Life Insurance And Tia's: What You Need To Know

Transient Ischaemic Attacks (TIAs), or mini-strokes, can have a significant impact on one's ability to obtain life insurance. While it is possible to secure life insurance after experiencing a TIA, insurance companies will often request detailed information about the episode(s) and one's overall health. This includes the date of the TIA, the cause, the duration of symptoms, any lasting effects, and any medications taken to reduce the risk of recurrence. The availability and cost of life insurance following a TIA can vary depending on factors such as age, health, and lifestyle choices.

Life insurance companies' differing views on health and lifestyle

Life insurance companies' views on health and lifestyle can vary significantly when it comes to Transient Ischaemic Attacks (TIAs) or mini-strokes. While some insurers may overlook a TIA, others may consider it a significant factor in their underwriting process. This variation in approach can lead to differences in the availability and cost of life insurance for individuals who have experienced a TIA.

Underwriting Considerations

Underwriting guidelines play a crucial role in how life insurance companies assess TIA history. These guidelines outline the specific criteria used to evaluate an individual's health and lifestyle. The guidelines can differ significantly between companies, resulting in diverse outcomes for TIA patients.

For instance, the cause of the TIA is a key consideration. If the TIA was triggered by plaque in the arteries or high blood pressure, the underwriting outcome would differ from a TIA caused by a one-time event, accident, or trauma. Age also comes into play, with older individuals often receiving more favourable rates after a TIA than younger applicants.

Medical History and Lifestyle Factors

Life insurance companies delve into an applicant's medical history and lifestyle choices when evaluating TIA cases. They may request detailed information about the diagnosis, date, and any tests or treatments related to the TIA. Additionally, they will inquire about medications, hospitalisations, and any residual effects or limitations resulting from the TIA.

Other health factors that come into play include cholesterol levels, diabetes, high blood pressure, coronary artery disease, stroke history, and heart attack history. Lifestyle choices, such as smoking and excessive alcohol consumption, can also impact the underwriting decision, as these behaviours are linked to an increased risk of stroke and other health issues.

Availability and Cost of Coverage

The availability and cost of life insurance after a TIA can vary depending on the insurer. Some companies may offer coverage at standard rates, especially if the TIA occurred in the distant past and the applicant is in good overall health. Others may provide coverage with exclusions for stroke-related conditions or offer coverage at higher premiums.

It is worth noting that critical illness cover after a TIA can be more challenging to obtain, as it falls under specific conditions that are commonly claimed. However, income protection policies are often available, albeit with potential exclusions for cerebrovascular conditions.

In conclusion, life insurance companies' views on health and lifestyle in relation to TIAs can vary. While some companies may be more lenient, others may take a more cautious approach, resulting in different outcomes for individuals seeking life insurance coverage after experiencing a TIA.

The questions insurance companies will ask

Questions Insurance Companies Will Ask

When applying for life insurance, insurance companies will ask for detailed information about your medical history, including any past or present health conditions. If you've suffered a Transient Ischaemic Attack (TIA) or "mini-stroke", insurance companies will want to know more about it. Here are some common questions they may ask:

• When did you have your TIA?
• How many mini-strokes have you had?
• Do you have any lasting symptoms from the TIA?
• What was the cause of your TIA?
• Have you been diagnosed with any other health issues such as high blood pressure, diabetes, or high cholesterol?
• Are you taking any medications?
• Have you been hospitalized for this condition?
• When was the last time you saw a doctor for an evaluation?
• Have you had any surgery on any carotid artery?
• What is your current blood pressure reading?
• Do you have any limitations or residual effects from the TIA such as limitations in movement, speech, or vision?
• Do you have any other major health impairments?
• What is your date of birth, height, weight, and gender?
• Do you use tobacco?
• How much coverage do you need?

In addition to these questions, the insurance company may request a medical report from your GP or specialist to get an accurate record of your health before making their decision. They may also ask about your lifestyle, including your diet, exercise habits, and any risky behaviours such as smoking or excessive alcohol consumption. It is important to be honest and transparent when completing the life insurance application to ensure you get the most appropriate coverage.

The rate you can expect

• The date of your TIA diagnosis and how long ago it was
• The number of TIA episodes you have had and whether there is any lasting neurological damage
• Your current health, including any other underlying health conditions and your family's medical history
• Your age
• Your lifestyle, including your diet, exercise habits, and any risky behaviours such as smoking or excessive alcohol consumption

Preferred Plus/Preferred

Unlikely, but possible if the TIA occurred five or more years in the past and the applicant is over 70 years old. Concurrent tests, such as a carotid ultrasound or MRI, should show no significant blockages or stenosis, and the applicant's height and weight should be within a healthy range.

Standard/Standard Plus

Possible one year or longer after a single TIA for applicants over the age of 55. Also possible if the TIA is attributed to something other than cardiovascular disease or high blood pressure, such as an adverse drug interaction or a blood clot from abnormalities in the heart valve. "Cryptogenic TIA", or an event with an undetermined cause, can sometimes qualify for standard rates one year after the event. Younger applicants under 45 years old will usually qualify for substandard rates, as will older applicants (over 45) if it has been less than a year since the diagnosis of a single TIA. Recurrent or multiple TIAs will also qualify for substandard rates.

Rated Classes

Most life insurance companies use table rating classes for individuals who do not qualify for standard rates. Typically, each table rating above the standard class adds a 25% surcharge to the premium cost. For example, Table A would be the best or least expensive table rate, while Table H would be the worst or most expensive.

When underwriting a risk for TIA, the best possible outcome is probably a standard rate class. This is typically reserved for those with one or two TIA episodes and a complete recovery within 24 hours, usually for those aged 40 or above. Other rating classes typical for TIA applicants are from Table 2 to Table 3 for those with complete recovery. Any complications from TIA or other medical impairments such as coronary artery disease or diabetes may result in higher rates.

It is important to note that each life insurance company has different underwriting guidelines and may view your health and lifestyle differently. Therefore, it is recommended to work with an independent agent or agency that specialises in underwriting risks like TIAs to find the best quote for your specific circumstances.

How to get the best life insurance for you

Life insurance is a smart way to secure your family's future. When choosing a life insurance company, you should consider their financial strength, customer satisfaction, and the types of policies they offer. Here are some tips to help you get the best life insurance for your needs:

Determine your coverage needs:

Before meeting with insurers, decide what you need from your policy. Consider the amount of coverage you want, your budget, and whether you want any specialty features, like a child term rider or disability income coverage.

Decide on the type of policy:

Insurers often specialize in different types of policies, such as term life insurance, whole life insurance, or universal life insurance. Choose the type of policy that best suits your needs and then look for companies that excel in offering those policies.

Review top-ranked insurers:

Check the reviews of top insurers and consider their customer satisfaction, financial strength, and the range of policies they offer. Look for companies with high financial stability ratings from agencies like AM Best and Standard & Poor's, as this indicates their ability to pay claims in the future.

Get multiple quotes:

Life insurance costs vary depending on several factors, including age, gender, health, and the insurer. Contact multiple companies and get quotes to compare prices and find the best deal for your needs.

Review with a financial advisor:

Consider consulting a financial advisor, especially a fee-only advisor, to get an unbiased review of your options and help you make an informed decision.

• Pacific Life: Best for variable universal life insurance.
• Protective: Best for indexed universal life insurance.
• Corebridge Financial: Best for recreational marijuana users and term life insurance.
• Penn Mutual: Best for universal life insurance.
• Transamerica: Great for reliable policy illustrations.
• Symetra: Best for term life insurance.
• Lincoln Financial: Great for estate planning.
• Midland National: Great for living benefits.
• MassMutual: Great for financial strength.
• Nationwide: Best overall, best for young adults, and best for children's life insurance.
• Banner by Legal & General: Best for term life insurance.
• Lafayette Life: Best for whole life insurance.
• SBLI: Cheapest term premiums.
• Penn Mutual: Best for no-medical-exam insurance.
• Thrivent: Best for financial strength and customer satisfaction.
• Pacific Life: Best for universal life.
• Symetra: Also great for no-medical-exam life insurance.
• Protective Life: Also great for children's life insurance.
• MassMutual: Also great for whole life insurance.

Additionally, if you have specific health concerns, such as a history of transient ischemic attack (TIA) or "mini-stroke," be sure to disclose this information accurately and honestly during the application process. While it may affect your rates and the specific policies available to you, it does not necessarily mean you will be denied coverage.

Critical illness cover

Critical illness insurance policies may cover up to 26 diseases or illnesses. Strokes are commonly covered under most critical illness insurance plans and are one of the main conditions covered in both basic critical illness policies (that cover 3 or 4 conditions) and enhanced critical illness insurance policies (that cover 25 or 26 conditions). Strokes, along with cancer and heart attacks, are the most common types of claims for this type of insurance.

However, there may be exclusions depending on the type and severity of the stroke. For example, TIAs (transient ischemic attacks) or mini-strokes may not qualify as a critical illness. Strokes caused by trauma may also not be covered, depending on the life insurance provider.

If you have experienced a TIA, it is unlikely that critical illness cover could be available to you through most insurance companies. You may, however, be able to obtain critical illness cover with cardiovascular and stroke-related exclusions made to your policy. Cover will depend on whether you are able to manage your condition and if the TIA you suffered has greatly impacted your general health. Applications for critical illness cover can be stricter than applications for life insurance.

Frequently asked questions