After a stroke, it becomes more difficult to get life insurance. A stroke is a serious medical event, and the chance for more issues afterward is so high life insurance companies need to be careful. However, even though a stroke is quite serious, it is still possible for many applicants to still get life insurance.
Improve your chances by putting together a strong application. Your policy will depend on the severity of your stroke plus your current health.
In this article, we will look at the underwriting rules for life insurance after a stroke so you can get prepared.
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Life Insurance Underwriting After a Stroke
As an applicant who has had a stroke in the past, you’re going to have to answer some questions most applicants won’t:
- What was the date of your stroke or stroke?
- Was it a full stroke or a mini stroke (Transient Ischemic Attack)?
- What tests or studies were done after the stroke (CT Scan, MRI Scan, Carotid Ultrasound, etc)
- What were your symptoms at the time of the stroke?
- Do you have any lasting neurological deficits or other residual effects from the stroke?
- Do you have any other conditions that increase your chance of another stroke, like hypertension, diabetes, coronary artery disease, or high cholesterol?
- What medications are you taking due to your stroke?
Common medications for after a stroke include Aspirin, Plavix, Anticoagulants, Statins, and High Blood Pressure Medication.
If your insurance agent gets the answers to these questions, they can present your application in the best light. If your application is missing information about your stroke, it raises a red flag for the insurance underwriter, and your chance of rejection or a badly rated policy jumps up.
Understanding Strokes and Their Impact on Insurance Eligibility
A major factor for your life insurance application is whether you had a full stroke or a mini-stroke, known as a Transient Ischemic Attack or TIA. A TIA has the same symptoms as a stroke but doesn’t result in any permanent neurological damage.
A full stroke causes brain damage. As a result, underwriting is easier if you’ve only had a TIA.
However, both conditions make it more likely for repeat stroke problems, so they both create issues for life insurance. You generally need to wait a year after your stroke before you can apply, and the longer you go without a repeat incident, the better your rating.
Life Insurance Quotes After a Stroke
The rating you get on your policy depends on your answers to the previous questions as well as your life insurance company’s underwriting standards. While each policy has different standards, here are some general standards to give you an idea about your future insurability.
- Preferred Plus: It is not possible to get a preferred plus rating after a stroke, even a mini-stroke. The health problems that caused the stroke, the residual effects, and the risk of future issues are too much for applicants to qualify for the best insurance rating.
- Preferred: Likely impossible after a stroke. In very rare cases, someone with a TIA may qualify for a preferred rating if he is in perfect health; otherwise, it is possible that his TIA was a misdiagnosis.
- Standard: Best possible rating for applicants after a stroke. It must have been at least six years since the stroke without any other incidents, plus I have no other health problems.
- Table Rating (Substandard): Most applicants apply after one year of the stroke but within six years of the stroke. Rating will depend on the lasting damage of the stroke and on the applicant’s health. Applicants who had a TIA may be able to get a rated policy six months after the incident.
- Declines: Automatic denial when applying within 6 months of a TIA or within 1 year of a full stroke. Other health problems, repeated strokes, or a family history of heart and stroke problems could also lead to a decline.
Stroke Insurance Case Studies
The way you handle your life insurance application makes a big difference. Here are some examples of clients we’ve worked with in the past.
Case Study #1: Male, 47 y/o, non-smoker, Single incident of TIA at age 41. Taking aspirin as a precaution. No lasting damage or other health issues. Possible misdiagnosis.
This client went to the hospital one night complaining of stroke-like symptoms like numbness, dizziness, and a speech impediment. The doctor treated him for a TIA, but it wasn’t 100% clear if this was the case. Unfortunately, this treatment showed up on the client’s medical records, which insurance companies check.
This applicant had received a Standard rating, but we thought he could do better. We had him go to his doctor to have some tests done to check his neurological health. His exams showed he was in perfect health, and he submitted this new information along with another application.
This move helped him get a Preferred policy.
Case Study #2: Female, 55 y/o, had a full stroke at age 53, former smoker, recently lost weight and reduced blood pressure, taking high blood pressure medication.
She wasn’t focusing on a healthy lifestyle, and it caught up to her as a full stroke at age 53. Since the stroke, she lost a good amount of weight and started taking medication for her blood pressure. This hard work paid off as she became much healthier.
However, her past health problems were still giving her trouble, so she was only qualifying for very expensive policies. We recommended she see her doctor and have him write a letter talking about her improved health. By submitting this letter along with her application, she got a Table Level 1 Policy, the best rating before Standard.
Getting an Affordable Life Insurance Plan
Your past stroke is only one factor in the whole application. There are plenty of other ways you can improve your rates.
You already have a red flag on your application; you want to polish up the rest. This could mean getting in shape, quitting smoking, cutting out other bad habits, and much more.
Each company has various ways of looking at applicants with a stroke. Some are going to decline your application on the spot, while others will still give you a plan you can afford. Because there are 6,000 companies out there, you’ll have to find one with good underwriting from strokes.
The best way to compare these companies is to work with an experienced agent with the ability to give you plenty of quotes all at once.
The Bottom Line – Life Insurance After a Stroke
Securing life insurance after a stroke can be a challenging endeavor, given the intricate underwriting processes and the varied standards of insurance companies. However, being informed about the distinctions between a full stroke and a Transient Ischemic Attack, as well as understanding the rating criteria, can offer applicants a clearer path to success.
Despite the complexities, numerous opportunities exist for those willing to navigate the landscape with diligence and awareness. By taking proactive steps, seeking expert advice, and showcasing improved health, individuals can enhance their chances of obtaining a comprehensive and affordable life insurance plan.
