final expense coverage Archives

Life Insurance For Stroke Victims

According to the CDC, every year more than 795,000 people in the U.S. have a stroke, and 1 in 4 people who suffer from a stroke will have a second one at some point in their life. If you have had a stroke, you know how scary it can be, as well as how difficult it can be to recover and avoid a second one. On top of all of that, you might be worried what would happen to your family if the worst were to happen, and you might also be wondering if you can still qualify for life insurance even if you’ve had a stroke, or even more than one stroke. The good news is that you will still be able to financially protect your family with a policy, but there are some things you need to be aware of.

Can You Get Life Insurance After A Stroke?

illustration of a brain with a red lightning bolt in the middle — *Obtaining a life insurance policy is possible if you’ve had a stroke, within certain limitations.*

The simple answer to the above question is yes, but there are some requirements you will have to meet. For example, if you have had a stroke recently, some insurance companies will not consider your application for 3-12 months after the stroke. This is referred to as a “postponement” period.

In addition, life insurance companies want to make sure that applicants with a history of stroke are taking the proper precautions to prevent another one, which is why they will ask for your medical history and that you undergo a medical exam, unless you opt for a more expensive no medical exam life insurance policy. If you do choose to buy a more traditional life insurance policy, such as whole life insurance, the questions you will have to answer might include:

When did you experience your stroke or strokes?
Was it an actual stroke or a TIA (Transient Ischemic Attack)?
What tests did you undergo after your stroke or strokes?
Have you experienced any lasting neurological issues or other effects?
Are you experiencing any other health issues that are likely to contribute to another stroke such as hypertension, high cholesterol, diabetes, or coronary artery disease?
What medications are you currently taking?

How Much Will a Policy Cost You?

How much you will have to pay for your policy will depend on the life insurance company, and on whether you experienced a mini stroke, a TIA (Transient Ischemic Attack), or a full stroke. Your insurer will also take into consideration how long ago your stroke was: if you had a stroke 6 or more years ago with no complications, the rate you will be offered will be lower than if you have had a stroke more recently; once you pass the 10-year mark, your rates will very likely be only slightly higher than those of someone who has never had a stroke.

The best way to know how much a policy will cost you is to work with a licensed agent who can review your situation and compare different companies’ plans.

Can You Lower Your Rates?

Absolutely! You cannot control all of the factors that go into determining your rate after you’ve had a stroke, but there are some lifestyle changes you can make to reduce your risk and rates: illustration of hands breaking a cigarette in half.

Quit smoking
Reduce alcohol consumption
Exercise regularly
Keep your blood pressure low
Reduce saturated fat and trans fat intake
Follow up with your doctor regularly

What If I Have Had Multiple Strokes?

This can be tricky, but if you have had multiple full strokes, your application for life insurance will most likely get denied – but you do have other options, such as final expense coverage or guaranteed issue life insurance. It is important to note that most insurers that offer guaranteed issue life insurance will cap the death benefit at $25,000 to $30,000 depending on your age, because they are accepting you despite your health being an unknown risk.

If you have had more than one mini-stroke, you might still be able to get coverage, depending on the insurance company; you will need to do some research to compare plans and companies, so you can find out which ones will offer you coverage and for how much.

Strokes are very common: on average, a stroke occurs every 40 seconds and kills one person every 4 minutes in the U.S. If you have suffered from a stroke, we understand that you are worried about leaving your family behind, and that you want to make sure they will be financially stable if you pass away. You can still purchase a life insurance policy, and protect your family, even if you have had a stroke, as long as you are honest during the application process.

There are many types of life insurance policies to choose from and many different companies to compare, so the best way to find the right policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Final Expense VS Life Insurance

Most people have lots of plans for their life, but one thing people don’t often plan for is their funeral and the cost of their final expenses. While these aren’t the most pleasant plans to make, you should at least be prepared financially for when the time comes, and the best way to do that is by purchasing a life insurance policy. You can choose a final expense insurance policy, which is a type of whole life insurance that provides coverage for your end-of-life expenses, or you can purchase a policy that will provide coverage for more than just your final expenses. For example, if you want to leave behind a substantial amount to cover larger expenses, or possibly leave an inheritance in addition to simply covering your funeral expenses, you might want to look into more traditional life insurance. To figure out what kind of life insurance you need, you should compare the different types of policies, and take into consideration your current and future expenses.

Final Expense Coverage

The average funeral costs $10,000; you can choose to purchase a life insurance policy that will specifically cover these expenses, and will help relieve some of the stress and pain of a difficult time for your family. This type of policy, called final expense insurance, or burial insurance, covers the expenses associated with your death, including funeral and burial costs, as well as any medical bills and other debts. You have the option to choose policy coverage anywhere from $5,000 to $50,000, depending on your needs, and as long as you pay your premiums, your policy will continue until the day you pass away. The cost of this type of life insurance policy will depend on your health and age when you purchase the policy.

Life Insurance Coverage

If you are looking for more traditional life insurance coverage, there are several types of policies to choose from, including term life and whole life. The difference between the two is that term life insurance policies will cover you for a specific amount of time (or term), usually 10, 20, or 30 years, while whole life plans will cover you for your entire life. Term life is ideal if you want to provide coverage for a major but temporary expense, such as a 30-year mortgage, while whole life is better if you’re ok with paying a little more to build cash value and not have to worry about your coverage ending. Either of these policies, though, will ensure financial stability for your family after your passing.

A term or whole life insurance policy will provide your loved ones with one lump sum, or a monthly annuity to your family after your passing, and offer more coverage than final expense insurance – typically anywhere from $250,000 to $1,000,000, or more!

white drawing of a person with 3 arrows pointing in different directions — *When deciding which plan is best for your family’s needs, it is best to compare plans from different companies.*

One thing to be aware of with more traditional life insurance policies is that, unlike with final expense, you will have to undergo a medical exam before you are approved so that the insurance provider can evaluate your risk. If you are older and/or have certain health conditions, you will pay more for monthly premiums than those who are younger and healthier.

Deciding Which Plan Is Best

Final expense life is a great option for those who are older or are in poorer health, and who don’t have or can’t get a traditional life insurance policy. Having this type of policy will give your family some kind of financial stability, at least for the unexpected expenses following your death, but it is important to note that final expense insurance only covers short-term expenses and does not provide anything more. If you want to provide more money to your family to replace your income, or to cover large expenses like a mortgage or college tuition, you should look into a different kind of life insurance policy. The best thing to do is to assess your current expenses, as well as future expenses, to figure out which plan is best for your family, as well as how much coverage you will need.

Purchasing life insurance coverage for your family is a responsible choice, and an important decision. While the thought of dying and not being with your family is difficult, imagine the suffering they will be going through – the last thing you want is for them to suffer financially, as well. Life insurance can help with your family’s expenses for many years and will prevent them from struggling in your absence.

If you’re not sure where to begin looking for a policy, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.