Life Insurance with Cardiomyopathy
Any sort of pre-existing medical condition raises concern among life insurance companies— especially when that condition concerns the heart. Cardiomyopathy is a condition, or rather a group of conditions, that affect the heart muscle. It varies very much in severity and complexity, and fortunately life insurance companies understand this. The more you know about your own condition and how it affects your term life insurance application, the better off you’ll be.
Keep in mind that you can start comparing life insurance quotes with top companies at any time using our online quote form. In the meantime, keep reading to learn more about cardiomyopathy and term life insurance.
What Insurance Companies Are Looking At
You will need to be prepared to provide as much information as possible on your cardiomyopathy, so that we can help you get the best life insurance coverage possible. You should be prepared to answer the following questions:
How old are you, and when were you diagnosed?
What was the diagnosis (dilated, hypertensive, hypertrophic, congestive, ischemic, valve disorder, etc.)?
What is the severity of your cardiomyopathy?
If known, what is the cause?
If alcoholic cardiomyopathy, have you quit alcohol? When?
If peripartum cardiomyopathy, have you recovered? When?
What kind of treatment have you had?
What kind of tests have you had done to monitor/evaluate your condition (EKG, Holter monitor, Echocardiogram, X-ray, etc.)? Please provide dates and results.
It is important that this information is accurate, because it will be used to determine your risk of sudden and/or early death. Not supplying accurate information can lead to your insurance application being denied.
How Are Rates Affected?
If you have cardiomyopathy, Standard rates are generally the best-case scenario. However, these rates can usually only be expected if your cardiomyopathy is not critical and you have received treatment that has improved your condition. You also must be otherwise physically healthy.
Most often, however, individuals with cardiomyopathy can expect Substandard or “Table” ratings. These ratings are usually expressed as Tables 1 to 10 or Tables A to J, and the higher you go, the more expensive your rates will be. For example, most people with cardiomyopathy receive Substandard ratings between Tables 2 and 6. Table 2 takes the standard rate and adds 50 percent, while Table 6 adds 150 percent (each table increases by 25 percent).
Let’s say 40-year-old Mary has cardiomyopathy and applies for a $500,000, 20-year term life insurance policy. With a Standard rate she’d be charged around $54 a month. Because of her condition, however, she is charged a Table 2 rate and therefore is charged $81 a month.
Remember, these rates are not going to be the same for everyone. We work with over 30 different life insurance providers, and so we are able to look at your options with a wide variety of companies to get you the best coverage possible.
What If I Am Declined?
Unfortunately, this does happen. However, sometimes it just means that insurance providers want to wait until longer after your initial diagnosis or last treatment. Sometimes, you may also just need to make some lifestyle adjustments to improve your overall health. Please get in touch with us if you have been declined before so we can discuss your options.
If you have cardiomyopathy, feel free to give us a call at 888-411-1329 or fill out our online contact form to get a customized quote and learn more about the life insurance policies available to you.