Does Life Insurance Cover Heart Attack? Will It Pay?
Heart attacks and heart-related problems are a leading cause of death in the United States.
Not just in 2018 but back in 2017 and will continue in 2019.
As a life insurance agency owner/agent, I’m frequently asked…
Does Life Insurance Cover Heart Attack…?
Will it still pay the death claim?
The answer is absolutely. I don’t think that’s the number 1 or only reason you are searching for this on your phone, tablet or computer on google, however.
You probably have some other concerns such as, can I get life insurance after a previous heart attack?
What will my rates look like if I can get coverage and how do, I choose a reputable life insurance company to work with after having a heart attack?
Which companies are reliable in paying death claims?
Let’s Get Started.
Will Life Insurance Cover Heart Attack or Heart Attack related illnesses such as heart disease?
Again, yes, they will cover the heart attack, and they will pay the death claim. However, wait, just a moment
It’s not that easy.
A few things are essential to understanding.
Honesty is Key- Inform your Life Insurance Agent of all Pre-Existing and Heart-Related Issues.
When you begin the life insurance process, you need to be 100% upfront with your life insurance agent.
Your agent will ask you a series of questions related to your health and history. The answers are vital.
Here are some questions you may expect.
1.) Do you have any pre-existing medical conditions?
2.) Does your family have a history of any heart or cardiovascular-related deaths?
3.) Do you have any history of heart or cardiovascular issues yourself?
What are they?
When were they diagnosed?
What current treatment do you undergo? How’s that treatment going?
Have you had any surgeries?
What medications do you take?
Do you have diligent follow up with your cardiologist?
The answers to these are questions are essential for 2 Reasons
1.) It helps gauge the actual life insurance rates you will pay with a heart history
2.) It protects you from the 2-year contestability clause
What is the 2-year Contestability Clause or Period?
This is not the same as having to wait 2 years for coverage to be active.
Completely different story.
What you are thinking of is known as the guaranteed issue life insurance policies, and those are explicitly designed to provide coverage for those who can’t qualify for traditional life insurance coverage.
The 2-year contestability period is where, if something god forbid did happen, the insurance company has the legal right to investigate the cause of death and the answers you provided during the application process.
Why do you think the phone lines are recorded?
This is to protect you and the insurance company. If something happens outside of the 2-year window, you are in the clear.
If it occurs during the 2-year window or first 24 months of the policy, it’s an entirely different story.
Let’s say for instance you lied about not having a condition or even being a smoker at the time which is proven to increase the chance and likelihood of a heart attack taking place.
Well, now you are in some trouble and most likely the life insurance company is going to deny your claim due to the misrepresentation that you provided on the application.
What if your honest about anything that could be tied to heart attack or prior heart attacks?
If your honest about all these questions asked, you are most likely in excellent shape, and we can find you a company that will provide coverage.
You see, you want to work with an Independent life insurance agent/agency that has a massive list of companies that they can inquire about coverage for you with.
With us personally, we use Protective and Prudential very frequently to ensure clients with prior heart attacks or heart-related issues.
What are we looking at here, what’s going to be the Process?
Considering heart attack is the number one cause of death in America, it’s going to have a few things to consider for life insurance before they just start approving policies for individuals.
You will start by completing the application process. You’re also going to have to be ready and willing for the life insurance company to pull your medical records for anything related to the heart condition.
You should always wait a minimum of 6 months after a heart attack before applying.
This allows time to see how your condition is doing and what to expect next as far as your recovery.
How severe of a heart attack did you encounter?
The life insurance company will also want to know how severe the heart attack was.
The severity of the heart attack will usually be broken down by…
How many arteries were blocked?
1 or less and you stand a great chance at getting approved for life insurance.
2 or more and it becomes more difficult but not impossible.
What was the % of the artery blockage. The lower, the better.
What have you done to Improve Health Since the Heart Attack?
Are you running or excising regularly?
Did you quit smoking or still currently smoking?
Have you changed diet?
Have you reduced stress?
How about the ejection fraction?
Ejection fractions measure how much blood your heart can pump during each beat. It’s a powerful rating factor that life insurance companies want to know before making the final decision on your life insurance.
How much is life insurance going to cost after a heart attack? Will it pay my death claim?
Again, yes it will pay a death claim but only if you go through the process the correct way and get approved based on honesty and accurate preparation.
Unfortunately, your most likely looking at substandard rates at best but these can still be perfectly good options at affordable prices.
Don’t let this scare you from not obtaining coverage. Your family depends on it.
What’s next? How do you begin looking for heart attack life insurance that will pay?
Give us or any independent life insurance agency a call. We want to help, and we know a thing or two about the underwriting guidelines with over 60 life insurance companies.
Heart issues, heart attacks, and prior heart attacks are something we handle with frequency, and we can help you as well.
You just need to start the application.
Be prepared for the Application Process after a Heart Attack.
1.) Have all important information ready to go. This includes the date of prior heart attacks or issues.
2.) Have the current medications you take prepared to tell your agent
3.) Have your current status and treatment plan ready to show your agent
Be prepared to wait to gain an approval for life insurance coverage.
This isn’t getting approved overnight. You’re looking at about a 30-minute phone call followed by about 4-10 weeks of waiting for the life insurance company to make a decision about your coverage.
We will get it done one way or another so don’t be alarmed by this. It’s what we do.
So, Does Life Insurance Cover Heart Attacks? Are you now confident you know the answer?
Good, because that’s what we wanted to deliver and wanted to give you the low down on how to make sure to get the possible rates with the most reputable life insurance companies.
Life insurance is never fun, and this probably won’t be either but we assure you that we or any other independent life insurance agency will make it as painless as humanly possible and work with you until we find a solution.
Have you had any experience with getting life insurance after a heart attack or have any stories to share? We would love to hear from you. Leave a comment below.