When applying for life insurance coverage, there are many things that the underwriters will review before approving an applicant for the policy. This is because the insurance carrier will want to ensure the amount of risk that it is taking on.
Because life insurance approval is based on large part on life expectancy factors, a person’s age, gender, and health are all reviewed, based upon the information that they submit on the application for coverage. If, however, an applicant has suffered certain health issues such as a heart condition or a stroke, it is probable that the underwriters will require more in-depth details.
The good news is, however, that today – due in large part to longer life expectancies, advanced medical technology, and changing life insurance standards, applicants for life insurance coverage do have many more options available to them. This means that if you have had a stroke in the past, you could still qualify for coverage – even if you have been turned down for coverage before. You could also qualify for life insurance with diabetes or term life insurance after gastric bypass surgery.
It is still a good idea, though, to work with an agency or a company that specializes in assisting those who may be considered higher risk cases. This is because these firms will typically be better positioned to locate the insurance carriers that are more apt to work with – and offer coverage to – those who have had certain types of health issues.
How Having a Stroke Can Affect Getting Life Insurance Protection
A stroke is a type of cardiovascular problem. It can have an effect on the arteries that lead to and from the brain, as well as the arteries that are within the brain itself. A stroke can occur when a blood vessel that carries oxygen and nutrients to the brain either bursts or is blocked by a blood clot.
If the brain is unable to receive the blood or oxygen that it requires due to having a stroke, its cells will begin to die off – and, if help is not sought quickly enough, the individual can suffer permanent disability or even death.
There are different types of strokes that can occur. The most common type of stroke is known as the ischemic stroke. These strokes occur due to an obstruction in a blood vessel that supplies blood to a person’s brain. This obstruction may occur due to fatty deposits that build up on the walls of the blood vessels, and then when the deposits break free, clots can be formed which in turn, block blood flow to the brain.
Another type of stroke is known as a hemorrhagic stroke. This occurs when small blood vessels in the brain become weak and then burst. This is often referred to as an aneurysm. The flow of blood that is released can cause damage to the brain’s cells due to the accumulation and compression on the brain’s tissue.
There is also a third type of stroke. These are referred to as transient ischemic attacks or TIAs. Because a TIA is typically not as severe as a hemorrhagic or an ischemic stroke, it is often considered as a “warning” stroke.
During a TIA, an individual may experience many of the same symptoms that he or she would if they were having an ischemic stroke. However, the blood clot will only last for a short period of time, and the body manages to clear it out naturally without any significant damage. Even though the symptoms of a TIA will go away within 24 hours, it is important to seek medical attention right away, as a TIA is usually an indication that a stroke may occur in an individual within a short period.
If an applicant has experienced any of all of the above, a life insurance company will want to know more information about his or her condition, as this could be an indication that their health may be in danger – and in turn, it could reflect a cause for claim for the insurance carrier.
Types of Life Insurance Available To You If You Have Had a Stroke
Depending on the severity of your stroke, how long ago the stroke occurred, and how well you have recovered from the stroke, you may be able to obtain various types of life insurance coverage. These may include either term or permanent coverage.
With term life insurance, you can obtain a policy that will cover you for death benefit protection only. A permanent policy will provide you with death benefit protection, along with a cash value component that will provide you with tax-deferred savings, too.
What the Life Insurance Underwriters Will Want to Know About You If You’d Had a Stroke
If you have had a stroke in the past, the life insurance underwriters will want to know more details about your condition, as well as how you are controlling and / or managing the condition. Therefore, you may be asked some or all of the following questions in addition to those that are asked on the life insurance application for coverage:
- When did you initially suffer from a stroke?
- Have you had more than one stroke? If so, how many and when did the strokes occur?
- What exactly was your diagnosis?
- What steps have you taken to manage and / or control your condition since your diagnosis?
- Are you taking any prescription medication for your condition?
- If so, what medication(s) are you taking and what is the dosage(s)?
- Do you have any other medical conditions?
- Within the past six months, have you had any relevant lab testing performed?
- Do you see a medical specialist for your condition?
It is likely that you will be required to undergo a medical examination as a part of the overall underwriting procedure. During this exam, you will meet with a paramedical professional who will obtain from you a heart rate and a blood pressure reading. They will also obtain a blood and a urine sample. Once all of your information has been received by the insurance company, it will be easier for the underwriters to determine the appropriate policy class for your coverage, as well as an appropriate premium amount. If you have high blood pressure and are concerned about getting life insurance with this condition, we can answer questions concerning this and help you in making a decision that best suits your individual needs.
How Much Will Your Life Insurance Policy Cost
The cost of your life insurance premium will be dependent on several factors. These include the type and the amount of your insurance coverage, as well as your age and gender. It will also be determined by your health condition, as well as whether you are a smoker or non-smoker.
If you are in good health, other than your stroke diagnosis, you may be able to qualify for a Standard policy class. This means that your policy would be priced in line with those who are average policyholders in your same age and gender category.
However, if your health is not in line with those who are considered to be in average condition, then it is likely that you will be placed into a Substandard policy class. In that case, the amount of your premium would be higher.
What If You Don’t Qualify for Traditional Life Insurance Coverage?
If you are unable to be eligible for a medically underwritten life insurance policy, it may still be possible for you to obtain the coverage that you need. In this case, you could apply for a no medical exam policy. With these plans, there is no medical examination that is required for underwriting purposes – and because of that, many people who have certain types of health issues can still qualify for coverage.
Because those who apply for no medical exam life insurance are typically more risky to the life insurance carrier, the premium that is charged for these policies is usually higher. However, this is another potential outlet for providing the coverage – and the peace of mind – that your loved ones deserve.
Where to Get the Best Premiums for Life Insurance After a Stroke
If you’re ready to see if you qualify for life insurance after a stroke, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you in obtaining all of the information that you require for making a good purchasing decision. When you want to move forward, use the form on this page to get your first set of life insurance quotes.
Should you have any additional questions regarding how you may be able to qualify for life insurance after having a stroke – or, even if you just simply happen to have a question or a concern about life insurance in general – please feel free to give us a call. Our experts can be reached directly, toll-free, by dialing 888-229-7522.
We understand that you may be a bit apprehensive about applying for the coverage that you need – especially if you have been turned down in the past. But the good news is that you have many more options open to you today. So, contact us now – we’re here to help.