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Dec. 5, 2007
I am a 54-year-old nonsmoker. Two years ago I had a quadruple bypass. Since then all tests have proven good. Can I still buy life insurance or is there a waiting period?
Curt
Dear Curt,
Dr. Robert Gleeson, a medical underwriter for Northwestern Mutual, says that there generally isn't a standard waiting period after undergoing bypass surgery, and you may even be able to buy life insurance as soon as a few months after a heart attack.
According to Gleeson, people with coronary heart disease tend over time to have rather predictable mortality rates, which means that in general, life insurers will be willing to issue you a policy.
Insurers may charge you a "flat extra premium" for the first few years of the policy, on the basis of your coronary heart disease, says Gleeson. Your rates will almost certainly not be as good as those of someone who has never had a heart attack, but there are some steps you can take to keep your costs down.
What is most important, says Gleeson, is that you choose an independent agent who will help you shop around among insurers and make sure that you establish a history of behaving like a responsible patient (i.e. taking all medications regularly, regular check-ups, etc.) and make sure insurance companies are aware of this behavior.
"People tend to think that we look at medical information to find a reason not to issue an insurance policy," says Gleeson. "The truth is, in this market, we're looking for a reason to issue a policy."
In general, the more medical information you provide the more likely you are to get the best rate possible, according to Gleeson. You should also be your own advocate in this matter, and make sure your doctor sends the relevant information to your insurers.
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Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice. |
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