Buying Life Insurance After a Heart Attack

Heart attacks raise a red flag for life insurance companies. Yet, that doesn't necessarily mean you'll be denied a policy or pay sky-high premiums if you answer "yes" when asked about heart disease on your life insurance application.

Depending on the severity of your heart disease and the steps you've taken to treat it, you might get a life insurance policy with affordable rates.

"We spend our lives underwriting diseases," says Dr. Robert Gleeson, a vice president and medical underwriter at Northwestern Mutual Life Insurance Company. "And, as an industry, we've had a lot of experience with coronary disease."

According to Gleeson, over time people who have had heart attacks, and other forms of heart disease, tend to have predictable life expectancy rates, and the more predictable your life, the more willing insurers will be to sell you a life insurance policy.

"We are able to offer an insurance policy to the vast majority of people with a history of heart disease," agrees Christopher Graham, vice president and chief underwriter for Hartford Life.

While a heart attack will almost certainly disqualify you from the best "preferred" life insurance rates, according to Graham, there are people who have qualified for the second-best tier — "standard" rates — in spite of a coronary condition.

What can you do?

So how can you get the best possible price for life insurance after a heart attack? The first step is to wait a while.

Contrary to the conventional wisdom that says you should buy life insurance as soon as you realize you need it, you could actually save money by waiting a year or two after a heart attack or other coronary condition.

"For many impairments, the more recent the occurrence, the less favorable the rates," says Graham. "We want to look at what happens afterwards."

In fact, some insurers will charge a "flat extra" premium on top of the rate charged for your heart condition for the first few years after a heart attack or similar occurrence. Delaying your insurance purchase will allow the insurer to see what steps you've taken to improve your health since your heart attack.

"The longer a person goes and is able to demonstrate things like low cholesterol, a good cardiogram reading — things that show that they are taking care of themselves — the better their rating would be," says Gleeson.

Of course, while you are waiting you also need to take steps to improve your health. Following your doctor's orders is one of the most significant things you can to do to help make sure you get the best price possible for life insurance.

"Your doctor will tell you to lower your cholesterol, change your diet, keep track of your blood pressure, take your medications, and exercise. It's tried and true and the best advice," says Graham. "Work with your physician to stabilize your condition and make sure that it is all evident in your doctor's records."

Make sure the insurer knows

By making sure the steps you have taken are detailed in your medical files, it might help the insurance underwriter lower your premiums. The more specific the information you provide, the more likely you are to get the best premium rates possible.

"If someone tells me that they have high blood pressure but doesn't give me any more information, I don't feel very good about issuing a policy without getting more information," says Gleeson. Patients who are more proactive and show they are paying attention to their health tend to reassure underwriters.

"As with anything, you can sometimes be on the fence as to what kind of an offer to make to a life insurance applicant," says Graham. "If you feel good about it, you will usually fall on the side of the more aggressive offer."

Medical underwriting procedures vary among life insurance companies, so shop around — either on your own or through an independent insurance agent.