Qualifying for life insurance coverage can be a difficult task if you have any kind of an adverse health condition. This is because, depending on the condition that you have, you could be viewed as a higher risk to the insurance company.
The more risk you are to the life insurance company, the less chance you have to be accepted for coverage, or the more that you will pay for the life insurance. There are several different factors that could cause you to be considered a high-risk applicant, but even if you are, there are still several options for quality and affordable life insurance.
Some applicants are denied for coverage altogether by the insurer if their condition is viewed as being too risky, while others are approved as a Substandard policy holder and are required to pay a higher amount of premium than those who are Standard – or average – risks.
Perhaps you have other conditions such as someone looking for life insurance after having a stroke. We can help answer your questions about this condition and many more.
Applicants who have been diagnosed with coronary artery disease – also sometimes referred to as coronary heart disease – are typically viewed as being a higher risk of claim to life insurance companies. One reason for this is that this particular condition is the leading cause of death among both males and females in the U.S. today.
Therefore, when applying for life insurance with coronary artery disease, it is important that you allow time for the underwriters to carefully review your application and other information. In addition, you should expect in most cases to pay a higher amount of premium rate for your insurance coverage.
What the Life Insurance Underwriters Will Look For
When reviewing your application for coverage, the underwriters will be looking at several criteria prior to making a determination as to whether or not they will accept you. These include:
- Your current age
- Your history of heart attacks
- Your cholesterol level
- Your ejection fraction
- The results of your cardiac tests, such as your EKGs and stress tests
- The number and the severity of the blood vessels that are affected
- The degree of damage that has already occurred to your heart
- The type of treatment that you are receiving for your condition
- The prescription and / or over-the-counter medications that you are taking for your condition
- Your exercise habits
- Any surgeries that you have had
- Any other health conditions that you currently have
Likewise, the underwriters will also consider other important factors such as your height and weight, your family health history, your occupation, your hobbies, your smoking history, and any other criteria that could make a difference in the risk that you present to the insurance company. If you have already had a heart attack in the past, you will also likely be required to submit a copy of the emergency room report to the insurance company for review.
All of the factors above are going to play a huge role in how much you pay for your life insurance policy or your chances of being approved. While there are quite a few aspects that you can’t control, there are a few that you can, like your exercise and diet. If you want to improve your chances of getting affordable coverage, you’ll need to start a healthy diet and get regular exercise.
How Coronary Artery Disease May Affect Your Life Insurance Premium Rates
In certain cases, the life insurance underwriters may not be able to accept a person’s application due to the amount of risk that they present to the insurance company. However, if your coronary artery disease is under control, it is highly likely that you will be approved for the coverage that you need.
Oftentimes, you will be required to pay a higher amount of premium that is based on a “table rating.” Table ratings refer to an additional percentage of premium that is required over and above the Standard amount of premium that would be charged. For example, if the Standard amount of premium for a policy is $100 per month, then someone with a Table 1 rating may be required to pay 25% above that amount, or $125 per month.
For those who have coronary artery disease that is under control, policies are often rated between a Table 4 through a Table 8. Those who have moderate to severe cases would likely be rated as a Table 8 through Decline. (Please note that this is only an outline, however, as there are typically a wide variety of factors to consider for each individual life insurance applicant).
Taking the Next Step
If you are ready to apply for life insurance with coronary artery disease and you aren’t sure if you will qualify, let us help you find the coverage that you need. We work with many of the top rated insurers in the life insurance for people with illnesses marketplace today and we are familiar with the companies that are more likely to accept higher risk applicants.
By applying with these companies first, we can help you to save countless hours of time and frustration – getting you the life insurance protection that you and your loved ones need much faster. We can also help you with presenting your application in the best possible manner to the insurer so that the underwriters can see all of the pertinent details. This can be especially helpful if your condition is under control, lessening your overall risk to the insurance company.
In order to start the process of comparing policy quotes, simply use the form on this page. We also understand that you may have additional questions or concerns about policy quotes, the application process, or even regarding life insurance in general. If so, please feel free to contact us directly by calling 888-229-7522 and we’ll be happy to help.
Not having life insurance is one of the worst mistakes that you could make for your loved ones. If you were to pass away, they would be left with all of your debts and final expenses, which can easily add up to thousands and thousands of dollars. All of this debt can make an already difficult situation a lot worse by putting your loved ones under financial stress. Having life insurance can give them the money that they need to pay off those debts if anything tragic happens to you. Don’t wait any longer to get the life insurance protection that your family deserves.