Heart attacks and heart disease affect over 5 million people every year and are one of the most common reasons that people get denied or highly rated for life insurance. Even after a heart attack, it is still possible to buy life insurance with an immediate death benefit. When it comes to heart disease, bypass surgery, or other coronary conditions, the offers made by different insurance companies can vary widely. Some may prefer not to offer any coverage at all, while others may be able to offer standard rates. The offers are based on the following information, plus the results of the medical exam and statements from your doctor:
- Age of first heart problems / heart attack
- Current age
- Smoker status
- Family history of heart disease before age 60
- Type of treatment received (e.g. bypass surgery, angioplasty / stents, prescription only, etc)
- Number of vessels blocked, bypassed, or number of stents placed
- Other “co-morbid” conditions such as diabetes or sleep apnea
- Health changes such as weight loss, reduced blood pressure/cholesterol, quitting smoking, etc, which can improve the potential offers
Generally, the more recent the attack, the less favorable the offers will be (a heart attack five years ago is a better risk than a heart attack last week, for example). Insurance companies want to see what type of follow-up treatment you have had, whether you visit a doctor regularly, exercise, follow prescribed treatment, and that the condition is stable.
The most likely offer for someone with a history of heart disease will be a “table rating” based on standard rates. Table ratings are usually referred to by letter (A-P) or number (1-16). Each table represents an approximate 25% increase in costs over the standard rate. Some companies offer better terms on their table ratings though, such as a 15% or 17% adjustment per table instead of 25%. As an example, a Table 4 (or Table D) rate would cost about twice the standard rates.
Individuals that proactively improve their health after a heart attack will receive much better consideration from underwriters.
Since medical underwriting and rates in general can vary so much between companies, it is important to comparison shop between companies. However, this can be difficult to do on your own because while Company A’s standard rate might be $100 per month and Company B’s standard rate might be $125 per month, the final rates offered by Company A after underwriting might be $300 per month and Company B’s are $200 per month.
For high risk individuals, it is best to shop your medical background with the help of an independent agent licensed with at least 10-15 of the most competitive major life insurance companies. You should NOT submit multiple applications at the same time to different companies as you may hurt your chances of receiving an approval. TermInsuranceBrokers.com offers coverage from 40+ life insurance companies to help you shop your high risk life insurance.
To get an instant quote as a starting point, click the banner above or below and use the “regular” risk class. These are the standard rates that the premiums and any table rating adjustments would be based off. You can also give us a call at 1-800-571-2980 from 9 AM to 9 PM eastern time or e-mail us at Info@terminsurancebrokers.com 24 hours a day.