Life Insurance Options Post-Heart Attack: What You Need To Know

Life insurance is a crucial financial product that can ensure your peace of mind and take care of the security of your family in your absence. However, the ability to buy life insurance depends on many factors, such as age, medical conditions, and lifestyle habits. If you have a pre-existing illness, such as hypertension, diabetes, or any other critical illness, the insurance company may charge you a high premium or refuse to sell you a plan altogether. The chances of buying life insurance in the case of heart issues are even bleaker. So, can you get life insurance after a heart attack?

The impact of a heart attack on life insurance premiums

Life insurance is a financial product that ensures peace of mind and financial security for your family in your absence. However, the ability to buy life insurance depends on several factors, such as age, medical conditions, and lifestyle habits. If you have a pre-existing illness, the insurance company may charge you a high premium or refuse to sell you a plan altogether. The chances of buying life insurance in the case of heart issues are even bleaker.

• Age: The age at which you had a heart attack will significantly impact your insurance premium. If you suffered a heart attack at a younger age, your insurance premium will likely be higher compared to someone who had a heart attack at an older age.
• Time since the heart attack: It is advisable to wait for a reasonable amount of time, typically three to six months, after a heart attack before applying for life insurance. This allows insurers to assess your recovery and overall health status.
• Severity of the heart attack: The severity and impact of the heart attack on your health will play a crucial role in determining your insurance premium. If the heart attack caused long-lasting and serious health issues, your premium is likely to increase.
• Health status: Insurers will evaluate your overall health, including any pre-existing conditions such as diabetes, high blood pressure, or other cardiovascular issues. The presence of multiple health conditions can significantly increase your premium.
• Lifestyle habits: Insurers may consider your lifestyle habits, such as smoking, alcohol consumption, diet, and exercise routines. Making positive lifestyle changes can help lower your premium.
• Medical history and treatment: Insurers will review your medical records, including any medications, surgeries, and follow-up treatments. Adhering to your doctor's instructions and maintaining a stable health condition can improve your chances of securing a lower premium.
• Type of life insurance: The type of life insurance you choose can also impact your premium. Term life insurance may be more affordable but requires a medical exam, while guaranteed whole life insurance does not require an exam but typically comes with higher premiums.

While a heart attack can significantly impact your life insurance premium, it is still possible to obtain coverage. By considering the factors mentioned above and working with an independent agent or broker, you can find the best options that fit your needs and budget.

The likelihood of getting life insurance after a heart attack

It is possible to get life insurance after a heart attack, but it is important to note that not all insurance companies offer life insurance to individuals who have had a heart attack. The likelihood of getting life insurance after a heart attack depends on several factors, including age, health, lifestyle, and the specifics of the heart attack. Here are some key factors that can affect your chances of getting life insurance and the rates you may be offered:

Age

The older you are when you had the heart attack, the better your chances of getting life insurance. If you are in your 50s or 60s, age is in your favour. However, insurance companies usually steer clear of individuals who have suffered a heart attack in their 30s or 40s as cardiovascular issues at a young age are often indicative of more serious ailments in the future.

Time since the heart attack

It is generally recommended to wait for a period of recovery, typically three to six months, before applying for life insurance after a heart attack. Insurance companies usually want to see how you are recovering and improving your health before offering coverage. While some insurers may consider applications as early as 90 days after a heart attack, these cases often get postponed.

Severity of the heart attack

The severity and impact of the heart attack on your health will play a significant role in the process of buying life insurance. The number of blocked arteries, the percentage of blockage, and any long-lasting repercussions on your health will influence your chances of getting approved and the rates offered. Generally, if the heart attack was due to only one blocked artery, you have a higher chance of qualifying for standard or even preferred ratings.

Overall health and lifestyle

In addition to the heart attack, insurance providers will evaluate your overall health and lifestyle. They will consider any other health issues, such as diabetes, high blood pressure, or AFib, which can negatively impact your chances of approval and increase your premiums. Leading a healthy life, following your doctor's instructions, maintaining a healthy weight, quitting smoking, and regular exercise can all improve your chances of getting life insurance after a heart attack.

Type of life insurance

The type of life insurance you are seeking also plays a role in your likelihood of getting approved. Term life insurance, which tends to have less expensive rates, may not be the best choice as it often requires a medical exam. Guaranteed whole life insurance, on the other hand, does not require a medical exam and is usually available to individuals aged 45 to 85. However, it comes with higher premiums.

The factors that determine life insurance eligibility

• Age: The older you were when you had the heart attack, the better your chances of getting insured. If you suffered a heart attack in your 30s, your chances of getting insured are considerably lower than if you were older when it happened.
• Time elapsed since the heart attack: It is recommended to wait until you are fully or reasonably recovered from your heart attack before applying for insurance. Three to six months is the general rule of thumb. Insurers will want to see how you have recovered and how healthy you will be going forward.
• Severity of the heart attack: The severity and impact of the heart attack on your health will play a vital role in the process of buying life insurance. If your heart attack was due to only one blocked artery, you are more likely to get insured than someone who has suffered a severe heart attack that damaged multiple vessels.
• Health status: Insurance providers will evaluate your overall health, so the fewer health issues you have, the better. If you have other health issues like diabetes, it will be more difficult and expensive to secure coverage.
• Lifestyle habits: Lifestyle habits like smoking, consuming tobacco, and drinking alcohol can negatively affect your health and put more strain on your heart. Refraining from these habits will increase your chances of buying a suitable insurance policy.
• Weight: Being overweight or obese can be further detrimental in the case of heart patients. Keeping your weight in check will not only help you in buying a life insurance plan but will also offer you lower premiums.

The steps to take to improve your chances of getting life insurance

• Wait until you have recovered: It is advisable to wait until you have recovered from your heart attack before applying for life insurance. Three to six months is the general rule of thumb. This will give insurers a better idea of your health and recovery progress.
• Provide detailed medical information: When applying for life insurance, be prepared to provide detailed medical information about your heart attack, including the date it occurred, the treatment you received, any medications you are taking, and your current health status.
• Follow your doctor's instructions: Closely follow your doctor's post-heart attack treatment guidelines, including taking any prescribed medications, adopting a healthy diet and exercise routine, and refraining from unhealthy habits such as smoking.
• Improve your overall health: Make proactive efforts to improve your overall health and minimise the need for medications. This includes maintaining a healthy weight, quitting smoking, and managing conditions such as high blood pressure or high cholesterol.
• Consider a guaranteed acceptance policy: If you are unable to obtain traditional life insurance, consider a guaranteed acceptance or "final expense" policy, which does not require a medical exam or health questionnaire and can provide coverage up to a certain amount.
• Shop around and compare prices: Compare prices and policies from multiple insurance companies, as not all companies offer the same rates and restrictions for individuals who have had a heart attack.
• Work with an independent agent: Consider working with an independent insurance agent who has experience helping individuals with pre-existing health conditions. They can help you navigate the process, find the best rates, and increase your chances of approval.
• Lock in coverage once approved: If you are approved for a life insurance policy, consider locking in the coverage for as long as possible, as your options may become more limited with age and changing health conditions.

The types of life insurance available to heart attack survivors

It is possible to get life insurance after a heart attack, but not all insurance companies offer this, and those that do will have rules and restrictions to follow. The types of life insurance available to heart attack survivors include:

Term life insurance

Term life insurance is purchased to provide coverage for a specific period of time, for example, 20 years. This type of insurance usually requires a medical exam, which may not be ideal for heart attack survivors. However, it tends to have less expensive rates. If you apply for a term life policy after a heart attack, you may face more scrutiny from the insurance company and could be offered less coverage for higher rates, or even be declined.

Guaranteed whole life insurance

A more likely option for heart attack survivors is guaranteed whole life insurance, which does not require a medical exam and is usually available to anyone aged 45-85. You can expect to pay more for less coverage due to the higher risk associated with health issues.

Universal life insurance

Universal life insurance is a permanent product that permits you to invest in your life insurance to increase its cash value. This insurance also allows for flexible payments, which can be helpful if you have medical expenses.

Critical illness insurance

Critical illness insurance can be added as a rider or taken out as its own insurance. It gives you access to your coverage while you're still alive, which can help pay for medical expenses.

Frequently asked questions