Heart Disease: Getting Life Insurance Coverage

Life insurance is important to protect your family members who depend on your income or rely on you for care. If you have been diagnosed with heart disease, you may be concerned about getting approved for life insurance. While it may be more challenging and expensive to get life insurance with heart disease, it is not impossible. This guide will provide an overview of how to get life insurance with heart disease, the factors that influence the cost, and the best policies for people with severe heart disease.

How to get life insurance with heart disease

If you have heart disease, you may find it challenging to obtain life insurance, but it is not impossible. Here are some steps to help you secure life insurance coverage:

Understand the impact of heart disease on life insurance:

Heart disease is considered a high-risk condition by insurers, and it can significantly affect the cost of your life insurance policy. The severity of your condition, your age, and your overall health will play a role in determining your eligibility and premiums.

Compare quotes from different insurers:

Don't settle for the first insurer you find. Shop around and compare quotes from multiple companies. Some insurers specialize in providing coverage for individuals with pre-existing health conditions, including heart disease. By comparing quotes, you can find the most affordable rates and the best coverage for your needs.

Work with an independent insurance agent:

Consider working with an independent agent who can help you navigate the complex world of life insurance. They have experience working with multiple insurance companies and can match you with the best options available based on your specific heart condition and overall health.

Be transparent about your medical history:

When applying for life insurance, be honest and transparent about your heart disease and any other pre-existing conditions. Failing to disclose this information could be considered fraud and may put your loved ones at risk of losing the financial protection you intended for them.

Seek group health insurance through your employer:

If you have the option, consider obtaining group health insurance through your employer. Most large companies offer group health plans at reasonable rates, even if you have a heart condition. This route can provide you with more affordable coverage options.

Improve your health:

Taking steps to improve your health can increase your chances of getting approved for life insurance and may even help you obtain more favorable rates. This includes managing your heart disease through recommended treatments, lifestyle changes, and following your doctor's advice.

Consider guaranteed issue or graded death benefit policies:

If you have severe heart disease, you may want to look into guaranteed issue policies, which provide coverage regardless of your health status. These policies typically have lower death benefits but can help cover funeral costs and other expenses for your loved ones. Graded death benefit policies are also an option, as they phase in the payout over time.

Compare policy types:

There are different types of life insurance policies available, such as term life insurance, permanent life insurance, and no-exam life insurance. Compare the pros and cons of each type to determine which one suits your needs and financial situation best.

Don't give up:

Even if you are initially denied coverage or quoted high rates, don't lose hope. Keep shopping around, work with an independent agent, and consider reapplying as your health condition stabilizes or improves.

Remember, the key to obtaining life insurance with heart disease is to be proactive, do your research, and work with experts who can help you navigate the process and find the coverage you need to protect your loved ones.

What types of life insurance policies are best for people with heart disease

If you have heart disease or heart conditions, you can still get life insurance. However, your rates and policy options will depend on several factors, including your diagnosis, treatments, family health history, current overall health, age, and gender.

Term Life Insurance

Term life insurance is the most popular and affordable type of life insurance. It provides coverage for a set term, usually between 10 and 30 years, and then expires. This type of insurance is ideal for people during their highest-earning years, such as when they are paying off a mortgage or raising children. Many people with heart conditions can qualify for term life coverage, although some with more severe conditions or who were diagnosed before the age of 40 may not. Term life insurance usually requires medical underwriting for approval, which can prevent applicants with severe heart disease from getting approved. However, some companies offer term life insurance without a medical exam, although this option tends to be more expensive.

Permanent Life Insurance

Permanent life insurance policies last your entire life and usually include a cash value account that grows over time. These policies are generally best for people who need lifelong coverage or have a higher net worth. However, because heart problems can make insurance premiums much more expensive, permanent policies can be cost-prohibitive for those with a history of heart issues.

Simplified Issue Life Insurance

Simplified issue life insurance is a type of final expense insurance that doesn't require a medical exam. Instead, it relies on a medical questionnaire. It is designed for people who don't qualify for traditional life insurance policies, although not everyone is eligible. People with congestive heart failure, new diagnoses of heart disease, or who have had heart surgery or a heart transplant may not qualify.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is aimed at covering end-of-life costs such as medical bills or funeral expenses. It is an option for people over 45 who don't qualify for simplified issue life insurance. While it offers small coverage amounts and costly premiums, approval is almost certain regardless of health profile.

Group Life Insurance

Group life insurance is an option for people who can't qualify for traditional life coverage due to heart conditions or other reasons. It is usually offered through employers for free or at a subsidized rate and rarely has medical requirements. However, the coverage amounts are low, and you lose coverage if you leave your job.

No Exam Life Insurance

No exam life insurance is a good option for people who don't want to undergo a medical examination, are in poor health, or need life insurance in a hurry. This type of insurance is usually more expensive than traditional policies that require an exam, and it may not be the best option for those in good health.

How does heart disease affect life insurance rates

If you have heart disease, you can still get life insurance, but your rates will be affected by the specifics of your condition and treatment. The cost of your premium will depend on several factors, including your diagnosis, treatment, family health history, and current overall health, in addition to your age and gender.

Heart Attack

If you've had a heart attack, most insurance companies will want you to be at least six months out from the event before they'll consider your application. Many will decline your application if you had a heart attack before the age of 40, as they'll consider you a higher insurance risk. If you're approved, expect to pay higher-than-average rates.

Coronary Artery Disease (CAD)

If you have CAD, insurers will look at existing and treating blockages, clotting history, and any related diagnoses, like high blood pressure or diabetes. You may be approved, but you'll likely have to pay average or higher-than-average rates, depending on your condition and overall health.

Heart Bypass Surgery

Many insurers will consider applicants who have had heart bypass surgery, but they'll likely want you to be at least three months post-surgery before you apply, and sometimes as long as six or 12 months.

Arrhythmia

If you have bradycardia (slow heart rate), you may qualify for better rates than people with tachycardia (fast heart rate). If you have atrial fibrillation (AFib), you may qualify for average or lower-than-average rates, depending on your overall health profile. If you have AFib and a pacemaker, you can expect to pay higher-than-average rates.

Congenital Heart Defects

People with congenital heart defects can sometimes get life insurance, depending on their diagnosis and condition. For example, those with a bicuspid aortic valve birth defect may be able to qualify for average or higher-than-average rates as long as they don't have other related conditions.

Other Heart Conditions

People with other heart issues, such as congestive heart failure, aortic stenosis, mitral stenosis, or pericarditis, may not be eligible for traditional life insurance or may have to pay higher-than-average rates.

Factors Affecting Rates

In addition to the specifics of your heart condition, other factors that can influence your life insurance rates include smoking status, weight, recent surgery, family history of heart disease, level of physical activity, and the level of heart damage sustained.

How to improve your chances of getting covered with heart disease

If you have heart disease, it can be more challenging to get life insurance, but it's not impossible. Here are some tips to improve your chances of getting covered:

• Compare quotes from multiple companies: Different insurance companies have different underwriting guidelines, and some may be more lenient towards heart conditions than others. By comparing quotes, you can find the companies that offer the best rates for your specific condition.
• Work with an independent insurance agent: An independent agent can help you navigate the complex world of life insurance and match you with the best options available. They have expertise in this area and can save you time and money.
• Seek group health insurance through your employer: If you have heart disease, one of the best ways to get coverage is through your employer's group health insurance plan. Most large companies offer group health plans at reasonable rates, even if you have a pre-existing condition like heart disease.
• Choose the right type of life insurance: There are several types of life insurance policies available, such as term life insurance, no-exam life insurance, and guaranteed issue life insurance. The best type of policy for you will depend on your condition, age, and financial needs. Term life insurance, for example, is often a good option for those with moderate or well-managed heart conditions.
• Improve your overall health: Your rates and policy options will depend not just on your diagnosis but also on your overall health. Improving your health by managing your weight, quitting smoking, and treating any underlying conditions can help lower your risk profile and make you more attractive to insurers.
• Be honest about your medical history: It's crucial to be honest and transparent when applying for life insurance. Lying or omitting information on your application can be considered fraud and may put your coverage at risk. Being upfront about your health history can also increase your chances of getting the best coverage at the lowest price.
• Reapply if you were denied as a child: If you were denied a life insurance policy as a child due to a congenital heart condition, consider reapplying as an adolescent or adult. Insurance companies are more likely to approve applications once the severity of the condition is known with greater certainty.

What to do if you've been denied life insurance coverage because of a pre-existing health condition

If you've been denied life insurance coverage because of a pre-existing health condition, there are several options to consider:

• Work with an independent agent: They can help you find alternative insurance carriers that may be more lenient towards your specific health condition.
• Apply for guaranteed issue insurance: This type of insurance is designed for individuals who cannot qualify for traditional life insurance policies due to health issues. While it comes with higher premiums and lower coverage amounts, it can provide a safety net for your loved ones.
• Explore the Affordable Care Act (ACA): Under the ACA, insurers cannot deny coverage or charge higher premiums based on pre-existing conditions. The ACA's Health Insurance Marketplace offers a range of plans that provide comprehensive benefits, including coverage for hospital care, prescription drugs, and preventive services.
• Consider group life insurance: If you're employed, group life insurance offered by your employer can be a good option. These plans often have reasonable rates and don't require extensive medical information to enrol.
• Reapply as an adult: If you were denied life insurance as a child due to a pre-existing condition, consider reapplying as an adult. Insurance companies may be more willing to offer coverage once your condition's severity is known with greater certainty.
• Review your bureau information: If you're having trouble getting insurance, consider having your bureau information forwarded to your doctor for verification. This can help identify any inaccuracies that may be impacting your insurability.
• Explore other financial protection options: If you're unable to obtain life insurance, consider alternative ways to protect your family financially, such as creating an emergency fund or investing in other types of insurance.

It's important to remember that being denied coverage by one insurance company doesn't mean that all companies will deny your application. Working with an independent agent and comparing policies from different providers can help you find the best coverage options for your specific health condition.

Frequently asked questions