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If you are considering guaranteed life insurance after a stroke, then this article is for you. A stroke is considered a high-risk medical condition that can affect your ability to qualify for life insurance.
What You’ll Learn
In this article, we discuss life insurance and strokes in-depth. In the end, you’ll know how being a stroke victim and survivor affects your ability to qualify for life insurance, what kind of policy is best, and how to go about getting coverage. If you find value in this article, you will benefit from also learning about the best life insurance carriers for high-risk medical conditions and more about no questions life insurance.
Can I Get Life Insurance After a Stroke?
Yes! You can breathe easy knowing that you CAN receive life insurance protection after a stroke.
But the real question you should ask is what type of life insurance policy you can get. Don’t worry, we’ll answer that below. Rest assured, however, that you can qualify for a guaranteed life insurance policy after a stroke.
The factors that affect approval for different policies include:
- The severity of the stroke
- The amount of damage done
- How long it has been since your last episode
- How well you are taking care of yourself
- What medications you are taking
- What the medications are treating
In the eyes of insurers, full-blown strokes and mini-strokes (TIA’s) are viewed differently. If you have had a mini-stroke, your options for coverage are considerably better than if it were a full stroke.
As an independent agency that works almost exclusively with high-risk insurance customers, we consistently hear concerns about what to do after a stroke. Many people are under the false belief that they are no longer eligible for insurance of any kind. This is definitely not true.
As stroke victims know, a stroke is when blood flow stops to part of the brain. If the blood flow stops for longer than a few seconds, the brain is unable to get life-saving blood and oxygen. The result is killed brain cells and permanent damage.
The two types of strokes, Ischemic and Hemorrhagic occur for different reasons but have similar results. There are also transient ischemic attacks (TIA), commonly referred to as mini-strokes.
Qualifying for Life Insurance for Stroke Victims
Of the questions mentioned above, there is one that truly determines what kind of insurance you’ll qualify for. This factor is time and when you last experienced your stroke(s).
If your stroke was more than 12 months ago, you may qualify for immediate insurance coverage and low rates. If your stroke was less than 12 months ago, you will have a waiting period but will receive coverage.
The best part is, you will NOT have to take a medical exam when you apply within a year of having a stroke. Regardless of what kind of stroke you had, you will qualify and not have to go through massive hurdles.
How Stroke Medications Affect Life Insurance
If your stroke was over 12 months ago, insurance carriers will ask the other questions above and take into account factors like your medications and health histories. If one of the commonly flagged stroke medications is on your pharmacy report, you may not qualify for an underwritten policy.
These common medications include:
Depending on what medication you had been prescribed, when it was filled (if ever), and the consistency in which the medication was filled, you may qualify for different risk categories.
Since everyone’s stroke situation is unique, the best bet is to work with a Guaranteed Issue Life agent who can quickly tell you if your medications will affect underwriting.
How Physical Impairments Affect Qualifying for Life Insurance
An unfortunate outcome of a stroke is physical impairment. For some stroke victims, permanent or temporary loss of body control can happen. This does affect your ability to secure the lowest rate on final expense life insurance.
One question an agent will ask is if you have difficulty with Activities of Daily Living (ADL’s). These are classified as bathing, dressing, eating, and toileting. If you or a loved one needs assistance with these activities, it is going to be difficult to secure immediate coverage.
In addition, if you need help with home health care or are confined to a nursing home, it will be difficult to qualify for instant protection.
That said, you STILL have a great option, which is guaranteed acceptance whole life insurance, which is reserved for high-risk customers.
Guaranteed Issue Life Insurance After a Stroke
The good news is that no matter when your stroke was or what medications you take, you 100% can qualify for a guaranteed acceptance life insurance policy.
These policies are offered to everyone without any medical questions whatsoever.
If you’re new to the concept of guaranteed issue life insurance, these are the main features of a policy:
- Guaranteed death benefits
- Fixed monthly payments
- No policy expiration date
- No medical exam or questions
- Guaranteed policy acceptance
- Accrual of monetary value
- Mandatory graded period
The Graded Period for Guaranteed Life Insurance
With a guaranteed issue policy, however, there is a mandatory graded period. This is the length of time you must live from the date of coverage before your policy amount will be paid to your beneficiaries. Depending on which insurer you ultimately choose to go with, this graded period can be anywhere from two to three years. The majority of carriers have a two-year graded period.
If you, unfortunately, pass away within the graded period, your beneficiaries will receive the premiums paid-to-date plus some interest. The interest amount is usually 10%.
Due to the mandatory graded period with guaranteed issue life insurance, it is best that you receive coverage immediately. Oftentimes, the amount you pay is determined by your age and it is best to begin working through the graded period as quickly as possible.
Applying for Life Insurance After a Stroke
If you’ve had a stroke and are in need of insurance, we suggest working with an independent agency (like us). Due to the complexity of a stroke and your individual circumstance, an independent agent can help match you with the perfect policy and carrier. After all, no two carriers are the same and there is no one-size-fits-all policy on the market. This is even the case with high-risk health conditions like a stroke, which is viewed differently by different carriers.
We believe that life insurance is one of the most important purchase decisions you’ll make and we are here to make the process as simple as possible. To get the financial protection that your family deserves, simply call us and we’ll make sure all the important questions are asked.
Working With Guaranteed Issue Life
As an independent agency, we strive to not work with you simply as a customer, but as a partner. You will have a dedicated agent working with you to find the best guaranteed issue life insurance solution that meets your needs. All of our agents are licensed in every state and are well-acquainted with the unique application processes of different carriers.
If you’ve recently had a stroke or have had one in the past, we can help you navigate the complex insurance shopping process. Our services are 100% free and confidential, not to mention easy and straightforward.
If this sounds good, then we’d love to help you secure affordable life insurance after a stroke or other condition. Go ahead and give our experts a call today to be connected with a dedicated agent right away.
Lastly, if you’re not quite ready to talk on the phone, you can quickly and easily run a free quote using the tool on this page. We look forward to working with you soon!