It shouldn’t come as a surprise that people with a history of illness like heart disease would have a more difficult time getting approved for life insurance than those who are healthy. But the key word here is difficult, not impossible.
If you’ve had a heart attack, knowing what to expect when you apply for term life insurance will greatly increase your chances of getting good coverage.
What Do Insurance Providers Need to Know?
The key is being open and honest when dealing insurance companies. Don’t withhold information from them, as they will probably require a medical exam anyway, in which everything will come out. You should be prepared to answer the following questions:
- When were you diagnosed?
- Do you have any underlying issues that caused the heart attack?
- How often do you visit your doctor?
- What treatments were recommended to you?
- What treatments have you had? (Including surgery and medications)
- Has your condition improved since first diagnosis?
What If I Have Had Multiple Heart Attacks?
If you have a more serious form of heart disease and/or have had multiple heart attacks, it’s still possible for you to get approved for coverage. You just have to be aware of what your options are. You may not end up with the amount of coverage that you want, but some companies do offer standard or regular term (in some cases substandard) life insurance policies for people with this kind of health history. If traditional coverage is not available, a high-risk life insurance policy or graded benefit term may be necessary.
What Kind of Rates Can I Expect?
Every person’s case will be different, so it’s impossible to say exactly what rates you will be offered. However, for an idea of what you can expect, let’s look at an example.
Kyle is a 43-year-old man who has had two minor heart attacks in his lifetime, although not in the past several years. He is also a non-smoker, which puts him in a better light with insurance companies, and his most recent medical tests show that his condition has improved.
Due to this he will be able to get a life insurance policy, though because he has had multiple heart attacks he may only be offered regular rates or substandard rates rather than regular plus or preferred.
For a $150,000 policy with a 20-year term, Kyle will likely be offered rates between $35 and $70 per month. On the other hand, if Kyle decides to apply for a $100,000 policy for only a 15-year term, the rates he is offered will likely decrease by $10 to $30.
As you can see, it is possible for people to get life insurance coverage after a heart attack. The key is knowing what to expect before you apply.