Can I Get Life Insurance After a Heart Attack?

Summary: You can get life insurance after a heart attack, though options may be limited and more costly. Insurers consider your age, health, and time since the event. No-medical-exam policies offer alternatives, especially for higher-risk applicants.

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Surviving a heart attack can be a life-changing experience.

Apart from impacting your health, a cardiac event can also influence your family, your perspective on life, and even your financial situation. Life insurance can be one way to help provide an added layer of protection and support for your loved ones. It’s about helping to ensure they’re taken care of, even in the face of life’s uncertainties.

If you don't have life insurance, don't have enough coverage for your needs or have a workplace policy you might lose if you leave your job, you may have concerns about whether or not you can get life insurance after a heart attack.

In general, the short answer is yes. But the longer answer may be more complex. Here’s what to consider when thinking about getting life insurance after a heart attack.

Types of life insurance you may qualify for after a heart attack

There are two basic categories of life insurance: term and permanent. Each may require a medical exam and/or questionnaire and is best suited to people at different life stages or with different needs or goals. But a third type, which doesn’t require a medical exam, may be better with your medical history.

Term life insurance

Term life insurance provides coverage for a set period, such as 10, 20, or 30 years. It’s usually the least expensive kind of life insurance you can buy, and you typically make the same payment each month. If you die during the term, the policy can pay a stated death benefit to the beneficiaries you name.

Designed to replace your income if you're no longer there, term insurance can help fund things like mortgage or other debt payments, an emergency fund, a child’s education, and more. But once the term ends, so does the policy.

If you apply for a term policy after a heart attack, expect more scrutiny from the insurance company. They may offer less coverage for higher rates. (In fact, they might decline coverage entirely.) Also, you may not be able to get certain policy options that may be available to someone who has not experienced a heart attack.

Permanent life insurance

As the name suggests, these policies are meant to last as long as the premiums are paid. They can provide a death benefit to your beneficiaries, offering some financial protection for your loved ones. Permanent life insurance can also include a cash value component that can grow over time and be used to cover various needs, such as college expenses, long-term care or even helping to pay premiums. Keep in mind, however, that using the cash value may reduce the death benefit.

The trade-off for these benefits: Permanent insurance can cost more than term, at least early in the policy. So, if you mainly want to help cover final expenses like funeral costs, you might consider a small whole life policy. Here's a quick look at some different types of permanent life insurance:

No-medical-exam life insurance

A few subcategories of life insurance don't demand that you take a medical exam or even, in some cases, answer a health questionnaire. This can make them a more practical solution for your needs. But they come with caveats:

Your health can determine your coverage and costs

Several factors affect the type and amount of insurance coverage you might qualify for:

What information will life insurance companies need when you apply for a policy?

Insurers will usually ask for details about your health, including:

How to boost your chances of getting insured after a heart attack

If you apply for a term life policy after suffering a heart attack, you may expect to undergo more scrutiny from the insurance company and could be offered less coverage for higher rates; they may decline to offer coverage. Also, you may not be able to secure some of the policy options available to someone in good health.

A more likely life insurance option following a heart attack is a guaranteed whole life policy, which does not require a medical exam and is usually available to anyone age 45-85. Typically, you can expect to pay more for less coverage due to the higher risk associated with your health issues.

Cost factors for life insurance after a heart attack

Several factors determine the type of coverage you might qualify for, including:

• Age
• Length of time since your heart attack
• Severity of your heart attack
• Compounding health issues, like diabetes or other diseases

The more severe the heart attack, the more difficult it may be to get insurance. And the fewer health issues you have, typically, the better your chances of getting coverage.

Reducing life insurance costs after a heart attack

However, if you’re asking, “Can I get life insurance after a heart attack?” there are steps you can take to help reduce the cost of coverage. These steps include:

• Closely following your doctor’s post-surgery treatment guidelines
• Adopting healthy habits in diet and exercise
• Eliminating unhealthy habits like smoking

Frequently asked questions (FAQs)

Do I need to take a medical exam to get life insurance?

In some cases, yes, but a history of heart disease or preexisting conditions like diabetes or heart disease could put you in a lower "rating" tier. Result: higher premium payments.

How much life insurance coverage can I get after a heart attack?

The amount of coverage you'll qualify for depends on the type of policy you seek, your goals, and your budget. The type of life insurance you may qualify for after a heart attack can depend on factors like age, severity of the event and other health conditions.

Can I get a life insurance policy if I have bad credit?

Your credit score gives insurers an idea of your ability to pay what you owe. As with loans, a low credit rating usually means higher premiums or denial of coverage.