Getting life insurance even with heart disease is possible, but qualifying for it can be challenging. That’s because having the condition increases your risk of developing conditions like cardiovascular disease or stroke. Many insurers refuse to accept applications with these conditions since they’re regarded as severe medical conditions.
Although some may offer the policy, applicants must wait for a year after diagnosis or treatment. Doing this gives life insurance companies a better idea of your overall health condition. Here’s everything you need to know about life insurance with heart disease to increase your chances of getting approved for a plan.
What is Heart Disease?
Heart disease consists of a group of conditions affecting the heart, and here are the most common ones:
- Coronary Artery Disease
Coronary artery disease happens when one of your heart’s arteries narrow down or get blocked due to atherosclerosis. When your arteries get blocked, your heart won’t provide enough oxygen to your body. You can develop several conditions when this happens, ranging from chest pain (angina) to cardiac arrest.
- Atherosclerosis
This medical condition refers to the build of plaque on the artery walls. Atherosclerosis affects most people early in life. It’s mostly related to lifestyle, mainly diet.
- Angina
Angina refers to severe chest pain and is caused when blood flow to your heart drops significantly. That means there’s not enough oxygen for your heart muscle to work as it needs to.
- Heart Attack
A Heart attack happens when the blood flow gets blocked through one or more coronary arteries, preventing oxygen from reaching the heart, leading to permanent damage.
What is Considered Heart Disease for Life Insurance?
Although heart disease or failure is considered a preexisting medical condition, which life insurance companies usually accept, most insurers don’t approve life insurance with heart disease. But there are some exceptions. The types of heart conditions and circulatory diseases that most life insurance coverage include are the following:
- Aortic Aneurysm
- Arrhythmia
- Bypass Surgery
- Congestive Heart Failure
- Heart Attack
- High Blood Pressure
- Mitral Valve Prolapse
You need to remember that you’ll need to qualify for the lowest rate possible when trying to get life insurance while having a heart condition. After all, insurance companies usually don’t need to wait for a heart disease diagnosis to deny a person the best rates.
Additionally, indicators such as obesity, high blood pressure, and high cholesterol could signal warning signs. Coupled with a family history of the condition, insurers can deny you super preferred rates. The more risk indicators you have, the more expensive your premiums will be, regardless of your current health.
When applying for life insurance with heart disease, you must share your medical history. Besides this, you need to undergo a medical exam, including blood tests, blood pressure reading, and urinalysis. Depending on your records, history, age, and amount of coverage requested, a life insurance company may ask you to get an electrocardiogram (ECG) test to evaluate your heart health.
But keep in mind that life insurance companies have different policies and procedures. So, expect requirements, considerations, and rates to vary from one another.
How Does Heart Disease Impact Life Insurance?
Having heart disease can reduce your chances of qualifying for life insurance, but it is still possible. But it would be best if you were honest about your current health status and records to your life insurance agent. Lying on your term life insurance application will likely leave you with a higher premium or get declined altogether.
Meanwhile, if you’ve been granted life insurance, pass away, and the life insurance company finds out you lied on your application, this could lower the benefit your loved ones receive, or they may refuse the claim altogether. Although you might not avoid the fact, you have a heart condition or risk factors, keep issues under control for the best results. For instance, if you have blood pressure higher than the standard reading of 120/80, consider getting your condition under control before applying for life insurance.
Besides keeping your condition in check, it’s best to compare different insurers by getting free life insurance quotes and looking at their policies. So, even if you pay more, you know you’re getting the most out of it.
What to Expect When Applying For Life Insurance With Heart Disease
Underwriting is when underwriters look at your personal information and interview you to determine which classification you belong to, the best life insurance coverage for you, or see if you qualify for life insurance. When reviewing applications for life insurance with heart disease, an underwriter will usually request additional details regarding your heart condition.
Here are some common questions to expect:
- What symptoms or health problems have led to your current diagnosis?
- What type of heart disease do you have?
- When did you get diagnosed with heart disease or congestive heart failure?
- Does your family history have heart disease?
- Have you been diagnosed with congenital heart disease?
- Has an immediate family member died due to heart disease?
- Do you have any medications you’re taking?
- If you’re taking medications, what’s the dosage for each one?
- Have you undergone surgery for heart conditions?
- At what age did you start having symptoms of heart disease?
You must provide accurate information during the application process to help them conclude a more precise decision regarding your acceptance, insurance rates, and health class.
How Do Life Insurance Rates Change with Heart Disease?
Getting life insurance with heart disease is possible, but rates vary with how severe your case is or how many risk factors you have. The process will cost you, and if you have a history of heart disease, your options for a life insurance policy will be limited. But there are many ways to get ahead of things and keep your life insurance rates lower.
Firstly, if you have a family history of congenital heart failure, heart disease, or overall heart problems, get life insurance when you’re still young and healthy. No matter the type of insurance, purchasing life insurance young makes it easier to qualify for affordable life insurance coverage. Plus, since you won’t likely have precursors like high cholesterol while you’re young and healthy, you can be eligible for the best rates. The best part is, most life insurance companies offer free life insurance quotes, allowing you to compare them at no expense.
However, if you’re already in your middle ages or have heart problems to contend with, you need to make some lifestyle changes and get healthier before you buy a life insurance policy. If this is the case, you may need to buy term life insurance that may be more expensive. But over time, if you keep on top of your heart and overall health, you can ask for lower life insurance rates. You can request an independent agent for assistance when the time comes.
Additionally, though insurance companies reassess health risks, it’s best to have a well-documented medical history. These include your doctor visits, medications, and any preventive measures you’re doing.
If you can’t qualify for a term life insurance policy, some life insurance companies offer a guaranteed issue or no medical exam term life insurance plan. This type of policy is often provided without giving the life insurance company the specifics of your heart problems. Although it isn’t the best choice, guaranteed-issue life insurance could be an option for certain heart conditions.
How to Get the Best Life Insurance Rates?
Since there are different ranges of severity in heart diseases, the best life insurance policy will depend on your heart condition. If you’ve avoided getting life insurance due to the costs, you’d be surprised by how affordable life insurance can be, especially if you explore term life insurance options. The best part is, you can look through different offers from various companies by requesting free quotes.
You get to go through the same process when applying for whole life insurance, but term life insurance has premiums that can be more affordable. That’s because it’s a specific policy and doesn’t have the additional benefits that run up premium life insurance rates. But to get the best rates, you need to go through different health assessments.
Generally, if you have high-risk factors, expect these rates to increase. For example, heart disease quotes and cardiovascular disease quotes will be more expensive. Talk with a life insurance agent to know more about your options to see if a term life policy can help you and your family. But you can also get term life insurance quotes online for free.
Life Insurance Policies You Can Qualify For With a Heart Disease
Although life insurance companies have different underwriting criteria, most use health class ratings similar to where policyholders fall based on their health condition and other risk factors. The standard life insurance underwriting categories include the following:
- Preferred
Applicants showing excellent health may be ranked as a preferred or preferred plus. This policy has lower premium rates than standard-rated applicants since the person is deemed to be healthy. So, it’s unlikely insured individuals with heart disease will qualify for this underwriting class.
- Standard
Applicants in this health class rating have average health. People diagnosed with congestive heart failure or other heart diseases at age 60 or beyond but is in good health may be classified in this underwriting category. This is usually the cause if they didn’t apply for life insurance coverage one year after being diagnosed.
- Table Rated or Sub-standard Table
Your health class rating will be contingent upon the severity of your heart problems. However, besides the age at which you’ve been diagnosed and your health, you’ll likely fall in table-rated or sub-standard table underwriting class. You must pay high premiums with this type of insurance since you’re high-risk to a life insurance company.
It’s best to hire an independent agent to help you see which policy would benefit you the most and solve any financial issues you may develop due to heart disease.
Can a Heart Attack Survivor Get Life Insurance?
You can get life insurance after experiencing a heart attack, and most life insurance coverage does include the condition. You can qualify for different life insurance policies, including term, whole, and guaranteed issue life insurance. Whole life insurance is a good choice after a heart attack, but guaranteed life is better as it provides immediate financial coverage, but it’s more expensive.
Although getting life insurance coverage after a heart attack can protect your financial situation, preventive care is ideal. If you have indicators for heart conditions, address them early on with exercise and diet. That’s because waiting till a heart attack can cost you more.
But, it’s reasonable that life insurance coverage premiums rise in cost after a heart attack since it can be life-threatening. But before you buy life insurance, make sure to shop around across different insurance companies to make the process easier. You can get free quotes from most of them, making it easier to compare each one.
What Can I Do When I Get Declined?
If your life insurance application gets declined, agents will usually offer a guaranteed issue policy. Although it’s more expensive than regular life insurance, it’s better than not having a plan at all. It’s often issued without regard to any heart conditions or health issues. These usually have no health questions on the application and require no exams.
There are some caveats you’ll need to consider before applying for the guaranteed policy, including:
- Lower Death Benefit – An insurance company that offers guaranteed issue policies cap the death benefit at $25,000. The amount depends on the age of the applicant.
- Full Death Benefit Waiting Period – A life insurance company requires a waiting period of at least 2 to 3 years before they’ll pay the full death benefit if an insured dies from a natural cause.
- Expensive Rates – Since insurance companies agreed to accept the unknown health risk of the insured, they’ll likely charge more premiums for the insurance coverage.
The Bottom Line
Getting life insurance with heart disease is possible, but it can be a challenging process, so don’t wait for it to worsen. That’s because most heart conditions become more severe and challenging to handle over time. Even if you only have a family history of heart disease and not the said medical condition, you can choose your preferred rates if you apply for coverage while you’re healthy.
Instead of going nowhere by merely wondering how to get a policy with heart disease risk factors, act early and shop for life coverage now. Many life insurance companies offer free life insurance quotes, so compare and see which would benefit you the most. It’s best to work with an independent agent to help increase your odds of getting approved for life insurance coverage. This way, you can be confident that you’ll be sifting through the requirements for the application process.
