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How to find the best life insurance with coronary artery disease?
Coronary artery disease is the the No.1 killer in American, affecting more than 12 million Americans. So, naturally life insurance carriers will look more closely at applicants with a history of heart disease.
But, it is important to remember that there are life insurance carriers that specialize in evaluating applicants with a history of coronary artery disease.
The number one thing you must do in order to find the best life insurance with coronary artery disease is you must work with a broker that knows and understands this niche.
Your agent or broker is your best resource
An experienced and knowledgeable agent can save you not only time in researching the best companies, but also potentially thousands of dollars in premium over the life of your policy.
Many novice or un-experienced agents simply do not understand this market. They actually shy away when people mention pre-existing medical conditions such as coronary artery disease.
They do not know what questions to ask or how to present the case in the best light to an underwriting company. Also, many agents may write coverage for only one insurance company.
It’s important to state again that you must use an agent that knows this marketplace. If not, you may not only pay quite a bit more for this protection, but you could lose any chance of even receiving an offer for protection.
A knowledgeable “special risk” insurance agent will know the right questions to ask. They will represent multiple companies that specialize in underwriting coronary artery disease.
Often times an expert agent will even find out if an insurance company will be able to insure you before putting you thru a medical exam and filling out a bunch of paperwork.
The wrong way and the right way to find the best life insurance with coronary artery disease
Here’s an example of the wrong way and the right way to find the best life insurance with coronary artery disease:
Dave is a 55 year old business owner looking for life insurance coverage to protect his family and business should something unexpectedly happen to him.
Dave needs a $1,000,000 policy to cover him for the next 15 years until he sells his business. Dave is concerned he may not be able to find affordable life insurance or any coverage due to his history of coronary artery disease.
Dave decides to contact his agent friend Joe who handles the health insurance for his company. Joe is eager to try and help Dave with his life insurance needs.
Joe sells primarily health insurance coverage, but represents several life insurance carriers when he runs across someone who needs life insurance. Dave explains the situation to Joe about his history of coronary heart disease and his concerns on finding coverage.
Although not an expert by any means in the life insurance arena, Joe tells Dave to apply with several different companies. He explains how they can accept the company that comes back with the best offer. (Mistake #1)
Dave is curious at what the rates would be once he is accepted. Joe decides to quote rates at the standard underwriting risk class (Mistake#2) and presents them to Dave. Dave is excited that the rates seem very affordable and decides to takes Joe’s advice an apply to several insurance companies.
Dave completes multiple pages of paperwork for 3 different life insurance companies and also gets examined with blood tests by two different nurses to complete the requirements for the insurer.
After several weeks go by Dave gets a call from Joe. Joe explains how all the insurance companies that applied to declined coverage due to medical history. Needless to say Dave is upset. Joe had said they would take the best offer.
So, not only had he completed loads of paperwork, got prodded by nurses, he still didn’t have life insurance coverage many weeks later. He felt like the whole process was a waste of time, but he was most upset because his family and business were still not protected.
Dave searches online for an expert in the life insurance marketplace for individuals with coronary artery disease. He sees that Mike has over 25 years experience in the life insurance arena and is an expert in securing coverage for individuals with coronary artery disease. Dave gives Mike a call.
Mike explains how each life insurance company looks at your health and lifestyle different. He tells him their are several companies that specialize in offering the best rates for individuals with a history of coronary artery disease.
The secret is knowing who those companies are and how to negotiate the absolute best rates.
Mike explains the process of finding how which companies will offer the best rates for his particular situation. Mike tells him the first thing he will need to do is ask him some questions regarding his medical history.
This will allow him to present his case to each individual underwriting company without subjecting him to the MIB file. The medical information bureau is a kinda of clearing house for insurance companies.
He said it’s important not to just apply to several different insurance companies. By doing so could actually harm him in finding an offer, since all insurance companies look at the MIB file to see if other carriers have declined or have an adverse code for an application.
He explained how if an insurance company sees multiple declination’s on his MIB file they may simply withdraw consideration for an offer.
Mike offered up several questions that the insurance underwriter’s would want to know about:
- Date of diagnosis of coronary heart disease?
- Any history of heart attacks?
- Any history of surgeries? I.E. By-pass, stents, etc? If so, need details?
- Recent tests completed? I.E. Resting EKG, Thallium EKG, Coronary catheterization, Stress EKG, echocardiogram
- Current Ejection Fraction Percent?
- Number of vessels involved?
- History of High Blood Pressure, High Cholesterol, High Triglycerides?
- Any Family History of heart disease?
- Current Medications?
- History of tobacco use/
- Any other medical history? I.E. diabetes, cancer, etc.
Dave was impressed by the detailed questions that Mike asked. He felt that Mike knew what he was talking about and what questions the underwriters would need answered in order to make a decision.
The next step…
Once Mike got all the answers to the medical questions from Dave he explained how now it was time for him to go to work.
He would speak directly to the underwriter’s from the companies that specialized in coronary artery disease. He would relay the medical information to them and get their feedback on what offer of coverage that might be able to provide.
Once all the tentative offers were negotiated, Mike would then contact Dave with the best offer. He would give Dave the premiums from the company that provided the best offer.
Mike reminded Dave that it was important to remember that this offer was still a tentative offer and was just based on phone conversations regarding the medical questions Dave answered.
If Dave liked the tentative offer then the process would move on toward a more formal application for coverage. Once the formal application process was completed the offer could remain the same, go lower or even go higher.
This formal application for coverage would most likely include an exam, lab test and the order of personal Dr’s reports in order to verify the information that Dave had provided.
Dave liked the process of finding out if coverage was available beforehand, without having to apply to multiple insurance companies, fill out long applications and submit to insurance exams.
Make sure you use an expert when looking for the best life insurance with coronary artery disease. If you would like to speak to someone about your situation, please contact us by phone at 1-888-393-9003 or email Mike@specialriskterm.com