Getting the Lowest Price Whole Life Insurance Even with Heart Problems
So just how do you go about getting the lowest priced Whole Life Insurance when you have heart problems? Heart problems are actually very common but it can be a complex issue. We are going to be your guide as to what to expect and how to get the best price and program. Ninety-five percent of what we do is with A-rated life insurance companies with two exceptions. Those are Graded and Guaranteed life insurance policies, which we are not focusing on today.
Our attention is going to be on the A-Rated life insurance policies that include living benefits. If you don’t know what that is, check out one of our living benefits videos or blogs.
With our policies, even with heart issues, you’re going to be able to get an insurance policy with an A-Rated carrier. . Now the heart problems that we’re referring are put into three different categories: minor heart issues, moderate heart issues, and severe heart issues.
Minor Heart Issues & Whole Life Insurance
Minor heart issues include a shortlist. Basically, we’re referring to cholesterol and blood pressure issues. As you may know, these are very, very common. Most people are on blood pressure and cholesterol medicines. Oftentimes, people in these categories may have three or four and maybe even five prescription medicines. Life insurance companies are very concerned about the number of prescriptions a person has. They don’t care about over the counter medicines because they don’t keep track of them. However, they care about anything that’s going to be in your medical database.
What is MIB?
So if you’ve gone into the doctor, there’s a record of it. If you’ve had surgery, there’s a record of it. If you’ve had a diagnosis. There is a record of it. It’s in what’s called your M I B, your medical database. The Medical Information Bureau, or MIB, checks past records to uncover “errors, omissions, or misrepresentations made on insurance applications.” It’s similar to a credit report for the life insurance process, and it helps prevent fraud, risk, and increased costs. So that is what carriers look at when you are applying for life insurance. You always want to answer truthfully in life insurance applications. If you don’t, your beneficiary’s payments may be jeopardized.
Moderate Heart Problems & Whole Life Insurance
You’ll be placed in the Moderate category if you are taking things like blood thinners. Insurance companies assign you to this category if you also have had any blood clots or if you had any stents put in. Also included in this category are those with a pacemaker, a previous heart attack, heart surgery, or irregular heart rhythm. Now, this can include a whole gambit of things. For example, if you have AFib or a heart murmur. These issues are not uncommon, in fact, they’re actually pretty common. You could have been born with a heart murmur and you might not be aware of it. Sometimes a murmur can develop later on in life. So if you’ve been diagnosed with any of these issues, that’s what they’re going to look at. And again, these are all moderate category issues.
Severe Heart Problems & Whole Life Insurance
The severe categories are going to be situations such as having:
- Congenital heart disease
- Arrhythmia Coronary artery disease
- Dilated cardiomyopathy
- Myocardial infarction
- Heart failure
- Hypertrophic cardiomyopathy
- Mitral regurgitation
- Congestive Heart Failure
Aside from these moderate and severe heart conditions, you are going to be okay. If you are taking prescription drugs for cholesterol and high blood pressure, its no biggie. As long as it’s within reason, and it’s not a copious amount of prescription medicines or extremely high dosages.
Those conditions aren’t going to prevent you from getting the best prices with an A-rated life insurance company. However, if you’re looking for a Whole life insurance policy, it can become a problem. That is if your cholesterol or blood pressure begins to escalate into other problems. So any condition that sends you quickly into the moderate or the severe category will create a roadblock to the best rates.
What If You Are Taking Blood Thinners?
So if you are taking blood thinners, which again is pretty common. It doesn’t mean you’re in trouble. It just means that you should be taking it for at least a year before you try to get the best rates possible for whole life insurance. Once you’ve stabilized for at least a year while you’re taking blood thinners, it is a more opportune time to get a better health rating.
If you have been on heart medications for at least two or three years, then you can usually get a preferred health rating. A Preferred Health Rating is an above-average health rating. And that subsequently brings your price way down. For example, if you’re a victim of blood clots or had to have a stent put in, you need to wait at least a year before you apply for better rates. These parameters can be applied to heart attacks and heart surgeries. So it’s best to wait at least a year in order to get a preferred health rating.
What If You Have Heart Murmurs or AFib?
Whole Life Insurance is really wonderful this way. On the other hand, irregular heart rhythms such as AFib, heart murmurs or other forms of irregular heart rhythms will not prevent you from getting a preferred rating. But that also depends upon a whole bunch lot of other variables. It’s best to have a brief conversation with your agent.
Typically you can get at least an average health rating, which is good. Sometimes you can get a preferred health rating. So that’s what you alway want. Because a preferred health rating brings your premium price down. Oftentimes a better health rating will lower your cost ten to twenty percent on your monthly premium, which is a big deal. So if you can, you want to get that now.
Now if you’ve contracted some of those more severe, heart-related issues such as angina or congestive heart failure, and you’ve had thosea for at least a year, you can get a preferred health rating. Believe it or not, Protect With Insurance has access to one of the few A-Rated companies in the country, that will give you an above average health rating if you’ve had angina for a year. So very few companies do that. When you speak with most other agents, if you have angina, they’re going to put you in a guaranteed issue or graded issue policy.
Congestive heart failure (CHF) is a chronic progressive condition that affects the pumping power of your heart muscles. While often referred to simply as “heart failure,” CHF specifically refers to the stage in which fluid builds up around the heart and causes it to pump inefficiently. Y
What Is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance, or guaranteed acceptance life insurance, is a type of whole life insurance policy that does not require you to answer health questions, undergo a medical exam, or allow an insurance company to review your medical and prescription records. You may also see it referred to as “no questions life insurance” or “no questions final expense insurance.
Sounds great, right? Here’s the catch. Guaranteed issue life insurance always has a waiting period. If you die during the waiting period, your beneficiaries will not receive the policy’s death benefit. With most policies the waiting period is two years. With some it’s three.
The good news is that if you are between the ages of 50 and 80, it doesn’t matter if you’re smoker or nonsmoker to qualify for this type of insurance.So if you’re between 50 and 80, you can get a Guaranteed Issue Whole Life insurance
If you were to die in those first two years, they’re going to get the amount you paid into the policy up until that point plus 10%. With guaranteed issue, once you outlive that first two years, it’s a hundred percent payout until death occurs. So let’s say you die in year number three, your beneficiary is going to get a hundred percent of the policy amount a year.
What is a Graded Issue Life Insurance Policy?
Now, a Graded Issue Life Insurance Policy has better terms and prices than guaranteed issue insurance. Graded benefit life insurance does not require a medical exam to qualify for coverage. These individuals usually represent a much higher risk than the average life insurance candidate, and insurance companies charge higher premiums to compensate for the additional risk. Protect With Insurance has access to one of the lowest price graded issue policies in the country as well! That’s going to be ideal for those with moderate heart conditions or for those who are in less-than-perfect health. This also includes those with mental diagnoses such as bipolar, schizophrenia, extreme, depression and anxiety because they are usually prescribed several medications. So graded issues are the best way to go for those type of individuals with these conditions,
ust very high on the chart. then we have access to some great, great prices for those, those graded issue. And that’s it. That’s a really good way to go on that. so I hope this has been helpful. It’s a lot of information. just know that if you call us, we have this stuff.
We’re trained. all of our agents are overqualified to help you out and to help you quickly and to pair you with the lowest price options possible. Alright. Stay safe out there. Take care.