Tips for Getting Life Insurance With a Heart Condition
When I was diagnosed with atrial fibrillation a few years ago, I worried it meant I’d no longer be able to get life insurance. As someone with two young kids, having coverage is crucial so my family will be provided for financially if anything happens to me. The good news is that with some perseverance, getting life insurance with a heart condition is possible. Here’s what I learned from my experience.
How Heart Conditions Affect Life Insurance
Insurers view any kind of heart disease as higher risk, which leads to:
- Requirements for medical records, test results, and doctor’s statements
- Potentially undergoing additional cardiac testing like an EKG, stress test, etc.
- Getting rated in a higher premium class, increasing your costs
- Possible limitations on the types and lengths of policies offered
- Being declined for traditional coverage, especially if the condition is severe
Minor conditions like benign murmurs may have little impact on getting a policy. But significant diseases like arrhythmias, cardiomyopathy, valve disorders, and history of heart attacks or surgery will result in higher premiums and difficulty finding coverage.
Tips to Reduce Rates
If you have a heart condition, here are some things you can do to potentially reduce costs:
- Stick closely to your treatment plan and medications
- Maintain healthy cholesterol and blood pressure
- Exercise regularly within your doctor’s recommendations
- Lose weight if overweight; reach a healthy BMI
- Follow a nutritious diet low in salt, fat, and sugar
- Limit or avoid alcohol
- Quit smoking and vaping
- Reduce stress through relaxation techniques
Making positive lifestyle changes shows insurers you’re committed to managing your health, which can lead to better rates.
Shopping With Various Insurers
I’d recommend getting quotes from at least 5-10 highly rated insurers if you have heart disease. Underwriting practices vary, so one carrier may rate you more favorably than another based on your specific condition and health history.
Independent agents have access to multiple insurers and can help you identify heart-friendly companies. Having an expert shop for you saves tons of time versus contacting carriers yourself.
Policy Types to Consider
Depending on the severity of your condition, some policy options to explore include:
- Simplified issue life insurance
- Guaranteed issue life insurance
- Group or association life insurance
- Accidental death insurance
- Term life insurance
- Permanent life insurance
For serious conditions, simplified issue and guaranteed issue policies require limited medical questions but have lower payout maximums. Term life provides the highest coverage limits but involves full underwriting.
Speak To a Life Insurance Professional
I highly recommend enlisting an independent insurance agent to guide you through the process of getting covered with a heart condition. An agent serves as your advocate by:
- Objectively reviewing your medical records
- Determining the right type and amount of coverage
- Identifying carriers likely to approve you
- Comparing quotes to find you the best rate
- Handling all paperwork and follow-ups
Working with an expert who understands underwriting gives you a huge leg up. There are absolutely options out there, even if the first insurer declines you. With an agent’s help, I ultimately secured a reasonably priced 20-year term life policy despite my heart condition. Don’t give up without exploring every avenue first!
Summarizing
Getting life insurance with a heart condition takes some additional effort but is certainly achievable in most cases. Take control of your health, persevere through the insurance process, and enlist an expert to guide you. With the right preparation and support, you can still get coverage to protect your loved ones. Where there's a will, there's a way!
