I have ran into many clients who were really concerned about not being eligible for life insurance after a stroke. Stroke is the 4th leading cause of death and many life insurance companies will simply decline you with history of stroke. This is bad news especially when you probably realized the importance of life insurance after having a stroke. Well last thing we want to do is add stress to your life so let me tell you that you still have options. You can qualify for life insurance but the key is finding the right life insurance company that will offer coverage based on your specific situation.
When applying for life insurance the insurance company will do a thorough underwriting to determine your risk grade and eligibility. They will want to know the date and age at onset, any neurological deficit, medications, number of strokes and the type of stroke you had. It is also very likely for them to request a neurology workup and an attending physician statement. Don’t forget that the usual factors will be reviewed too, like other conditions, current height/weight, risky hobbies, family history and driving history. This is also what the agent needs to know to find which company to apply for, so if the agent doesn’t ask they are just guessing. The type of stroke you had will have a big impact on your applications outcome. Most people either have a mini stroke(TIA) or a full stroke, so lets cover both.
Mini Stroke a.k.a TIA(Transient Ischemic Attack)
If you had a mini stroke your chances of getting life insurance are much greater, plus you will likely pay a lower premium. For a mini stroke, at least 6 months would have to pass before you can be considered for a life insurance policy. In this case if you have been physically active with no negative indicators on your neurology report along with some healthy lifestyle changes. You can get Standard to Substandard rates ranging from table 1 to table 6. From experience, it is very beneficial when a person who had a recent stroke makes healthy lifestyle changes. Such as adding exercise, following a healthy diet and reducing high stress factors. Life insurance companies like to see that you took some measures after your stroke so it wont happen again.
Example:
Male 50 Non Smoker had a mini stroke 1 year ago. Applying for $250,000 15 year term.
Best Case: $65.07 monthly approved standard rate.
Typical Case: $97.61 monthly approved substandard table 2
Full Stroke
With a full stroke, it will be necessary for a at least 12 months to pass before you can be considered. The reason is that strokes can be recurring so companies want to make sure it was a single episode. Keep in mind that if you had more than one stroke than you are more likely to get declined unless some time has passed. Just like a mini stroke the companies will want to see your neurological workup and your function. Best case scenario with a full stroke is to expect a substandard table 4 rating or higher. It is also common for some companies to add a flat extra which is a surcharge per $1000 of coverage for a set period of time like 3- 5 years.
Example:
Male 50 Non Smoker had a full stroke 1 year ago. Applying for $250,000 15 year term.
Best Case: $130.14 monthly approved substandard table 4
Typical Case: $162.6 monthly approved substandard table 6
Once you get a quote form one of our high risk agents to get an idea it is time to get serious. One of the things that makes us different is we do a quick quote for our high risk clients. This is when we submit an anonymous proposal to our life insurance companies of choice to get a simulated underwriting decision. This works great since we know the most likely outcome plus there is something in writing to attach on top of the application. It is also helpful to attach a cover letter to further demonstrate your healthy lifestyle and the importance of getting the coverage. Might seem like a lot of work but it is well worth it when you increase your chance of approval and reduce the chances of higher monthly payments. Call us at 888-492-1967.
