When it comes to helping folks, who have suffered from a stroke or a cerebrovascular accident (CVA), find a quality life insurance policy, there are generally four questions we need answered for clients with pre-exsiting medical conditions before we’ll know where to start.
- First, how much life insurance do you want?
- Second, when did you suffer from your stroke or CVA?
- Third, how may strokes/CVAs have you had in total?
- And lastly, do you suffer from any residual complications, and have you been diagnosed with any other serious medical conditions?
The answers to these questions will help us first determine what type of life insurance policy you’ll be eligible for:
- Fully underwritten term or whole life insurance policy,
- Simplified issue life insurance,
- Or guaranteed issue life insurance policy.
And then from there, we can try to determine what rate or price you will need to pay in order to purchase your life insurance policy.
How much life insurance do you want?
Depending on how much life insurance coverage you want will allow us to determine which “type” of life insurance policy we should probably pursue.
If you’re simply looking to purchase a small final expense policy with about $25,000 dollars in coverage, it may make sense to purse guaranteed issue life insurance from one of the best final expense burial insurance companies that won’t require you to take a medical exam or answer any health-related questions.
Now if you’re looking for…
More than just a small burial insurance policy, and would like to purchase more coverage so that you can:
- Cover the cost of a mortgage.
- Protect a spouse or children.
- Replace lost wages.
- Meet a divorce settlement requirement.
- Etc, etc…
Chance we’re going to need to pursue a fully underwritten term or whole life insurance policy which means that we’re going to need to be able to “medically” qualify. Which brings us to our next question.
When did you suffer from your last Stroke or CVA?
In general, the longer it has been since your last stroke or CVA, the greater your chances are, for being approved for a traditional life insurance policy. Additionally, insurance companies will generally approve individuals at a better rate for their life insurance policy if they have at least, 6 months to a year of stable health, prior to applying for coverage.
This is why…
We ask this question and why sometimes, individuals may need to wait for a few months until they’ll be considered eligible for a traditional life insurance policy.
For folks who are ineligible for coverage today, it may make sense to purchase an accidental death insurance policy until which time they will be eligible for true life insurance coverage in the future.
Accidental death policies will not cover “natural” or “illness based” causes of death, however if you don’t envision yourself dying from natural causes in the next 6 months to a year, it may make sense to at least consider purchasing an accidental death policy and keep it until which time you are able to qualify for a true LIFE insurance policy.
For more information about the Pros and Cons of an accidental death policy, we would encourage you to click on this link accidental death insurance policy.
How may strokes/CVAs have you had in total?
As a general rule of thumb, once you’ve had multiple strokes or CVAs most (if not all) life insurance companies are going to consider you ineligible for a traditional life insurance policy.
Which means that you’ll now need to decide if you wish to go without any life insurance or pursue an alternative life insurance policy such as a guaranteed issue life insurance policy.
Lastly, do you suffer from any residual complications and have you been diagnosed with any other serious medical condtions?
The last question that the insurance companies are going to want to know about is, are you suffering from any complications as a result of the stroke or CVA that you suffered?
Even though you may have only suffered from one stroke/CVA, this does not mean that you’ll automatically be eligible for coverage. In fact, there is still a pretty “solid” chance that you may not be able to qualify.
After all, when we look at just a few of the medical conditions that could lead one to suffer from a stroke, it’s no wonder why the insurance companies are so nervous about insuring someone who has suffered from a CVA or stroke.
Potential causes and/or risk factors for developing a stroke can include:
- Atrial Fibrillation (Afib).
- Blood disorders, such as sickle cell or anemia.
- Heart disease.
- High cholesterol.
Each of which are going to serious complicated and reduce your chances of being able to qualify for a traditional life insurance policy.
But this does not mean…
That you won’t ever be able to qualify after all, many people will often suffer from a CVA or a stroke and use this life changing event to change their ways and begin to live a much healthier lifestyle.
However, if you’ve developed…
Additional complications from your “one and only” stroke or CVA, such as:
- Impaired vision or speech.
- Severe weakness or paralysis.
- Paralysis of ones’ extremities.
- Memory loss.
- Or depression.
There is a significantly higher chance that you will not be eligible for traditional coverage which would mean that you would need to purse a guaranteed issue life insurance policy if you still wished to purchase coverage.
Best case scenario…
In a “best case” scenario, the insurance applicant:
- Will have only suffered from one stroke or CVA, that occurred over 6 months ago.
- Will NOT have any serious underlying medical conditions aside from having suffered from a single stroke or CVA.
- And the will NOT have any residual complications as a result of their single episode.
So… if this describes you, you’ll generally be eligible for a traditional life insurance policy and would likely qualify for what is called a table rate.
A table rate, is a life insurance rate that falls just below a Standard or Normal rate and are generally reserved for those that would be considered a “higher” risk applicant.
In total, there are 10 different table rates one can qualify for with Table A being the best (lowest price) while Table J would be considered the worst (highest price). The good news for those suffering from a mild case of cerebral palsy, there is a good chance that you may qualify for a Table A rating.
But this isn’t something…
That you necessarily need to worry about, because that’s what we’re here for. You see for us, it doesn’t matter how “severe” your stroke or CVA was or how many that you’ve had because, it’s not going to prevent us from doing our job, and it’s not going to prevent us from doing working as hard as possible to help you find the best 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!