How can I find the lowest term life rates for heart disease?
Locating the lowest term life insurance rates for heart disease can sometimes seem difficult. After all, with over 1,000 life insurance companies in the United States, where is a person to start?
This article will give you the information you need to find the lowest term life rates for heart disease. It will also show you a cost comparison of the most competitive life insurance carriers.
The absolute number one tip when looking for the lowest term life rates for heart disease is-you MUST use an agent that offers the carriers that specialize in underwriting heart disease.
You see, each life insurance company evaluates a prospects health and lifestyle differently. But, did you know there are life insurance carriers that offer better rates on those with heart conditions?
This small niche of companies are sometimes not the biggest names in the industry (although I bet you would recognize several). These companies offer competitive rates on the super healthy. But, where they really shine is in the area of underwriting known as “substandard” or high risk underwriting.
Fortunately, you have landed on this page. We are expert agents in finding the lowest term life rates for heart disease. We know the questions to ask. We know which companies to go to. And we know how to negotiate the best offers. We make the companies compete for your business.
How do life companies rate for heart disease?
As mentioned earlier, each life insurance company will underwrite a bit differently. Many of the specialty risks companies will sometimes even offer the same risk class. But, the risk class is not what is important to the insured. The premium that is being charged is what is important.
This all comes down to the pricing for each company. They each have to cover mortality expense, administrative costs, overhead, profit, commission to the agent, etc.
Just like in everything else you shop for, shopping for the lowest term life rates for heart disease comes down to comparison shopping.
Rating classification for life insurance companies
So, in the life insurance arena, most insurance companies use a risk classification to place an insured after evaluating their medical history, family history, etc.
This risk classification may look something like this below:
- Super Preferred
- Preferred
- Standard Plus
- Standard
- Table A, Table B, Table C, Table D, Table E, Table F, Table G, Table H, declination
Someone who is in perfect health may get the super preferred category. Someone in excellent health the preferred category, Standard Plus category represents good health, but not quite excellent health. While the Standard class represents someone who is in good health.
Now, The table ratings you see above typically are used for those that do not qualify for a standard risk category or better. This can be someone with a history of diabetes, heart disease, MS, etc. Table ratings typically represent about 25% surcharge per table. So, for example someone issued a class A would pay approximately 25% more than someone issued standard assuming the same age and non-smoking category.
Life underwriters determine the extent of pre-existing medical conditions by reviewing your current doctor’s records and any current exam or lab findings that the carrier does. Once the review is complete they will assign a risk classification for your risk.
It is important to reiterate, that what one company does may have no bearing on what another company does. One company may view the risk as a Table B rating, while another company may see the same case as a standard class.
Examples of Rate Comparison
So, let’s get down to brass tax. Let’s look at an example of a male with heart issues, age 55 non-smoker looking for $250,000 of 10 year term coverage. Your expert agent shops the marketplace and finds the top 8 carriers for this insured.
After reviewing the medical history all 8 carriers offer the same risk class of Table F. (This would be highly unusual for each company to offer the same class, but for our purposes here we are assuming this)
- Company 1 offer is $173 monthly
- Company 2 offer is $173 monthly
- Company 3 offer is $179 monthly
- Company 4 offer is $184 monthly
- Company 5 offer is $185 monthly
- Company 6 offer is $191 monthly
- Company 7 offer is $200 monthly
- Company 8 offer is 203 monthly
Now, looking at this Company 1 would be the offer that the insured would want to take. This saves approximately $30 per month.
Now, let’s look at a scenario where the offers for coverage are different for each company. This example will give a more realistic look at how someone looking for the lowest life insurance rates for heart disease would probably find themselves.
- Company 1 offers Table D at $139 per month
- Company 2 offers Table F at $173 per month
- Company 3 offers Table B at $109 per month
- Company 4 offers Table D at $147 per month
- Company 5 offers Table F at $185 per month
- Company 6 offers Table B at $115 per month
- Company 7 offers Standard at $83 per month
- Company 8 offers Table D at $153 per month
Wow, look at the difference. Even though each life insurance carrier reviewed the same information, Company 7 was willing to offer a standard rate at a much lower offer. At $83 per month this amounts to a huge savings over 10 years over some of the other carriers.
This is why it is so important to let your agent shop the companies that specialize in underwriting heart disease cases. Someone who was unaware of this could have ended up paying $185 per month from company F above instead of $83 per month.
Conclusion-
In order to find the rates for the best carriers your agent will need some information up front. Most good special risk life agents will ask you about your medical history and your heart history.
These questions could include, what type of heart history do you have? Have you had a complete cardiac workup? When was your last treadmill EKG and what was the result? What medications are you taking? Do you have any other medical history such as diabetes, cancer, etc?
Do you use tobacco? Of course the amount of protection you need will also come into play. Some carriers have minimum death benefit requirements.
Remember, if all other traditional means of coverage fail, there may still be guaranteed issue options available.
So, if you are looking for the lowest term life rates for heart disease, give us a call for a free consultation. You can reach us at 1-888-393-9003 or mike@specialriskterm.com
Thanks for reading this blog.
