Life Insurance Post-Stroke: Is It Possible?

Life insurance is a complicated matter, and it can be challenging to secure a policy after experiencing a stroke. The stroke's severity, the damage inflicted, the recovery rate, and the time elapsed since the stroke are all critical factors in obtaining life insurance. The type of stroke, whether a Transient Ischemic Attack (TIA) or mini-stroke or a Cerebrovascular Accident (CVA) or full stroke, also influences the likelihood of approval and the premium cost. While it is more challenging to obtain life insurance after a stroke, it is not impossible, and there are steps individuals can take to increase their chances of approval and obtain more affordable rates.

What questions will the insurer ask?

• When did the stroke occur?
• How old were you when you had the stroke?
• Was it a mini-stroke (TIA) or a full stroke (CVA)?
• Was it your first stroke? If not, when were the others?
• What tests were done post-stroke? (EKG, MRI, CT Scan, Carotid Ultrasound, etc.)
• What symptoms did you experience during the stroke?
• What symptoms remained briefly or permanently following the stroke?
• Do you have a family history of strokes?
• What medications are you taking?
• Have you been diagnosed with hypertension, diabetes, coronary artery disease (CVD), or peripheral vascular disease (PVD)?
• Have you ever used tobacco products?
• What is your age and lifestyle like?
• What are your post-stroke medical records and lab test results?
• What is your treatment and recovery progress?
• Do you have any additional underlying medical conditions?

How important is the time since my stroke when applying?

The time since your stroke is a critical factor in determining your eligibility for life insurance. The longer it has been since your stroke, the higher your chances of getting approved for coverage and securing more affordable rates.

Most insurance companies require a waiting period of at least six months to one year after a stroke before considering an application. Some companies may not consider your application until at least five years have passed. During this waiting period, it is important to focus on your recovery and make healthy lifestyle choices to demonstrate your commitment to maintaining a healthy lifestyle.

The severity of the stroke also plays a role in the timing of your application. If you have had a mild stroke, you may be eligible for simplified issue life insurance, which does not require a medical exam, as long as you meet the age requirements. However, if you have had a severe stroke or multiple strokes, the waiting period may be longer, and you may need to provide more extensive medical records and lab test results.

Additionally, your age at the time of the stroke and your current age are factors in the timing of your application. Younger stroke survivors may have an easier time getting approved for life insurance than older survivors. The older you are when you apply, the more stable your health history needs to be to qualify for better rates.

In summary, the time since your stroke is a crucial factor in determining your eligibility for life insurance and the rates you will be offered. The longer the time since your stroke, the better your chances of securing coverage and affordable rates. During the waiting period, focus on your recovery and make healthy lifestyle choices to improve your chances of getting approved.

Does my age at the time of the stroke matter?

Yes, your age at the time of the stroke does matter when it comes to life insurance. Generally, younger stroke survivors may have an easier time getting approved for life insurance than older stroke survivors. The older you are when you have your stroke, and the longer you've shown stable health history following a stroke, the better your insurance rates will be.

If you had a stroke before the age of 45, you will likely be declined for term life insurance or universal life insurance. In this case, a guaranteed issue policy may be your only option. However, if you are over 45 and it has been at least six months since your stroke, you may be able to get a table-rated policy. The longer it has been since your stroke, the higher your chances of getting more affordable rates.

Additionally, the severity of the stroke also matters. A mild stroke may not significantly impact your ability to get life insurance, while a severe stroke may make it more difficult. If you've had multiple strokes, insurance companies may consider you a higher-risk applicant, which could result in higher premiums or denial of coverage.

Can I get life insurance after multiple strokes?

It is possible to get life insurance after experiencing multiple strokes, but it will be challenging. The likelihood of approval and the cost of coverage will depend on several factors, including the type, severity, and frequency of the strokes, as well as your overall health, age, and lifestyle choices.

The type of stroke you experienced will play a significant role in the approval process. If you had multiple Transient Ischemic Attacks (TIAs) or "mini-strokes", your chances of getting approved for life insurance are higher compared to having multiple full strokes or Cerebrovascular Accidents (CVAs). This is because TIAs usually result in temporary neurological impairment without permanent damage, while CVAs often lead to permanent brain damage and are considered a substantial health risk by underwriters.

The time elapsed since your last stroke is another critical factor. Insurance companies typically require a waiting period after a stroke, which can range from six months to a few years, with some carriers requiring at least a year before considering your application. The longer it has been since your last stroke, the more favourable your application will be.

The presence of ongoing symptoms and neurological deficits after your strokes will also impact your approval chances. If you have lingering symptoms or deficits, you are more likely to be declined for coverage. Additionally, insurance companies will consider the underlying cause of your strokes and whether steps have been taken to address and remedy the cause.

Your age and overall health will also be taken into account. If you experienced strokes at a younger age, underwriters may view this as an indication of more serious accompanying health problems. Older adults who have strokes may be rated higher due to their age and the likelihood of having other medical conditions.

To improve your chances of getting approved for life insurance after multiple strokes, it is recommended to work with an independent insurance agent or broker who can guide you through the process and help you find the right carrier. They can work with underwriters and navigate the underwriting guidelines of different insurance companies to increase your chances of approval and secure the best rates possible.

How can I lower the cost of life insurance?

Life insurance is designed to pay out a lump sum or monthly income to your dependants in the event of your death. The amount an insurer charges is based on the risk you pose, the probability you’ll make a claim, and the amount of cover you choose.

• Shop around and compare quotes: Prices can vary significantly from one company to another, even for the same coverage. Online comparison tools and insurance brokers can help simplify this process.
• Choose term life insurance: Term life insurance is generally more affordable than whole life insurance because it provides coverage for a set term and doesn't accumulate cash value.
• Determine the appropriate coverage amount: Avoid over-insuring yourself. Calculate the amount your family would require to cover immediate expenses, outstanding debts, and future financial needs, and use that as a guideline for your coverage amount.
• Maintain a healthy lifestyle: Your health and lifestyle choices play a significant role in determining your life insurance premiums. By maintaining a healthy lifestyle, including regular exercise, a balanced diet, and avoiding tobacco products, you may qualify for lower rates.
• Bundle insurance policies: Many insurance companies offer discounts to customers who bundle multiple policies, such as home and auto insurance, with their life insurance.
• Pay premiums annually: By paying your life insurance premiums annually instead of monthly, you can sometimes save on administrative fees and reduce your overall policy expenses.
• Consider a laddering approach: Rather than purchasing a single large life insurance policy, consider buying multiple policies with different term lengths and coverage amounts to align with your evolving financial needs.
• Review and update your policy regularly: Life circumstances change over time. As you pay off debts, accumulate savings, or experience other life changes, you may find that you need less coverage. Regularly reviewing and updating your policy can help you avoid overpaying for coverage you no longer require.
• Improve your health and lifestyle: Adopting healthier habits can make you a lower risk for an insurer, which may lead to lower premiums. This includes giving up smoking, reducing alcohol consumption, losing weight, and getting regular exercise.
• Look for guaranteed premiums: Premium payments for life insurance are either reviewable or guaranteed. Guaranteed premiums are fixed from the start of the policy and remain the same throughout its term, while reviewable premiums tend to be cheaper initially but can rise over time.
• Consider joint cover: If you’re a couple, a joint life insurance policy could be cheaper and more convenient than two individual ones. However, consider that it will only pay out once and may not be suitable if you have dependants or if the couple separates.
• Buy life insurance when you’re young: Your premium is based on how likely the insurer thinks you are to claim. Taking out a policy when you’re young and healthy can help you lock in the cheapest possible rates and save money in the long run.

Frequently asked questions