Heart Disease: Is Life Insurance Coverage Possible?

Life insurance is an important financial tool to protect your family and help them achieve their life goals. If you have heart disease, you may be wondering if you can get life insurance and how much it might cost. The good news is that it is possible to obtain life insurance even if you have heart disease or other heart-related issues. However, the cost and availability of coverage may depend on several factors related to your condition.

When applying for life insurance with heart disease, it is crucial to be transparent and provide accurate medical information. The insurance company will consider various factors, including your diagnosis, age, overall health, treatment history, medications, and lifestyle choices. They may also ask about hospital stays, symptoms, and their severity and frequency. Being open and detailed about your condition improves your chances of getting coverage.

The cost of life insurance with heart disease can vary depending on the insurer and the specific type of heart disease. Some companies specialise in approving applicants with heart disease and can offer better rates. It is recommended to shop around and compare quotes from multiple insurance providers to find the most suitable coverage for your needs.

Additionally, certain types of life insurance policies, such as term life insurance, no-exam life insurance, and guaranteed life insurance, may be more accessible options for individuals with heart disease. It is important to explore these options and consult with experts to find the best coverage for your specific circumstances.

Life insurance for heart disease patients can be affordable

If you have been diagnosed with any type of heart disease, you may think that life insurance is out of reach. However, finding affordable life insurance with heart disease is possible. Similar to other forms of insurance, some life insurance companies will offer better rates than others. In fact, some companies specialize in approving applicants with heart disease or circulatory issues.

Yes, you can still get life insurance with heart disease or heart problems. However, it will be more challenging than someone in perfect health. For example, if you recently had a heart attack, coronary artery disease, or bypass surgery, you might be given a standard table rating that increases the cost but does not prevent you from accessing life insurance. Working with an independent agent can help you find companies that are more lenient toward heart conditions.

Term life insurance is a popular option for people with heart conditions. It is a type of policy that lasts for a specified amount of time, typically between 10 and 30 years, coinciding with finite financial needs. It is the most affordable and versatile option, especially for those with moderate or good heart conditions.

No Exam (Simplified Issue) life insurance is another option for those with heart conditions. This type of policy does not require a medical exam, but instead relies on a health questionnaire. The costs are higher, and coverage amounts are lower, but it caters to those who don't qualify for traditional coverage.

Burial (Guaranteed Issue) life insurance, also known as final expense or burial insurance, guarantees coverage regardless of health conditions. However, the death benefit is typically limited to burial costs, and premiums are significantly higher.

Several factors influence life insurance rates for individuals with heart problems:

• Smoking status: Smokers have an increased risk for certain health conditions, and smoking exacerbates circulatory and heart problems.
• Weight: Being overweight puts additional strain on the circulatory system and the heart.
• Recent surgery: Recent surgeries increase the risk of immediate complications.
• Family history of heart disease: A family history indicates a higher genetic risk for heart conditions.
• Level of physical activity: A sedentary lifestyle can increase the risk of genetic conditions manifesting.
• Level of heart damage: The extent of heart damage, as indicated by left ventricular ejection fraction levels, affects eligibility and rates.

Best Life Insurance Companies for People with Heart Conditions

When searching for life insurance with heart disease, it is beneficial to work with an independent agent or company that specializes in matching clients with the best options. Some companies to consider include:

• JRC Insurance Group: Works with 63 top-rated life insurance companies and has expertise in matching clients with suitable options.
• Heart Life Insurance: Provides instant quotes from over 50 "A-rated" life insurance companies and offers fast approval times and living benefits.

While life insurance for heart disease patients may seem unobtainable or expensive, there are affordable options available. By working with independent agents and companies that specialize in this area, individuals with heart conditions can find suitable coverage at competitive rates.

It is possible to get life insurance after a heart attack

If you are applying for a term life policy, you may undergo more scrutiny from the insurance company and could be offered less coverage for higher rates, or even be declined coverage. The older you were when you had the heart attack, the better your chances of getting insured. If you are in your 50s or 60s, age is in your favour. However, if you had a heart attack in your 30s or 40s, insurance companies will be wary of insuring you as cardiovascular issues at such an early age are usually a sign of more serious ailments in the future.

The severity of the heart attack is also important. The more severe the heart attack, the more difficult it may be to get insurance. Blockage of one or two vessels makes you more insurable than someone who has suffered a severe heart attack that damaged three or four vessels.

If you have had a heart attack and have other health issues, it will be more difficult and expensive to secure coverage. Life insurance companies are evaluating your overall health, so the fewer health issues you have, the better.

If you are declined for life insurance because of your heart issues, you can still get a guaranteed issue or "final expense" policy. These types of policies do not require a medical exam or health questionnaire and can provide up to $25,000 worth of coverage.

You can get term life insurance with heart disease

If you have heart disease or heart problems, you can still get term life insurance. However, it will be more difficult than if you were in perfect health. The cost of your premium will depend on several factors, including your diagnosis, treatments, family health history, and current overall health, as well as your age and gender.

How to get term life insurance with heart disease

The best way to get term life insurance with heart disease is to compare quotes from different companies. Some companies are more lenient than others when it comes to heart disease, and some even specialize in approving applicants with heart disease or circulatory issues. Working with an independent agent can help you find which companies are more lenient toward heart conditions.

Several factors affect life insurance rates for people with heart problems:

• Whether or not you smoke
• Your weight
• Whether you've had surgery recently
• Your family history of heart disease or circulatory issues
• Your genetics and lifestyle
• The level of heart damage you have sustained

Sample term life insurance rates for people with heart disease

• $327.24 per month with coronary artery disease
• $144.30 per month with atrial fibrillation (treated with a blood thinner)
• $81.30 per month with atrial fibrillation (single episode, not taking a blood thinner)
• $103.40 per month with coronary angiography

Best life insurance companies for people with heart disease

Some of the best life insurance companies for people with heart disease include:

• Corebridge Financial
• Lincoln Financial
• Prudential
• Protective
• TransAmerica
• Universal Life Insurance
• Variable Life Insurance
• Whole Life Insurance
• Indexed Universal Life Insurance

Other types of life insurance for people with heart disease

In addition to term life insurance, there are other types of life insurance available to people with heart disease:

• No exam (simplified issue) life insurance: This type of policy doesn't require a medical exam, but the costs are higher and the coverage amounts are lower.
• Burial (guaranteed issue) life insurance: This type of policy is guaranteed and can cover burial costs or final expenses, but the premiums are significantly higher.
• Permanent life insurance: This type of policy lasts until the maximum policy age and may include a cash value component, but it is very expensive.

Critical illness insurance can provide additional financial protection

Critical Illness Insurance: Additional Financial Protection

Critical illness insurance is a policy that provides a direct lump-sum benefit to help cover expenses that may not be covered by other insurance plans. It is a supplementary form of insurance that can be purchased on its own or through an employer, or added to an existing life insurance plan as a rider.

Critical illness insurance provides additional coverage for medical emergencies such as heart attacks, strokes, renal failure, cancer, paralysis, and other illnesses or injuries listed in the policy. The benefit payout can be used at the policyholder's discretion to cover medical expenses, household bills, travel expenses, and more.

Why You May Need Critical Illness Insurance

Critical illness insurance can be beneficial if you:

• Have a family history of specific critical illnesses.
• Are getting older and want extra protection against major illnesses due to aging.
• Are the primary breadwinner, and your family depends heavily on your income.
• Lack sufficient savings to cover ongoing expenses in the event of a critical illness.
• Do not have an employee benefits package that covers an extended period of time off work due to sickness.

How Critical Illness Insurance Works

Like health insurance, critical illness insurance requires the payment of a monthly premium. In the event of a critical illness diagnosis, the insurance provider pays out a lump sum or monthly payments, depending on the plan. The payout amount depends on factors such as the coverage level, type of illness, number of illnesses covered, and the insured's health and health-risk factors.

Considerations When Choosing Critical Illness Insurance

When considering critical illness insurance, it is important to:

• Review the specific illnesses covered and the circumstances under which a payout will be made. Some policies may have narrow restrictions, and certain types of cancer or chronic illnesses may be excluded.
• Be aware of potential age-related limitations. Some policies may have payout limits or reduced coverage for older individuals.
• Compare costs and coverage across different insurers, as premiums and benefits can vary significantly.
• Consider adding a 'waiver of premium' to your policy, which covers your monthly premiums if you are unable to work due to illness or injury.

You can get life insurance with congenital heart disease

If you have congenital heart disease, you may be concerned about your options for life insurance. While it is true that your heart condition will affect your insurance prospects, it is still possible to get life insurance. Congenital heart disease refers to a heart defect present since birth, and it affects nearly 1 in 100 babies born in the UK. Here are some things to keep in mind as you navigate life insurance with congenital heart disease.

Seek Adequate Health Care Coverage

Most congenital heart conditions require lifelong monitoring and treatment by a cardiologist. Therefore, it is crucial to obtain and maintain health care coverage that allows you to access physicians with specialised knowledge in treating adults with congenital heart disease. As you reach adulthood, you will likely need to transition from your parents' insurance policy to your own. Look for plans that don't have pre-existing condition clauses that may exclude coverage for your heart disease.

Employer's Group Health Insurance

One of the best ways to obtain coverage is through your employer's group health insurance plan. Large companies often offer group health plans at reasonable rates, even if you have a heart condition. If your heart condition is complex, ensure that your plan gives you access to a cardiologist experienced in treating congenital heart disease in adults.

Affordable Care Act's Health Insurance Marketplace

If you don't have insurance through your employer, consider purchasing a plan through the Affordable Care Act's Health Insurance Marketplace. The ACA has made it easier for individuals without insurance or those looking to switch plans to find quality, affordable insurance. All plans sold through Healthcare.gov are offered by private insurance companies and must meet certain requirements, including covering hospital care, doctor visits, prescription drugs, and preventive care. Insurers are not allowed to discriminate based on health status, health history, or gender.

Life Insurance Options

Young adults with congenital heart conditions can usually purchase life insurance, but the cost may be higher. Term life insurance, especially when purchased through a group such as an employer, is often more affordable and requires less medical information to enrol. Insurance companies vary significantly in how they consider congenital heart disease, so be sure to compare information from different companies before making a decision.

Even if you were denied a life insurance policy as a child, consider reapplying as an adolescent or adult. Many insurance companies will consider applications from older individuals once the severity of their heart condition is known with greater certainty. An independent insurance agent may be able to help you compare policies from different companies.

While it may be more challenging to navigate life insurance with congenital heart disease, understanding your options and knowing where to look can make the process much more manageable.

Frequently asked questions