by Guest Author, Chris Herath – Insurance Specialist
If you have recently suffered a heart attack, a question which may come up from time to time is how realistic is life insurance for heart attack victims. Life insurance for heart attack victims is one of the most common types of high risk life insurance because of the high volume of heart attacks which occur in the United States.
Heart disease and other related issues are becoming increasingly more common among Americans. Suffering from a heart attack is a scary situation and often puts life in perspective and life insurance is reconsidered. If you are considering life insurance after a heart attack, you must first understand options available for life insurance for heart attack victims. Life insurance for heart attack victims is obtainable, but there are some important tips to consider when searching for, and applying for life insurance coverage.
Considering Life Insurance For Heart Attack Victims
Life insurance is a product and plan which most people do not wake up one morning and decide it would be a good idea to purchases. However, a traumatic event such as a heart attack can give people the wake-up call they need in order to see just how close mortality can be.
According to Health.com, the average age of a male who suffers from a heart attack is 66, and in females the average is 70. Of course, these are just averages and people do suffer from heart attacks much earlier and later in life. With the majority of people suffering from heart attacks in this demographic it is quite apparent the popularity of life insurance for heart attack victims.
Many people are suffering from heart attacks during their prime earning years, meaning if they passed their family would suffer a significant financial impact. Life insurance for heart attack victims can be used to cover years of family income, mortgages, debts, educations, and of course final expenses. The hard part about heart attacks is they come on often unexpectedly and leave loved one’s unprepared both emotionally and financially for the consequences. Life insurance can provide the safety net which can create peace of mind and a proper financial backup plan for family members.
Life Insurance After A Heart Attack
The best time to purchase life insurance is when you are young and healthy, but unfortunately many people delay their purchase until they feel they need it. Many times this is after someone has suffered a medical condition, such as a heart attack. The good news is, many of these conditions are still insurable, but it will be much tougher to obtain affordable coverage.
After a heart attack, the best life insurance rates will not be accessible but this should not discourage you from searching out other options. Life insurance for heart attack victims is primarily based on how you handle your health post-heart attack. Your body needs significant time to get back to normal after a heart related event and the life insurance company underwriters want to make sure you are taking the necessary steps to right the ship.
As you are most likely aware, prevention is the key to heart attack prevention and life insurance companies like to see a track record of improved diet and exercise. Indicators such as heart functioning tests and blood pressure levels will also be taken into account when searching out life insurance for heart attack victims.
Traditional underwritten life insurance policies will most likely not cover you until at least a year after your heart related event.
During this time period, we do have some options of guaranteed issue life insurance if you are looking for a policy immediately. After the one year mark, a traditionally underwritten life insurance policy may be a possibility which will save you significant money vs. a no medical exam life insurance policy.
Applying For Life Insurance For Heart Attack Victims
When applying for life insurance for heart attack victims one of the first things to remember is to be completely honest when answering questions regarding the application process. The more detailed information you can provide us during the process, the better chance we have at pairing you with a company who will give you a favorable underwriting decision. Any medical scans or checkups you have had would be information we would need to be aware of.
Life insurance companies will do an in depth search of your medical information and will uncover any information regarding your heart attack. This is why it is best to put the information in up front to avoid any surprises which could lead to a decline, or which could lead to a much more intensive underwriting process.
When applying for life insurance for heart attack victims one of the key factors is to work with an experienced independent insurance agent. An experienced agent will not the right questions to ask regarding your heart attack which gives you a big advantage of obtaining affordable life insurance. An independent agent has access to over 50 life insurance companies. This gives us the advantage to work with specific life insurance companies who have history of issuing policies to those who have suffered from a heart attack.
Chris Herath+ is a life insurance specialist and co-founder of Waterway Financial Group, LLC, a Myrtle Beach Insurance agency in South Carolina. He is also co-founder of The Life Insurance Blog and frequent contributor to many finance and insurance related blogs.