If you have suffered myocardial infarction, you might believe you are uninsurable. However, that’s not exactly the case. People who have had myocardial infarction can and often do qualify for life insurance.
That being said however…
Having had a heart attack or myocardial infarction is certainly going to complicate the application process and is going to make working with an insurance expert that is familiar with working with individuals with pre-existing medical conditions like myocardial infarctions all that more important!
It’s one thing to simply “process” and “submit” an application to an insurance from someone who is perfectly healthy, it’s another thing to analysis one’s current health and compare that “health profile” against dozens of different life insurance companies so that when you do end up applying for coverage it’s with a company that is “best” suited for you needs.
Just what we do here at InsuranceBrokersUSA. You see, we’ve found that the best way we can help our clients find the best life insurance policy that they can qualify for is by first educating them about what an insurance company is going to want to know about their pre-existing medical condition.
Provide our recommendations on who we “feel” might be the best option for them. This “two-pronged” approach not only makes our clients better informed about the entire process it also helps them understand why we make the recommendations that we do.
Without further ado, let’s take a look at exactly what insurance companies are interested in when an individual is applying for a traditional term or whole life insurance policy after suffering from a heart attack and then, discuss some factors that could help an applicant save money on their life insurance policy.
What is Myocardial Infarction?
This is the medical term for a heart attack. Myocardial infarction is also called:
- Acute Myocardial infarction
- Acute Coronary Syndrome
- Coronary Thrombosis
- Coronary occlusion
What happens in a heart attack?
When the blood flowing to the heart gets blocked, one experiences a heart attack. The heart needs the oxygen being carried in the blood in order to survive. The lack of oxygen causes the heart muscle to die. There are many causes of heart attacks, including coronary heart disease and atherosclerosis.
The prognosis of an individual who has had a heart attack will depend on a few things such as:
- The cause of their heart attack.
- The severity of their heart attack.
- How their heart attack was treated.
- And what their current health is like.
As one can see, this means that there is a lot of variability and “subjectivity” when it comes to underwriting applications for individuals who have suffered from a heart attack in the past.
That being said however…
One that that we can count on is that anyone who has suffered from a heart attack in the past is generally going to be considered a “higher” risk individual of suffering from a second heart attack in the future which will undoubtedly make them a “higher” risk for insurance.
The good news is that…
With some serious changes in one’s lifestyle many individuals are able to greatly reduce this risk of suffering from a future heart attack which many life insurance companies will take into account.
It’s at this point in time…
That we generally like to remind people that we’re not medical professionals. So, if you have any medical questions or concerns about your health, stop reading this article now and call your doctor.
All we are…
Is a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like previous myocardial infarctions qualify for tradition term and whole life insurance policies. Now if this describes you, well then keep on reading!
Qualifying for Life insurance after a Heart Attack.
Sure, it seems like something as major as a heart attack may automatically disqualify you from life insurance. But we have some good news! You can still get life insurance after a heart attack… or at least we may have some good news!
Who will qualify for life insurance?
Chances are, if you’ve only suffered from a minor heart attack and have been stable for at least six months, then you can “potentially” qualify for a fully underwritten term or whole life insurance policy assuming that you would otherwise be able to qualify.
Now are you going to be able to qualify for a Preferred rate?
No, you’re not. In fact, you’re most likely going to end up qualifying for what is called a “table rate”.
So…what is a Table Rate?
Table rates are life insurance rates that are usually reserved for higher risk applicants and fall just below Standard rates. In totally, there are 10 different table rates that one can potentially qualify for ranging from Table A all the way to Table J.
The higher up on the alphabet, the higher the rate. So, if you have to get a table rate, you really want to shoot for a Table A or Table B if you can.
How do you get a better Table Rate?
For starters, your current heart health will matter. But, that’s not the only thing. Other things that will be considered to give you a better table rating include:
- Other health complications,
- Blood Pressure levels,
- Cholesterol levels,
- Hobbies (anything dangerous can hurt you),
- Career (anything dangerous can hurt you),
- Vices (smoking, drinking, drugs all may impact your rate),
These are just some of the things that will impact your life insurance table rating.
Getting the best rate possible.
Though these things will all be factored in, the interesting thing is that not all life insurance companies will factor them in the same way. That means, you could have had a heart attack and one life insurance company offers you a Table A while the other thinks you only deserve a Table D.
Find the right life insurance company.
In order to get the best rating, you need to find the right life insurance company. Since there are so many different factors, it’s impossible to tell you in an article which is the best. Different aspects of your health and life will change the answer to that. That’s why you need to turn to experts like Just Bury Me for help!
If you had a serious heart attack or are not stable now…
Then you will most likely be denied a traditional term or whole life insurance policy. Unfortunately, you are too big of risk for a life insurance company to take on. Because of this, you will not qualify for these types of life insurance policies.
There’s still hope! You will be able to qualify for life insurance that offers you enough coverage to pay for your final expenses (i.e. burial/cremation and funeral). It may even cover lost wages of family members who need to take time off from work when you pass away. This is through a guaranteed issue life insurance policy.
So, what are you waiting for? Give us a call today and see what we can do for you!