When you’re shopping for life insurance coverage, there are dozens of different factors that you’ll need to consider. When you apply, the insurance company is going to review several factors, and if you have a pre-existing condition, it could be difficult for you to get affordable life insurance. If you’ve had a stroke in the past, then you may have been told that you can be accepted for a quality insurance plan, but that couldn’t be further from the truth.
Many people who have had a stroke worry that life insurance is out of reach for them. Either the premiums will be too high or they will be declined outright. While stroke is something life insurance companies are very concerned about when underwriting a clients risk, there are life insurance options for all clients who have suffered a stroke.At Ogletree Financial Services we get affordable policies for clients with stroke and other impaired risk every day. Whatever the severity of your condition, we can find the lowest premium for the life insurance you need.
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A major concern for life insurance companies is the tendency of strokes to reoccur. If you have recently had a stroke, most life insurance companies will delay your approval for six to twelve months.
A study published by the US National Library of Medicine found that the risk of reoccurrence of stroke by five years is 30% and 13% by one year, but after the first year, the annual risk of reoccurrence is about 4%. The conclusions of this study asserted that efforts “at secondary prevention should be initiated as soon as possible and continued for several years to gain the greatest benefit.”
So life insurance companies are correct to be concerned about the reoccurrence of stroke and how it “impairs” the risk of a client. But the news is not all bad.
The studies conclusion about the benefits of prevention means that stroke sufferers are not doomed to pay super-high life insurance premiums or go without a policy at all. The Mayo Clinic says the “good news is that strokes can be treated and prevented, and many fewer Americans die of stroke now than even 15 years ago.”
Up to 80 percent of strokes can be prevented.
This gets back to something life insurance companies consider paramount when underwriting a client with any impaired risk. There is a direct correlation between a clients level of effort to treat and control any disease or disorder that is “impairing” their risk and the willingness of life insurance companies to place that client in a much more favorable (and affordable) rating class. This could even take place after you have purchased your policy.
If you commit yourself to a program of health and stroke prevention, including lifestyle changes and physician recommendations, your chance of a long life increases dramatically. Accordingly, many life insurance companies will allow you to have your risk reevaluated and your premium reduced.
Stroke is a dangerous but treatable condition and there are life insurance companies that rate their clients risk based on this knowledge. Ogletree Financial Services has access to all the top carriers and we always find the lowest rates available. We know which insurers rate stroke victims most favorably and we know how to present your complete unique risk so that underwriters will place you in the best risk category possible.
As mentioned earlier, strokes tend to reoccur and when you had your stroke is very important. If you had your stroke three years ago, chances are likely in getting a low table rating or possibly a standard rating and have a very affordable premium. If you had a stroke three months ago, you can count on waiting until 6-12 months after the date of your stroke for the insurance company to approve your policy.
The types and results of tests you have taken after your stroke are important. First is the CT or CAT scan (computerized axial tomography). This is a series of x-rays that shows whether there is bleeding in the brain and also whether your stroke was ischemic or the more serious hemorrhagic type. Life insurance companies are also interested in the results of an electrocardiogram (EKG or ECG) which will reveal any heart problems that contributed your stroke.
Doctors and life insurance companies are also concerned with your blood work if you have had a stroke, to “help your doctor make choices about your treatment and to check for conditions that may cause symptoms similar to a stroke.” Additionally, your life insurance company will consider the type of stroke you have had, the amount of damage that has occurred, any residual effects of your stroke and medications you are taking.
We are very familiar with working stroke cases. Recently we were able to help one of our clients get a standard rate policy for $1,200,000. Our client was 64 years old and still smoked cigarettes. He had lost the use of the left side of his body but we were able to still get the standard tobacco offer.
Getting Affordable Life Insurance With A Stroke
Regardless of the type of life insurance type that you’re buying, there are several ways that you can get cheaper insurance for your plan. Making a few simple changes could help you save hundreds of dollars on your life insurance policy.
The first thing that you should do is eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance application, you’re going to be facing much higher premiums. In fact, smokers are going to pay at least twice as much for life insurance versus what a non-smoker is going to pay for the exact same plan. If you want to save money on your insurance plan, it’s time that you kick the bad habit once and for all.
The next thing that you should do is improve your overall health. You’ve already got one strike against you because of the stroke, which means that you need to improve the other areas. Before the insurance company approves your application, they are going to require that you take a medical exam, and the results of the exam are going to play an important role in how much you pay every month for your plan. Improving your health are going to save you money, and there are a few ways that you can do that, diet and exercise. Both of these can help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with other health complications. Improving your health can reduce your premiums by 50% or more.
The best way to ensure that you’re getting the lowest insurance premiums is to work with an independent insurance agent. Unlike a traditional broker, independent agents work with dozens of highly rated companies across the nation. Every insurance company is different, and you’ll get drastically different rates depending on which company that you get the quote from. Instead of wasting your time calling dozens of companies to get the lowest premiums, our independent agents can bring dozens of insurance quotes all at once.
Through our guidance, Ogletree Financial Services could easily save you thousands of dollars in life insurance premiums over the course of your policy. The intricacies of dealing with underwriters and impaired risk like stroke are best left to the experts. We can pair your unique risk with the right insurer, present that risk as favorably as possible and secure for you the policy you need at the lowest attainable cost.
We know that buying life insurance isn’t the most fun process. It conjures up images of your death, but not planning for the inevitable is one of the worst mistakes that you can make for your loved ones. If something were to happen to you, and you didn’t have life insurance, your family would be responsible for all of your debts and final expenses, which can easily equal hundreds of thousands of dollars.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family will need. If you have any questions about getting life insurance with a stroke in the past, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.
Getting started is easy! Use the instant term quoter on this page, leave a message through our contact page, or call us at 1-800-712-8519.