When it comes to life insurance, the simple reality is the healthier you are, the better the rate you will get. Sometimes, health problems like a heart condition, or other serious health issues, can mean that some life insurance carriers may turn you down all together. But just because you have a heart condition doesn’t mean you won’t be able to get insurance at all. In fact, there is a type of policy called “Guaranteed Issue” that applies to individuals who can’t get traditional life insurance.
What is Guaranteed Issue Life Insurance?
Guaranteed issue policies allow individuals who have health risks to obtain life insurance. Traditional policies require an up-front medical exam that involve a visit from a nurse, follow up from that exam of your health condition, a statement from your primary physician and clearance & qualification of your health status. Guaranteed issue, conversely, requires no up-front health check and usually applies to individuals not eligible for more traditionally underwritten policies.
Life insurance via guaranteed issue with a heart condition will likely mean you end up paying slightly higher monthly premiums, or out of pocket costs, but these still are often worth it in the long run for the peace of mind provided to family and loved ones. As long as premiums are within your budget, you can purchase guaranteed issue life insurance.
Who offers guaranteed life insurance?
Not all insurance companies (aka. carriers) offer guaranteed issue life insurance. Some may offer traditional term life insurance but not guaranteed, and some offer both term and guaranteed, among other types of policies. Rates can vary widely based on the carrier selected, and it can be difficult to sift through various companies and the endless offerings for life insurance online.
This is what makes having a good broker important! When choosing a carrier- whether guaranteed issue or otherwise -knowledge is power and ultimately, savings and peace of mind. As a broker, I have broad knowledge of different carriers and their offerings in the world of both traditional and guaranteed issue life insurance.
Can I still qualify for traditional life insurance with a heart condition?
Absolutely! Just because you have had a heart condition doesn’t mean you will be shut out of traditional term life, UL or whole life insurance all together. It really depends on your particular circumstances.
A few things can improve the possibility of obtaining traditional term insurance:
- Getting biomarkers, such as blood pressure, heart rate, weight and cholesterol under control
- Allowing some time to pass after a major incident like a heart attack or stroke. The more recent an incident, the less likely you will be eligible for traditional insurance
- Getting regular checkups from your doctor
- Making lifestyle changes and informing your doctor of what you’re doing
In certain cases, my recommendation may be to start with a guaranteed issue policy, then revisit things in a year or two. Once we can demonstrate a certain amount of time without any further issues, we can apply for traditional insurance. This will typically save you a significant amount in premium cost. Once you’ve been approved for traditional insurance, we can either replace the guaranteed issue with that new policy, or you can keep both in force.
Cardiologist with red stethoscope
Do I need to take a medical exam?
Absolutely not. There are no medical exams and no medical questions with GI policies. As long as you can make the payments, you qualify for coverage.
How do I get started?
You can either run your own quotes on this page and any other page on this site. You can also send me an email, a text or call me at 512-922-1273 to start the conversation. During a free consult, I’ll gather information about your health and lifestyle. That allows me to pre-qualify you so that I can look at the right insurance policies & companies, including whether or not a GI policy is right for you.
Life insurance is by no means a one size fits all purchase. Reach out today and let’s discuss your options!
-Danny Gallant, Life Insurance Broker
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