Is Life Insurance Coverage an Option With Heart Disease?
Tarun Tripathi was a healthy 38-year-old banker till the day he experienced shooting pains up his chest. He was rushed to the hospital and after the tests, the doctors informed him he had a coronary artery disorder and was at high risk for a heart attack. He was put on medication and advised of some lifestyle changes. Thankfully, he was able to manage the disease, but the bigger challenge for him was finding a good life insurance plan. He wanted a substantial cover as he had dependent parents, a spouse, and two young kids. Fortunately for him, there were some life insurance companies that were willing to issue the plans to him. He got life insurance quite easily, albeit on some specific terms and conditions. If you are also sailing in the same boat and wish to get life insurance coverage with existing heart disease, we have all the information for you. Check it out in the article below.
Understanding a Life Insurance Cover
For the unversed, a life insurance cover is a type of financial protection. When you purchase a life insurance company, you pay a premium to the insurer. In return, the insurer promises to pay a sum of money to your nominees if you die within the policy period. This works as a financial cushion and gives you the assurance that your loved ones would never face any economical hardships even if you die unexpectedly.
The Correlation Between Life Insurance and Heart Diseases
A life insurance plan, as the name suggests, covers your life. The insurance company carries a significant risk in doing so because if you die, they have to pay out a hefty amount of money to your beneficiaries. This is why they avoid selling life plans to people who have higher life risks.
Since the heart is one of the most crucial organs of the human body, any defect or disease in the heart can have a bearing on the person’s survival chances. This is why a person with a heart condition is perceived to have a lower life expectancy. Life insurance companies, therefore, are not always willing to sell their plans to heart patients because they assume the policyholder may die within the policy period.
Modern medicine though is highly advanced and most conditions are easily and effectively managed these days. Taking cognizance of this, the present-day life insurance companies readily offer their plans to all people, including those who have existing cardiac ailments. However, the risk factor here cannot be ignored and so the policyholder gets a slightly different set of terms and conditions.
Terms and Conditions Associated with Life Insurance with Heart Diseases
Here are some common issues that heart patients face when they look to find a life insurance plan:
- Critical pre-policy screening: Many life insurance companies ask you to undergo a pre-policy health screening to rule out any health risk. If you already have an existing ailment such as heart disease, the insurer will ask you to undergo a very long and detailed health screening. They would determine the exact extent of your ailment to understand the risk. The premium you pay will be dependent on the results of the screening.
- A longer list of exclusions: You will likely get a longer list of exclusions when you apply for life insurance with a heart condition. This is because the insurance provider will try to lower the risk burden as much as it possibly can.
- Higher premium: And finally, you will have to pay a higher premium. When you have a higher health risk, your premium rate automatically goes up. Therefore quite understandably, as a heart patient, you will be required to pay more for your life insurance cover.
These are some ways in which a life insurance plan for a heart patient differs from a life insurance plan for a completely healthy person.
Tips to Find the Best Life Insurance for Heart Diseases
As mentioned above, there are many options available to you even if you have an existing cardiac problem. To choose the best life insurance plan, follow these smart tips:
- Get life insurance early: A practical tip for everyone is to get life insurance early on in life. Do not wait till you are older and develop health problems such as cardiac issues. Everyone needs life insurance, so buy the plan early on and beat every issue that can arise later.
- Compare: Do not forget to compare the life insurance policies before you make a purchase. There are several options available. Do not buy the very first plan that you come across – rather, compare and locate the best plan at the best rate. Also, look to get the policy from a good life insurance company that has a healthy claim settlement ratio and a good customer support team.
- Get a critical illness plan: Getting a critical illness plan may even work for you. A critical illness plan pays a lump sum amount of money if you get diagnosed with a critical ailment such as heart failure. You can then use the money in any way you wish, even to cover the financial wellness of your loved ones. Get a critical illness plan if you have a family history of cardiac diseases and you feel you are at considerable risk too. This cover can be bought as a rider with a life insurance plan or as a standalone policy as well.
These are some easy ways in which you can insure your life even after you have been diagnosed with a heart disorder.
To wrap it up
The life insurance industry in India is booming. There are some excellent companies that sell some excellent life insurance plans. The entire sector is monitored by the IRDA and this makes it very safe and credible. There are different products available to suit different people. Thankfully, there are some very good options available to heart patients too. You just need to do your research, compare and find the best plan to stay protected in a wholesome manner.