Is Life Insurance with a pacemaker available?
Finding affordable life insurance with a pacemaker can be challenging. In order to find the lowest cost life insurance with a pacemaker you must work with an expert in this niche area of life insurance underwriting.
We have years of experience in knowing which insurance companies will typically underwrite life insurance with a pacemaker the best. Finding an agent who understands how insurance companies evaluate this particular risk is your first priority. Fortunately, you have landed on the right page.
What does a pacemaker do and how does it affect life insurance pricing?
To understand how an insurance company will review your pacemaker history, let’s first look at what a pacemaker is and does. Currently, their are over 3 million people with pacemakers worldwide.
A pacemaker is an electronic device that stimulates the heart beat. They can be programmed to begin pacing when a person’s own heart falls below a set number.
If the heart rate drops significantly, it causes symptoms such as light-headedness, dizziness, or even fainting. A slow heart rate is called bradycardia.
It can occur in various types of heart blocks or arrhythmias. The pacemaker may be needed temporarily or on a permanent basis. Sometimes, myocardial infarction (heart attack) causes transient heart block, requiring a temporary pacemaker.
Most of the time the need for a pacemaker is permanent.
Some of the conditions requiring a pacemaker are significant heart block and sick sinus syndrome, also known as bradycardia tachycardia syndrome.
In the latter, the heart beats too fast at times and then too slowly. Sometimes, drugs used to control atrial fibrillation results in profound bradycardia, requiring a pacemaker.
There are many types of pacemakers. Some are designed to pace at a preset rate. Others increase the pacing rate based upon the needs of the body. Pacemaker batteries typically last 10-20 years.
Complications of pacemakers include ventricular dysfunction, infection, blood clots, malfunction, and tears in the wall of the chamber of the heart where the lead is implanted.
Life Insurance Evaluation-
With congenital heart block and a pacemaker:
- ages 2-19, no complications or other congenital heart disorder the extra premium rating is typically about 50%
- ages 20 and over, no complications or other congenital heart disorder the extra premium rating is typically about 25%
With acquired heart disease:
- ages 55 and less with coronary artery disease (CAD) and no other complications typical extra rating is 75%
- over age 55 with coronary artery disease (CAD) and no other complications typical extra rating is 50%
It is important to note that any underlying atrial fibrillation history of congestive heart failure, congenital heart disease or other complications will typically be considered on an individual basis. Higher ratings or even a declination is possible.
Again, it must be stressed that in this very specialized niche of life insurance underwriting there are typically only a handful of carriers that will look upon life insurance with a pacemaker favorably.
Remember, all insurance companies use the same published rates. But, all insurance companies look at your health and lifestyle differently. It is up to your agent to negotiate the lowest rates with the companies that specialize in underwriting life insurance with pacemakers the best.
What information is needed to quote on life insurance with a pacemaker?
When you are researching life insurance with a pacemaker there are typically several questions your agent will need answered:
- Male or Female?
- Date of Birth?
- When was pacemaker implanted?
- What reason was pacemaker implanted? I.E. Congential heart block? Heart block associated with heart disease? Complete heart block? Atrial flutter or fibrillation? Other reason?
- Any history of heart disease?
- Has the pacemaker caused any complications such as: infection, pacemaker malfunction, blood clots, perforation?
- Have you had any symptoms since pacemaker was implanted? If so, what?
- Are you currently taking any medications?
- Have you used any tobacco products in last 5 years?
- Do you have any other major health problems like diabetes, cancer, etc.?
In addition to the above questions, your agent will also need information regarding the amount of protection needed and what type of plan is required?
How to proceed with finding the best policy
Once the above information is secured, your special risk agent will go to the marketplace and find the best offers available for life insurance with a pacemaker.
Your agent will then present you with the tentative offers from each insurance company. If a tentative offer is acceptable, you will at that time complete any additional requirements needed to secure the policy. This typically includes a complete application, along with a para-med exam and labwork.
Once all requirements are complete and reviewed, the insurance company will make the final offer for coverage. If the final offer is acceptable to the insured, a policy is issued and money is received to bind the coverage.
If for some reason the final offer is different that originally thought, your agent will begin negotiating with the other insurance companies to try and find an acceptable offer.
It’s important to remember, that no insurance company or insurance agent can guarantee final premium rates until full complete medical underwriting is finished. Any agent who claims to tell you exactly what your rates are before underwriting is complete is not telling you the truth.
The key to finding the best life insurance rate for pacemakers is finding the company that looks upon this particular risk the most favorably.
We know how to find these companies. So, if you are interested in discussing your situation or would like to find the absolute lowest rates in the industry for life insurance with a pacemaker, call us at 1-888-393-9003 or email Mike Raines at mike@specialriskterm.com
