When you apply for life insurance coverage, the company will review dozens of different factors when they are calculating how much they are going to charge you for insurance protection. One of the biggest factors they are going to review when you apply is your health. If you have any severe red flags on your medical records such as having had a previous heart attack, you will most likely be looking at higher premium rates.
Having a heart attack in your past labels you as a high risk to the company. The insurance company offsets additional risk by increasing your monthly insurance premiums. Just because you’ve had a heart attack in the past doesn’t mean you have to pay a fortune for your life insurance coverage.
If you’ve had a heart attack, they are going to ask you several questions during the application. They want to know all of the different details and factors of your health and how much risk you are for a plan.
Be prepared to answer questions like:
- When was your heart attack?
- How severe was the heart attack?
- What prescriptions/treatments do you take for your heart?
- How long were you hospitalized?
- How often have you been to the doctor since the heart attack?
- Have you had any additional complications since the heart attack?
Depending on the company, they could ask you some more questions. On top of all these questions, they are also going to ask a lot of generic questions about the rest of your health and family history.
If you’re looking for a large life insurance policy, a million dollars or more, you might be worried about how much your life insurance plan will cost and if you can be accepted for the coverage.
Having a heart attack can be a terrifying experience. After a heart attack, people tend to change their lives and start thinking about the future.
Even with a severe health event in the past, it’s still possible to get a life insurance policy you can afford.
Do you want to go ahead and see how much you plan is going to be? You can use the form on the side.
Calculating Your Life Insurance Needs
Before you purchase life insurance coverage, it’s important you determine how much coverage you need to purchase.
One of the worst mistakes is not purchasing enough insurance coverage. If you were to pass away, and you had too little coverage, your family would be responsible for bills and expenses.
FINAL EXPENSES AND DEBTS
Before you buy life insurance, take into account your bills and outstanding debts. Add up everything from your mortgage to any student loans. When you pass away, your debt doesn’t magically disappear. Someone is still going to have to pay those bills, either your spouse, kids, or parents.
Do you want them to have to drain their savings account to pay them off? Your debts and final expenses are the first steps, but they are also the most important.
Next, look at your annual income. If you’re the mainstream of income in your home, your family would struggle without that money. That’s where your life insurance comes in.
The rule of thumb is, buy enough life insurance to replace your paycheck for at least five years. When they are going through the grieving process, you don’t want them to worry about having to replace your income as well.
Getting Affordable Life Insurance Coverage With A Heart Attack
During the application process, they are going to ask you about a hundred questions in regards to your health and your family history. Anyone who has had a heart attack is going to have a big red mark on their application.
There are several ways you can offset those red mark and make your application as appetizing as possible.
Even if you have had a heart attack, there are several ways you can get affordable life insurance protection.
One important note, you shouldn’t wait to get life insurance. You can purchase life insurance and then ask your insurance agent for another medical exam.
When you make changes, you won’t automatically get lower premiums. The company wants to see you can stick to those new habits. Make those changes and keep making them for a year, then you will qualify for cheaper insurance coverage.
IMPROVE YOUR HEALTH
The first thing you should do is improve your health by getting regular exercise and cutting out the junk food.
Both will help you lose weight and reduce your risk of being diagnosed with any new health complications such as diabetes. Hitting the gym is a great way to improve your health, which is going to translate into lower insurance premiums.
CUT OUT THE NICOTINE
Another excellent way to save money on your life insurance coverage is to cut out the cigarettes.
If you smoke, then you probably know you’re going to pay more for your life insurance coverage. Smoking drastically increases your chances of suffering from another heart attack or being diagnosed with various types of cancer.
If you have a higher risk of help problems, the insurance company is going to think twice about giving you coverage. To ease their worry, they are going to raise your premiums…. A lot.
Smoking cigarettes is not the only form of tobacco which might hurt your premiums. Chewing tobacco, too many cigars, or even e-cigs could cause your wallet to get a lot thinner.
DO YOUR HOMEWORK
Comparing quotes from several different companies will ensure you are getting the best rate possible.
Each insurance company will offer you varying rates based on their rating system and medical underwriting. Finding a company which has more experience in working with clients with heart attacks is going to save you hundreds of dollars.
Finding the perfect company is the difference in getting an affordable policy or getting one that’s going to break your bank every month.
There are some companies which are experts in crafting plans for applicants who have had heart attacks. Those companies are going to offer cheaper plans and better protection. You need to connect with one of those companies.
How do you find them?
The easiest way is to use our quote tool. We are going to take your answers, run them through the algorithms and then compile a list of the best options for you. We cut out the expensive plans and help you avoid the pushy salespeople.
Heart attacks are scary. Not having life insurance can be scarier. A life insurance policy can help you protect your loved one’s finances, regardless of what happens to you.
Do you have questions or need advice? You can talk to us. We would be happy to answer questions or guide you on the right path to cheap life insurance.