Yes, we can insure you if you have had a stroke!
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. We can still find 10 year term, 20 year term, 30 year term, universal life and whole life insurance if you have had a stroke. Even if you have had a severe stroke and have been declined for life insurance we have a guaranteed issue policy that will take you.
If there is only one thing you take away from this article, it should be this: YOU CAN GET LIFE INSURANCE AFTER A STROKE.
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 there was good news.
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.
A stroke is a dangerous but treatable condition and there are life insurance companies that rate their clients risk based on this knowledge.We have access to all the top carriers and we always find the lowest rates available. We know which insurers rate stroke victims most favorably and so 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, 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 helping clients that have had a stroke. Recently we were able to insure a client at a standard smoker rate on a life insurance policy for $1,200,000. This was a universal life insurance policy with Lincoln Financial. 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. Other than the stroke and the fact that he was still a smoker, he was still healthy. He controlled his blood pressure, cholesterol, and had no diabetes. There were no instances of sleep apnea, asthma, or heart disease so we were lucky to have found him life insurance.
Is Life Insurance Expensive After a Stroke?
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.
It might seem impossible, but snagging an affordable policy after a stroke is not only possible, but we can make it simple. You make one call to us, it couldn’t get any easier.
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.