Getting term life insurance after a heart attack. Things to know.
Gettinglife insurance after a heart attack can be difficult. Because life insurance companies typically evaluate applicants based on their health risk, heart attack or heart disease can be an obstacle. But it is certainly possible to obtain the coverage that you need, provided that you know where to look.
What exactly is a heart attack?
While most people use the term “heart attack,” and may even refer to it frequently, a heart attack is actually defined as a sudden occurrence of coronary thrombosis, typically resulting in the death of part of the heart muscle.
Heart attacks and heart disease can be fatal. They are also oftentimes associated with other adverse health conditions, such as high blood pressure, stroke, and heart disease.
So, if you have heart disease and need life insurance, you may find that the life insurance underwriters will want to know more about your condition.
Life Insurance Underwriting with Heart Attack
In addition to asking some basic questions about you such as your birth date, height and weight, and gender, if you’ve had a heart attack, the life insurance company underwriters will want to know more so that they can more thoroughly evaluate your condition, as well as their potential risk.
Just some of the additional questions you may be asked include:
- When did your heart attack occur?
- What, if any, health issues led to your heart attack?
- What medications do you take for your heart condition?
- Are you working to control your condition through diet and / or exercise?
- Has your health improved or declined since your heart attack?
- Do you have a family history of heart attack and / or heart disease?
The life insurance company will also want to know whether or not you are (or were) a smoker, as this can make a big difference regarding your approval for coverage, as well as the premium rate you will be charged.
Best Life Insurance Companies after you have had a Heart Attack
These are the best term life insurance companies if you have had a heart attack.
Possible Outcomes Underwriting
Automatic postpone with any company until at least six months post-surgery
Best case: Standard Rates
Typical case: Table Rating 2-8
Worst case: Decline
How to Get Life Insurance with a Heart Condition
The reason life insurance after a heart attack is a bit of a tough sell is that the life insurance companies see you as just that much more likely to have a second heart attack and, therefore, your risk of death is more pronounced. Now, with that being said, insurance providers will assess each applicant individually, and one thing that can make all the difference when it comes to term life insurance for people with health problems.
Although there are a number of insurance companies that will accept applicants who have heart conditions, it is important to have a plan of action before you move forward. For example, rather than blindly submitting an application to just any insurance company, it is much more beneficial to work with an independent insurance agent who can forward your information to the carrier that is most likely to offer coverage, as well as more affordable rates.
At TermLife-Insurance.com, we evaluate applicants before moving forward with the application process. We also go out into the market place in order to ensure that there is another possible carrier available in case of a declination from the first. In addition, we work with insurance companies that offer guaranteed issue policies. This means that you will still be able to secure coverage, regardless of your heart condition.
How Much Life Insurance Can You Get After a Heart Attack?
The amount of life insurance you can get after having a heart attack, as well as the premium price, can depend on a number of factors. These will include your health condition, as well as your age and gender, and the type and amount of insurance you are applying for.
In some instances, you may be able to qualify at a Standard rate classification following a heart attack. Typically, however, it is more likely that your life insurance policy will be table rated. This means that you will pay more for your coverage, based on key factors like:
- The severity of your heart attack
- How long it has been since you had your heart attack
- Whether or not you have a family history of heart attack or heart disease
- Your current health
It is possible that, in a worst case scenario, you may be denied for life insurance coverage. This, too, will depend on the above factors. Other criteria can also lead to a declination for life insurance after a heart attack, such as being a smoker.
How to Buy Life Insurance with a Heart Condition
Buying life insurance when you have a heart condition does not have to be a difficult process. In fact, if you work with an independent insurance agency or brokerage, you are much more likely to find the type of policy that fits your specific needs. We specialize in finding life insurance for people with health problems.
We work with more than 40 of the top rated life insurance carriers in the market place today. We can help you find a 10, 20, or 30 year term policy. So, we are able to do all of the legwork for you. If you’re interested in seeing the type and amount of life insurance coverage that may be available to you, as well as the premium quotes, just simply contact us to get this fast and easy process started.