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Heart Attack Life Insurance, Critical Illness Cover and Income Protection

The facts about getting Life Insurance after experiencing a heart attack

Experiencing a heart attack can be a terrifying and life changing experience. Arranging a life or travel insurance policy post heart attack can be a very responsible way of making sure that you and your loved ones are protected should the worst happen again. According to recent studies by the British Heart Foundation 915,000 people per year survive a heart attack in the UK. Statistically, over 80 % of people suffering from heart disease will go on to develop further heart conditions, such as circular or coronary heart conditions. Despite this alarmingly high number, you may find it difficult to obtain life insurance if you already have pre-existing medical conditions. How difficult you find arranging a life insurance policy will vary depending on your personal circumstances and will be considered on a case by case basis.

What does Heart Attack Life Insurance cost?

If you have previously suffered from a heart attack and need Heart Attack Life Insurance, Critical Illness Cover or Income Protection then you will need to provide insurers with information about your condition. Your insurer will assess your application for Heart Attack Life Insurance based on how you answer a few key questions about your medical history, such as:

  • How many heart attacks have you previously suffered from?
  • When did the heart attack occur?
  • How many of your blood vessels where affected?
  • Did you require surgery, or a stent fitted after your heart attack?
  • Have you been experiencing any long-term symptoms due to your heart attack?
  • What is your current health and lifestyle like?

As tempting as it may be to try and soften or downplay your answers to these questions, it is very important that you are completely open and honest about your health conditions. If you aren’t, it could put your policy at risk.

Your premiums for Heart attack life insurance will also depend on:

  • Sum assured (£’s)
  • Term of cover (years)
  • Type of policy (e.g. Family, Mortgage, Whole of Life etc.)

Heart Attacks insurance rates/ratings

An application for Heart Attacks Life Insurance, Critical Illness Cover or Income Protection is often considered non-standard cover. Insurance providers will assess your health and lifestyle to determine any added risk of mortality. If you are offered non-standard cover this means your insurance company has identified additional risks to your cover and you may be offered amended terms or a higher insurance rate. Rates may differ between providers dependent on their underwriting guidelines. Insurance providers will often use a risk-based scale to determine the amount your cover will cost and may choose to apply a ‘percentage loading’ or ‘£’s per mille loading’ to standard premiums.

Percentage (%) loading for Diabetes life insurance

One method of loading an insurance company may apply to your premium is percentage loading. An Insurance provider will apply percentage loading to policies when they believe a claim may have additional risks associated. Insurance underwriters will look at your current health and lifestyle when deciding the percentage applied to your premium and If your risk is above their maximum level of loading your cover is likely to be declined. Maximum levels of loading are often different for every insurance company making some providers more accessible for higher risk clients (e.g. 300% or 400%).

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for Diabetes life insurance

As ‘per mille loading’ is often only applied to very serious health conditions you are far less likely to have this method of loading applied to your premium.  ‘Per mille loading’ is rarely used and can be applied to policies on either a long or short-term basis. When offered a premium with ‘per mille loading’ your insurance company will apply an additional amount to your premium depending on the amount of cover applied (e.g £2 per thousand £’s of cover).

Many insurers may be willing to offer you a life insurance policy if you agree to a cardiovascular ‘exclusion’. This means that that conditions linked to your heart attack may be exempt from your policy such as heart disease. If an exclusion is applied to your Heart Attack Life Insurance policy, you may find that additional benefits are unavailable to you. This includes Guaranteed insurability, Total and Permanent disability and Waiver of Premium. Exclusions can be very strict, and you should consult with an experienced advisor before agreeing to any life insurance policy so you are aware of what will be covered.  

The amount of cover required is specific to every client and dependent on your personal circumstances. When applying for Heart Attack Life Insurance, Critical Illness Cover or an Income Protection policy it is important you ensure that the amount of cover you will receive is adequate. Whilst we cannot tell you how much cover you may need, there are some simple guidelines you can follow that will help you to make an informed decision.

When applying for Heart Attack Life Insurance, Critical Illness Cover or an Income Protection policy, you should be aware that your policy may increase after underwriting. This is due to the added risk of claim and could affect the affordability of your policy.

When discussing the amount of Heart Attack Life Insurance you require it is best to consider:

  • The amount left to pay on your mortgage.
  • Any outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependants
  • Spouse or Partner
  • Annual Income (after Tax)
  • Any financial assets (e.g. car, house, business etc.)

If you feel unsure or require more information to decide how much cover you will require to secure your family and home, see our iam insured life insurance calculator.

Critical Illness Cover works differently to a life insurance policy and many people choose to take out a critical illness policy on top of their existing life insurance. Critical Illness Cover provides a tax-free lump sum if you are diagnosed with serious health conditions. This money can be used by policy holders to help with treatment or loss of earnings and are often associated with a Cancer diagnoses. Whilst Cancer is one of the most common reasons people use Critical Illness Cover, a critical illness policy covers a large variety of medical conditions. If you are thinking about taking out a critical illness policy, you should consider:

  • Your annual Income (after Tax)
  • Mortgage/rental payments (annual)
  • Cost of living (annual)
  • Any other potential costs (e.g. medical treatment or adaptations)

Critical Illness Cover is very adaptable and can be adjusted to match your needs. However, it is important to remember that pre-existing health conditions and lifestyle choices will influence your policy and premiums. If you have suffered from heart disease or a coronary heart condition in the past, it’s highly likely your insurer will request that you agree to a cardiovascular exclusion. If this is the case, it is important that you are fully aware of what is covered by your policy.

Income protection is designed to help cover loss of earnings due to illness or injury. With an income protection policy, you can claim as many times as you need during the policy term. This makes it especially attractive to workers who are self-employed and do not have access to sick pay should the need ever arise. Income protection policies are very flexible and can offer peace of mind should you become unable to work. When taking out an income protection policy with an insurance company it is important you keep in mind:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

Heart attacks are, unfortunately, a very common form of heart condition. As such, it is often possible for people with a history of heart disease to obtain life insurance, but it is highly likely you will be expected to pay a higher premium. Insurance underwriters will take your medical history and current lifestyle choices into account, but you may find that the cost varies with each insurance company you approach. This makes it extra important that you shop around to find a life insurance policy that works for you and your loved ones.

Here at iam insured we have over two decades of experience helping people with complicated health conditions find cover that works for them. iam insured are authorised and regulated by the Financial Conduct Authority and registered in England and Wales.  Our experts take all details of your current health, medical conditions and lifestyle into consideration, so we can help you obtain life insurance at an affordable price. To speak with one of expert advisors call 01244 732 890 or send an email to enquiries@iaminsured.co.uk.

Heart Attack Critical Illness Cover and Income Protection providers

As a heart attack sufferer, Critical Illness Cover and Income protection can be difficult to find. However, many insurers may consider covering you if you agree to a cardiovascular exclusion.

When arranging an Income Protection policy, your insurance company may require further details regarding your ability to work after your heart attack. If you are considering an Income Protection policy, make sure the policy covers you if you are unable to continue in your current line of work. This ensures you will be able to make a claim if it ever becomes necessary.  

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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