Term life insurance for heart attack victims! If you don’t have coverage is it too late?
Heart disease is very common in Canada, especially for the male population. If you’ve had a heart-related event, I am sure you’re justifiably concerned if you’re looking for life insurance coverage.
The good news is, you can still get traditional term life insurance! Yep!
….but there are some restrictions.
I really want people looking for life insurance to understand, their situation is typically better than they imagine. Most of us do NOT have a background in underwriting, so jumping to conclusions is a trend I have to fight when speaking to potential clients.
Life insurance is a business! Of course, insurers penalize and even reject those they deem high-risk candidates but this is NOT as common as you might think.
So I’m going to share some information with you about the process that might put your mind at rest!
Term Life Insurance for Heart Attack Victims! Why It's Important to Me...
As you know I am a life insurance agent, but I’m also a husband and a father. This weekend something happened to my wife, Kym, that was pretty scary. On Friday night we were hanging out together and she had some chest pain.
It’s not something she had experienced before so we called up telehealth Ontario and they called the paramedics. I guess they don’t mess around with chest pain. After a couple EKGs, blood pressure checks and some bloodwork she got the all clear. It looks like it was something muscular after her workout the night before.
That being said, it was still scary. Thankfully we have life insurance in place but what if we didn’t?
Stuff happens and people do have heart attacks when they are young. You never think something like this will happen to you until it does. That’s why it’s so important to apply for coverage when you are young and healthy. BEFORE something like this is an issue.
….but what if you failed to plan? Now what?
Life Insurance for People Who Have Had Heart Attacks
Well, I am happy to say that a heart attack doesn’t mean you are banished to the island of the uninsurable. In fact, you may still qualify for traditional life insurance!
The thing is you have to show that your health has stabilized. Underwriters are looking to mitigate their risk, so if you had heart surgery or a stent inserted, you’ll have to wait at least 1 year before most life insurance companies will even consider you.
Here is a list of things they will assess:
- Current Age
- Date of Heart Event
- Date of Diagnosis
- Medications/ Treatment Regimen
- Blood Pressure reading
- Cholesterol Reading
- Whether you’re taking your meds and attending follow-ups
- Any hospitalization or ER visits related to the condition
- Any restrictions of activities recommended by the doctor
- overall health, family history, lifestyle and whether you are a smoker. Ideally, they are looking for someone who has turned their situation around.
Let’s say you’ve managed to do that and you’re healthier than ever. Well, my friend, you may be able to get traditional term coverage! Please remember, even if a life insurance company decides to cover you – there is a good chance you’ll get rated. Hey don’t get me wrong some people with heart disease qualify for a standard rating but more times than not they will be rated. This means they will charge you more. This is where the services of a GREAT independent agent like those at Policy Architects comes in.
Life Insurance With Heart Failure
While term life insurance for heart attack victims IS possible it’s not simple. Depending on your circumstance you may even be declined. This isn’t a great scenario as other life insurance companies will likely follow suit. So this is something we want to avoid if at all possible.
This is why you should meet with Policy Architects. We can conduct a confidential inquiry to see what life insurance companies are most likely to accept your application. This can save you time, money and hassle.
Remember not all life insurance companies are created equal. Some are more lenient than others when it comes to their underwriting guidelines and we have insider information. It’s our job to familiarize ourselves with these every changing policies.
Sample Confidential Inquiry
I recently had a client come to me with heart disease. Simon (not his real name) was 53 years old and had experienced a heart attack 5 years ago. At that time, 2 stents were installed and he was stabilized with a number of medications, including Amlodipine, Ramipril, and Asperin. In addition to this, he was taking cholesterol meds as well.
The good news is there was no structural damage to his heart and he had developed a very active lifestyle including regular running and cycling. Although his health had improved greatly, the underwriters remained unmoved. The preliminary underwriting request revealed Simon would either get rated 200% or be declined altogether.
Ok, so this was NOT a best case scenario. So what did we do?
We Opted for A Simplified-Issue No Medical Exam Plan
Simon was pleased to find out that he could get 20-year term coverage for $250K for $163.58 per month through Canada Protection Plan (CPP), one of the best known non-medical life insurance carriers in the country. If he’d gone the traditional route with Empire Life Insurance, for example, at a 200% rating he would have paid $217.80 per month.
The CPP insurance was only a 147% rating as opposed to the 200% rating or risk of decline. While it wasn’t the perfect solution my client got covered and didn’t have to break the bank.
Simplified and Guaranteed issue life insurance doesn’t require a medical exam and coverage is immediate which is a great perk. For more information, check out my post on life insurance without a medical exam.
Looking For Term Life Insurance for Heart Attack Victims? We Can Help!
Obtaining life insurance after a stent or a heart attack is absolutely possible!
In fact, this is a situation where you really need the services of an independent agency that cares about their clients.
Sure you can speak to someone at a call centre…
…but the reality is you want to get someone to make some confidential inquiries for you to see how insurers will view your PERSONAL situation.
At Policy Architects, in high-risk situations, it's our standard practice to:
- Submit an ANONYMOUS underwriting request with detailed information regarding your health and medical history, to various life insurance companies BEFORE choosing the most favourable one.
- Include a detailed letter with the application itself in order to paint your condition in the best possible light.
- Occasionally submit more than one application at the same time. We'll identify the other insurance companies that have simultaneously been applied to and include the wording, "client will take best offer".
If we're unable to get a desirable outcome with traditional underwriting, we know we can go to Plan B: Simplified-Issue, no exam life insurance.
This process can save you thousands of dollars, for example, saving only $21 per month on your 20-year term insurance will save you $5000 over the life of your policy!
Call us today! We can help.