Life Insurance With A Fib: What You Need To Know

Life insurance is a legally binding contract that promises a death benefit to the policy owner when the insured person dies. When it comes to life insurance, having AFib (atrial fibrillation) can impact your coverage and rates. Life insurance companies generally consider AFib as a pre-existing medical condition. They will also take into account factors such as the severity of the condition, the age of onset, and any related complications.

If your AFib is well-controlled and you have not experienced any significant complications, you may still be eligible for life insurance coverage, but your rates may be higher than someone without the condition. If you have more severe AFib or have experienced complications such as a stroke, your rates may be even higher.

How does AFib affect life insurance rates?

Atrial fibrillation (AFib) is a condition where the upper chambers of the heart quiver rapidly and without coordination, causing the heart to be unable to pump blood properly throughout the body. This can lead to serious health issues such as heart disease or stroke, and as a result, individuals with AFib are considered higher-risk applicants by life insurance companies. While a diagnosis of AFib does not mean that you will be declined for life insurance, it can affect the rates you are offered.

The impact of AFib on life insurance rates depends on several factors, including the type of AFib, the severity of the condition, the presence of underlying health concerns, and the individual's overall health. There are four main types of AFib: lone AFib, paroxysmal AFib, persistent AFib, and permanent AFib. Lone AFib is considered the lowest risk, as it involves only one episode of AFib likely caused by stress or another less serious health condition. Paroxysmal AFib is characterised by short-term irregular heart function and is considered high risk. Persistent AFib involves frequent, long-lasting irregular heartbeats and is often due to an underlying health problem. Permanent AFib is chronic and considered a definite red flag by insurance companies.

The length of time since the initial diagnosis also affects life insurance rates, as a longer period demonstrates that AFib is not as life-threatening as it may initially appear. Individuals diagnosed with AFib within the past six months may find it difficult to get standard life insurance rates and may have to purchase guaranteed issue whole life insurance instead of term life insurance. On the other hand, those seeking life insurance over the age of 60 who have had AFib for a long time may qualify for standard rates, as it shows they have been able to live a relatively normal and healthy life despite their condition.

The presence of other health conditions can further impact life insurance rates for individuals with AFib. For example, if AFib is caused by damage to the heart structure or abnormalities in the heart itself, insurance companies will likely charge higher rates or even decline the application. Additionally, individuals with AFib who smoke will have more trouble securing an affordable life insurance policy.

Overall, individuals with AFib are often required to pay substandard rates due to being considered higher-risk. The specific rate will depend on the individual's unique circumstances, and it is recommended to work with a skilled life insurance agent to navigate the process and find the best rates.

What are the best types of life insurance for people with AFib?

Atrial fibrillation (AFib) is a condition in which the heart beats irregularly, causing feelings of lightheadedness, nausea, and weakness. While it is possible to get life insurance with AFib, rates may be higher depending on the type of AFib and other underlying health concerns. Here are some of the best types of life insurance for people with AFib:

• Term Life Insurance: This is the most common type of life insurance, offering coverage for a set period, usually between 10 and 30 years. It is often cheaper than other types of insurance, and you can lock in a rate for the life of the policy. However, keep in mind that if you outlive the coverage period, your family will not receive any benefits.
• Whole Life Insurance: Unlike term life insurance, whole life insurance provides permanent coverage and grows in cash value over time. It is typically more expensive, but you can withdraw cash value or designate funds for your beneficiaries. If you're over 50, you may qualify for guaranteed whole life insurance without a medical exam.
• Universal Life Insurance: This is a type of permanent life insurance with flexible payments. You can adjust your payments to fit your budget while maintaining a minimum payment each month. Universal life insurance also grows in cash value and offers investment options.
• Critical Illness Insurance: This type of insurance provides cash benefits to help cover the costs of healthcare during a serious illness, such as a stroke, which AFib patients are at a higher risk of experiencing. It can be purchased as a separate policy or added as a rider to an existing life insurance policy.

When considering life insurance with AFib, it is important to shop around and compare rates from multiple providers. Your rate will depend on various factors, including the type of AFib, your age, overall health, and any treatments or medications you are taking. Additionally, maintaining a healthy lifestyle and following your doctor's recommendations can help improve your chances of getting better rates.

How can I improve my chances of getting life insurance with AFib?

It is possible to get life insurance with AFib, but the rates may be higher than standard rates, depending on the type of AFib and other factors. Here are some ways to improve your chances of getting life insurance with AFib:

• Manage your AFib: Follow your doctor's treatment plan and take any prescribed medications as directed. The more successfully your AFib is managed, the more likely you are to get approved for life insurance.
• Have a long history of managing AFib: The longer it has been since your first diagnosis, the better. This shows that your condition is not as life-threatening as a recent diagnosis might suggest. If you've been managing your AFib for a long time, insurers may view your application more favourably.
• Maintain good overall health: Aside from AFib, insurers will consider your general health and family health history. Improving your overall health can increase your chances of getting approved for life insurance. This includes maintaining a healthy weight, not smoking, and avoiding high-risk behaviours or hobbies.
• Comparison shop: Different insurance companies have different underwriting processes and may offer varying rates for individuals with AFib. Comparison shopping can help you find the best rates available.
• Work with an independent insurance agent: An independent agent can connect you with multiple insurance companies and increase your chances of finding an affordable policy. They can also guide you through the application process and help you present your case in the best light.
• Be honest: When applying for life insurance, it's important to be honest about your health, including any pre-existing conditions, medications, and treatments. Dishonesty or omissions can lead to your policy being voided.

What if I'm denied life insurance because of AFib?

If you are denied life insurance because of AFib, you still have options. Firstly, it is important to note that not all insurance companies will deny you coverage.. Some companies even specialise in applicants who have AFib. Therefore, it is worth shopping around and consulting with an experienced insurance agent to help you find a policy that fits your needs and budget.

If you are over 50, you can get a guaranteed issue whole life insurance policy. This type of policy does not require a medical exam, and you are guaranteed coverage if you apply. Alternatively, if you are under 50, you can ask your employer about group insurance options, which are often available to those with pre-existing conditions.

Additionally, improving your overall health can increase your chances of getting approved for life insurance. This includes avoiding smoking, losing excess weight, and following your doctor's recommendations. It is also beneficial to compare quotes from multiple insurance companies to find the best rates.

Does the type of AFib I have influence my life insurance options?

The type of AFib you have can influence your life insurance options. Occasional AFib, also called paroxysmal or intermittent AFib, may not require any medication to manage the condition. If you have no underlying health condition with 10 or fewer episodes per year, the underwriter will classify it as intermittent AFib. Underwriters may classify you as Preferred Plus, which means you are an extremely low risk and qualify for the lowest available rates.

On the other hand, persistent AFib, also called chronic AFib, requires medication or electrical shock to help the heart return to a regular beat. If your persistent AFib has lasted more than 12 months, it is classified as long-term persistent AFib. Permanent AFib is a condition that doesn't go away after treatment and must be controlled by medication for the rest of your life.

Insurance underwriters tend to presume that the more long-term the condition is, the more serious it is. You will likely pay higher rates for a long-term persistent condition or permanent condition than for an occasional or short-term persistent condition. In some cases, you could pay up to 200% higher than the standard rate, and in extreme cases, you may be denied term life insurance altogether.

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