Can You Get Life Insurance If You Have Heart Problems?

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Obtaining life insurance when you have a pre-existing health condition can be difficult.  It can also be very expensive. It is always best to apply for life insurance at an age where you are in good health.

Some people find the topic of life insurance a difficult one. Life insurance is an important part of personal finance. Especially if someone relies on you financially. Life insurance can be very complex. However, seeking the proper professional advice can make it much easier. Life insurance helps those left behind. It helps compensate for the financial consequences when someone passes away. Life insurance can also provide valuable peace of mind for the policyholder.

What is Life Insurance?

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Essentially life insurance is a contractual policy between a life insurance company and a person insured with them. Upon the insured person’s death, a claim is paid out. This is called a death benefit.  There are four roles in a life insurance policy. There is the insurer, the owner, the insured and the beneficiary.

What Options are Available for People With a Pre-Existing Heart Problem?

Permanent Life Insurance:

A permanent life insurance policy covers you for life. Premiums must be continually paid to keep this policy in good standing.  This type of policy can be given to someone with a high cholesterol problem. High cholesterol is a risk for heart disease. You would pay higher premiums in this rated policy.

Guaranteed Life Insurance:

This type of policy anyone can qualify for regardless of medical history. However, premiums are much higher. The death benefit is much lower. Usually, the death benefit is approximately $25-$50 thousand.

Term Life Insurance:

Term life insurance is coverage for a specified period. Usually between 10 and 30 years. This type of policy may be granted if you have a  pre-existing heart condition as long as it isn’t likely to affect your health within the period of the term.

Simplified Issue Life Insurance:

This type of policy is based on a health questionnaire. No physical medical examination is required. This type of policy is easier for people to acquire with pre-existing conditions. Typically this type of policy has lower premiums with higher coverage levels.

Pre-Existing Conditions Linked to Heart Disease

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High Blood Pressure:

To increase your chances of obtaining life insurance with high blood pressure is weight control. Controlling your weight can improve blood pressure. Keeping your blood pressure down for 12 months before applying for Life insurance can increase your chances.

High Cholesterol:

High cholesterol has been linked to heart attacks. Taking prescribed medication regularly lowers your risk. Eating a healthy balanced diet and regular exercise can help keep cholesterol low.

Stroke:

If you have previously suffered a stroke, this is due to heart and cardiovascular disease. You would be considered high risk.

Coronary Artery Disease:

Coronary artery disease is a form of heart disease. Medications may help, or surgery may be required.  This would be considered high risk. You may be considered for life insurance, one year after your surgery.

High Risks For Heart Disease

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Family History:

Family history can play a major role when being assessed for heart disease. This may be taken into consideration when applying for a life insurance policy.

Smoking:

If you apply for life insurance as a smoker, premiums will be much higher. Smoking can lead to heart disease, making your risks much higher. An insurer may insure you but at a much higher rate.

Obesity:

Obesity has been linked to heart disease. The heart muscle has to work much harder in obese people. Other health issues are also linked to obesity. This can put your premiums much higher.   

Best Time To Apply For Life Insurance with a Pre-existing Condition

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To increase your chances of being accepted for life insurance, apply when your pre-existing condition is well managed. This means its best to apply when there have been no unfavourable changes in the last 2 years. It is important to apply at a young age, as the older you are, the more likely to experience health issues.

What Happens When You are Turned Down For Life Insurance?

Once you have been turned down for life insurance, you will be red flagged. This means other insurance companies will know. It is important to do some research prior to applying for life insurance. This will give you an idea of your odds in obtaining a policy.  It would be a good idea to do a confidential inquiry to several insurance companies to see which one would approve you. This will not red flag you.

Can a Life Insurance Policy Claim be denied?

It is very important to understand that even if you qualify for a life insurance policy, there is a risk the claim may not be paid out.  This may be a result of a pre-existing medical condition.

Improved Diagnostics and Medical Treatments

Due to innovative diagnostics and improved medical treatments, people are living longer today. People with serious health conditions are now enjoying a longer more improved quality of life. If you have medical heart issues, you must focus on maintaining or improving your health.

Severity and Management of a Pre-Existing Heart Condition

Keep in mind that insurance companies don’t assess you on your pre-existing heart condition alone. Insurance companies also look at several factors about the condition. Insurance providers will also take into consideration the severity of the condition. They ask you questions to identify if you have made any changes to your lifestyle. Insurance providers want to make sure you are taking required medications regularly. These Insurance companies will want to know when you were first diagnosed. They want to know how long you have maintained your current health. All these factors will determine if you qualify. They will also determine what your premiums would be.

So at the end of the day, yes you can get life insurance if you have a pre-existing heart condition. The question is, which type of policy would be the best one for you. Also, keep in mind insurance premiums will be higher. You also run the risk that the insurance claim may not be paid out.

Resources:

https://cpp.ca/pre-existing-conditionyou-can-get-life-insurance/
https://lifeman.ca/life-insurance-and-heart-disease/
https://www.canadainsuranceplan.ca/life_insurance_heart_attack_disease_patients_Term_Whole_Life.php