Life Insurance for Seniors with Heart Disease
- If you have a pre-existing medical condition like a heart disease, you may be wondering where you stand or you might be putting off applying for life insurance because you’re worried your application won’t be accepted.
- While it’s true that insurers have the right to decline applications, it is possible to obtain life insurance if you have pre-existing medical conditions – the key is to be truthful about your situation from the outset.
- If you have an existing medical condition, whether it will affect the cost of your life insurance will depend on its severity and your personal circumstances. Insurers will consider long-standing conditions and illnesses such as cancer, heart disease and diabetes.
Can you still get insurance if you have heart disease?
When you have a health condition like heart disease, it’s easy to believe that you won’t be able to get cover or that the cover you will be able to get won’t be affordable. It’s also easy to assume that that’s the only life-threatening condition you’ll have to face so there’s no point in getting cover if you’ll just end up with an exclusion.
For those seniors who have had a heart attack more recently than 24 months ago, there are other options available in terms of obtaining life insurance coverage.
With having a history of heart attack, you may not qualify for a regular policy. You can qualify for the next best policy which usually is a Modified, Graded Benefit Life Insurance Policy or Guaranteed Issue Policy.
Guaranteed Issue Life policies are typically designed to provide for funeral or final expenses, so most companies are only willing to offer a policy with a face amount of no more than $15,000 to $25,000.
Guaranteed Issue plans typically have a 2-3 year waiting period, or graded benefit. In other words, the full death benefit amount of the policy will be paid to the beneficiary after a specified period of time from the issue date of the policy.
If death occurs prior to the end of that period of time the beneficiary receives a return of paid premiums plus interest. Once that period of time has passed, the full death benefit amount is paid to the beneficiary upon the death of the insured.
A+ Rated life insurance carriers will provide you with the best rate and policy for which you qualify (No Medical Exam Required).
The best way to ensure that you’re getting the lowest rates possible is by doing some comparison-shopping for your policy.
Have Questions? Give us a Call!
If you have any questions or need assistance selecting the appropriate type or amount of life insurance coverage, please feel free to call the office at 813-964 7100, or you can click here to get a quote.