Life Insurance Approval with Congestive Heart Failure

If you go to your run of the mill agency like State Farm or Farmers Insurance, you won’t have a chance at being approved for life insurance with congestive heart failure.  We have, however, obtained many successful approvals with this heart condition and many other types of impaired risk cases.

Two Types of Approval

An individual with congestive heart failure may qualify for two types of insurance:  traditional life insurance or graded death benefit life insurance.  Traditional coverage will require a medical exam and is usually much less expensive.  You will need to be in better health to qualify for this type.

The key to a traditional policy approval will be a recent echocardiogram, treadmill stress test, or cardiac catheterization showing that the heart is not overly enlarged, and the left ventricular ejection fraction (LVEF) is still within acceptable levels.

The ejection fraction measures how efficiently the left ventricle pumps the blood.  Normal is around 50% to 60%.  But in people with heart failure, the ejection fraction drops, sometimes into the 40’s, 30’s or even 20’s.  It will need to be in the 40’s to have a chance at a traditional policy.

Your odds are also better of being approved if you are a non smoker, at a good weight, with no other health issues, such as diabetes.  The insurance carriers will expect that you will be on medication to control your blood pressure, so that’s okay.

Graded Death Benefit

If your heart failure is in later stages, your ejection fraction may be lower than this, and your only option will be to apply for a graded death benefit type of policy.

This type of life insurance is far easier to qualify for.  As long as you haven’t been confined to a nursing home or had a heart attack or transplant in the past 2 years, or currently hospitalized, you can potentially qualify for this coverage.  There are other qualifying questions related to other medical conditions, but those are the only conditions as it relates to your heart.

A graded death benefit policy works a bit differently than traditional, in that you don’t need to have a medical exam, and they won’t order your medical records, so it’s much quicker.  However, it is also more expensive than the traditional variety.

The term “graded death benefit” is also very important.  It means your death benefit is reduced during the first 2 years of the policy.  For example, if you have a policy with a $50,000 death benefit, the benefit might only be $5,000 in the first year, $10,000 in the second year, and then $50,000 thereafter.  The most popular and reputable company offering graded death benefit life insurance is Fidelity Life Association.

Types of Life Insurance Offered by Fidelity

One of the nice things working with Fidelity’s impaired risk products is they have their graded policy, which is a whole life policy, which builds cash value.  But what is unique is they also offer a lower cost type of insurance called term, which keeps the premiums fixed for the duration of the term.  For example, they offer 10 year term, 20 and 30 year term policy, which also has the first 2 years as a graded benefit.

To get started with a life insurance quote with congestive heart failure, simply fill out our quote form on the right, and tell the representative who contacts you about your entire health history.

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Life Insurance Approval after Heart Transplant

Heart Transplant Life InsuranceIf you’ve had a heart transplant, and have been shopping for affordable life insurance, you’ve probably found that your options are quite limited.

In most cases, all your traditional life insurance companies will decline your case as if you’re terminally ill.  It is truly unfair, considering that 50% of heart transplant recipients live more than 10 years after the surgery.  In recipients who live at least one year after the surgery, the prognosis is even better.

Our Insurance Solution for Heart Transplant Survivors

We have affordable options for heart transplant survivors, who have had the surgery more than two years ago.  Yes, it’s okay if you’re on the immunosuppressants, such as Rapamune.  This is expected.

As long as you can answer the following questions no, coverage is available in most states:

1. In the past 2 years, have you had a heart attack or stroke?

2. In the past 2 years, have you had or are you now awaiting an organ or bone marrow transplant?

3. In the past 2 years, have you been advised by a licensed medical professional to be admitted to a nursing home, hospice, extended care, or other special treatment facility, or are you now hospitalized?

There are a few other questions you have to be able to answer “no” to in order to qualify, but these are the major ones relating to your heart.

Life Insurance Quotes after Heart Transplant

Below please find quotes for a *graded death benefit, 20 year term policy, which organ transplant survivors can potentially qualify for if they can answer the questions above “No”.

Age                                          $50,000                         $100,000

Male Age 30                         $63.51                             $122.67 per month

Male Age 40                         $102.22                          $200.10 per month

Male Age 50                         $178.96                          $353.57 per month

Male Age 60                         $299.41                           $594.47 per month

*Quotes above are as of 12/8/11 and are subject to change.  Graded death benefit means the a percentage of the death benefit will be available during the first 2 years.  After 2 years, 100% of the death benefit is payable.

Also note that during the first two years, the full death benefit is payable if death is accidental, but not if death is caused by natural causes.

Available policies are 10 year term, 20 year term, and whole life insurance.

How to Apply for Heart Transplant Life Insurance

For the full questionnaire, to be sure you can qualify, give us a call at 877-996-9383.  If you can qualify, the application is simple.  It’s just a handful of questions, and no medical exam is required.  We can usually have your policy issued within just a few days.

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How to Find Affordable Coverage with Pre-Existing Conditions

Impaired Risk Life InsuranceWhile we are generally very good at Huntley Wealth Insurance with helping individuals with various life insurance needs, our specialty is impaired risk life insurance.

“Impaired Risk” simply refers to the elevated risk a life insurance applicant demonstrates due to medical issues, or occasionally other risk factors.

Life Insurance with Health Impairments

The most common type of impaired risk life insurance is for medical reasons.  So if a 47 year old man has a history of heart disease and was treated with a triple bypass surgery, that would be an impaired risk.

The reason it’s important to use an independent life insurance agent who specializes in impaired risk cases is so you deal with an agent who knows where to place your case.

Most people, when shopping for life insurance, make the first call to their local insurance agent, who probably specializes in home/auto or business insurance, NOT life insurance.

This agent will have no success trying to write a life insurance case with a high risk medical history, not because he or she is incompetent, but this agent simply does not have the required experience to place a tough case.

Try telling your local Farmers Insurance agent you are 6’0 and weigh 280 pounds, and take insulin for diabetes.  He’ll probably tell you he can’t help you.

Or try calling your State Farm agent to see what the cost of life insurance is with multiple sclerosis, or after having a kidney transplant, or if you smoke marijuana.  He might laugh at you.

And yet, we help individuals with impaired life insurance needs obtain coverage like this every day at Huntley Wealth Insurance.

How Much Does Life Insurance Cost with Medical Problems?

Your life insurance premiums will depend on the severity of your health impairment, your age, gender, and then of course, the amount and type of coverage you are applying for.

But generally speaking, the cost of impaired risk life insurance depends more importantly on what type of policy you are able to qualify for.  I recommend my clients try to approve for the cheapest type first (duh), and then if my client can’t qualify for that, move on to the more expensive alternatives.

The four types from most affordable to most expensive are traditionally underwritten life insurance, simplified or jet issue life insurance, graded death benefit, and guaranteed life insurance.

Traditional Coverage – Simplified Issue / No Exam – Guaranteed Issue

  1. Traditionally Underwritten Life Insurance – Unlike income protection insurance, requires a medical exam and application with full medical disclosure.  The insurance company will also access your motor vehicle report, MIB report, and all relevant medical records.  Since the insurance company knows just about every detail about your health in this type of underwriting, if they can make an offer to you, it will most likely be more affordable than the next two options.
  2. Simplified Issue – This is sometimes referred to as jet issue, or no exam insurance.  In this type of underwriting, a medical exam is not required.  The company may still have a lengthy application forcing you to reveal every health detail about your history, and they’ll check your answers against an MIB report and pharmacy report they’ll pull on you, but they won’t make you take a medical exam.  Sometimes, no exam policies are good for people with minor health risks, as the underwriting is quicker and simpler.
  3. Graded Death Benefit – These policies won’t require a medical exam either, and the applications are noticeably shorter than options 1 and 2.  For example, you may only have to answer a half dozen medical questions.  As long as you can answer No to their questions, you qualify.  This type of policy generally costs significantly more than options 1 and 2, because typically only people who can’t qualify for the first two options would apply for graded death benefit life insurance.
  4. Guaranteed Issue – No medical questions on the application.  No health exam.  Just about everyone qualifies, even if you have been diagnosed with a terminal illness.  It’s called guaranteed for a reason.  For people with severe health impairments, guaranteed issue may be their only option.  It is the most expensive of the four.

Perhaps You are “Impaired Risk” Due to Lifestyle Reasons

There are non-medical reasons some people may be classified as “impaired risk”.  These would include, but are not limited to, working in a dangerous occupation, participating in hazardous activities, or traveling outside of the United States.

How to Get an Impaired Risk Quote

If you have a medical condition, call us with the details, and we’ll shop your case out for you.  We know which companies are the most lenient on which medical risks, so your best chance of finding affordable coverage is using Huntley Wealth Insurance.  For a personalized quote based on your health condition, call us at 877-996-9383.

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