Qualifying for life insurance coverage with cardiovascular disease may be difficult, but it is certainly possible. In the US, the #1 cause of death is cardiovascular disease and many individuals who have been diagnosed think life insurance coverage is out of the question.
If you have heart disease, life insurance ought to be a top priority for you if anyone depends on your wages. The higher the probability that something bad will happen to you, the more you should have the coverage.
How hard will it be to get coverage?
If you smoke or have other health issues like diabetes or you are overweight, it will be extremely difficult for you to get coverage. This is the reason it is so vital that you make lifestyle changes that will demonstrate you are taking care of the situation and that your health issues have stabilized.
All insurance companies approach medical underwriting differently yet all underwrite heart disease cases very closely and try to find patterns. Life Insurance underwriters will assume you’re not worth the trouble if you cannot illustrate that your general health is on the right path and you also have adequately addressed their concerns about your medical condition(s).
Many people who have been diagnosed with cardiovascular disease followed their doctor’s orders and made the lifestyle changes that made a standard rating possible. Getting coverage with heart disease requires a large amount of work as the application is scrutinized and is going to have to be shopped to several (dozens) of insurance companies. Working with an independent, experienced agent that is knowledgeable about high-risk life insurance companies with be essential. It will be more necessary than ever to compare an applicant who has heart disease among more than a few life insurance companies because the outcome will be different from one company to the next.
Having your most up-to-date blood work results in your possession will assist in expediting the underwriting process. For a small fee, your nearby pharmacy will usually do this quickly and without a doctor’s referral. It also will be helpful to get your most up-to-date results from any test carried out by your cardiologist together with a letter explaining your current status. Having these items ready will not only help to speed up the process, but also will give an underwriter a better sense of transparency.
What to Expect From an Underwriter:
Your medical records will definitely be reviewed extra cautiously if you have a heart condition. Because the chance of you having a heart attack or other life threatening event is greater than someone without cardiovascular disease, life insurance providers will look at you as being a higher risk. Which simply means, if anyone needs life insurance, it’s you.
Should you have loved ones who depend on your income, you owe to them to take a look at the life insurance options available to you, regardless of your heart condition. By and large, insurance companies tend to be concerned about whether or not your condition has actually been stabilized. Low-priced term insurance very often is a possibility if you can at the very least show your cardiovascular disease has stabilized.
One of the most important benefits of life insurance is that you can always commit to lifestyle alterations and buy cheaper insurance once your health improves and exchange the older pricier insurance with a newer policy that has a better rating due to a health improvement. That’s the reason it is really important to get as healthy as you possibly can right now.
Life Insurance companies are going to carefully consider your health record for the past several years and longer in some cases. Insurance providers are going to completely review your medical history and may requests even more test/items if needed to get comfortable with your case. Always be entirely transparent with any concerns, testing, or specialist’s documentation the life insurance provider requires. Because of the online environment we live in, there are no secrets. The truth will eventually come out and it is a lot better to be up front vs. back peddling afterward when an underwriter uncovers information that has been left off an application. This will likely cause them to be uneasy and wonder what else there is that they have not yet uncovered.
Life insurance companies will also contest or make an attempt to not pay the claim on a policy if misrepresentations on an application are uncovered, regardless if the policy is greater than two years old. Just disclose everything up front and stay away from the nightmare of your family fighting with an insurance company over a claim.
How much will it cost?
Preferred rates for anyone with a heart condition are not totally out of question, however it’s more probable they’re going to be standard or table rated. Your agent must send your application to no less than 20 life insurance providers to ensure that you will get the best rating available. The one thing directly under your control is whether or not you decide to begin living healthy. If you’re not as healthy as you want to be or should be now, doesn’t mean you should wait to acquire insurance. There are numerous options available for you to get insurance and be sure your family is protected now as any changes in health typically are not considered for at least 6 months. Putting your family in jeopardy is the alternative which obviously is a bad idea.
If you’re working with an agent who only asked a couple of questions concerning your health and revealed only lowball quotes, beware because many more questions will surely be asked in the future and, yes, the rate will change. A good agent will ask you the tough questions upfront and never sugarcoat the facts. In an effort to accurately quote a case involving heart disease, the agent needs to review your medical history in detail to get an understanding of what sort of rating you most likely to get.
The very best rates for life insurance with heart disease will require you to do a full medical exam. There are actually other products available that use a guaranteed issue application that do not require a medical exam. However there isn’t a free lunch, anytime you are not completing a full medical exam; expect to pay considerably more in premium.
How Long Will Underwriting Take?
If you’ve got heart disease, plan on waiting longer than normal to get term life insurance as underwriters will look very closely at your medical history to be certain you are not susceptible to heart attack or another potentially fatal health event in the near future. Also, be prepared to do additional medical testing like an EKG, carotid artery ultrasound, CT heart scans, etc. These tests, not surprisingly, take time and obtaining the results is usually a lengthy process.
Unfortunately there is just no way around full medical underwriting if you have heart disease and want the best rates. Anyone who indicates there is a “no medical exam” or simplified issue product that has competitive rates is not providing you with accurate information. All insurance companies offering traditional term and whole life insurance along with the best rates are going to ask for a complete medical exam if you have a heart condition. There are a few final expense type plans you will find that don’t require medical underwriting, nevertheless they cap coverage amounts at $25,000 and the cost of insurance is extremely high. You really are much better off saving your funds and making sure you have an estate plan in place.