lower life insurance rates 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.

Life Insurance & Pre-existing Conditions

Having a pre-existing condition is very common; in fact, according to the Centers for Medicare and Medicaid Services (CMS), half of Americans under the age of 65 have at least one pre-existing condition. Unfortunately, when it comes to life insurance, pre-existing conditions can affect your coverage options. It’s no secret that the healthier you are, the less expensive a policy will be. But the good news is that having a pre-existing condition will not disqualify you from getting a plan. With a little bit of knowledge about how getting life insurance with a pre-existing condition works, and some help from a qualified agent, you can find a plan that will work for you.

What Is A Pre-Existing Condition?

A pre-existing condition is a health issue that you were diagnosed with or treated for before applying for insurance. Each insurance company has its own set of rules when it comes to these conditions. Some of the most common pre-existing conditions in the U.S. include:

a light blue colored inhaler — *Asthma is one of the common pre-existing conditions that can affect life insurance costs.*

Diabetes
Asthma
Heart disease
High cholesterol
High blood pressure
Cancer
Lower respiratory disease
Stroke
Obesity

Generally, if you have one or more of the conditions mentioned above, you will raise a red flag with life insurance companies. Don’t lose hope though – having one of these conditions does not mean you can’t find a great affordable plan.

How Pre-Existing Conditions Affect Life Insurance Costs

When you apply for life insurance, the insurance company’s underwriters will collect your medical history, and some will require you to undergo a medical exam. They do this to get a good idea of your lifestyle (such as if you’re a smoker or drinker) and current health before they agree to take you on as a risk. Depending on any pre-existing conditions that you have, they might raise your premiums. Your rates will be based on the following scale:

Super Preferred, or Preferred Plus- These are the lowest rates
Preferred
Standard, or Regular
Substandard- These are the highest rates

Many people will qualify for super preferred, but if you have a serious health condition that could be considered life threatening, you will most likely qualify for substandard rates. The higher a risk you are considered by your insurance company, the more you will have to pay, since your life expectancy would be presumed to be shorter than that of a healthy individual. For example, health issues including Type 1 and Type 2 diabetics can lead to substandard rates. Other conditions that can trigger a substandard rate are Multiple Sclerosis, Crohn’s Disease, history of cancer or stroke, or Hepatitis C.

It is important to note that not all insurance companies rate conditions the same; for example, one company might see asthma as a serious condition, while another company might not increase your rates if you have it. If you have any preexisting conditions, working with a licensed agent who knows which insurance companies will cover you at an affordable rate is definitely the way to go.

How To Lower Your Rate

a woman and 2 men running on a treadmill next to each other — *Exercising and losing weight can help lower your life insurance rates.*

Even if you have a pre-existing condition, there are things you can do to increase your chances of getting life insurance, and to lower your rates. The best things you can do are making lifestyle changes and trying to manage your condition. Consider doing the following:

Improve your health by following the treatment plan issued by your doctor for any medical conditions.
Exercise, which can help lower high cholesterol and high blood pressure, among other benefits.
Lose weight, especially if you are obese, which can affect your health and life expectancy.

The Best Life Insurance For Pre-Existing Conditions

Don’t assume you will be turned down for life insurance just because you have pre-existing conditions. Some insurance companies offer policies that cater to individuals with specific health conditions. In addition, there are many different kinds of life insurance policies that you can qualify for. For example, if you cannot get a permanent life insurance policy (which builds cash value over time), you can opt for a guaranteed issue life insurance policy, which was designed for people with severe or multiple health conditions. Unlike whole life, guaranteed issue life insurance does not build cash value over time, you simply make monthly payments in exchange for a fixed amount to be paid out upon your passing.

You can also choose to purchase a term life insurance policy for anywhere from 10 to 30 years and lock in the rates for that term. These policies are a more affordable option that you can get even with pre-existing conditions, as long as you are receiving treatment for your conditions and have them under control.

When looking for a life insurance policy, it’s best to work with an agent who is familiar with the underwriting process and standards for each medical condition that you might have. They will advocate on your behalf and will find you the best plan for you and your budget.

Remember, life insurance is an important financial security blanket for your family. And just because you have a pre-existing condition does not mean you can’t find a great plan that will help secure their future. We have listed some of the top-rated insurance companies below, so check your rates today and find out what you can do to get approved or lower your current rates!