When you have congestive heart failure, you’re unlikely to be eligible for a traditional term or whole life insurance policy. The good news is that there may still be other “types” of life insurance products that you may be eligible for, we’re just going to need to learn more about you before we can know for sure.
When it comes to qualifying for a “traditional” term or whole life insurance policy, most (if not all) life insurance companies are going to require that you take a medical exam and/or answer a whole series of health-related questions.
This is why…
If you’ve been diagnosed with congestive heart failure, you’re simply not going to be able to qualify for these “types” of life insurance policies.
That being said however…
It should be noted that if your “congestive heart failure” is due to some type of “reversible” medical condition, it’s possible that you may be able to qualify for a traditional term or whole life insurance policy, once your condition has improved.
In cases like these, it’s theoretically possible that you might be able to qualify for a traditional term or whole life insurance policy once your congestive heart failure has “resolved” itself and the underlying condition which caused you to suffer from congestive heart failure has been resolved as well.
For this reason…
Having a thorough understanding of what congestive heart failure is, why you’ve developed it as well as what insurance underwriters are going to be looking for when evaluating your life insurance application is going to be essential in helping you find the “best” life insurance policy that you can qualify for.
So… without further ado let’s first take a look at exactly what “congestive heart failure” is.
What is congestive heart failure?
Congestive heart failure is also known as cardiac failure or just heart failure. It is a situation where the heart myogenic muscle is not able to pump blood throughout the body as it should thereby creating in a variety of other health related problems.
Cardiac failure is usually the final result from the progression of some other type of heart condition that weakens the heart muscles over time or stiffens the heart up to appoint where the heart becomes unable to work properly.
Causes of congestive heart failure.
There are several medical conditions that can cause congestive heart failure. They may include;
- High blood pressure (hypertension)
- Atherosclerosis (coronary artery diseases)
- A heart attack
- Heart valves that are faulty
- Congenital heart defects
Symptoms of congestive heart failure
- Shortness of breath
- Weakness or fatigue
- Heart attack or chest pain
- Persistent wheezing or a cough
- Increased urge to urinate during the night
Treatment for congestive heart failure
Given the number of cause of congestive heart failure, there is a possibility that you can get an effective treatment for the conditions causing congestive heart failure, which moves from having congestive heart failure to a cardiac condition that can be managed with ease.
Some of the common treatments include;
- A dietary plan
- Artificial heart valve insertion surgery
- Implantation of a pacemaker
When the condition has moved from congestive heart failure to a more manageable cardiac condition, you may be eligible for a traditional term or whole life insurance policy.
However, the insurance company may also look at your history to determine the possibility that you may slip back to the congestive heart failure even with the management of the condition and cause you not to qualify for the life insurance policy due to the medical requirement.
What options do you have?
Now if you’re currently not eligible for a traditional term or whole life insurance policy and don’t foresee yourself “becoming” eligible anytime soon, you may still be eligible for what is called a guaranteed issue life insurance policy.
Guaranteed issue life insurance
A guarantee life insurance policy is a life insurance policy that will not require you to answer any health-related questions or take a medical exam in order to qualify for coverage.
Requirements for the guaranteed life insurance policy will typically be limited to:
- Being a US citizen
- Being aged between 40-85 years
- And living in a state where the guaranteed issue life insurance policy is available.
But before you get too excited, it’s important to understand that guaranteed issue life insurance policies will have their own disadvantages that you’ll want to be aware of before deciding if these “types” of life insurance policies are right for you.
Disadvantages of guaranteed issue life insurance policy
The ease of qualifying for guaranteed issue life insurance policy comes at a higher price than your traditional life insurance policy. There are other disadvantages that come with taking the cover. Here are three of the disadvantages.
- Limited amount of coverage
Guaranteed life insurance policy gives you life insurance coverage that is limited to around $25,000. Therefore, if you are looking for coverage that is more than $25,000, then this cover is not for you.
The only possible way to increase the coverage beyond $25,000 is to buy several guaranteed issue life insurance policies. However, this can prove to be expensive for many households.
- Higher cost than traditional life insurance policies
Guaranteed issue life insurance policies also tend to be more expensive “dollar for dollar” when compared to the traditional insurance policies. Now this doesn’t necessarily mean that a guaranteed issue life insurance policy will be “super” expensive, it just means that you’ll typically need to pay MORE for the amount of coverage that you receive than you would if you were to purchase a life insurance policy that would require you to be able to “medically” qualify.
- Graded death benefit
Last and certainly not least, the graded death benefit has to be considered a significant disadvantage associated with all guaranteed issue life insurance policies.
So, let’s take a moment and briefly define exactly what a Graded Death Benefit. A graded death benefit is a “clause” within all guaranteed issue life insurance policies that limits when the guaranteed issue life insurance policy will begin to cover you for natural causes of death, such as cancer, heart disease, stroke or diabetes.
Most guaranteed issue life insurance policies will contain a graded death benefit that will require an insured to “wait” at least 2-3 years before their guaranteed issue life insurance policy will begin covering natural causes of death.
Now guaranteed issue life insurance policies will cover “accidental” causes of death such as: motor vehicle accidents, slip and falls or natural disasters right away, but again, they will not cover “natural or illness based” causes of death until the graded death benefit period has expired.
Now you may be…
Thinking that this is a total “rip off”, but remember, because guaranteed issue life insurance policies aren’t going to require you to take a medical exam or answer any health related questions, without a graded death benefit, the insurance companies would have no protection against individuals applying for coverage just days or hours before dying from a known cause!
The good news…
Is that we here at InsuranceBrokersUSA offer both traditional term and whole life insurance policies as well as guaranteed issue life insurance policies. So… regardless of what pre-existing medical condition that you have, we’re always going to pursue ANY available option that may be available to you.
Now will we be…
Able to help everyone? No, unfortunately there will be some that we simply won’t have any options for, but that doesn’t mean that we’re not going to try our best to provide you with the “best” possible life insurance policy that you can qualify for.
So, what are you waiting for? Give us a call today and see what we can do for you!