Life Insurance Post-Heart Attack: Is It Possible?

It is possible to get life insurance after a heart attack, but it is important to note that not all insurance companies will offer this and there may be rules and restrictions to follow. The likelihood of being approved for a policy is reduced, and the available options will be more limited and more expensive than for those in excellent health. The older you are when you had the heart attack, the better your chances of getting insurance. If you are in your 50s or 60s, age is in your favour. If you had the heart attack in your 30s or 40s, it is less likely that you will be insured.

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

Suffering a heart attack can be a frightening experience, and it's natural to start thinking about how to protect your loved ones financially if the worst should happen. The good news is that a heart attack doesn't prevent you from getting life insurance. Here's what you need to know about securing life insurance after experiencing a heart attack.

Yes, it is possible to get life insurance after a heart attack. However, not all insurance companies and policies will accept applicants with a history of heart attacks, and you may face restrictions with some providers. It's also important to note that you will likely face more scrutiny from insurers and may have to pay higher premiums.

Insurers will take various factors into account when reviewing your application, including:

• Age: The older you were when you had the heart attack, the better your chances of getting approved. Insurance companies usually steer clear of applicants who have suffered a heart attack in their 30s or 40s, as cardiovascular issues at a young age are often a sign of more serious ailments in the future.
• Time since the heart attack: It's best to wait until you are fully or reasonably recovered from your heart attack before applying for life insurance. Generally, you should wait at least three to six months. The longer it has been since your heart attack, the less risky you will appear to insurers.
• Severity of the heart attack: Insurers are more concerned with the severity of your heart attack than the type of surgery you had afterward. The more severe the attack, the harder it may be to get insurance. Blockage of one or two vessels makes you more insurable than someone who has suffered damage to three or four vessels.
• Overall health: Insurers will evaluate your overall health, including any other pre-existing conditions such as diabetes. They will also want to see that you are following your doctor's orders and taking steps to improve your health, such as eating healthily and exercising.
• Weight: As being overweight can increase the risk of health issues, insurers prefer applicants with a healthy physique. Losing weight and maintaining a healthy weight can help improve your chances of getting approved and lower your premiums.
• Smoking status: Smoking is a substantial factor in life insurance underwriting, even for those in otherwise perfect health. Quitting smoking can significantly improve your health and reduce your potential life insurance premiums.

Tips for improving your chances of getting approved

• Follow your doctor's instructions: Closely follow your doctor's post-surgery treatment guidelines and take any prescribed medications. This will help manage your condition and show insurers that you are making an effort to stay healthy.
• Improve your lifestyle: Adopt healthy habits such as regular exercise and a balanced diet. This can help reduce your risk category and lower your chances of future health issues.
• Manage stress: Chronic stress can negatively impact your heart health. Incorporate stress management techniques into your daily routine, such as meditation and deep breathing exercises.
• See your doctor regularly: Regular medical check-ups can help ensure you stay on top of your health and catch any issues early. It also helps to keep your medical records up to date, which insurers will want to see.
• Lock in coverage for as long as possible: Once you are approved for life insurance, consider choosing a long policy term. As your age and health issues increase, it may become more difficult and expensive to purchase additional coverage in the future.

Types of life insurance policies

There are two common types of life insurance policies:

• Term life insurance: This type of policy provides coverage for a specific period, usually 10, 20, or 30 years. It is often more affordable and offers reasonable premiums for a large death benefit. However, if you outlive the policy, you may need to renew coverage or purchase a new plan.
• Permanent life insurance: Permanent life insurance policies last a lifetime and often include a cash value growth component. While these policies are more expensive, they can be a good option for those who want coverage for long-term needs, such as funeral expenses.

Sample life insurance rates for heart attack survivors

If you've had a heart attack, you can generally expect to pay higher-than-average monthly rates for life insurance. The exact cost will depend on various factors, including your age, overall health, and the specific policy you choose.

In conclusion, while it is possible to obtain life insurance after a heart attack, it may require more effort and come at a higher cost. It's important to be proactive in improving your health and comparing rates from multiple insurers to find the best coverage for your needs.

How to increase your chances of getting approved for life insurance

If you've had a heart attack, you can take several steps to improve your chances of getting approved for life insurance. Here are some strategies to consider:

• Wait until you've recovered: It's generally recommended to wait until you've fully recovered or are at least reasonably recovered from your heart attack before applying for life insurance. A waiting period of three to six months is often suggested.
• Improve your lifestyle: Adopting a healthier lifestyle can positively impact your overall health and reduce the likelihood of future health issues. This includes regular exercise, a balanced diet, and stress management techniques such as meditation and deep breathing exercises.
• Follow your doctor's instructions: It's important to follow your doctor's treatment plan and take any prescribed medications as directed. This demonstrates to insurers that you are actively managing your condition.
• Maintain a healthy weight: Being overweight or obese can increase the risk of health complications, especially for heart patients. Losing excess weight can improve your overall health and reduce your risk category, potentially resulting in lower insurance premiums.
• Quit smoking: Smoking is a significant risk factor for heart disease and other health conditions. Quitting smoking can significantly improve your health and may lead to more favourable insurance rates.
• Regular medical check-ups: Visiting your doctor regularly allows for early detection and treatment of any health issues. It also helps maintain updated medical records, which can demonstrate health improvements to insurers.
• Minimize medications: While not recommended to go "cold turkey", working with your doctor to minimize the need for medications through diet and lifestyle changes can be beneficial.
• Lock in coverage: Once approved for life insurance, consider locking in coverage for as long as possible to secure your benefits.

It's important to note that these strategies do not guarantee approval for life insurance, but they can improve your chances and potentially lead to more favourable rates. Additionally, working with an independent insurance agent who specializes in high-risk cases can increase your chances of finding a suitable policy.

Types of life insurance policies available after a heart attack

It is possible to get life insurance after a heart attack, but not all insurance companies offer the same policies and rates. Here are some types of life insurance policies that may be available to you:

Term Life Insurance

Term life insurance is purchased to provide coverage for a specific period, usually 10, 20, or 30 years. It is a cost-effective option, offering reasonable premiums for a large death benefit. However, if you outlive the policy, you may need to renew the coverage or buy a new policy. After a heart attack, you may be offered less coverage for higher rates or even be declined by the insurance company.

Permanent Life Insurance

Permanent life insurance policies, such as whole life insurance, universal life insurance, and indexed universal life insurance, offer lifelong coverage and a cash value growth component. While these policies are more expensive than term life insurance, they provide coverage for life and allow your cash value to grow with each premium payment. The cash value can be withdrawn or borrowed against at low-interest rates.

No-Exam Life Insurance

If you've had a heart attack, you may want to avoid medical exams, which can affect your approval and rates. No-exam life insurance policies are a great alternative, and they dramatically shorten the underwriting process. Some options include final expense insurance, simplified issue life insurance, and guaranteed issue life insurance.

Guaranteed Acceptance Policies

Guaranteed acceptance policies are an excellent option if you are unsure about getting approved for a traditional policy. These policies are available to everyone, and companies cannot turn you down. However, they may offer lower coverage and higher premiums compared to other policies.

Group Life Insurance

Group life insurance, such as employer-provided coverage, can provide a certain amount of coverage regardless of your medical status. It is typically much lower than a policy you would buy yourself, but most plans offer guaranteed coverage, especially if your employer pays the premium.

Joint or Survivorship Life Insurance

Joint or survivorship life insurance covers two people, and the applications and rates are determined using both individuals' health profiles. If your partner is healthy, it can help balance out the costs.

While a heart attack may impact your life insurance options and rates, there are still several policies available to choose from. It is important to shop around, compare prices, and work with a licensed insurance broker to find the best policy for your needs.

Factors that affect life insurance rates after a heart attack

After a heart attack, several factors will influence the policies you can qualify for and the premiums you will pay. Here are some key considerations:

Time since the heart attack

The time that has passed since your heart attack is a significant factor. The longer it has been, the less risky insurers will perceive you to be. Therefore, if your heart attack was several years ago, it may not significantly impact your premiums.

Overall health and lifestyle

Insurers will evaluate your overall health and lifestyle choices when determining your rates. They will consider any other pre-existing conditions, your exercise habits, diet, and whether you smoke. Improving your health markers through a healthy lifestyle and mitigating risk can help reduce the impact of the heart attack on your premiums.

Smoking status

Smoking status is a substantial factor in life insurance underwriting. Smoking is linked to many health conditions, including heart disease, so quitting can significantly improve your health and lower your premiums. Most insurers will classify you as a non-smoker if you have not used any tobacco products for at least a year.

Age

Age is another critical factor, as premiums generally increase with age, regardless of health status. Younger policyholders may secure more competitive rates after a heart attack due to their longer life expectancy.

Severity of the heart attack and treatment

The severity of the heart attack and any ongoing treatment will also influence your rates. Taking blood thinners long-term, for example, may increase your premiums due to the associated risks. However, following your doctor's treatment plan can help reduce the overall risk.

Type of policy

The type of life insurance policy you choose will also affect your rates and coverage. Term life insurance is generally cheaper than permanent life insurance but offers less coverage. Guaranteed acceptance or group term life policies are alternatives if you are unable to qualify for traditional life insurance.

What information will life insurance companies need when you apply?

When applying for life insurance after a heart attack, insurance companies will require you to provide medical records and a detailed health history. Here are some of the questions you may be asked:

• When did the heart attack occur?
• What treatment did you receive for the heart attack?
• What heart medications are you taking, and what are their dosages?
• What heart condition diagnoses do you have?
• What is your most recent blood pressure reading?
• What are your most recent cholesterol and lipid test results?
• Do you have any other underlying health conditions?

If a medical exam is required, the examiner will gather additional information, such as a description of your medications, an electrocardiogram if you're over 50, and blood and urine samples.

In addition, insurance companies will want to know about your overall health and may ask about:

• Any other medications you take
• Chronic conditions you have
• History of cancer, stroke, or addiction
• Current or past history of smoking
• Family history of cancer

Frequently asked questions