Finding life insurance for pre-existing heart conditions can be challenging so we've put together some of the options out there.
When looking for life insurance, once you've told a provider about your heart condition, they'll usually decide on one of the four following courses of action:
If you have no pre-existing conditions and you're looking to protect yourself in the future, trauma insurance can cover you for heart conditions. That way, if you're diagnosed with a heart condition down the line, a trauma insurance policy will help you pay for the care you need with a partial or lump sum payment.
Tip: Hit the 'Optional cover - Trauma' row to sort policies that offer critical illness as an option.
There are many different types of cardiac events which can be covered by insurance, and these will usually be separately categorised in policies. These might be listed as:
Combined life and trauma insurance policies will generally list all of the above types of heart conditions.
Some of the heart conditions you will see on many insurance policies include:
These are just some of the heart condition terms you might find ion insurance policies. You should refer to the insurance policy product disclosure statement (PDS) to see which of these, or others, are mentioned. Consider whether the insurance policy talks about broader and more general heart conditions, certain diseases or afflictions, or specific types of heart surgery. Most policies will use a combination of these.
If you have an existing heart condition such as cardiomyopathy, or have suffered cardiac events in the past such as coronary heart disease, then the insurance company will most likely want to hear about it. Generally there will be questions for you to answer about it in the medical history section of the insurance policy. You'll typically be required to determine whether you have pre-existing heart conditions or have ever experienced symptoms of, sought medical treatment for, or been diagnosed with any of the following:
Remember that you must provide honest information. If you are found to have been deceptive, the insurer might cancel your policy without a refund, or refuse a claim.
Many insurance policies will have maximum amounts that can be claimed for particular conditions e.g. heart conditions. This means that you can only claim benefits for the same condition only once. This can be problematic for heart conditions as they are often recurring and can lead to other health and cardiac issues.
Many trauma insurance policies will give you the option of reinstating cover after making a claim. This is when you pay higher premiums in exchange for being able to “top up” your trauma insurance. It can be useful if you are concerned about heart conditions.
If you have a heart condition or a medical history of heart conditions, you should not simply assume that getting life insurance will be too costly or too much of a hassle. In fact, if you have this sort of condition or history it is all the more important to have some form of protection in place, as otherwise you could end up leaving your dependants high and dry financially in the event that you die as a result of this condition. What you should do is invest some time in finding the most competitive deals on life insurance cover based on your situation and circumstances, as this can help to keep the cost of coverage down while also ensuring that you can protect your family and enjoy peace of mind. You will find a range of providers that are still able to offer competitive life insurance cover despite your heart condition. The cost of your cover will be based on the severity and type of heart condition you have or have had, so you need to ensure you provide full details when you are applying for cover or getting a quote. It is important to be truthful about your condition or medical history, as otherwise you could invalidate the plan in the event of a claim following your death, which means that your family could end up with nothing. You can use the Internet to shop around for life insurance cover, as this means that you will be able to benefit from a good choice of providers, which will boost your chances of getting affordable cover to suit your needs and your budget. You will also find some great deals on life insurance cover online and you can compare from the comfort and privacy of your own home.
When you are looking for affordable life insurance cover as someone who suffers from or has suffered from a heart condition, you need to make sure you know what to look for. When you compare life insurance cover you should look at areas such as:
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