Life Insurance for People With Heart Problems
If you’ve had past heart disease and need life insurance, there are life insurance companies that make better offers for past heart issues. For example, if you’ve had a one vessel stent or bypass with no heart attack prior you could qualify for a Standard or Regular rate (possibly better) with some insurance companies.
Once you’ve had a heart attack and/or more than one stent or bypass, most life insurance companies will start “rating” you or charging 50%, 100% or more in addition to the “Standard” life insurance rates. Some companies will also decline people with heart disease whereas others won’t.
One of the biggest mistakes we’ve seen people with past heart disease make with regard to their life insurance is assuming that the rate for which they qualify is the best available to them. We have had the same person declined with one insurance company and then offered a Standard rate with another company.
We’ve had other clients rated upwards of 150% - 200% on top of Standard rates with one insurance company and offered Standard to 50% rating on top of standard rates with a different company.
The fact that we shop with numerous insurance companies for our clients with past heart disease has saved our clients hundred’s of thousands of dollars on their life insurance since we started doing this in 1969.
Call us or just request a quote and give your email and phone # and we’ll start the process of getting you the best life insurance rate possible no matter what your heart issue may be.
A heart attack can strike at any time. The latest statistics from the American Heart Association show that 5.7 million men and women suffer heart failure every year.
The good news is researchers at the Yale University School of Medicine found that hospital death rates within the first 30 days of a heart attack are decreasing. In 1995, 14.6 percent of heart attack patients died in the hospital, compared to 10 percent in 2006. While there have been vast improvements in the prevention and treatment of heart attacks, a heart attack will still raise a red flag if you apply for life insurance.
Life insurance rates will depend on the severity of your heart disease and the steps you've taken to treat it.
"We are able to offer an insurance policy to the vast majority of people with a history of heart disease," says Christopher Graham, vice president and chief underwriter at Hartford Life.
While a heart attack will almost certainly disqualify you from the best "preferred" life insurance rates, according to Graham, people have qualified for "standard" rates in spite of coronary conditions.
What can you do?
"We are able to offer an insurance policy to the vast majority of people with a history of heart disease."
Buying life insurance after a heart attack
So how can you get the best possible life insurance premiums after a heart attack? The first step is to wait a while. You could save substantial money by waiting a year or two.
"For many impairments, the more recent the occurrence, the less favorable the rates," says Graham. "We want to look at what happens afterwards. Are you continuing to see your physician? Are you following the prescribed treatment? Is your condition reacting favorably to the treatment and is the condition stabilized or eliminated?"
Some life insurers will charge a "flat extra" premium on top of the rate charged for your heart condition for the first few years after a heart attack or similar occurrence. Delaying your insurance purchase will allow the insurer to see what steps you've taken to improve your health since your heart attack.
Of course, while you are waiting you also need to take steps to improve your health. Following your doctor's orders is one of the most significant things you can to do to help make sure you pay the best premium possible for life insurance.
"Your doctor will tell you to lower your cholesterol, change your diet, keep track of your blood pressure, take your medications and exercise. It's tried and true and the best advice," says Graham. "Work with your physician to stabilize your condition and make sure that it is all evident in your doctor's records."
Make sure the life insurance company knows
Making sure the steps you have taken and your successes are detailed in your medical files will help the insurance underwriter assign you lower premiums. The more specific the information you provide, the more likely you are to get the best life insurance rates possible.
Patients who are more proactive and who show they are paying attention to their health tend to reassure underwriters.
"As with anything, [an underwriter] can sometimes be on the fence as to what kind of an offer to make to a life insurance applicant," says Graham. "If you feel good about their care and prognosis, you will usually fall on the side of the more aggressive offer."
Medical underwriting criteria vary greatly among life insurance companies, so comparison shopping is crucial for finding good rates.
