In fact, many people with heart disease can still qualify for a Standard rating depending upon their condition.
You don’t have to sit on the sidelines when it comes to getting the life insurance protection you want for your family because you have had a prior heart attack or suffer from heart disease.
However, life insurance companies will start rating your coverage depending on previous instances of heart attacks as well as your current medical condition. Thanks to today’s advancement against cardiovascular disease, the survival rate is much higher than it was 30 or 40 years ago. Yet there is a rating system for life insurance for those with heart disease.
Life Insurance Rating Classes with Heart Disease
Standard: This is the typical rate that is charged for most people who obtain life insurance with less than perfect health. While not usual, this is actually not too uncommon for people who have had previous heart attacks to gain a standard rating for a life insurance policy. Often, it is because your heart attack was caused by unusual circumstances or happened a long time ago and you passed your medical exams cleanly. In such cases, you can actually get standard life insurance rates.
Standard with a table rating: For most people who have heart disease or heart attacks in their past, they have what is known as a “standard table rated” life insurance policy. These policies will rate you depending on your medical exam and the standards that the life insurance company has for those with heart disease. So in addition to the higher rate, you may also pay as much as 25% for every table rate you go up. For example, someone with a standard table 2 rate will pay 25% more for coverage than someone with a table 1 rating, and 50% more than someone with a Standard rate.
Declined: Unfortunately, there will be some insurance companies that decline you for coverage. It will depend on a number of factors as each insurance group will have their own rules and regulations. Every insurance company is different, and they each have their own standards and guidelines on what is an acceptable risk for them. For this reason it is important to make sure your agent knows which company would be more aggressive for your situation.
Be Sure to Work with an Independent Agent
Having heart disease is not necessarily an obstacle to getting life insurance, be sure to check out the rates and requirements of several life insurance companies first before making your decision to which one best suites your needs. You may wind up saving hundreds, if not thousands of dollars over the course of your life insurance policy. Be sure to start by calling and requesting a quote while providing your medical history and recent exams. It’s possible to actually get the life insurance you need to protect your family.