Finding the most affordable life insurance with heart arrhythmia’s
This articles will offer information on how to find the most affordable life insurance with heart arrhythmia’s. This very specialized niche of the life insurance arena can sometimes be a challenge for the customer as well as the agent.
For the customer, the prospect of finding affordable life insurance with heart arrhythmia’s can seem daunting. For the agent who is inexperienced in this specialty market, it can also be a challenge to find which company will offer the best rates.
Fortunately, you have landed on the right page. We are experts at finding the absolute best coverage available for individual’s looking for life insurance with heart arrhythmia’s.
Before we can discuss how to find the lowest cost rates for life insurance with heart arrhythmia’s, let’s look at what arrhythmia’s actually are and what an insurance company will need to know in order to offer a policy.
Arrhythmia’s refer to any change from the normal sequence of electrical impulses of the heart.
The electrical impulses may happen too fast, too slowly or erratically- causing the heart to beat too fast, too slow or erratically. When the heart doesn’t beat properly, it can’t pump effectively. When the heart doesn’t pump blood effectively, the lungs, brain and all other organs can’t work properly and may shut down or be damaged.
The underwriter of an insurance company, when reviewing the history of an applicant ,will be interested in knowing what type of arrhythmia an individual is experiencing in order to classify the risk appropriately.
Two of the most common types of arrhythmia’s are tachycardia and bradycardia. Tachycardia is a very fast heart rate and bradycardia is a slow heart rate.
Some occasional arrhythmia’s are common occurrences for many individuals, especially over the age of 50. Everyone has felt a fast heart rate or “fluttering” in their chest. Most cases these are harmless and will have no impact from a life insurance underwriting viewpoint. However, these symptoms should be looked at by a Dr. to rule out any other possible heart conditions.
A life insurance company will typically want to review your Dr’s medical records to see if the cause of the arrhythmia’s has been diagnosed. If so, the underwriter will typically evaluate the underwriting cause. An underwriter will typically also want to review a copy of a most recent EKG. This helps to determine the diagnosis of the arrhythmia.
Questions from the underwriting insurance carrier
When underwriting life insurance with heart arrhythmia’s the underwriter will typically need the following information:
- When were you first diagnosed with an arrhythmia?
- What type of arrhythmia was diagnosed?
- What symptoms did you develop? I.E. Fatigue, dizziness, light-headedness, fainting, shortness of breath, etc?
- What treatment was prescribed?
- Have you had any recent EKG’s, heart monitor test, etc? If so, what were results?
- Any other major medical history?
In addition to the medical underwriting questions, it is important to also provide the following information?
- Date of Birth
- Any tobacco use? If so, what type?
- Any family history of heart disease?
- Amount of coverage?
- Plan of coverage? Term or Permanent?
Once an underwriter has the above information they will then make an offer for coverage, a postponement of coverage or a declination of coverage.
Let’s take a look at each of these individually:
Offer of Coverage– Once an underwriter has reviewed all medical records, current insurance exam, labwork and EKG findings an offer of coverage may be made. This offer can range typically from a standard offer to an offer that is rated.
Life insurance companies typically use a table rating system when offering anything below their standard rating. This table rating system can look something like this: Table A (25%), Table B (50%), Table C (75%), Table D (100%) and so on.
As an example, a male 55 applies for $250,000 of protection. He has been diagnosed with sinus bradycardia with no other symptoms and no other major health problems. A typical insurance company might offer him their standard rate based on these findings.
Another male, 55 years of age diagnosed with Atrial Tachycardia and no other symptoms may be classified as a Table B risk after evaluation. This means that individual would be charged a 50% higher rate above standard than the other 55 year old male described above.
This is what life insurance medical underwriting is all about. It is about determining a risk factor based on each individual person’s situation.
Postponement of Coverage- Sometimes an insurance company may not have the complete picture on your medical history, so they will simply postpone your application until they do. An example of this may be a person applies for coverage and has a history of arrhythmia, but has not completed their EKG or heart monitoring. The insurance company will want to see these complete reports. But, instead of declining the application they will postpone it until the tests are completed.
Declination of Coverage- An insurance company may decide after reviewing the medical history for an applicant that they do not fit the risk profile for their company so they decide to decline an offer for coverage. Don’t be dishearten if this occurs, just because one company decides to decline for coverage does not mean that all will decline.
It is important to remember that each life insurance company looks at your health and lifestyle differently. That is why it is so important to use only the companies that will look upon your situation the most favorably. In a minute, we will discuss how to do this.
The Secret to finding the best offer on life insurance with heart arrhythmia’s
The absolute best way to finding the lowest rates on life insurance with arrhythmia’s is to work with an agent or broker that has the knowledge and experience in this unique area of life insurance underwriting.
An agent with years of experience will know what life insurance carriers specialize in offering the best rates for individual’s with arrhythmia’s. The knowledgeable agent will know what questions to ask that will save you time from shopping each insurance carrier and more importantly will save you hundreds or thousand’s of dollars in premium over the life of your policy.
Remember, their are 1,000’s of life insurance companies in the United States. Only a handful of these companies have an expertise in the field of special risk life insurance. Most of these companies are highly rated carriers that offer terrific policies. The problem is, most people don’t know where to go to find these companies.
Fortunately, we know which companies view heart arrhythmia’s the most favorably. We negotiate on our client’s behalf. We make the insurance companies bid for the best offer.
Bottom line…
If you are in the marketplace for life insurance and have a history of heart arrhythmia’s, please contact us. We are independent agents representing over 100 carriers. We will find you the lowest rates in the industry. You can call and speak direct with the owner of the agency. No big box 1-800 number can give you such personalized service. Thank you for reading this blog. If we can help, please contact us at 1-888-393-9003 or email Mike@specialriskterm.com
