As a life insurance agent, one of the most frustrating pre-existing medical conditions to work with has got to be angina pectoris. Now while it may be easier to simply recommend coverage from one of the top final expense and burial insurance companies, you may be eligible for a different policy.
This is mainly because…
The underwriting guidelines for determining one’s eligibility for coverage for a fully underwritten term or whole life insurance policy with a pre-existing diagnosis of angina pectoris is all over the place!
What you’ll find is that some folks are going to be able to qualify for a Standard or better rate, while others are going to receive an immediate decline!
This is why it’s so important that you and your insurance agent complete a thorough “pre-application interview” so that he or she will have a complete and accurate picture of your overall health, including any pre-existing medical conditions, prior to determining what rate class you may or may not qualify for as well as which life insurance company might be the best for you.
Angina Pectoris Defined:
Angina pectoris is a very common medical condition which will affect over 3 million people each and every year and is considered a symptom of coronary artery disease. It is caused by an inadequate blood supply to the heart which will result in severe pain in the chest, shoulders, arms and sometimes neck.
When this condition occurs long enough to cause permanent damage to the heart muscle, it is then redefined as a Myocardial Infraction, AKA heart attack!
So which do you have?
Limited Angina Pectoris
If you have been diagnosed with angina pectoris, but have not actually been diagnosed with having suffered from a heart attack, it’s possible that you may be able to qualify for a Standard or Normal life insurance rate. Insurance companies will still want to:
- Complete a medical exam.
- Order an EKG and review your medical records as well (in most cases).
- And review any and all prescription medications you may be have been prescribed.
Additionally, your height and weight ratio will play a large role in determining what rate you will receive and non-smokers will generally fare much better than those who are currently using tobacco or nicotine.
Myocardial Infraction and Angina?
If the severity of your angina has reached the point where it has now been classified as a true myocardial infraction or heart attack, one should not panic and assume the worse.
Folks in the category can still qualify for a Standard or Normal rate as well provided that:
- The heart attack has occurred at least 6 to 12 months ago.
- You are seeing your doctor/cardiologist regularly.
- You’ve passed a recent heart stress test.
- You’ve had a recent “normal” EKG.
- You have a healthy height to weight ratio.
- You haven’t used any tobacco or nicotine products for the past 12 months.
- And you haven’t applied for any type of disability benefits for the past 12 months.
Now these are simply a few of the requirements that you would need to meet in order to qualify for a Standard rate.
But remember, there’s about 14 different rate classes out there so if you can’t qualify for a Standard rate, it doesn’t mean that you’re automatically going to be declined, it just means that your insurance may cost a bit more. But that’s what InsuranceBrokersUSA is here to try and prevent!
Pizmetal angina also known as variant angina, vasospastic angina (VSA), angina inversa and/or coronary vessel spasm are all used to describe the same condition whereby angina is caused while one is at rest, typically presenting itself in waves or cycles.
For folks who have been diagnose with prizmetal angina, it’s possible that you may be eligible for a Standard or better if you have had an recent angiograph performed and results have come back completely normal.
That being said however, if you’ve been diagnosed with prizmetal angina prior to the age of 40 or you suffer from unstable or crescendo angina, most if not all life insurance carriers are going to simply deny your life insurance application which will force you to consider an alternative life insurance product such as a guaranteed issue life insurance policy.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance policies, are smaller final expense and burial insurance policies that aren’t going to require an applicant to take a medical exam or answer any health-related questions in order to qualify.
Which means, even if you’ve been denied coverage before, provided that you are a US citizen and you are between the ages of 40-85 years of age (product may not be available in your state), you should be able to qualify for a guaranteed issue life insurance policy.
The only problem is that guaranteed issue life insurance policies generally have 3 major disadvantages associated with them. So let’s take a look at those disadvantages and see if you’re still interested in pursuing a guaranteed issue life insurance policy.
Guaranteed issue life insurance policies will typically only provide around $25,000 dollars in life insurance coverage. So… if your insurance needs exceed $25,000 dollars, these types of policies may not be viable option for you.
Cost. In general, most guaranteed issue life insurance policies are going to cost more “dollar for dollar” than traditional life insurance policy options. However, if you cannot qualify for a traditional life insurance policy, does it really make a difference?
Guaranteed issue life insurance policies will contain a clause within them that is known as a graded death benefit clause. This is a clause that is used to protect the insurance carrier from insuring people who are severely ill, by placing a waiting period (typically 2-3 years) in which an insured must wait until their guaranteed issue life insurance policy will provide coverage for deaths due to a “natural cause” (such as heart attack, stroke, cancer, diabetes or any other illness based disease).
Your guaranteed issue life insurance policy however, will pay out immediately due to an “accidental” cause of death (slip and fall, motor vehicle accident, natural disaster, etc…).
For more information about guaranteed issue life insurance policies and the graded death benefits that they contain, we would encourage you to either give us a call.
We hope that you found this article helpful and encourage you to give us a call if you are considering purchasing a life insurance policy for you and your family.
We here at InsuranceBrokersUSA feel that with our vast experience working with “higher” risk applicants coupled with our ability to write policies with over 40 different life insurance companies, make us an ideal option to choose when someone is finding it difficult to get the life insurance coverage that they need.
So, what are you waiting for? Give us a call today and see what we can do for you!