You don’t need to be an insurance expert to know that if you’ve been diagnosed with an aneurysm, life insurance companies are going to want to know about it! And qualifying for life insurance with a pre-existing conditions can be tough!
But that doesn’t necessarily mean…
That you’re automatically going to be denied coverage for life insurance. In fact, once treated, applicants who have been diagnosed with an aneurysm can typically qualify for a traditional fully underwritten term or whole life insurance policy (provided of course, that they would otherwise qualify for life insurance).
Aneurysm Defined:
Aneurysms are typically defined as an abnormal localized enlargement of an artery caused by the weakening of the artery wall and lining. This weakening can potentially affect many areas of the body, which is why it’s often quite difficult to determine where or not you’ll be eligible for a fully underwritten term or whole life insurance policy until we learn a little bit more about what kind of aneurysm you have been diagnosed with.
You see…
The location and “severity” of your aneurysm will certainly play a role in the outcome of your life insurance application. For example, is your aneurysm a:
Saccular aneurysm?
These are the most common types of aneurysms and will typically account for nearly 80-90% of all Intracranial aneurysms diagnosed. They are also frequently referred to as “berry” aneurysms due to the shape that they take on, and are also the leading cause of “nontraumatic” subarachnoid hemorrhages.
Fusiform aneurysm?
This is another intracranial aneurysm, but is far less common then saccular aneurysms and unlike saccular aneurysm, fusiform aneurysm seldom rupture.
Abdominal aortic aneurysms and thoracic aortic aneurysm?
Are two additional types of aneurysms that we’ll commonly see as well which will affect the abdomen and thoracic areas of the body respectively.
Now if our definitions of these types of aneurysms seems a bit vague…
It’s because they ARE, after all, we’re life insurance agent’s not doctors!
And all that really matters to us is:
- What type of aneurysm do you have?
- Were you able to have it surgically repaired/removed?
- And if so, how long ago did they perform the surgery?
You see…
When it comes to qualifying for a fully underwritten term or whole life insurance policy, insurance companies are going to require you to take a medical exam and answer a series of health and lifestyle questions in order to determine whether or not you will qualify.
And when it comes to having been diagnosed with aneurysm…
The most important factor is going to be whether or not you haveyou’re your aneurysm corrected/treated? If you haven’t, you simply won’t be eligible for a traditional term or whole life insurance policy, PERIOD!
In fact, insurance companies are not only going to want to see that your aneurysm has been corrected, they’re also going to want to wait for 6 months after your surgery before they will begin considering your life insurance application.
Then…
You should theoretically be eligible for what will be called a “Table Rated” life insurance rate class. A “Table Rating” simply means that you will be considered a sub-standard risk and will therefore be required to pay a higher premium than someone of similar health, absent any history of suffering from aneurysms.
But don’t fret…
There are literally 100’s of reasons why someone may only qualify for a “table rating” so let’s not let it ruin our day. Instead, let’s just try to find an insurance company that has great “table rating” price options!
Inoperable aneurysms or pre-op Aneurysms.
Now there will be those who simply can’t qualify for a traditional term or whole life insurance policy simply because they have either they have:
- Not had their aneurysm removed yet.
- Chosen not to have their aneurysm removed all together.
- Or have been told their aneurysm is inoperable.
In these cases, it will then become necessary to take a look at some alternative insurance products that aren’t going to require an applicant to qualify for them “medically”, typically simplified issue or guaranteed issue life insurance.
Simplified issue life insurance and generally only requires answers to a few health questions. And then there are policies where no questions are asked whatsoever.
These types of policies are called guaranteed issue life insurance policies and will generally only have 2 requirements for approval:
- First, you need to be a US citizen.
- Second, you need to be between the age of 40-85 (product may not be available in your state).
And that’s it!
The only problem is…
That these types of life insurance policies will typically have 3 major disadvantages that can become “deal breakers” for some.
So let’s take a look at what those disadvantages are.
Disadvantage #1.
Guaranteed issue life insurance policies will only provide coverage up to and around $25,000 dollar in coverage. Which is great if you’re looking for a policy that’s going to be enough to cover burial and/or final expenses. However, if you’re looking for more than just $25,000 dollars in coverage, a guaranteed issue life insurance policy may not be the best fit for you.
Disadvantage #2.
Cost. Dollar for dollar, what you will generally find is that guaranteed issue life insurance policies will typically cost more than traditional types of life insurance policies.
But… if you can’t qualify for those types of life insurance policies, then is that really a disadvantage to you?
Disadvantage #3.
Guaranteed issue life insurance policies are going to contain a graded death benefit clause, which will state that you must not die of “natural” causes (heart attack, stroke, cancer, diabetes ect…) or any other “illness based” cause of death for a set period of time (typically 2-3 years depending on the insurance carrier), prior to your life insurance policy paying a death benefit to your beneficiary.
Your guaranteed issue life insurance policy however, would pay out immediately due to an “accidental” cause of death (slip and fall, motor vehicle accident, natural disaster, etc…).
For more information about guaranteed issue life insurance policies and the graded death benefits that they contain, we would encourage you to either give us a call or take a look at the following article: Guaranteed Issue Life Insurance – Pros and Cons –.
Lastly…
We hope that you found this article helpful and encourage you to give us a call if you are considering purchasing a life insurance policy for you and your family.
We here at JustBuryMe.com feel that with our vast experience working with “higher” risk applicants coupled with our ability to write policies with over 40 different life insurance companies, make us an ideal option to choose when someone is finding it difficult to get the life insurance coverage that they need.
So, what are you waiting for? Give us a call today and see what we can do for you!
You may also be interested in reading one of our more popular articles: JustBuryMe’s Best Final Expense and Burial Insurance Companies.