Buying Life Insurance After Age 50 With Arrhythmia
Posted in Life Insurance last updated on May 25, 2019More than 4 Million Americans, most aged 60 and older, have been diagnosed with heart Arrhythmia. This is basically when the heart beats too fast, too slow, or erratically.
People with an irregular heartbeat may experience fainting, dizziness, shortness of breath, excessive sweating, or chest pains.
If the Arrhythmia is not properly treated and managed, it can lead to long-term damage of the brain, lungs, and other organs.
The seriousness of an irregular heartbeat simply cannot be underestimated.
Of course, life insurers know this and that’s why they’re cautious when processing applications for people with cardiac Arrhythmia.
Yet many people with irregular heartbeats are still able to secure affordable life insurance over the age of 50. They key is usually finding the right life insurance company.
You see, not all life insurers are the same.
Each carrier has their own applicant guidelines and their own view on health conditions such as Arrhythmia.
Some insurance companies are more easy-going than others.
Give me a call and we can discuss the best life insurance companies for your condition.
In the meantime, read on for all the information you’ll ever need about getting 50+ life insurance with Arrhythmia.
Life Insurance Overview: Arrhythmia
Below are common life insurance ratings outcomes for Arrhythmia.
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- Impact on Application: Possibly Significant
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- Best Rating: Typically Standard Rating
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- Worst Rating: Usually Substandard (25% or more rate up)
- Main Factors: Type, Severity, Symptoms, Cause
Keep reading for details about getting life insurance with Arrhythmia.
What Does Life Insurance with Arrhythmia Cost?
The cost for life coverage with Arrhythmia can vary greatly.
It all depends on each individual case and the insurance company you apply with. No two people are the same and neither is the price they pay for insurance.
However, below are some general ratings outcomes that are typical of those with Arrhythmia.
Typical Ratings for Arrhythmia
(Remember, the rating you receive will decide the price you pay.)
Preferred Rating: Applicants in superior health with a favorable family history of good health can qualify for this rating. They will also qualify for the lowest cost policy available.
These applicants usually say “no” to the following:
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- Significant medical history such as heart attack, stroke, cancer, and also diabetes.
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- Taking drugs
- Drinking more than a moderate amount of alcohol
Life insurers are thrilled to offer coverage to someone that meets the strict Preferred Rating requirements.
Obviously it’s because the applicant’s life expectancy is high and the risk to the insurance company is low.
So if you have a heart Arrhythmia then you will most likely NOT qualify for a Preferred Rating.
Standard Rating: Applicants in average health fall into this category. They also are charged the average premium for their life coverage.
A Standard Rating is often the best result for someone with a cardiac Arrhythmia.
This happens when the applicant is in otherwise in good health and has a low risk lifestyle.
In addition, it’s important their Arrhythmia is not considered severe, has not caused any permanent organ damage, is not causing ongoing heart palpitations or fainting spells.
Basically your Arrhythmia must be under good control to get a Standard Rating.
Normally an individual that meets all the above criteria and has a “milder” version of Arrhythmia (such as bradycardia) usually fall under a Standard Rating.
Substandard (Table 1 and Lower) Rating: Applicants diagnosed with a heart Arrhythmia which regularly causes fainting spells or heart palpitations may expect to receive a Substandard Rating of Table 1 – 4 (25% to 100% rate up).
Individuals that have a more serious Arrhythmia diagnosis such as a tachycardia are more likely to receive a possible Substandard Rating of Table 4 or Lower.
This means someone with more critical heart Arrhythmias, including:
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- Supraventricular
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- Ventricular
- Sinus tachycardia
People with these types of irregular heartbeat are likely to pay more for coverage. Possibly a minimum of 100% more than the average applicant.
Coverage Postponed: The life insurance company may put your application on a temporary hold if they feel more information is needed.
For example, if you were diagnosed with Arrhythmia but have not yet had an EKG or heart monitoring test completed, then expect a temporary postponement of your application.
The carrier will decide to hold off on processing your application until your diagnostic testing is done.
DON’T FORGET Insurance companies are rating you based on your heart Arrhythmia, as well as all other medical conditions and lifestyle choices you make.
ALL of these different factors will determine which rate class you will be approved for and the cost you’ll have to pay for coverage.
Arrhythmia Case Studies
Case Study A
Mary is a 67 year old female, non-smoker. She is interested in a life insurance plan that has an average price of $65 per month.
Mary was diagnosed with sinus bradycardia with no other symptoms and no other health problems.
A typical insurance carrier may offer Mary a Standard Rate based on this information. This means Mary would pay the average rate of $65 per month.
Case Study B
Louise is a 67 year old female, non-smoker. Louise is also interested in the same life policy that Mary likes. The coverage costs an average of $65 per month.
Louise was diagnosed with Atrial Tachycardia. She does not have recurring symptoms and seems to have it under good control. Louise has no other chronic health conditions.
Most life insurers will rate Louise in the table 2 range because tachycardia is considered very high risk.
This means Louise will pay about 50% more than Mary. Louise will pay about $97.50 per month.
DON’T FORGET It’s so important to be truthful when applying for life insurance. If you have been treated for ANY type of condition, including Arrhythmia, the life insurer will eventually find out about it through medical records or an APS (Attending Physician Statement).
Completing Your Application
The first part of your application will be simple, straightforward questions about you and your lifestyle.
What is your…..
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- Age
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- Gender
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- Marital Status
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- Height, Weight
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- Occupation
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- Tobacco use
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- Alcohol or drug use
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- General medical history
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- Surgical history
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- Hospitalization history
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- Family medical history
- Preferred Hobby
DON’T FORGET If you have smoked cigarettes within the last 12 months then you will be assigned a smoker rating. This typically results in at least DOUBLE the cost for life coverage.
Other things that some (but not all) traditional life insurance companies do as part of the application process is request…..
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- A Motor Vehicle Report
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- A Prescription database check
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- Copies of all medical records
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- A Criminal background check
- Soft credit check looking for bankruptcy filings
Give us a call today and we can help determine the best life insurance company for your personal situation and coverage needs.
The Arrhythmia Questions
The insurance carrier will try to better understand your particular experience with Arrhythmia and how it impacts your overall health.
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- When were you first diagnosed with an irregular heartbeat?
- Who originally diagnosed your Arrhythmia? Family doctor? Cardiologist? What type of Arrhythmia do you have?
- What is the cause of your Arrhythmia? Is it a symptom of another illness?
- What type of symptoms do you experience? Dizziness? Fainting? Heart palpitations?
- How long do your symptoms last?
- Does your Arrhythmia keep you up at night? Have you missed work because of your condition?
- What treatments were you prescribed to manage your Arrhythmia?
- What medications, if any, do you take for your irregular heartbeat?
- How often do you visit your cardiologist or family doctor?
- When was your last testing like EKG, Echocardiogram, Chest X-Ray, etc.?
- What were the results of your last diagnostic test?
- Have you experienced any complications due to your irregular heartbeat?
- Do you have a pacemaker to control your irregular heartbeats?
- Have you ever been hospitalized because of your Arrhythmia?
- Has your Arrhythmia caused you to visit the emergency room?
- Do you, or have you, worn a heart monitor to track your heartbeats? If so, what did your doctor tell you about the results?
- Have you ever had a heart attack or a stroke?
- Are you currently working? Or have you applied for or received disability benefits within the last 12 months?
- What, if any, other chronic conditions do you have?
- Do you suffer from diabetes, thyroid issues, high cholesterol, or sleep apnea, etc.?
Protect Your Family Now
Whether we like it or not, each of us will come to the end of the road someday and our families will need protection from financial hardship.
So get a jump on buying life insurance…..start today!
Life insurance companies are always looking to add another customer.
Most life insurers are willing to give those with cardiac Arrhythmia a fair chance at affordable coverage.
Sure, your premium for over 50 life insurance may be more than your neighbors or friends. However, the peace of mind you’ll receive is the same.
Let’s talk more about the type of life insurance you want and the price you need. I’m only a phone call away.
Or feel free to begin an over 50 life insurance quote now!
The quote is FREE and will only take a few minutes.
Isn’t your family worth it?
