Fact CheckedTerm life insurance for heart attack victims! If you don’t have coverage, is it too late?
Heart disease is prevalent in Canada, especially in 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 that you can still get term life insurance! Yep!
….but there are some restrictions.
I 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 must 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 will share some information about the process that might put your mind at rest!
“Men are newly diagnosed with heart disease about 10 years younger than women (55-64 vs 65-74 years of age).”
Term Life Insurance for Heart Attack Victims!
Why It’s Important to Me…
Not only am I am life insurance agent, I’m a husband and father. Something pretty scary happened to my wife, Kym, one night, years ago. We were hanging out together, and she had some upper chest pain.
She had never experienced it before, so we called Telehealth Ontario, and they called the paramedics.
I guess they don’t mess around with chest pain. She got the all-clear after an EKG, blood pressure check, and blood work. It looks like it was something muscular after her workout the night before.
That said, it was still scary. Thankfully, we have life insurance, 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 applying for coverage when young and healthy is so important BEFORE something like this is an issue.
….but what if you fail 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. You may still qualify for term life insurance!
The thing is, you have to show that your health is stable. Underwriters are looking to mitigate their risk, so if you had heart surgery or a stent inserted, you’d have to wait at least one year before most life insurance companies would even consider you.
Here is a list of things they assess:
- Current Age
- Build
- 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.
Ok, Let’s Say Your Health Is Stable
Well, my friend, you may be able to get traditional term coverage! Please remember that 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 rate, but more times than not, they are rated. This means they charge you more.
This is where the services of a GREAT independent agent like those at Policy Architects come in.
Life Insurance With Heart Failure
While term life insurance for heart attack victims IS possible, it’s not simple.
Depending on your circumstances, you may even be declined. This isn’t a great scenario, as other life insurance companies will likely follow suit. So, we want to avoid this 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, a process that can save you time, money, and hassle.
Remember, not all life insurance companies are created equal.
Some are more lenient than others regarding their underwriting guidelines, and we have insider information. It’s our job to familiarize ourselves with these ever-changing policies.
Real Life Example
I recently had a client come to me with heart disease. Simon (not his real name) is 53 years old and had experienced a heart attack five years ago.
At that time, two stents were installed, and he was stabilized with several medications, including Amlodipine, Ramipril, and Asperin. In addition to this, he is taking cholesterol meds.
His heart did not sustain structural damage, and he developed a very active lifestyle, including regular running and cycling.
Although his health improved significantly, the underwriters remained unmoved. The preliminary underwriting request revealed Simon would either get rated 200% or declined altogether.
Ok, so this was NOT a best-case scenario. So what did we do?
Simplified-Issue No Medical Exam Policy
Simon was pleased to learn that he could get 20-year term coverage for $250K for $163.58 per month through Canada Protection Plan (CPP), one of the country’s best-known non-medical life insurance carriers.
If he’d gone the traditional route with Empire Life Insurance, for example, at a 200% rating, he would have paid $217.80 monthly.
The CPP insurance worked out to 147% equivalent rating as opposed to the 200% rating or risk of decline with Empire. It turned out to be the best solution, my client got covered, and it didn’t break the bank.
Simplified and 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 possible!
This is a situation in which you need the services of an independent agency that cares about its clients.
Sure, you can speak to someone at a call center…
But the reality is you want to get someone to make some confidential inquiries so you can see how insurers will view your situation.
Going the Extra Mile Makes All the Difference
At Policy Architects, in high-risk situations, it’s our standard practice to quickly secure a simplified-issue, no-exam life insurance policy. Once we do that, we have the option to turn to Plan B: apply for full medically underwritten coverage with a traditional carrier. That process includes:
- Submitting an ANONYMOUS underwriting request with detailed information regarding your health and medical history to various life insurance companies BEFORE choosing the most favorable one.
- Including a detailed letter with the application to paint your condition in the best possible light.
If traditional underwriting produces a favorable outcome with cheaper rates, we’ll cancel the original simplified issue policy. If not, Plan A stays in force and you’re fully covered!
This process can potentially save you thousands of dollars. For example, saving only $21 per month on your 20-year term insurance snowballs into $5000 over the life of your policy!
Call us today! We can help.
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