Obtaining life insurance after having a Stroke is difficult, but it can be done.
In this article we'll go over what we need to know to secure you the most affordable life insurance offers after having a Stroke and go over what you can expect in getting approved for life insurance.
Life insurance is one of the most important investments that you’ll ever make for your family. It’s the best way to ensure that your loved ones have all of the money that they need, regardless of what happens to you. When you apply for life insurance, the company is going to look at dozens of different factors to determine how much they should charge you in monthly premiums. One of the biggest factors that the insurance company is going to use is your health. The better your health is, the lower your nuance premiums are going to be. If you have had a stroke in the past, you may assume that it’s impossible to get affordable life insurance coverage.
First of all, life insurance companies differentiate between a "full Stroke" which is what we know to be a stroke and a "mini-Stroke" which is known as a Transient Ischemic Attack (TIA).
TIA's are a temporary neurologic deficit that resolves itself without permanent damage to the brain. Most people experience temporary numbness, weakness, dizziness, vision defects, speech abnormalities and fainting for a few minutes or several hours. Due to the temporary nature of the condition, most TIA's are recorded in your medical records from patient reports of symptoms, rather than a firm diagnosis.
Stroke And It's Impact On Life Insurance Underwriting
Strokes and TIAs have a tendency to recur, so if you've had a stroke within the last year, the life insurance company will "postpone". Which basically means "come back to us after it's been 1 year". So if you've had a stroke within the last 12 months, you'll have to wait to get coverage.
After 12 months, if there are no further strokes, underwriting improves as time from your stroke increases.
However, if there are residual effects from the stroke, that will affect your life insurance rates as well. The table below provides an idea of what to expect:
As you can see the best case scenario is "Standard" rates. Most likely there will be a table rating though. Table ratings are the health classifications below Standard. Generally a table rating is an increase in premiums in 25%. For example:
Standard $100/mo. (No Table Rating)
Table 1: $125/mo. (Low Table Rating)
Table 2: $150/mo (Low Table Rating)
Table 3: $175/mo (Low Table Rating)
Table 4: $200/mo (Moderate Table Rating)
Table 5: $225/mo (Moderate Table Rating)
Table 6: $250/mo (Moderate Table Rating)
Table7: $275/mo (High Table Rating)
Table 8:$300/mo (High Table Rating)
In order for us to classify your risk to the life insurance company and find the carrier that will give you the best rates, we need to know the following information. Keep in mind, if your agent doesn't ask you the following questions, they are merely guessing at your rates.
- Date of Stroke
- What follow up studies were done? (CT Scan, EKG, MRI, Carotid Ultrasound, Other)
- What medications are you taking? Quantity/Frequency?
- Describe symptoms experienced at the time of the Stroke
- Describe any residual effects from the Stroke
- Any other underlying health issues and/or medications?
Getting Affordable Life Insurance Rates
One of the most common reasons that people don’t purchase life insurance coverage is because they assume that it’s going to be too expensive to fit in their budget. But, in most cases that couldn’t be further from the truth. There are plenty of option to get affordable life insurance coverage. Life insurance underwriters want to see good medical follow up, no tobacco use, regular exercise program, good dietary habits and consistent use of medications. All of these are going to play a huge role in how much you pay for your life insurance policy.
Before the insurance company accepts your application, they are going to require that you take a medical exam, unless you have chosen to go with a no medical exam required policy, which will come with higher premium rates. If you’re looking to get better rates on your plan, you’ll need to get better results from the medical exam. The better the results from the medical exam, the lower your insurance rates are going to be.
One way that you can get better results is to start a healthy diet and start getting regular exercise. Both of these can help you lose any extra way and drastically reduce your chances of being diagnosed with other health complications later in life. It’s time to start eating the gym and skipping the extra bowl of dessert.
Another way that you can lower your insurance premiums is by eliminating any tobacco that you currently use. If you’re listed as a smoker on your life insurance application, you can expect to pay much higher premiums. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same amount of coverage. If you want to save money on your life insurance policy, you’ll need to quit the bad habit once and for all.
It's our job as your life insurance agent to paint your Stroke is the best light possible to the life insurance underwriters by providing the above information. It's not just about your Stroke and how it's effected you, but how you responded to it.
It's very important to use an experienced and independent life insurance agent if you've had a Stroke. People have come to Rootfin that have been declined by other agencies and we've obtained affordable coverage for them. Don't let a previous decline stop you from contacting us.
If you have any questions, please don't hesitate to contact us. We look forward to helping you secure this important life insurance coverage. Life insurance is one of the most important purchases that you’ll ever make. You shouldn’t wait any longer to get the life insurance protection that your family deserves. We know that finding life insurance can be difficult, but we are here to help. We can connect you with the best plan to meet your needs.
We have years of experience helping clients that have had strokes find the best plan to meet their needs. Don’t try and go through the process alone. We can help you save both time and money on the life insurance process. Contact one of our agents and we can get started today.