Can you get life insurance after a heart attack? In most cases, the answer is yes. Your current state of health will affect the kind of policy you should apply for, as well as what you can expect to pay. If it’s been 3-6 months since your heart attack, we can help you find the best option for your budget based on your recovery so far.
As we mentioned above, it’s usually best to wait a few months to apply for life insurance after a heart attack. In many cases, insurers won’t consider your application unless it’s been at least 3-6 months.
If you apply before this time is up, chances are you’ll either be declined or postponed. If the insurer declines your application, that means they will not offer you coverage at all. If the insurer postpones your application, that means they’ll put it on hold for a further period of time to see how your recovery progresses.
You’re probably anxious to get coverage in place, but by waiting those 3-6 months, you stand a better chance of getting coverage at a fair price.Get a Free Quote Now
When you’re looking for life insurance after a heart attack, you need to decide which type of coverage to apply for. There are two options: fully underwritten life insurance and no exam life insurance.
The right choice for you depends on your budget and your current state of health.
We’ll go over both options below.Get a Free Quote Now
To get fully underwritten life insurance, two things need to happen:
The advantage to this process? The more the insurance company knows about you, the better they can assess the risk of insuring you. And the better they can do that, the greater the possibility that you could save money. They don’t have to guess at how healthy (or unhealthy) you are, or what kind of recovery you’ve made since your heart attack.
However, when you’re shopping for life insurance after a heart attack, keep in mind there are no clear-cut answers in terms of what it will cost. That’s because your health history is unique – not all heart attacks have the same causes or severity.Get a Free Quote Now
Here are the kinds of things an underwriter will be looking for:
Based on the answers to these questions, the underwriter will assign you a “risk class.” All pricing is based on these risk classes.
If you’re not in good health, the fastest route to life insurance after a heart attack is a no-exam policy.
No exam policies do not require a medical exam. Instead, you just have to answer a brief medical questionnaire.
Every insurer has their own questionnaire, but they usually ask basic questions about whether you reside in a nursing home and whether you’ve been diagnosed with a terminal illness.
As long as you can answer no to these questions, you can be approved for coverage.
These policies are also called “guaranteed issue” or “final expense” policies. They don’t have large face amounts – up to $100,000 – but they are easier to get.
There is one caveat to be aware of. Many policies have a multi-year exclusion period ranging from 1-5 years. If you were to pass away for health-related reasons during that exclusion period, your beneficiary would not receive the full death benefit. Depending on how the insurer set up the policy, they would either get a percentage of the full death benefit, or the money you paid in premiums back plus interest.
Some insurers are more experienced with post-heart-attack underwriting. If you call us, we can help point you in the right direction. This is one of those times where working with an independent agent – like one of ours – can help save you time, stress, and money.
Want us to guide you through the process of getting life insurance after a heart attack? Give us a call. We’ll help you find the best coverage possible based on your unique medical history and situation.
Call us today at (800) 521-7873!Get a Free Quote Now