Life Getting life Insurance with heart problems

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fobs

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My husband had a heart attack many years ago and has a defibrillator fitted. He cannot get life insurance as a result. Is there any product on the market which gives life insurance but excludes certain conditions from cover eg if my husband was killed by a falling tree this would have nothing to do with having a heart condition but he wouldn't have cover.
 
If he is over age 50, there are Over 50's products that offer cover regardless of medical ailments. Cover is typically restricted to €25,000 and in the first 2 years may be restricted to accidental death cover but after that it covers death from any cause.

The cost naturally is more expensive than a normal life assurance plan as they will cover everyone but it may be a solution depending on his age and how much cover is required.

In relation to exclusions, I have seen a marked decrease in exclusions been offered to people in recent years. Most companies seem to either charge more or postpone/ decline cover. I'm not sure if other brokers have noticed this but I suspect reinsurers are putting pressure on companies to reduce exclusions and form more definate decisions to cut down on appeals on claims.



www.CheaperLifeAssurance.ie
 
He is 38 so those over 50 plans would not be suitable for us unfortunately. We were able to get a waiver on the life insurance for the mortgage but would have liked the security of life insurance to cover all conditions other than the heart.
 
It would be no harm to contact a broker and ask them to call a few life office underwriters to see if any company would offer cover with a conditions of the heart exclusion.

Failing that there is a company entering the market soon that will offer cover to people who cant get cover elsewhere, they are doing presentations here at the end of the month. If you check again in a couple of months if you have no joy elsewhere in the meantime, there should be news on what they are offering and some idea of price.
 
I was denied life insurance many times for medical reasons - you end up on a register I was told, so little hope in obtaining life insurance.
However, surprise surprise, I recently applied again and ticked the boxes that I was denied before. Got life insurance to my big surprise with a well known insurer, no loaded premium, no conditions.
All I want to say is, there is hope for the future.
 
What insurer were you successful with Mynydd? Have tried a brooker in the past but never put the idea of the exclusion of the heart condition to them. Might try that.
 
You mention he can't get cover? I assume you exhausted all channels through a good insurance broker to reach such a conclusion. You can't compare one persons heart condition to another but the basic principal of underwriting is that what we call an under average life pays a correspondingly increased premium for cover so assuming a company will offer cover will it be at an acceptable price?
 
Sumatra we have gone to a number of brokers in the past and have tried a number of different companies. My point is I can understand them not covering for the heart condition but if he were to die due to a condition unrelated to his heart he would have no cover. Was wondering if any new product was on the market that covered for all conditions bar the named conditions.
 
Generally insurers don't issue life assurance policies with exclusions relating to certain causes of death. At claim stage you can imagine how difficult it is to prove what the person actually died from. They don't want all that legal wrangling and just prefer it to be clear cut.

I've seem claims refused where the death certificate shows the cause of death but at the time of death the activity was one which was excluded from cover (e.g. mountaineering, private flying).

You mentioned you went to a few brokers in the past. What about now? An underwriter may have a different view of a risk where someone has recovered over time. I have arranged insurance for persons who have had heart attacks and have obtained cover at normal rates so it is possible. I've also had some who were refused cover. Many under average lives pay more for their cover and some go through the process and get terms which result in such a high premium that it is not affordable so they don't proceed with the application.

Some insurers may be able to take on risks no one else wants but at what price to you? Also the term of cover may be restrictive. You have to live too.

Remember it can be difficult for a broker to go through all companies when they are not sure if any business will result. They only get paid if you take out a policy. A good one with your interests at heart will keep going until every option / permutation has been exhausted. A bad one will give up on you at the first fence.
 
THanks for the reply Sumarta it has given me options to explore. Will definately look about getting a broker who will exhaust all avenues and even pay a fee upfront for this rather than them relying on commission so if they get no cover they will still get a fee.
 
For what it's worth, the guidelines on heart attacks from one of Ireland's largest life assurance companies are as follows: -

  • Within 6 months - postpone (i.e. don't offer cover at all for now)
  • If two or more heart attacks, decline
  • Otherwise loading of 100% to 300% depending on number of coronary arteries affected and severity of disease
As I say, these are very general guidelines only and could be affected by many other related factors. But they do show that heart attacks are not automatically a cause for life assurance to be declined for everyone.

Liam D. Ferguson
 
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