Having a heart condition of any kind is a major life challenge but you’ll also find that getting life insurance after an event such as a heart attack is a whole other challenge in itself. Most of us never consider life insurance to be important until we’re faced with the prospect of our own mortality either through an injury, accident or a medical condition appearing without warning. The realization that life insurance is important, not only for ourselves but for our families, dawns on us.
The problem is that once you have an existing medical condition getting life insurance is far more difficult and also usually far more expensive. The reason for this is that heart disease and related heart conditions are one of the biggest killers in the Western and developed world – currently sharing joint first position with cancer as the biggest killer of both men and women. Having a heart condition basically puts you into a higher risk category for any high street insurer and after a heart attack, as an example, most high street insurers will decline cover for roughly the first 2-years after this type of coronary incident.
There are also some other factors that can negatively influence your insurance premiums:
* Having heart attacks at a younger age
* Ongoing heart issues like angina
* Having several heart attacks in short period of time
* Continuing issues with heart arrhythmia (irregular heart beat)
Even if you do manage to get life insurance from a high street provider you’ll be paying an inflated premium and tied to a huge number of terms and conditions for the insurance policy to actually pay out if anything happens to you.
The good news is though that you can get insurance, even if you have a pre-existing heart condition, from speciality insurers that who you can find quite easily online. Now the reality is that because of your heart condition you’ll most likely wind up paying more than the average bloke on the street but that shouldn’t stop you from shopping around for life insurance quotes. You’ll find that even with the medical condition-specific insurers that some quotes are just pulled out of thin air and then they add 10% to it for good measure; or so it feels. It’s also worth looking into the type of life insurance that will also cover the cost of your mortgage if the worst were to happen to you.
The two most common types of insurance you’ll find offered to people with heart conditions are:
This is insurance for a fixed period for a fixed amount e.g. £60,000 over 12-years but you can get paid at any point during that term. So whether you claim on year 1 or year 10 you’ll still get paid the full amount.
Decreasing Term Insurance
With this type of policy the amount paid out is reduced with each year that passes – almost like a depreciation on your premium. So for example if you started with a policy for £120,000 over 10-years this would mean that at the end of year 1 your policy would be worth say £108,000 (10% reduction) and then on year 2 it would reduce even further until the term of the insurance policy expires.
Don’t worry about finding companies that offer life insurance to people with heart conditions – they do exist – it’s just a case of using your online and offline resources to their full extent.
The Insurance Surgery has many years experience in finding competitive insurance for clients with heart disease and other illnesses and not just life insurance – Find Out More >>>