If you have been diagnosed with congestive heart failure, being approved for life insurance is going to come with some hurdles.
However, the good news is you can find a plan – provided you know where to look.
Because congestive heart failure is considered to be a serious medical condition, many life insurance companies will not accept applications from individuals who have just recently been diagnosed.
The trick is to wait. You need at least a year in-between you and the diagnosis.
If you’ve had heart problems in the past, you might automatically assume there is no chance of getting life insurance. This isn’t true.
Not only can you buy life insurance, but you’ll have a whole host of options.
What to Expect During Underwriting
Here are some of the questions you can expect to answer:
- What health issues led to your diagnosis.
- When were you officially diagnosed with congestive heart failure?
- Whether or not you have a family history of this health condition.
- Whether or not any of your immediate relatives have died of this ailment.
- A list of the medications you are currently taking for your condition.
You need to get the insurance company as much information as possible. The key is to be as truthful as possible.
Also, the underwriters will also want to review your current medical information such as your most recent stress tests, blood pressure readings, and EKGs. Likewise, they will also seek information on your current eating, smoking, and exercise habits to determine how you are managing your condition.
Aside from the questions, they are going to pull all of your recent medical records. This should give them a clear idea of your overall health. Plus, if you make any mistakes on the questions, they should be able to clear it all up with the records.
Once all information has been reviewed, an underwriter can determine whether or not you qualify – and if so, they can at that time come up with an appropriate underwriting class and rate for your policy.
What Type of Policy Can You Qualify For?
Every insurance carrier is going to have slight differences in how the underwrite and classify their customers, but for the most part, they are all similar:
- Preferred – this is the top of the top. Applicants who are given the preferred rating are going to get the lowest premiums. These are people who are in tip-top shape. Some companies have a subcategory higher than this, typically something like, “preferred plus or preferred premier.” For anyone with congestive heart failure, you won’t end up here. We hate to be the bearer of bad news.
- Standard – these are the applicants who are in average health. They have a few red marks on their medical records, but overall, they are in good shape. Depending on the time between your diagnosis and recent health problems, there is a chance you can get placed as a standard applicant.
- Table Rated/Substandard – there are a lot of different table rates and substandard rates. Your actual rating is going to be based on how problematic your congestive heart failure is. It’s likely this is where you’ll end up, but there is always a chance to get a better rate.
As we mentioned, every company will be slightly tweaked in how they classify you.
How to Increase Your Chance Of Getting Approved
To increase your chances, you’ll need to polish up the rest of your application. If you have heart problems, you have one big strike your application, and you should make everything else as good as possible.
Let’s say you had congestive heart failure two years ago. If you haven’t made any changes, then you’re going to face the dreaded rejection letter. But if you’ve worked hard to change your health and circumstances, this is going to reflect well on your application.
Scheduling consistent doctor’s appointments, getting exercise, and watching what you eat will completely change how they view your application. Would you rather give insurance to someone who has congestive heart complications, but doesn’t focus on their health? Or an applicant who has those same problems, but they are going to the gym and no longer go through the drive-thru?
The answer is obvious. Let’s be real, it won’t be easy and you won’t see changes overnight, but those key health choices will drastically change your chances of getting approved.
You’ll be best served if you talk with an independent agent, like us, who is familiar with dealing with high-risk life insurance cases. In just about everything, the more experience someone has with a particular job, the better they are going to be.
If you work with a broker who hasn’t managed a congestive heart failure application before, it can be a bumpy road.
As experts in high-risk life insurance, we are knowledgeable about which life insurance companies are more likely than others to accept your application. Also, we can help in other ways, too, such as including a personal letter of recommendation which highlights positive health habits.
Getting a letter is simple, all you have to do is ask your doctor. If you’ve made a lot of health improvements, they would be happy to write a letter for you. This can greatly increase your chances of getting approved. We’ve seen a lot of situations where this change the tides from a decline to an acceptance.
We have countless cases of applicants who have tried to go through the application process, only to get rejected because of heart problems. Now, if the problems are several years in the past and they have made a lot of healthy decisions, then we always recommend getting a statement from the physician.
Have you considered final expense life insurance or would like to learn more about it? Burial insurance policies allow anyone to get coverage, even with severe health problems. If you want the quick and easy details, final expense policies are designed to be drastically smaller plans (usually less than $25,000).
Final expenses plans don’t have health questions or medical exam. You sign up for coverage, you’re accepted. It’s as simple as that. If you want to know more or want to explore some of your other options, let us know.
We won’t just give you a bunch of options and leave you to sift through them alone. We can walk alongside you as are deciding which one could be the perfect fit.
Our agents would love to talk to you about your health conditions and then craft a set of quotes to accommodate those needs. We will ask you questions to determine how much insurance you will need to buy.
If you would like a quote for life insurance with congestive heart failure, fill out the form on this page, or call us at 888-552-6159.