overall health
• Age
• Most recent blood pressure taken at a medical facility?
• Most recent cholesterol and lipid test results
• Heart medications currently taking
• Heart condition diagnosis
• History of smoking
• Familial history of cancer
• Chronic conditions
• History of cancer, addiction, or stroke
• Driving record
• Criminal record
• General lifestyle
• Income
• Employment history

One of the most important things to a prospective insurer is how long it has been since you had a heart attack. The more time that has gone by without you experiencing another heart event, the more likely you are to get life insurance at a lower premium.

Best Type Of Life Insurance If You Have Had A Heart Attack

After a heart attack, you will still be able to secure life insurance. Here are some of the best options for you:

No Medical Exam Life Insurance: Many heart attack survivors can qualify for a type of life insurance called “no medical.” This coverage doesn’t require a medical exam, making it a good option for people with heart conditions.

Guaranteed Whole Life: This type of policy doesn’t require a medical exam and is usually available to individuals aged 45-85. While it provides coverage, expect to pay more due to the higher risk associated with your health condition.

Term Life Insurance

Term Life Insurance will usually be the cheapest type of life insurance available to you after a heart attack. That being said, you can still expect to pay higher rates than average.

Universal Life Insurance

Universal Life Insurance might be a more viable option because the coverage is good for your lifetime.  You can also build cash value with Universal Life Insurance.

Whole Life Insurance

Whole life insurance offers lifelong coverage with a cash value that builds over time. This type of policy can be beneficial because it has guaranteed death benefits and never expires.

Group Life Insurance

Group life insurance is typically offered by employers to employees. If you have had a heart attack, this can be a good way to get the coverage you need minus the underwriting process of the usual individual policies.

How Much Does Life Insurance Cost If You Have Had A Heart Attack?

If you have had a heart attack and are shopping around for life insurance, you’re probably wondering how much it’s going to cost. Below is a table showing rates for 20 year term life insurance of $100,000. Please note that these are substandard rates, which is the norm for heart attack survivors, and 100% higher than average.

How To Qualify For Life Insurance After A Heart Attack

In order to qualify for life insurance following a heart attack, you will need to show the underwriter that you are an acceptable risk.

To do this, you should make whatever lifestyle changes are necessary to lessen your chances of another heart attack. This means if you’re overweight, shed those extra pounds. If you smoke, quit. If you use drugs, don’t. If you drink alcohol to excess, stop.

If you’re a couch potato, get up and get moving. If you eat an unhealthy diet, exchange it for healthy foods.

Also, take your medications as ordered. Avoid stress. If you haven’t had a recent electrocardiogram (EKG) be sure to get one before applying for life insurance. The insurer will want to see the results.

Can Insurance Companies Deny Coverage Because You Had A Heart Attack?

Yes, they can. There are certain circumstances that may cause an insurance provider to deny coverage to an applicant. This usually occurs when the applicant has failed to disclose their health condition during the underwriting process. It might also happen if the insurer determines that someone’s health condition is too high-risk.

You should note that advancements in the medical field have greatly improved the outlook for heart attack survivors. This has led to longer life expectancy and an altered view of how insurers look at insurability of those who had experienced a heart attack.

What Will Insurers Ask About Your Condition?

Prospective insurers will ask quite a few questions of applicants who have had a heart attack.

If this is your situation, here are a few inquiries you should be ready to answer:

• Have you had a stress test to monitor your heart’s activity during exercise?
• Have you had blood tests to check your blood sugar, cholesterol levels, lipids, and inflammation markers?
• Have you had an echocardiogram using ultrasound to evaluate your heart’s function and structure since your heart attack?
• Have you had an electrocardiogram recently to measure your heart’s electrical activity?

Life Insurance Options If You Are Denied Coverage After A Heart Attack

What are your options if you have been denied life insurance coverage following a heart attack?

Shop around and compare prices of various insurance companies. Most insurers make this easy for you by offering comparison quotes on their websites. Don’t assume that these quotes will be your final premium, but they can give you a better than ballpark idea of how much your coverage will cost.

Use the services of an agent or broker. If you are having difficulty locating a company to provide you with life insurance, consider going through an insurance agent or broker. There is usually no cost to you and these people are pros. They know how to find the companies that will insure a heart attack survivor.

Ask your doctor to record your progress in managing your condition. If you have lost weight, lowered your cholesterol, made lifestyle changes that have a positive effect on your health—have your doctor make note of these things so that you can show the insurance company.

Consider purchasing a guaranteed acceptance policy. You can’t be turned down for this type of policy and it’s a viable option if you have been unsuccessful in securing traditional coverage.

Look into a group policy if offered through your employer. Not only is life insurance usually much less costly through a group plan, but it’s also guaranteed acceptance. Some employers will pay a portion or all of your premium, too, making it a win-win.

Tips For Choosing The Right Policy

Below are 3 tips that might shorten your search for life insurance after a heart attack:

• Understand Your Needs: Know your financial needs. In order to know how much coverage you need, calculate your debts, future expenses, and income replacement.
• Explore Various Policy Types: Check out guaranteed issue life insurance as well as graded death benefit policies. These have been designed for people with critical health conditions such as post-heart attack individuals. Group life insurance generally issues coverage no matter what your health condition might be.
• Use Specialized Services Take advantage of services such as Insuranceopedia, which gives you multiple quotes to help with rate comparisons, helping you to find a suitable, affordable policy that fits your needs.

Information About Heart Attacks

The number one cause of heart attacks is coronary heart disease, which is a condition where plaque builds up in the arterial walls and blocks the flow of blood to your heart. Over time, your heart muscle becomes damaged without a constant blood supply.

Life insurance companies are normally concerned about any kind of heart condition, including:

• Heart attack
• Coronary heart disease
• Cardiomyopathy
• Atrial fibrillation
• Stroke
• Fast heartbeat (Tachycardia)
• Slow heartbeat (Bradycardia)
• Mitral heart valve disorders
• Congestive heart failure

The American Heart Association (AHA) gauges the cardiovascular health of the country by tracking 8 key health factors as well as behaviors that increase the risks for stroke and heart disease. Called Life’s Essential 8, the AHA measures these factors to monitor progress toward improving cardiovascular health for every American. Life’s Essential 8 are:

1. Healthy diet
2. Physical activity
3. Healthy body weight
4. Control of blood sugar
5. Control of cholesterol
6. Control of blood pressure
7. Not smoking
8. Sleep health

Other Health Concerns That Can Affect Your Life Insurance

When you make an application to purchase life insurance, insurance carriers will evaluate your health status in order to determine the risk of insuring you. Here is a list of seventeen common health conditions that can have a significant impact on  your life insurance policy:

• Cancer: Depending on the type and stage, cancer might affect insurability
• HIV/AIDS: With modern advancements in treatment, numerous insurers now offer policies to HIV-positive individuals
• Substance Use Disorders: A history of drug or alcohol abuse can affect insurability
• Asthma: Depending on the severity, asthma may affect insurance premiums
• High Blood Pressure: Well-managed high blood pressure might have less impact on your policy
• Heart Disease: A common condition that can mean higher premiums or even denial of coverage
• High Cholesterol: High cholesterol could lead to higher premiums if not well-controlled
• Liver Disease: Conditions such as cirrhosis might affect your life insurance policy
• Diabetes: Both Type 1 and Type 2 diabetes might increase premiums
• Depression: Mental health conditions such as depression can affect coverage
• Obesity: High BMI could result in higher insurance costs
• Sleep Apnea: Might lead to higher insurance rates if it isn’t well-managed
• Stroke: A history of stroke might increase premium rates
• Rheumatoid Arthritis: This chronic condition can cause increased premiums
• Kidney Disease: Chronic kidney disease might lead to higher insurance costs
• Alzheimer’s/Dementia: These conditions may greatly affect insurability
• Lung Disease: Chronic conditions such as COPD may increase premiums