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Life Insurance and Heart Disease

In Canada, more than 1.3 million people have reported to suffer from heart disease, also referred to as cardiovascular disease. These include heart attacks, angina, cardiac arrest, stroke, coronary artery disease and most other heart conditions.

If you’ve had a heart attack, stroke, bypass surgery or any other form of heart disease you can still qualify for traditional life insurance however the majority of insurance companies won’t consider approving your application until 1 year after surgery. Insurance underwriters will also look at age in relation to your diagnosis, the older you are when diagnosed with heart disease the better as younger applicants with heart disease are considered to be higher risk. Other factors that the insurance company underwriters look at are; build, smoking status, treatment, family history and lifestyle.

With traditional life insurance, you are likely to receive a rating or even be declined if you are applying after a heart attack or stroke. If you receive a rating your monthly premiums will be higher, a decline means that you would not qualify for traditional life insurance. Please keep in mind that a decline on your file is not good. It could ruin your chances of getting approved later on with other insurance companies as the insurance providers tend to copy one another.

The best bet would be to do a confidential inquiry to all the insurance companies to feel them out and see which one is more likely to approve you based on your specific situation and for the lowest price. If you want insurance coverage in place ASAP the best bet would be to get a non-medical (aka simplified issue or guaranteed issue) policy in place. A simplified issue policy doesn’t require the applicant to take a medical test just answer a short health questionnaire. With these policies, the face value is limited, usually up to 150,000 and the premiums are higher. In the meantime, taking of yourself and your loved ones through improvements towards a healthy diet and regular exercise can’t be undervalued. My family made CPR training in Toronto a fun day-time excursion during a holiday, insurance is important to have on hand but personal knowledge and responsibility can’t be replaced.

Contact Jack directly to discuss your specific health situation. Email at jack@lifeman.ca or call 416-995-8705.