Helping obtain life insurance for someone with heart disease can be challenging to say the least. Not just for you but for your life insurance agent as well. Is it doable? Of course, and we are here to help.
We do however have some things to cover. High-risk life insurance and life insurance with pre-existing medical conditions requires a few things to be completed properly and effectively. It’s important that you know what exactly these items are before jumping into the application process. Life insurance for someone with heart disease can fall into the overall category of life insurance with heart conditions which we have a full section on in case your needing more information.
Yes, it can be a bit frustrating. It requires some patience and diligence to have a strong chance at approval. It’s not all about just gaining an approval either. We want to shoot for the lowest possible rates we can with heart disease or any other heart condition for that matter.
Hundreds of life insurance companies off coverage but only a few will be able to effectively help you after heart problems such as heart disease or even a heart attack. The key is allowing an agent with the correct companies to navigate the market for you.
We know a thing or two when it comes to life insurance for someone with heart disease and are ready to give you the meat and potatoes of what to expect and how to effectively battle through the application and approval process.
Let’s get started.
Life insurance With Pre- Existing Medical Conditions
The first thing to understand is that heart disease will be considered a pre-existing medical condition when it comes to your life insurance application. No, this doesn’t mean you’re going to be declined. It simply means it’s going to be a more annoying path for you and you will have a few hoops to jump through to get the job done correctly.
Let’s first cover top helpful tips you can use to navigate life insurance with heart disease or any high-risk life insurance.
Tip #1- Understand you Have Options, and Lots of them.
Trust me, you don’t have any idea how many life insurance companies really exist. It’s well over 1000. You have more options than you could ever truly navigate and should never handcuff yourself to one option.
You need to keep all options open by working with an agency like us that can shop and effectively navigate your case through 50 plus life insurance companies at the same time. It’s silly not to and will ultimately cost you money or a declined application by not doing so.
Sorry, the truth hurts sometimes.
Tip #2- Be Prepared, Be Detailed and Be Honest
This a highly underestimated tip and it’s easy to do. When we are trying to find life insurance for someone with heart disease, we need a little help as well. From you.
If you can give us very accurate information about the condition, have dates, medical records, medications all known and easily accessible, it can go a long way to finding you lower life insurance rates and ultimately an approval for the coverage which at the end of the day is the most important.
Here’s why it Matters So Much
The life insurance companies will care about every detail about the heart disease. If they don’t know all the answers, they won’t feel very comfortable providing the coverage. So what kind of information are we talking about here?
Well let’s look at what can help and what to have ready to go. First, you have several different variations of heart disease so that will be step 1. Which of the following issues or pre-existing conditions are you dealing with?
Ok, now let’s think about this for a second. Life Insurance companies use what’s known as the statistical tables known as mortality tables and then they use the “law of large numbers” This is how premiums are set in all 50 states to determine the averages of deaths from a condition and how much money the company needs to ultimately bring in for a certain demographic or grouping of health conditions to effectively always pay claims.
Insider Tip and Analogy- (By the Way, I’m a life insurance agent, not a professional writer so forgive me if this is a terrible analogy to use but, in my mind, it makes sense)
The Life Insurance Company Underwriting Team
Okay, picture the life insurance underwriting team like you picture the General Manager of a Baseball Team. The General Manager of your favorite baseball team knows exactly (or a very educated guess) what is needed to potentially win games and put together a formula that ultimately works and wins.
Life Insurance underwriting works the same way. If the life insurance companies were to “drop the ball” in this area of the process, companies would become insolvent, honest premiums payers would never collect death benefits and the whole system would ultimately crumble.
So, what’s my point? Well, out of all those variations of heart disease that we listed above, each one has a different life expectancy and mortality rates. If you can’t adequately detail the heart condition or you don’t want to, why would the life insurance company have any interest in providing you coverage?
Most likely they would be the loser in that scenario and if avoidable, they try and play things by the book so that everyone can win.
What’s my Point?
The ultimate point I’m making, is just be honest and upfront with your agent. We can help if you give us the chance, but a lot of clients and consumers think we are just digging too deep and get frustrated with all the questions, which ultimately results in you hanging up the phone or giving up on the process.
This helps nobody, including your family. If you ultimately get declined after being honest and trying, what was really lost because you didn’t pay anything to take the chance to protect your family. The answer is nothing was lost except about 30 minutes of your time.
Trust me, it’s worth going through the process the correct way.
Treatment, Medications, Success or Current Results and Diligence
Here’s some more bits of information the life insurance company will want to know before potentially offering coverage.
What treatment did you undergo and what’s the current status?
Not all forms of heart disease are treated equally, and the treatment methods can vary substantially. All these details matter. The life insurance company will want to know if your being treated by….
It’s not necessarily just the treatment they are looking for, it’s your effort and diligence with the treatment method. They will be able to confirm this by ordering what’s known as an “APS” or attending physician statement.
This will be the medical records from your heart doctor which most likely will have your treatment methods and current progress documented within. If it doesn’t, I’d assume you would want to consider a new physician but that’s not my call to make.
Yes, we will want to know the medications you are taking. This tends to get the clients upset at times. We get it. It seems nosey and invasive, but I assure you we are only trying to help. Any life insurance agent who doesn’t ask all these questions should spark your brain to do one of two things.
1.) Run for the hills and speak to a more experienced agent who can really help
2.) Start Driving for Uber for the unexpected price increase you are about to see from your original quote for the life insurance. Trust me, it’s going to happen 90% of the time without accurate information.
What medications are common, what are we expecting you tell us you are taking for Heart Disease?
Most commonly we see a combination of two to three medications being taken with heart conditions or heart disease which is perfectly fine. Don’t get stirred up over this. It’s extremely rare that aspirin isn’t involved in your morning medication ritual. In addition, you could see medications such as Repatha.
It will vary based on you and your exact circumstances.
Yes, that’s not all. We want More! Give us MORE Information!
I will attempt to sum up the rest of the information needed or that will be asked before we cause carpel tunnel from you needing to scroll down this page. Trust us, our fingers get tired of typing too but this is valuable stuff here so pay attention and take notes.
Your wife and kids will thank you someday for doing so.
Have you had any surgeries related to your heart disease?
This is also okay. Don’t be worried about this question. Whatever method ultimately helped you and your condition is the most important, if you have had surgeries just be sure to detail,
The X-Factors. The Outside Elements for Getting Life Insurance for someone with Heart Disease
Okay, so the heart disease and or heart condition has been explained good enough for now. Now we want to know you. Tell us all about you like it’s the first date. Just let it flow.
All these items are equally important as the beginning part of the questioning. This helps put the bow on the case for accurate readings not only for your chances of approval, but most experienced life insurance agents will now be able to present you with a decently accurate rate estimate or at least a range of the potential prices for the life insurance policy.
Pro Tip 3- Take the Medical Exam
Sorry, but obtaining life insurance for someone with heart disease doesn’t play well with no exam life insurance. Yes, technically it can be done. I assure you however you are much better off just taking the exam.
It’s free and if you have heart disease, chances are you are already used to seeing nurses and doctors so it’s likely this won’t bother you much. This allows the life insurance company to feel a little safer and get a more accurate reading on all your information.
To recap this tip, eliminate the no medical exam options from the basket and elect to take the exam for better approval chances and ultimately lower prices.
All right Josh, thanks for rambling, what can we expect? How much money are we Talking?
This comes down too many factors in the end but expect to receive no better than a table 2 rating. In life insurance, you have a scale you can receive. It looks something like this.
All companies use a slightly different scale, but this is the most universal scale we have seen for accurately providing you a rating. Preferred Best obviously being the cheapest rates and Table 12 being the most expensive.
With your best-case scenario being a Table 2 or 4th Place. Typically, we see many cases of heart disease falling in Table 4- Table 6 range, however. It just depends.
Okay, now let’s pick a company that’s great with heart disease and see where you may land and what you may pay.
Who Provides the Best Life Insurance for Someone with Heart Disease and who Provides the Cheapest Life Insurance for someone with Heart Disease?
Here are our top 2 picks for individuals with heart disease seeking Life Insurance.
Prudential Life Insurance Company
These two companies have always been very heart friendly for us and seem to approve a lot of our client’s applications. They are excellent about being affordable after it’s approved as well.
If your Senior looking for life insurance after heart issues, you can probably narrow the scope even further down to Prudential. They have great rates for certain age bands and seniors happen to be one of them.
Let’s look at a possible price you pay for life insurance after heart disease. Here are the main stats for the case study. If you don’t meet these exact these stats than unfortunately you are out of luck and will need to fill out the instant quote form on the right and we will be happy to help.
If we took the time to break down every scenario, this would turn into the life insurance Wikipedia.
Case Study for Life Insurance for Someone with Heart Disease
Coverage Requested- 250,000.00 10 Year Term to Cover the Mortgage
Female- Age 50
Heart Disease Condition- Coronary Artery Disease
Follow up and Diligence- Compliant
Medications- 2 Total and 1 Blood Pressure Medication
Height- 5 Foot 6
Weight- 135 LBS
Outside Factors- Good or Won’t be an Issue.
Even Developed an Exercise Regimen and is Doing Fantastic with Treatment
Result- Table 2- Prudential and Protective Are the Top Picks if you remember.
Pricing for 10 Year Level Premium Term for 250,000.00 in coverage.
Prudential- $87.63 Per Month
Protective- $53.00 Per Month
However, Josh, you said Prudential was great, why are they so much?
No worries, I’ll explain briefly. First things first, if you scroll up, I said Prudential is excellent for seniors and heart issues. In this scenario, you’re not a senior but do have a heart issue.
You see, many clients and potential call us, and the conversations end up sounding like this.
Client- I need 250,000.00 in coverage for 10 Years
Good Life Protection- We ask the medical details
Client- Explains the Medical Details
Good Life Protection- Presents Prudential and Protective as options
Client- Nope, another agent told me I could do it for 45.00 per month with AIG, hangs up.
Good Life Protection- Silently thinking (Hope that client understood the health condition correctly)
You see, what a rating engine tells you is irrelevant when you have medical conditions. The only accurate readings come from experience from professionals in the field that can do it correctly and give you the best options. Could you apply with AIG for 45.00 per month? Sure. Go for it. Is it coming back at 45.00 per month once approved if it even is approved?
Doubtful, but the good news is we don’t judge your decision, so when you call us back, we can start fresh with no hard feelings.
Alternatively, you can trust us from the get-go that we know what we are doing. We can even use the famous Farmers Insurance Quote here just for fun.
“We know a thing or two because we have seen a thing or two.”
I’ve been declined Life Insurance with Heart Disease. What do I do Now?
Again, this depends. It depends on whom you are working with and why you were declined. I know Good Life Protection best and can tell you how we handle it.
After a declined life insurance application, we do one of two things.
1.) We Check and See what Would be Needed for An Approval with the Original Company applied with.
2.) We push your case to 50 plus other carriers and see if we can get an approval. This is with the same underwriting and same exam. No extra work for you and no cost for you.
If one of these options work out. Great. If they don’t, we turn to Guaranteed Issue Life Insurance or Accidental Death Insurance.
These are often overlooked and can serve you and your family great.
AIG and Gerber Life offer outstanding Guaranteed Issue Products that require no medical exam or health questions.
Mutual of Omaha offers great Accidental Coverage.
Just remember why you applied in the first place and got your family protected. It’s what matters most.
Do you now believe life insurance for someone with heart disease is doable?
Good, because it is. Our point of this post wasn’t to scare you but to tell you how it is. How it really is. If you follow any of other posts, you know that we like to shoot you straight and not hold anything back.
Obtaining life insurance for someone with heart disease does require a little more work and patience, but it’s nothing too crazy and nothing we can’t handle. We would love to help you too so if you haven’t done so yet, fill out the form on the right to get started today or give us a call.
Do you have any stories related to obtaining life insurance with heart disease or anything to add? We would love to hear from all of you so be sure to leave a comment below.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.