Whenever someone has been diagnosed with a pre-existing medical condition, you’re typically going to find that this is going to complicate your chances at qualifying for a traditional term or whole life insurance policy. And this is because, life insurance companies don’t necessarily like to take chances!
However, this doesn’t mean…
That you will be denied life insurance coverage, or that you’ll have to apply for some type of “alternative” life insurance policy that will have a ton of “terms and conditions”.
Assuming you’ve fully recovered from you aneurysm, you should “theoretically” be eligible for a traditional term or whole life insurance policy, provided they know where to look (See our article: Best Life Insurance Quotes from Today’s Top Companies).
You may even be able to qualify for a no medical exam life insurance policy was well. But before we get to ahead of ourselves, we should first take a look at exactly what an aneurysm is so that we can better understand how it may affect the outcome of your life insurance application.
What is Aneurysm?
A typical enlargement of an artery in localized areas is called aneurysm. They appear mostly due to thinning of the arterial walls. Aneurysms can appear in many parts of the body. This is why it is often difficult to ascertain if one is suitable for a fully underwritten term or a whole policy. The determination depends on the type and severity of the aneurysm.
When it comes to applying for life insurance, what’s most important?
When it comes time to applying for life insurance, the main factors that are going to come into play regarding your aneurysm will be:
- When did you suffer from your aneurysm?
- Where in your body did you suffer from your aneurysm?
- And has your aneurysm been repaired?
Aneurysms will usually be defined by their location.
They are the most common types appearing in 80% – 90% of intracranial aneurysms. Often called ‘Berry’ aneurysm because of their shape, they are the leading cause of subarachnoid hemorrhage independent of trauma.
While most intracranial aneurysms appear as saccular aneurysms, the rest appear as fusiform aneurysms. They are also known to seldom rupture, unlike a saccular aneurysm.
Abdominal aortic aneurysms and thoracic aortic aneurysm
Aneurysms also affect the thoracic aorta as well as the abdominal aorta.
Now it’s important to note that…
We’re not doctors, we’re just a bunch of life insurance agents, which is why our descriptions of these conditions are going to remain inadequate at best. But because we are independent life insurance agents that work with dozens of different life insurance companies, one thing that we do know is… underwriting guidelines for a wide variety of life insurance companies!
Which means that…
When it comes time to helping you find the best life insurance policy that you can qualify for, we’re going to be a great option to consider.
What’s important to understand…
Is that life insurance companies require all sorts of information on lifestyle and health of an insurance applicant when considering whether or not they wish to extend an offer of coverage. Which means that in addition to being asked question like:
- When were you first diagnosed with an aneurysm?
- Where was your aneurysm located?
- And when did you have your aneurysm repaired?
Insurance companies are also going to ask questions like:
- Has any of your immediate family members ever suffered from a heart attack, stroke or cancer?
- Do you have any issues with your driver’s license?
- Have you ever been convicted of a felony or misdemeanor?
- Etc, etc…
You see, qualifying for a traditional term or whole life insurance policy isn’t only going to focus on the fact that you’ve been diagnosed with an aneurysm.
That being said however…
It’s important to understand that individuals who have been diagnosed with an aneurysm in the past should still be eligible for coverage, but will now only be eligible for what is called a “table rating” in most if not all situations.
Here, eligible applicants will usually be required to pay a higher premium than those who have never been diagnosed or had a history of aneurysm. But its important to understand that these rates will vary significantly from one carrier to the next which is why it’s so important to “Shop” multiple insurance carriers prior to actually applying for coverage.
Inoperable aneurysms or pre-op Aneurysms.
While in many cases, those who have been diagnosed with an aneurysm will be eligible for a traditional term or whole life insurance policy, it should be noted that there will some who simply won’t be able to qualify for traditional coverage. This may be because…
- They have not had their aneurysm treated/repaired
- They have chosen not to have it removed at all
- Or their aneurysm is inoperable
Applicants who fall into those categories may decide to apply for a guaranteed issue life insurance policy that will not require them to qualify “medically”.
All you would need to demonstrate in order to qualify for these types of life insurance policies is that you are:
- A US citizen
- Between ages 40-85 (product may not be available in your state).
And that’s it!
But, there may be a problem
There are major disadvantages to these types of policies which may be deal-breakers for applicants.
What are those disadvantages?
Guaranteed issue life insurance may provide for coverage at about 25,000 dollars. If you want a policy which will provide coverage for more than $25,000, then this isn’t for you. However, if you require a policy that would cover up expenses for a funeral and any other final expenses, then this is for you
These policies are usually more expensive than whole life insurance policies at the price of a dollar to a dollar.
However, they are the best opinions since you can’t qualify for whole life insurance policies
In guaranteed issue life insurance policies, there is usually a graded death benefit clause which says that you must not die of terminal diseases (heart attack, stroke, cancer, diabetes, etc. or as a result of any illness for a set duration (usually 2-3 years depending on the insurance carrier). This is before a life insurance policy paying your beneficiary after death.
However, your guaranteed issue life insurance policy will pay out coverage if cause of death is accidental (natural disasters, accidental slip or fall, etc.)
To know more about guaranteed issue life insurance policies and the graded death benefits clause, please call us.
So, what are you waiting for? Give us a call today and see what we can do for you!