Heart Disease: Life Insurance Impact And Considerations

Heart disease is the leading cause of death in the US, with over 695,000 people dying from it every year. For those with heart disease, life insurance can seem unobtainable. However, there are options available, and some companies even specialise in providing affordable life insurance coverage to people with heart issues. The best type of life insurance for those with heart disease will depend on their condition, health, age, and insurance needs.

When applying for life insurance, insurance underwriters will request additional information about the applicant's heart condition, such as symptoms, age of diagnosis, family history, and current medications. This information helps them determine acceptance and rates. Most insurance companies use similar classifications to rank applicants based on health and other factors, with the primary categories being Preferred, Standard, and Table Rated/Sub-Standard. Those with heart disease will likely fall into the Sub-Standard category, resulting in higher premiums.

To boost the odds of getting approved, individuals should provide thorough documentation of their medical history and work with an experienced independent insurance agent who can help identify insurers that are more lenient. Lifestyle modifications, such as a healthy diet, regular exercise, and quitting smoking, can also positively impact insurance underwriting decisions.

While it may be challenging, obtaining life insurance with heart disease is possible, and there are strategies to improve the chances of approval.

How does heart disease affect life insurance rates?

Heart disease is the leading cause of death in the US, with over 695,000 people dying from it every year. For people with heart disease, finding affordable life insurance may seem difficult, but it is not impossible. Some highly-rated companies even specialize in providing affordable life insurance coverage to people with heart issues.

Factors Affecting Life Insurance Rates

There are a variety of factors that life insurance providers will consider before offering full coverage to an applicant with heart issues. Depending on your specific condition, most companies will base your rates and eligibility for coverage on the following major factors:

• When you were diagnosed
• How often you follow up with your doctor
• Any medications you are taking
• Your current age

If your condition is considered to be well-managed, you may qualify for "Standard" rates from companies like TransAmerica, Lincoln Financial, AIG, and Prudential, which are known for offering favourable underwriting to people with pre-existing health issues.

If your condition is not properly managed, or you have other compounding health problems, you may qualify for a substandard rating. These additional risk classes are usually assigned to applicants in poor health compared to other people in their age group. For each additional table rating, you can expect to pay about 25% more for your life insurance premiums.

The older you are, the higher your rates will be, and the fewer options you'll have to choose from. Working with an independent agency will increase the choices available to you and ensure that you get the right policy for your situation.

Types of Life Insurance Policies

There are several types of life insurance policies available to people with heart conditions, including:

• Term life insurance: This type of policy lasts for a specified amount of time, typically between 10 and 30 years. It is best for those with moderate or good heart conditions and finite financial needs.
• No exam (simplified issue): This type of policy does not require a medical exam and is designed for those who don't necessarily have other options. The costs are higher, and the coverage amounts are lower.
• Burial (guaranteed issue): Guaranteed issue life insurance is perfect for people who have been denied traditional coverage due to health concerns or old age. It offers instant coverage and has no health-related questions, but the premiums are significantly higher.
• Permanent life insurance: This type of policy is permanent and remains in effect until the policyholder passes away or reaches the maximum policy age. It is better suited for estate planning or cash value creation and typically comes with the most features, but it is very expensive.

Sample Life Insurance Rates

The tables below show sample rates (monthly) for specific life insurance policies for people with certain heart conditions. All rates are for a 50-year-old male who is otherwise in good health.

| Type of Policy | Monthly Rate |

|---|---|

| Term Life Insurance with Arrhythmia | $125.50* |

| Term Life Insurance with a Heart Bypass | $276.50* |

| Term Life Insurance with Atrial Fibrillation (Treated with a Blood Thinner) | $200.00* |

| Term Life Insurance with Atrial Fibrillation (Single Episode, Not Taking a Blood Thinner) | $125.50* |

| Term Life Insurance with Coronary Angiography | $125.50* |

| Term Life Insurance with Coronary Artery Disease | $327.24* |

| Burial Life Insurance after a Heart Attack | $100.00* |

Tips for Getting Life Insurance with Heart Disease

• Ensure thorough documentation of your medical history, including details of your heart condition, treatments, and medications.
• Work closely with an experienced independent insurance agent or broker who specializes in high-risk cases like heart disease.
• Make lifestyle modifications such as maintaining a healthy diet, exercising regularly, and quitting smoking.
• Consider alternative options such as guaranteed issue life insurance if traditional policies are not feasible, but be mindful of their limitations and higher premiums.

What types of life insurance policies are available to people with heart disease?

If you have heart disease, you can still get life insurance, but it may be more difficult than for someone in perfect health. The type of heart disease and your overall health will determine your options. Here are some of the life insurance policies available to people with heart disease:

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. Many people with heart conditions will qualify for term life coverage, though some with more severe conditions or who were diagnosed before age 40 may not. Term life insurance is often a good option for those with moderate or well-managed heart conditions.

Simplified Issue Life Insurance

Simplified issue life insurance is a type of final expense insurance that does not require a medical exam. Instead, it relies on a one-page health questionnaire. This type of insurance has higher premiums and lower coverage amounts. It is designed for those who don't qualify for traditional life insurance policies. People with severe heart conditions, such as congestive heart failure or recent heart surgery, may not qualify for simplified issue life insurance.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance, also known as burial or final expense insurance, is a type of life insurance that is guaranteed. It typically has small coverage amounts and high premiums. This type of insurance is perfect for those who have been denied traditional coverage due to health issues or old age.

Permanent Life Insurance

Permanent life insurance policies are permanent plans that remain in effect until the insured passes away or reaches a maximum policy age. They are typically recommended for people with high net worth and permanent financial needs. Due to the high cost, permanent life insurance may not be a feasible option for those with heart disease.

Group Life Insurance

Group life insurance is often offered through employers and can be a good option for those who cannot qualify for traditional life coverage due to heart conditions. Group policies usually have low coverage amounts and are lost if the insured leaves their job.

What are the underwriting expectations when applying for life insurance with heart disease?

When applying for life insurance with heart disease, underwriting expectations will vary depending on the insurance company and your specific circumstances. However, here are some general expectations to keep in mind:

• Waiting Period: Most insurers will require a waiting period of at least one year after diagnosis or treatment before considering your application. This allows them to assess the progression of your condition and determine the level of risk.
• Medical History: Underwriters will request detailed information about your heart condition, including symptoms, date of diagnosis, family history, and any medications you are taking. Be prepared to provide comprehensive documentation and be transparent to avoid issues with your application.
• Health Assessment: The underwriters will evaluate your overall health, including your age, lifestyle, and any other medical conditions. They may also consider your commitment to a healthy diet, exercise, and whether you smoke.
• Underwriting Class: Based on the information provided, underwriters will determine your underwriting class, which impacts your premium rate. You may be classified as "Preferred," "Standard," or "Table Rated/Sub-standard," depending on the severity of your condition and overall health.
• Rate Determination: If your application is approved, the underwriters will set your premium rate. The rate will be higher if you are considered high-risk due to your heart condition and other factors.
• Guaranteed Issue Policies: If you don't qualify for traditional life insurance, some companies offer guaranteed issue whole life insurance policies, which provide coverage regardless of your health status. However, these policies often come with higher premiums and lower coverage amounts.

It's important to note that each insurance company has its own underwriting criteria, and working with an independent insurance agent who specializes in high-risk cases can help you navigate the process and find the most suitable options.

How can you boost your chances of getting approved for life insurance with heart disease?

If you have heart disease, it can be more challenging to obtain life insurance, but it is not impossible. Here are some ways to boost your chances of getting approved:

• Work with an independent agent: An independent agent can help match you with insurance companies that specialize in approving applicants with heart disease or circulatory issues. They can recommend suitable companies and assist in presenting a strong application.
• Compare quotes from different companies: Life insurance rates and policies vary across providers. Comparing quotes will help you find the most affordable option for your specific condition and circumstances.
• Seek term life insurance: Term life insurance is the most affordable and versatile type of life insurance for those with heart conditions. It provides coverage for a specified period, typically coinciding with finite financial needs.
• Consider guaranteed issue policies: If you are unable to obtain traditional coverage, guaranteed issue policies do not require health questions or exams, although they come with higher costs and lower benefits.
• Disclose your complete medical history: Failing to disclose your heart condition or providing inaccurate information on your application may result in your application being declined or your policy being canceled. Being honest upfront increases your chances of getting approved.
• Maintain a healthy lifestyle: Non-smokers and those who maintain a healthy weight are viewed more positively by insurance companies. Improving your lifestyle habits can enhance your chances of approval.
• Seek coverage through your employer: If you have congenital heart disease, consider obtaining life insurance through your employer's group health insurance plan. Most large companies offer reasonable rates, even with a heart condition.
• Reapply as an adult: If you were denied a life insurance policy as a child due to a congenital heart condition, reapply as an adolescent or adult. Insurance companies are more likely to consider applications once the severity of the condition is known with greater certainty.
• Choose the right time to apply: If you've had a heart attack, most insurance companies will want you to wait at least six months before applying. For heart bypass surgery, the waiting period is typically three to twelve months.

What to do if your life insurance application is declined due to heart disease?

It can be frustrating when your life insurance application is declined, but it's important to remember that you still have options. Here are some steps you can take to get the coverage you need:

Understand the reason for the decline

Gather as much information as possible about why your application was declined. Reach out to the insurer or your advisor to request details. You are entitled to this information, and it will help you understand the specific reasons behind the decision.

Reassess your medical information

Double-check that all the medical information you provided to the insurance company was up to date and correct. If you find any errors or outdated information, you can request the company to reassess your application with the correct medical data. Make sure they have your most recent lab results, doctor's notes, and any other relevant details.

Explore alternative insurance products

If you are deemed high-risk by standard insurance companies, you may want to consider alternative insurance products. Simplified life insurance, guaranteed life insurance, and group life insurance are options worth exploring. Simplified life insurance involves answering a short application without the need for a medical exam. Guaranteed life insurance offers lower death benefit payouts at a higher price point, and there are usually no medical exams or health questions required. Group life insurance is often available through your employer and doesn't typically require a medical exam, making it a good option for people with medical issues.

Work with an independent insurance agent or broker

An independent insurance agent or broker can help you navigate your options and create a plan to increase your chances of approval. They can suggest making healthy lifestyle changes, applying with a different insurer, or exploring alternative insurance products. Their expertise and access to multiple brands and products can be invaluable in finding the right coverage for your specific situation.

Improve your health and lifestyle

In some cases, insurance companies may postpone your application and request that you make certain improvements to your health or lifestyle. They might ask for concrete examples of change, such as an improved credit score or stabilized medical prescriptions. During this time, focus on making the necessary changes to increase your chances of approval in the future.

Try another insurance provider

Different insurance companies have different underwriting guidelines and levels of flexibility. Just because one company declined your application doesn't mean that others will. Shop around and compare rates and requirements from multiple providers to find one that better suits your needs.

Frequently asked questions