Getting a life insurance policy can provide peace of mind and financial assurances for your family and loved ones. With many types of insurance, the policyholder pays premiums that guarantee coverage for many unexpected events. An auto insurance policy, for example, provides coverage for bodily injury and property damage claims in the event of an accident or other incident. Life insurance, however, is unique in that it provides a death benefit for the policyholder’s beneficiaries. The monthly premiums paid for a life insurance policy provide a sum of money to cover final expenses, debts, or financial obligations in the event of the policyholder’s death.
Determining the need for life insurance coverage and the type of policy you require will depend on several factors. Term life insurance provides coverage for a specific time and allows people to plan for an unexpected event as long as they have dependents and financial obligations. Term life insurance is usually the cheaper option and is typically offered as 10-, 20-, or 30-year policies. Many people invest in term life policies when they have children and a mortgage.
Additionally, you might look at whole life insurance products. These policies last for your entire lifetime as long as you continue to make the premium payments. Whole life insurance is typically more expensive, but it can increase in value and offer options for borrowing against the policy as it matures. With either of these products, insurance companies will assess the risks of insuring policyholders and use that to determine premium rates.
During the underwriting process, insurance companies use gathered information about your age, gender, medical history, health, and lifestyle choices to determine your risk profile. Based on this information, insurers will determine coverage and rates for your specific situation. If the company feels that your health or lifestyle choices possess a high risk, they could deny coverage. As a result, many wonder if health conditions such as heart disease or heart failure will disqualify them from purchasing life insurance. If you have a chronic health condition, life insurance options are available, but you might end up with higher premiums.
So, can you get life insurance if you have heart failure? In most cases, yes, you can still get life insurance with heart disease or heart problems. While it might be more difficult and expensive to find life insurance with a heart condition, options are available. Every insurance company is unique in its policies and requirements. However, most insurers use similar ranking classifications based on health and other information of potential policyholders.
Insurers will place policyholders in either a preferred, standard, or sub-standard category based on a medical exam, health conditions, lifestyle choices, and other factors. Typically, a serious heart condition will place someone in the standard or sub-standard category for insurance purposes. This means that life insurance is possible with congenital heart disease and other conditions. However, you will pay a higher premium. Comparison shopping will be the solution for you to find the best options for your situation.
An online comparison tool will help you find the best life insurance rates no matter what health issues you have. To get the lowest rates possible, it is best to shop for life insurance when you are young and in good health. However, as discussed, you can get life insurance at affordable rates no matter your age or heart problems. When you comparison shop for quotes, you will be asked for personal information to help insurers assess your risk factor. Once you get a list of quotes, you can compare insurers, coverage amounts, and premium rates.
People with serious health conditions like heart failure often think that they cannot qualify for life insurance coverage. However, it is important to note that insurers look at the entire picture when determining coverages, and your health condition is just one piece of that puzzle. With some time and comparison shopping, you can find life insurance coverage no matter if you have heart problems or other medical conditions.