I’m sure if you’re reading this then you already know what a Cerebral Aneurysm is, so I’ll spare you the definition and statistics unlike most articles you’ll find online. What you want to know is if you can get life insurance coverage and at what rate. The good news is you can get life insurance at good rates but it will depend on a few factors. Let’s discuss what factors the companies will consider and go over all the possible outcomes.
In short, here is what you need to know about getting life insurance with a Brain Aneurysm:
- You can qualify for life insurance whether it was operated or unoperated.
- Typically you can qualify for standard to substandard rate classes depending on the company and overall risk factors.
- We are experts at getting you covered with the right company.
That’s the gist of it. Normally, I’d tell you to compare quotes on our quote engine but in this case the lowest rate on the quoter won’t be the lowest rate for you. Each company weighs certain risks differently and their underwriting guides vary enough to make a huge difference in your rate. Overall, it won’t be difficult to get you coverage with a brain aneurysm so contact us if you’re ready to start shopping. Otherwise, let’s discuss the factors that will go into determining your rate.
What Underwriters Will Consider
Life insurance companies do their due diligence when qualifying an applicant. To qualify you for coverage and determine your rate companies go through an underwriting process that goes over all the possible risk factors. For an applicant with a Brain Aneurysm, those factors include:
Diagnosis – They want to know the precise details of your condition. The date of diagnosis and whether or not it’s been operated on. Normally they consider applicants 6 to 12 months post op. Unoperated clients are favorable if aneurysm is small and stable.
Cause of Aneurysm – If known, the cause of aneurysm, plus evidence of positive treatment taken to deal with it will be helpful in qualification.
Treatment – Aside from your Attending Physician Statement and your medical records, it’s a good idea to detail positive treatment to the underwriters. Lifestyle changes made to favor the condition or proof of successfully following recommended treatment can greatly influence your ability to get a good rate.
Smoking History – Any applicant who is a smoker will usually be rated higher due to the habit. However, this is especially important factor for high health risks.
Other Health Factors – Like in a typical application, your overall health will play a huge role. The underwriters will look at your medical exam results, doctors records and see if there are any other issues that are present. Especially those associated with coronary artery disease, hypertension, cerebrovascular, other peripheral vascular or renal disease or COPD.
This is basically an overview of a checklist they hit when reviewing your life insurance application.
Outcomes
Even though many factors go into deciding what you can qualify for, there is a basic outline of the range you can expect to be in. It will come to whether your aneurysm is operated or unoperated.
Operated
In the case of an operated aneurysm you can qualify for a Standard or a “Regular” rates if it has been 2 years since the operation. If it is under two years then the underwriter will take individual consideration. Keep in mind this can range from company to company so don’t just go running quotes.
Unoperated Aneurysm
If it is an unoperated cerebral aneurysm that is small in size and stable, you can expect to get what’s called a substandard rate of table 2 to 4 or a flat extra, depending on the company. As long as it is small in size and stable. Now, let’s explain what that means.
Substandard Rates and Flat Extra’s
Life insurance classes range from Preferred Plus, Preferred, Standard Plus and Standard. These are the rates for people with great to average health. However, at the standard rating there begins a whole new set of health classes for high risk applicants. These are the Substandard rates, which range in tables from 1 to 10, with each table being a 25% increase in premium. So basically a table 1 would be 25% higher in premium than a typical standard rating.
The flat extra is a surcharge per $1,000 of coverage amount. This surcharge gets added on to your annual premium. So let’s say, for the sake of easy math, you get $100,000 of coverage. If your flat extra is $7.50, then you would have to add $750 to whatever annual premium you qualify for.
If it’s unoperated and large, a decline is possible until further progress. Usually the longer it has been stable the better rate you can qualify for.
The Process
Normally, if you’re working with the right agent or agency, the process should look something like this.
Pre-qualification – the agent should ask you detailed questions about your condition, your health, hobbies, history and lifestyle. If they don’t, run the other way because they don’t know what they’re doing.
Application – Once the agent identifies which company is best for your specific situation, then it’s time to apply. This will include more health questions and all your basic information. The medical exam will also be scheduled.
Medical Exam – The nurse will come out to your home at your convenience and administer the exam. This will include checking your height, weight, blood pressure and taking a blood and urine sample.
Underwriting – This is the part we’ve been discussing the entire time. The life insurance company has underwriters that will review your exam results, medical records, and application. If all goes well in 6 to 8 weeks you will know whether you got approved for the rate you applied.
Getting Started
The key to getting the best outcome is working with an agency experienced with insuring this type of risk. Make sure the agency is independent, which means they have the ability to shop with multiple carriers to find the company that’s the best fit. The good news for you is you’ve arrived at your destination. InsureChance is an independent agency familiar with insurance clients that have a Brain Aneurysm and know exactly what to do to get you approved at the best rate. We shop around with all the A-rated companies to make sure you get the most favorable outcome.
We do the shopping on your behalf, at no extra cost to you! If you have any questions or would like to apply for coverage, give us a call at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
