Last Updated: January 2020
Obtaining life insurance after having a stroke doesn’t have to be difficult.
In this article, we will show you how to get affordable life insurance after a stroke. You’ll also learn what you can expect when applying for life insurance, and tips to save on your life insurance policy.
- Can You Get Life Insurance After a Stroke?
- How Life Insurance Companies View Strokes: Full vs Mini-Strokes Matter
- What Will Life Insurance Companies Want to Know About Your Stroke?
- Tips to Find Affordable Life Insurance Rates After a Stroke
Can You Get Life Insurance After a Stroke?
Yes! Even after a stroke, you can get life insurance.
However, if your stroke was in the last 12 months, you have to wait until you are 12 months from your most recent stoke.
Applying for life insurance involves several steps.
If you have a stroke on your medical records, many people think it’s impossible to get life insurance. Fortunately, many companies specialize in high-risk life insurance.
How Life Insurance Companies View Strokes: Full vs Mini-Strokes Matter
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
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.
How A Stroke Affects 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”. This 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, your rates will be lower as the time from your stroke increases.
However, if there are residual effects from the stroke, that can 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.
How Life Insurance Companies Use Table Ratings to Determine Your 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 by 25%.
- 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)
- Table 7: $275/mo (High Table Rating)
- Table 8: $300/mo (High Table Rating)
What Will Life Insurance Companies Want to Know About Your Stroke?
In order for us to classify your risk to the life insurance company and find the best life insurance company for your situation, your life insurance agent will need the information below.
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?
Tips to Find Affordable Life Insurance Rates After a Stroke
As you can see from the quotes above, the rates can range all across the board. Your health is the pivotal factor in determining your quotes.
See Your Doctor & Get Healthy
Before you apply, make an appointment with your doctor.
Ask your doctor about some ways you can improve your health.
Make sure you follow all of your doctor’s orders and get in the best shape possible.
As an applicant who has had a stroke in the past, you want to make the most of your health. Start exercising, it’s going to work wonders on your health.
Do whatever you have to get in shape.
Consider Guaranteed Issue Life Insurance After A Stroke
Depending how long it has been since your stroke, you may have a tough time applying for traditional life insurance coverage.
At least until more time elapses before putting in your application.
If this is the situation you find yourself in, be sure to consider guaranteed issue life insurance.
It is an option that has more stipulations attached than traditional life insurance but does not require a medical exam to be completed nor does it ask any medical questions on the application.
Some protection in place is definitely better than having none at all.
Use an Independent Life Insurance Agent
It’s your life insurance agent’s job 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 affected you, but how you responded to it.
Let’s imagine you tried to shop for life insurance alone without the help of a professional.
After that, you have to start shopping around.
There are 6,000 carriers out there, so it’s hard to know where to start.
We always recommend using an experienced and independent life insurance agent if you’ve had a stroke, or if you’re getting life insurance for your parents.
Get started by filling out our instant quote tool or calling our network of agents to compare life insurance rates from all the top companies, including companies for stroke survivors.