Most people are aware that finding life insurance for seniors can sometimes be challenging. This can especially be the case for those who have certain types of health conditions such as cancer, or following various issues such as a stroke or heart attack.
For anyone that’s had a heart attack, you’re going to be a higher risk for the insurance company, which means that they are going to charge you higher monthly premiums for your plan. For anyone that has survived a heart attack, finding an affordable life insurance plan may seem impossible.
Yet, the truth is that finding the right life insurance for seniors after a heart attack is not as difficult as many people may think. You just need to know where to look and which company to work with.
Life insurance is one of the most important investments that you’ll ever make for your loved ones. It’s one of the best ways to ensure that your family has the money that they need, regardless of what happens to you. If you want to give them the resources that they need, you’ll need to purchase a quality life insurance plan. It can be a long and frustrating process, but it doesn’t have to be. Our agents are here to help you get a life insurance policy at an affordable price.
Types of Life Insurance Available for Seniors After a Heart Attack
In many cases, finding a traditionally underwritten life insurance policy for heart patients may not be easy. This is because, within the first two years after the heart attack has occurred, the underwriting guidelines are likely to be quite strict. This is especially true for those applicants who are in their 60s and 70s.
It may, however, be possible to obtain either a term or a whole life policy. With a term life insurance policy, you will be able to purchase pure death benefit protection, without any type of cash value build up in the policy. Because of this, the policy’s premiums are typically cheaper than those of whole life. Term life insurance policies usually have time lengths of 10 or 20 years. For those who have had a heart attack, it is rare to find term life insurance that has longer time lengths.
A whole life insurance policy will offer death benefit protection along with cash value. This cash value is allowed to grow on a tax deferred basis, meaning that there is no tax due on the gain in the cash account until the time that it is withdrawn. This can allow the policy holder to build up a nice amount of savings over time. Because of this, the whole life policy’s premium will be higher than term life insurance. However, there are no time limits on whole life insurance, so as long as you keep paying the premium, the policy will not expire. In most cases, the premium amount on a whole life insurance policy will also never increase.
Regardless of which type of policy that you apply for, the insurance company’s underwriters will want to know as much information as possible regarding your heart attack, as well as about your overall health condition and health history. In addition, other criteria will also be important, such as your age, gender, height and weight, smoking habits, occupation and income (if applicable), and whether you participate in any hobbies that are considered to be risky or dangerous. Perhaps you’re concerned about qualifying for coverage such as someone looking for life insurance with diabetes; if so we can guide you through this process and help you find the coverage you deserve.
Although all life insurance companies will underwrite their policies somewhat differently, there are some underwriting attributes to keep in mind about many. These include the following:
- Most, if not all, insurance companies will request an Attending Physician’s Statement from your doctor. This will provide the underwriters with more in depth medical information regarding your overall health condition. This information can help the underwriters in determining whether you are recovering, and if you are currently living a healthy lifestyle.
- Many insurers will require that you wait at least 24 months before being accepted for a traditionally underwritten term or whole life insurance policy. This is because the insurer wants to be sure that you will not have a relapse. Insuring a person in a time period less than that would be considered risky to the insurer.
However, for those who need coverage sooner than that, there are still options available for obtaining the life insurance coverage that you need.
Coverage for Seniors Who Have Had Heart Attacks Recently
For those seniors who have had a heart attack more recently than 24 months ago, there are other options available in terms of obtaining life insurance coverage. These individuals can opt to purchase a guaranteed issue life insurance policy.
With a guaranteed issue policy, a person can be issued coverage regardless of his or her health condition. There is no medical exam required with guaranteed issue life insurance, and there are no health questions asked on the application for coverage. As long as the insured pays the premium, the coverage will remain in force. This type of coverage is oftentimes thought of as the “coverage of last resort,” as it may be the only type of life insurance that some applicants can qualify for.
It is important to note that because the insurer is taking on more risk with guaranteed issue life insurance, the premiums that are charged will be quite a bit higher than for a comparable amount of traditionally underwritten life insurance. However, this coverage can provide you with the much needed protection that is required for paying final expenses, estate taxes, or other end of life debts.
There is some advantage to these plans that make it work well for some applicants. The most obvious advantage is that anyone can purchase one of these plans, regardless of health or any pre-existing conditions. Everyone should be able to purchase a life insurance plan that their family deserves, and these plans are a great way to ensure that it happens.
Another advantage to these plans is that you can get life insurance much quicker than you would with a traditional life insurance policy that requires a medical exam. With a normal life insurance plan, you’ll have to wait for the insurance company to review the results from the medical exam, and then calculate your premiums based on the medical underwriting. The whole process can take several weeks, even up to a month. With one of these guaranteed issue plans, you can get life insurance protection in a matter of days. In some cases, you can get approved for coverage in a matter of hours. If you’re looking to get life insurance as quickly as possible, there are going to be the best option for you.
There is one factor that you should take note of when you’re shopping for life insurance. These guarantee issue policies have limits on how much coverage that you can buy without taking a medical exam. Each company has their own limits, but most companies will only allow you to purchase around $250,000 of life insurance. For most applicants, this isn’t going to be enough protection. If you need more coverage than that, you’ll have to apply for a traditional life insurance plan, or purchase two no medical exam policies.
Each type of policy is different, and all of them have a different set of advantages that you’ll need to consider based on your own preferences and life insurance needs. Every family is different and there is no “one plan fits all” policy that will work for everyone.
Where To Purchase
When purchasing life insurance for seniors after a heart attack, it will be important to shop around prior to making your final decision. This is because policies and premium costs may differ a great deal from one insurer to another – even for comparable coverage.
We can assist you when making your comparisons, as we work with many of the top high risk companies in the market today. We know which of these insurers will work with higher risk applicants, and because of this, we can save you countless hours during the application and underwriting process by pointing you in the right direction from the beginning. We can also help you through the application process, and work with you in selecting the plan that is right for you and your specific needs. In order to get the process started, just simply fill out the form on this page.
If you have any questions at all regarding where to find life insurance for seniors after a heart attack, or about how to compare life insurance premium quotes, please feel free to contact us directly, at 888-229-7522. We can help you in coming up with the right type of coverage – and premium – for your life insurance protection needs.
Not having life insurance is one of the worst mistakes that you can make for your loved ones. Don’t’ wait any longer to get the life insurance protection that they deserve. Contact us today and we can get the process started.