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

It is possible to get life insurance after a heart attack, but it is not guaranteed. The likelihood of approval depends on several factors, including age, severity of the heart attack, and overall health. Life insurance companies will ask for medical information, such as the date of the heart attack, treatments received, and medications taken. They will also consider other health conditions, such as diabetes, and lifestyle habits, such as smoking. While it is possible to get life insurance after a heart attack, applicants can expect higher premiums and more scrutiny from insurance companies.

Life insurance after a heart attack: what you need to know

Suffering a heart attack is a frightening experience, and it's natural to start thinking about your mortality and how you can protect your family in the future. The good news is that it is possible to get life insurance after a heart attack. However, there are a few things you should know before you start applying.

Types of life insurance

Firstly, it's important to understand the two common types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, for example, to cover mortgage payments or a child's education. Permanent life insurance, such as whole life insurance, provides protection for a lifetime and can be used to cover long-term needs, such as funeral costs.

Applying for life insurance after a heart attack

When applying for life insurance after a heart attack, you will face more scrutiny from insurance companies, and you may be offered less coverage for higher rates, or even be declined. It's important to wait until you have reasonably recovered from your heart attack before applying, usually around three to six months. The older you are when you apply, the better your chances, as heart attacks in your 30s or 40s indicate a higher risk of future ailments.

Insurers will also want to know the severity of your heart attack, including how many vessels were blocked or damaged, and any ongoing treatments or medications. They will also consider your overall health, including weight, diet, exercise habits, and any other health conditions such as diabetes or high blood pressure.

Improving your chances of approval

To improve your chances of being approved for life insurance after a heart attack, it's important to follow your doctor's advice and make healthy lifestyle changes. This includes improving your diet, exercising, quitting smoking, and losing weight. It's also a good idea to shop around and compare prices and policies from multiple companies, and consider using an agent or broker to help you find the best rate.

Guaranteed acceptance policies

If you are unable to get approved for a traditional life insurance policy, there are guaranteed acceptance policies that do not require a medical exam and are available to anyone over a certain age. These policies usually come with higher premiums and lower coverage amounts, but they can provide peace of mind and financial protection for your family.

In summary, while it is possible to get life insurance after a heart attack, you may face higher costs and more limited options. It's important to be honest about your health history and make healthy lifestyle changes to improve your chances of approval.

How to get affordable life insurance after a heart attack

It is possible to get life insurance after a heart attack, but it may be more difficult and expensive. Here are some tips to help you get affordable life insurance:

• Wait until you have recovered: It is generally recommended to wait until you have reasonably or fully recovered from your heart attack before applying for life insurance. The recommended waiting period is around three to six months. This will give insurers a chance to see how you are recovering and how your health is improving.
• Compare prices from multiple companies: Look at prices from different companies before applying. Online tools can help you see quotes from multiple companies simultaneously, giving you an idea of what to expect.
• Use an agent or broker: A life insurance agent or broker can help you compare policies and find the best rates, especially if you have had a heart attack. They have experience helping people in similar situations and there is usually no cost for their services.
• Ask your doctor to note your progress: If you have made improvements to your health since your heart attack, such as managing your weight and cholesterol, ask your doctor to make a note of it in your medical file. This can help you secure a policy and potentially lower your rate.
• Consider guaranteed acceptance policies: Guaranteed acceptance policies do not require a medical exam or health questionnaire, and companies cannot turn you down for these policies. They are a good option if you are unsure about getting approved for a traditional policy.
• Look into employer coverage: Employer life insurance coverage is typically much more affordable than a policy you purchase yourself, and most plans offer guaranteed coverage. Take advantage of this option, especially if your employer pays some or all of the premium.
• Improve your health and lifestyle: Improving your health can increase your chances of getting approved for life insurance and may help lower your rates. This includes following your doctor's treatment guidelines, adopting healthy habits such as a balanced diet and regular exercise, and quitting unhealthy habits like smoking.
• Work with an independent agent: Working with an independent life insurance agent can save you money and increase your chances of getting approved. They can shop multiple carriers and speak to them on your behalf, whereas "captive agents" at big-box companies are limited to their own products.

The impact of age on life insurance after a heart attack

Age is a significant factor when it comes to securing life insurance after a heart attack. While it is possible to obtain life insurance after experiencing a heart attack, older applicants may face fewer obstacles than younger ones.

Life insurance companies generally view older individuals who have had heart attacks more favourably than younger ones. This is because cardiovascular issues at a younger age are often indicative of more serious ailments in the future. As a result, insurers are more likely to steer clear of individuals who have suffered a heart attack in their 30s or 40s. On the other hand, being in one's 50s or 60s can work in one's favour when applying for life insurance after a heart attack.

The type of surgery one undergoes after a heart attack also comes into play. Insurers are less concerned with the specifics of the surgery and more with the severity of the heart attack. For example, an individual whose heart attack affected one or two vessels is more insurable than someone who has suffered a severe heart attack impacting three or four vessels.

In addition to the severity of the heart attack, the time elapsed since the heart attack also influences one's eligibility for life insurance. Most insurance companies will want applicants to be at least three to six months out from the heart attack before considering their application.

Age also intersects with other health factors that insurers take into account. For instance, older individuals with compounding health issues like diabetes may find it more difficult and expensive to secure life insurance after a heart attack. Insurers evaluate one's overall health, so the fewer health issues one has, the better.

Furthermore, lifestyle choices can impact one's chances of securing life insurance after a heart attack. Adopting healthy habits such as a nutritious diet and regular exercise can improve one's chances, whereas unhealthy habits like smoking can hinder them.

While age certainly plays a role in the life insurance application process after a heart attack, it is important to note that each case is unique, and other factors may also come into play.

What to do if your life insurance application is declined

Don't panic. It's normal to feel upset or angry, but remember that there are always options available. Take a step back and assess your situation, then try the following steps:

Gather information

Reach out to the insurer or your advisor to find out why your application was declined. This could be due to exam results, medical history, driving record, or another reason. Ask for detailed information and check with your physician to confirm any findings and diagnoses.

Ask for a reassessment

Double-check that all the medical information shared with the insurance company was up to date and correct. If you find any errors, you can request that the company reassess your application with the correct data.

Ask about exclusions

In rare cases, insurance companies may reconsider a declined application if you agree to some exclusions based on your test results or medical history. For example, if your application was declined due to a heart condition, the company may still offer coverage but exclude any death benefit related to complications from that condition.

Try another provider

Some insurance companies have more flexible underwriting than others. Certain companies may be more flexible about health conditions, while others look more favourably on lifestyle conditions. Just remember that due to your previous application, another insurance company will scrutinize your new application more closely.

Explore alternative life insurance products

If a life insurance company deems you to be high-risk, you may not be eligible for term life insurance, but there are other types of insurance available. These include:

• Final expense life insurance: This type of policy is aimed at covering end-of-life expenses, like funerals, but offers lower death benefit payouts at a higher price point.
• Guaranteed issue life insurance: There are no medical exams or health questions, but the coverage usually maxes out at $50,000, and the premiums are much higher. There is also an exclusion period when claims are not accepted, typically within the first two years of the policy.
• AD&D insurance: This type of insurance only pays out if you die or are injured in a qualifying accident. While it doesn't usually provide the level of coverage most people need, it can be an option if you have trouble qualifying for traditional life insurance.
• Group life insurance: This is often available through your employer and doesn't require a medical exam, making it a good option for people with medical issues. The death benefit may not be as high as you'd like, but it's better than no coverage at all.

Find a life insurance advisor

A licensed insurance advisor can help you navigate your options and provide a second opinion. They have experience with every potential situation and can help you find a policy that's a better match.

Make lifestyle changes

If you don't need to be insured immediately, take the time to make any necessary changes to improve your chances of approval. For example, if the insurance provider recommends weight loss or a reduction in cholesterol levels, you can implement a plan through medication, diet, and exercise, and reapply when you get improved results.

Allow for a waiting period

Sometimes, insurance companies will postpone your application for six months to a year. During this time, you can improve your health, quit smoking, or take other steps necessary to get approved. If your application is postponed, the insurance company will tell you exactly what they need to approve you in the future.

Tips for improving your chances of getting life insurance after a heart attack

• Wait before applying: It is recommended that you wait for at least three to six months after your heart attack before applying for life insurance. This will give you time to recover and make any necessary lifestyle changes. While some insurers say they will consider covering you in as little as 90 days, these cases tend to get delayed.
• Provide detailed information: When applying, be sure to provide as much information as possible about your heart attack and your current state of health. This includes when the heart attack occurred, what treatment you received, and any medications you are currently taking.
• Improve your health: The healthier you are, the more likely you are to be approved for life insurance. This includes maintaining a healthy weight, eating a balanced diet, exercising regularly, and refraining from smoking.
• Follow your doctor's advice: Closely follow your doctor's post-surgery treatment plan. This will not only improve your health but also show insurers that you are taking proactive steps to reduce your risk.
• Shop around: Not all insurance companies and policies accept applicants who have experienced heart attacks. Compare prices and policies from multiple companies to find the best option for you.
• Use an agent or broker: A life insurance agent or broker can help you compare policies and find the best rate. They will also have experience helping people who have had heart attacks secure policies.
• Consider guaranteed acceptance policies: These policies do not require a medical exam and cannot be denied. They are a good option if you are unsure whether you will be approved for a traditional policy.
• Look into employer coverage: Employer life insurance coverage is typically much more affordable than a personal policy and often offers guaranteed coverage.

Frequently asked questions