Affordable term life insurance with stroke history
Finding affordable term life insurance with stroke history can seem daunting. But, it is possible if you know the secrets. To jumpstart your search for affordable term life insurance with stroke history, you must work only with insurance companies that specialize in term life insurance with stroke history.
How do you know what companies specialize in underwriting the best rates for someone with stroke history. You won’t. But, an agent who works in this specialty niche market will. The job for someone looking for term life insurance with stroke history is to find that special risk agent.
Fortunately, you have landed on this page. We are bona fide experts when it comes to finding the right term life insurance with stroke history.
We have years of experience working with the carriers that have proven to be the leaders in special risk underwriting. Often times we are able to secure a free quote simply be asking the right questions and finding out about someone’s medical history regarding their stroke condition.
What do life insurance companies need to make an offer for coverage?
You see, all life insurance carriers look at health and lifestyle differently. It’s no secret that someone with a history of stroke or cerebrovascular disease will typically pay a higher premium than someone with no history of stroke.
Many factors come in to play when evaluating term life insurance with stroke history. To evaluate a prospect for coverage, underwriters typically need to know details of the prospects condition.
These details can include what type of cerebrovascular disease does the prospect have?How long has it been since the condition was diagnosed? What treatments were given? What is the current condition of the prospect? Where there any residual affects of the disease?
Remember, your agent should know the carriers that specialize term life insurance with stroke history. You do not want to waste your time dealing with an insurance company who has no intention of making an offer for coverage. Only work with an expert agent who knows this marketplace.
Let’s look at a few cerebrovascular conditions that life insurance carriers can consider:
Aneurysm-
Someone with a single aneurysm episode and without surgery may not have much of an extra rating. (extra rating refers to someone that pays higher than the standard rates that an insurer would charge)
Much depends on when the episode occurs. For instance, someone who had a single episode aneurysm within the last 6 months might be postponed for coverage until more time has passed. Whereas, someone who had a single aneurysm 5 or more years ago might be insurable now and with no extra rating.
Often times medical records from a prospects personal physician will need to be reviewed before an offer for coverage can be made.
Arteriovenous Malformations-
These malformations found in the brain can be small or larger. They also can have been operated on or not. As with a single aneurysm, the time that has elapsed since discovery will typically determine if an offer can be made. These conditions often times must have medical records reviewed.
If operated on and no residual problems and no other significant medical history often times can be a standard risk after two years.
Cerebrovascular accident (CVA), Stroke, Cerebral Infarction, Hemorrhage or Embolism-
These conditions are often times what constitutes most cerebrovascular diseases. As with most stroke history the age at what time the event occur plays a major role in the rating from the insurance carrier.
If the event occurs before the age of 40 you can expect to pay approximately twice that of what someone after age 40. Also, depending on if this was a single episode of multiple episodes will determine the final rates or if an offer can be made.
Most life insurance carriers that specialize in stroke history will typically add a surcharge or extra rating for up to 5 years after the event. After 10 years an no other episodes or factors, a standard offer for coverage is possible. Residual neurological deficits can present additional ratings if they are more than moderate.
Residual deficits can include mild speech hesitant s and the ability to ambulate without a wheelchair. Moderate or severe residual deficits can add extra rating or possible even a declination for coverage.
Transient Ischemic Attack (TIA)-
These mini-strokes as there are known can be insured if no more than one or two episodes and complete recovery within 24 hours. Age again plays a major factor in if an insurance company can offer a competitive rate.
Before the age of 40 will typically pay twice as much. After age 40, and 3 months after the episode an offer can often be made assuming no residual affects. Again, each individual is looked at differently and each case carriers different history. But, it is not uncommon for someone with a TIA history to receive standard rates after 5 years since the episode.
Your agent is your best ally when looking for term life insurance with stroke history
When applying for life insurance with stroke history it is important to do it the right way. Yes, there is a correct way to apply for life insurance. Especially when this involves a history of pre-existing medical conditions.
Many life insurance agents simply do not know that they can harm their prospects chances of getting a good offer for coverage if they apply the wrong way.
Agents with no experience in the special risk marketplace will often not know where to turn to if someone has a history of stroke. So, they will many times tell their prospect to apply with many different companies and hope that one “sticks”. This not only wastes time by completing lots of paperwork along with multiple life insurance exams, but also hurts your chances for a good offer.
Here’s why. Life insurance companies all use the medical information bureau (MIB). This clearinghouse for insurance companies shows each insurer who has been applied to and if they were possible declined or negatively impacted by another insurer.
Imagine a life insurance company opening up your MIB file and seeing that you have applied to 5 life insurance companies in the last month and they all declined you for coverage. This carrier knows you are just shopping everybody in town for coverage and that you apparently are having a hard time getting insured.
Why would this company also want to spend time paying an underwriter, ordering your doctors reports and paying for lab studies if you have a pretty good chance of not buying coverage? They wouldn’t. So, even though one of these carriers may well be a company that would have made a good offer for coverage, you will never know because your agent had you submit too many applications.
This is the difference in using an expert agent and an inexperienced agent. Your agent should not only help you find the right carrier, but also guide you thru the entire underwriting experience in order for you to get the lowest rates possible.
Important-
A good special risk agent will gather all your medical history, present your case to several underwriters and come back with the best offer. Often times you only need to complete one short bit of information in order to get quotes from multiple insurers. This keeps your records out of the MIB file and makes the process much more reliable.
Is Term Life the best option for stroke history?
It’s important to remember that term life insurance is a temporary type of coverage. Term coverage rates can be guaranteed to remain level for 10,15,20 or perhaps 30 years. At some point with a term life policy the level rate period will end?
If your need for coverage is temporary or if term life insurance makes the most sense for your budget, then yes term life insurance will work. But, if you are more concerned with having coverage forever, then a permanent plan of coverage may make more sense.
It is important to keep in mind that if your term period ends before your need does, you may have to be re-underwritten for new coverage. This means your medical history and a new life insurance exam may be required. For those with pre-exisitng medical conditions it is important to keep this in mind.
As with most of us as we get older, our health typically comes into play more often. You want to make sure you purchase your life insurance to cover the needs that you want. Term life insurance is just that. It covers a term period. If you just need it until the kids get out of the house or until the mortgage is paid off then it works fine.
But, if you are in need of coverage for estate planning purposes, final expense or want to leave something for charity or church a more permanent plan of coverage make make sense.
Conclusion-
Finding affordable term life insurance with stroke history is possible. You just need to know the secrets to finding the best companies who look at your medical history the most favorably.
We know those companies. If you have a need for life insurance and would like a complimentary free review of your situation, please contact us at 1-888-393-9003 or mike@specialriskterm.com
