Obtaining life insurance after having a Stroke is difficult, but it can be done.
In this article we will show you how to get affordable life insurance offers after having a Stroke and go over what you can expect in getting approved for life insurance.
Applying for life insurance involves a lot of steps, and it can be rough. If you have a bad health problem on your medical records, you may think it’s impossible, but it’s not.
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 from the best life insurance companies, 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
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.
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.
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 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. You would first have to decide the best type of policy and calculate how much life insurance you need.
After that, you have to start shopping around. There are 6,000 carriers out there. Imagine having to call at least 60 of them. It’s going to take a while. Instead of doing all of that, you can make one call to us.
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.
Perhaps you’re interested in getting life insurance for your parents; if so, we can help.