Top 6 Final Expense Insurance Options For People With Heart Conditions
Overview
If you have a heart disease and wondering if you can get life insurance then we have good news for you. Seniors can still get final expense insurance with heart disease.
Final expense insurance offers affordable options for cardiac patients. Now you do not need to worry about being rejected for coverage. There are many options for final expense insurance for heart disease. Let’s dig into the details of the final expense insurance for heart conditions.
Final Expense Insurance
After hitting a certain age, you start planning for your financial security. You want your loved ones to live without any financial stress. To secure your family financially and give peace of mind, it is best to get final expense insurance.
There are many forms of life insurance. Final expense insurance is one of them. It is also known as funeral or end-of-life insurance. Each type of life insurance has different policies. However, every form offers benefits after your death.
This life insurance policy covers your funeral and burial expenses. After your death, your family does not have to cover final costs. Additionally, final expense insurance will cover your hospital bills.
What Is Cardiovascular Disease?
Cardiovascular disease is common in older people. It is a coronary artery disease that causes blood vessel and heart problems. Patients with cardiovascular disease build up fats in the arteries. This build-up leads to blood clots, leading to heart failure.
The prevalence of heart disease is high in seniors. Studies suggest that seniors over 80 are at high risk of heart failure. They develop heart diseases with increasing age. The causes of this disease are:
- Smoking
- Lack of exercise
- Obesity
- Unhealthy diet
- Poor lifestyle
- High cholesterol
- High blood pressure
Patients with cardiac disease are common. It is recommended for these patients to get life insurance. Many seniors opt for final expense life insurance to provide security for their family.
Final Expense Insurance For Heart Disease
Many life insurance plans do not offer insurance for sick people. Applicants have to take a medical test to show their health status. If the test shows any health issue, the applicant does not get the insurance.
Health issues like cancer, dementia, cardiovascular disease, and HIV AIDS are not covered by many life insurance policies. If you are a cardiac patient, you may face challenges in finding the best life insurance.
However, final expense insurance offers coverage to people with heart disease. It also offers coverage to applicants with dementia or HIV. Final expense insurance for heart conditions gives the same benefits as it offers to a normal applicant.
Medical test
Traditional life insurance usually demands medical tests. It needs your medical records to see your health status. And, if the medical records find any serious health issue, you do not get life insurance. So, medical tests are mandatory in traditional life insurance.
On the other hand, final expense insurance does not check your medical records. Additionally, there are no medical tests. There is only a questionnaire you have to fill out. Even if you have a serious health problem, you get this life insurance.
How Does Final Expense Insurance Work For Heart Patients?
There are steps you have to follow to get final expense insurance. The steps are same for the heart patients and normal applicants.
First, you have to check different insurance providers. Check for affordable quotes. Also, look for the insurer that has the best features. Insurers with strong financial status will provide the best coverage.
Secondly, select a policy that suits your needs. Before securing a policy, look for the age and health criteria.
Thirdly, choose a beneficiary and discuss your benefits with him. Complete the health profile and you are done. If you need more information, then it is best to reach out to a broker. Once you pay the premium, you acquire funeral insurance.
Premium amount
The applicants have to pay money every month to keep their insurance active. This monthly fee of life insurance is called the premium. The premium amount is set based on the personal profile of the applicant.
For example, if the applicants have any health issues, they have to pay a higher premium. But if an applicant is healthy, he has to pay a small premium amount. Based on your medical records, the insurer will ask you for the premium. Mind you, there will be no medical exam but a medical questionnaire.
If a cardiac patient qualifies for the insurance policy, he will have to pay a higher premium. Yet, it is still an affordable final expense insurance for heart issues.
Types of Life Insurance for Heart Patients
Life insurance offers many options for heart patients. Some essential options you can go for are:
- Term life insurance
- Permanent life insurance
- Simplified issue life insurance
- Guaranteed issue life insurance
- Group life insurance
- Life insurance riders
Term life insurance
Life insurance has a temporary insurance with an end date. This means that you can have insurance for a set term. It has an end date and after that end date, the insurance will expire.
Term life insurance is an affordable insurance. You do not have to pay premiums permanently. Seniors with heart conditions can apply for this form of life insurance.
Permanent life insurance
The second type of life insurance is permanent life insurance. It does not have any end date and lasts for a lifetime. In addition, there is a cash value. You can use the revenue of the cash value and cover your essential expenses.
Cardiac patients can apply for this insurance. However, you have to pay a higher premium amount. This type of insurance is more expensive than term life.
Simplified issue life insurance
If you do not want to take a medical exam, then a simplified issue is the best option for you. In this type of life insurance, you only have to answer some medical questions.
Simplifies issue life insurance offers coverage for cardiac patients. However, patients who went through heart surgery may not get the coverage. The severity of your heart condition determines your approval.
Besides, it offers a small coverage. And the premium amount is a little high.
Guaranteed issue life insurance
One of the best life insurance that offers final expense insurance for cardiac patients is guaranteed issue. This life insurance approves the applicants even though they have serious medical issues.
If you do qualify simplified issue or other life insurance policy, then you can apply for a guaranteed policy. It will accept your application guaranteed. You do not need to submit any medical records or take any medical exam.
However, this life insurance is costly. The cost of the monthly premium is higher than others. The cost ranges from $25,000 to $30,000.
Group life insurance
As we know traditional life insurance does not approve heart patients. Sure there are other types, but they can be expensive. If you are an employee, you can get a group life insurance through employers. Group life insurance has a subsidized rate.
Heart patients can also get group life insurance. It does not reject applicants with health issues.
Life insurance riders
Sometimes policies do not offer what you want. Some offer limited benefits while others offer maximum coverage. You may wish to customize your coverage plan. Life insurance riders understand this issue and allow you to modify your plan.
In life insurance riders, the applicants can modify the insurance coverage. This modification is done to meet their needs. If you want coverage with maximum benefits and coverage, life insurance riders will provide additional coverage.
However, the cost of the insurance will increase. You have to pay a higher premium because of the extra coverage. There are types of life insurance riders including:
- Guaranteed insurability rider
- Accidental death rider
- Family income benefits rider
- Wavier of premium rider
- Accelerated death benefits rider
- Child term rider
- Long-term care rider
- Return of premium rider
Best Final Expense Insurance For Heart Patients
If you are living with a heart disease, it is important to get life insurance that offers guaranteed coverage. To get approval regardless of your health status, you should apply for guaranteed issue life insurance.
Guaranteed issue approves seniors even though they are cardiac patients. Many insurers offer guaranteed issue life insurance. The below list shows the top 6 insurers for best final expense insurance for heart patients:
- Gerber life
- Mutual of Omaha
- Foresters
- Phoenix
- AIG
- Pacific Life
The bottom line, you can get affordable coverage with final expense insurance. It provides coverage for heart patients. You have many options of insurance providers that offer great coverage. Yet, you need to check their features. Choose the option with the best coverage and which suits you the best.
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We Are Here To Help With Your queries !
There is more than one insurer that offers the best final expense insurance for heart patients. Some top insurers are Mutual of Omaha, Gerber Life, Foresters and AIG.
Simplified issue and Group life insurance are the affordable final expense insurance for heart issues.
It depends on the policy type you choose. Some policies accept applicants with heart transplants. While some do not accept such applicants.