A stroke is a devastating incident that affects not just your life but also your loved ones and family members. Suppose you or your family member has suffered a stroke. In that case, you know that the lengthy and challenging path to recovery is not without assurances. One of the questions you may have is whether you can obtain life insurance following an accident. The fact that purchasing insurance is an option is advantageous. However, a few things could affect your eligibility.
After a Stroke, What Options Are There for Life Insurance?
It is possible to be approved for life insurance after a stroke, though it might be more complex. You could get charged more because strokes are medical emergencies with long-term and short-term consequences.
The insurance company that will underwrite your policy will likely have plenty of questions to ask you. You may discover that they need to believe it wise to offer insurance. Find out that an insurance policy based on traditional principles is not an option. You can be sure that you have alternatives.
There is no medical insurance, the general term used to describe life insurance that doesn’t require an exam. Coverage may be limited to the amount of non-accidental death. However, the amount offered will be sufficient to cover funeral costs and assist with outstanding debt. Medical life insurance usually is more expensive than regular coverage. Still, you may have to be of an age limit to qualify for it.
Numerous insurance companies offer life insurance with guaranteed coverage. As the name implies, insurance is guaranteed regardless of your health status. The range will only cover you to a lesser sum than traditional insurance. The premiums remain the same throughout time so long as you keep paying your bills on time.
You can buy simplified life insurance as a term or whole life insurance policy. The simplified life insurance policy can be free of physical examinations by a physician. Still, you could get asked to complete a health questionnaire. Your condition may get considered when you get invited to respond to questions. It is crucial to answer honestly because a false answer could result in the end of the policy.
What Can You Do to Safeguard Yourself If You’re in Danger of Having a Stroke?
Strokes happen when the blood flow to any area within the brain gets restricted. Because the brain has limited access to oxygen and nutrients, specific cells will likely cease to exist. Brain damage resulting from the loss of cells could be a Cerebrovascular Accident that causes permanent damage or, if it’s temporary, known as a Transient Ischemic Attack. CVAs are also referred to as full strokes, whereas TIAs get sometimes used as mini-strokes.
You have a higher risk of having a stroke if any of the following apply to you:
- There is a family history of strokes
- You are overweight
- If you have an artery problem or heart condition
- You are diabetic
- You’re suffering from high cholesterol
- High blood pressure is a warning indication.
- You are above 55 years old.
If you’re at risk of a stroke, changing your habits can reduce the risk. Stopping smoking cigarettes, cutting down on drinking alcohol, and regularly exercising are a few ways to help.
Suppose you’ve not had an injury like a stroke but have a risk of having one. In that case, it is a good idea to consider obtaining critical illness insurance. The insurance will protect you if you get an essential illness diagnosis while covered by the policy, which means you’ll receive the benefits should an event occur. Necessary illness insurance gets typically purchased as a rider on term life insurance or life insurance policies. Therefore, make sure to research your options when searching for quotes on life insurance.
What Happens If a Stroke Affects the Rate of Life Insurance?
If you’ve had a stroke, you’ll be required to pay more for your insurance. That is among the reasons that insurance companies consider you to be a higher risk to insure.
The amount you pay for insurance will increase contingent on several variables. Still, one of the most important factors is the kind of stroke that you had.
A mini-stroke will raise the cost of insurance but not as much as an entire stroke. After the mini-stroke, likely, you will only be eligible for insurance policies that are standard for the initial few months after the event. If you have a complete stroke, you might have to wait longer until you are eligible for standard coverage and an even more significant increase in your premium.
Be aware that various aspects, such as health and age, affect the cost of a life insurance policy following an accident. Comparing quotes from insurance companies and talking to a licensed insurance agent to get exact information regarding your situation is suggested.
What Is the Significance of the Time Between Your Stroke and Your Request for Life Insurance?
The first year after an injury is the most crucial period. If you’ve experienced an accident, the odds of having another stroke in the first year are fifteen times higher than the average population. That is why insurance companies tend not to provide traditional life insurance policies to those who have suffered a stroke in the initial year. Some will even deter prospective customers for another two or three years. However, this means you can get insurance coverage before you have to wait for the approval. The longer it takes, the better your chance of being approved.
The Significance of Age in the Event of Suffering a Stroke
The younger you are when you suffer a stroke, the greater your insurance costs will be. That is because you’re more likely to have another stroke later in your life, at risk of developing other medical issues. Be aware that, in most cases, the aging process can increase the price you pay for life insurance.
A healthy lifestyle will reduce the risk of an attack and can assist in getting higher insurance rates. Having experienced brain damage in your formative years, changing your lifestyle may help reduce the chance of suffering an additional stroke. The Heart & Stroke Foundation is an excellent resource that offers suggestions on how to decrease your risk.
Inquiries Your Insurance Provider May Ask You When You Apply for Life Insurance
The insurance company will likely have some basic information like when you had your stroke, the number of times it has occurred, the date you had your first and subsequent strokes, and the diagnosis. Your insurance company will have specific questions to ask you when you apply for life insurance after an accident.
In addition, you could expect to get asked specific questions regarding your stroke and your medical history. Some possible inquiries include the following:
- What was the process of diagnosing your stroke, and what tests get conducted?
- Are there family histories of strokes?
- If you had a complete stroke, What was the nature of the stroke?
- Was your condition before the time of your stroke? Were there any ongoing symptoms following the stroke?
- What are the medications you are currently taking?
- Are you suffering from any additional medical conditions related to your heart?
- Have you ever had tobacco use, and how often?
It’s crucial, to be honest with insurance companies. As mentioned above, a misrepresentation to an insurance company could cause the cancellation or denial of insurance policies.
The Final Line
If you’ve been the victim of an injury or stroke or are considered at risk but aren’t at stake, you’re still eligible to obtain life insurance. Make sure you speak to an advisor or insurance broker to learn about your options. Also, review quotes on life insurance to ensure that you can be sure that you’re receiving the lowest cost coverage that’s available. Ottawa Life Insurance is here to assist you with your personal and business insurance needs. For further information, contact us by phone at (613) 454-1424 or by email at info@ottawa-lifeinsurance.ca.
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