There are a few critical things to understand about getting life insurance with a stent. You might be wondering how it affects qualifying for a policy. This article addresses everything you need to know about final expense life insurance after stent surgery.
Can I Get Burial Insurance After Stent Surgery?
For people with a stent implant, affordable final expense coverage is possible to qualify for. Insurance companies will want to know when you had the procedure done. If it was more than 24 months ago, most providers will accept applicants with a stent.
About Final Expense Coverage
Whole life final expense insurance was designed with seniors in mind. This coverage comes in smaller policy amounts making it more affordable than other options.
Applicants will never be asked to get a medical exam to qualify. Since it is whole life insurance, it never expires, premiums are locked in, and builds a cash value.
- No Expiration
- Coverage Lock
- Price Lock
- Builds Cash Value
- No Medical Exam
- No Waiting Period Options
- Guaranteed Acceptance Options
Burial Insurance Underwriting With A Stent
Stents are implanted to help with blood flow and can be used during an emergency procedure. In some cases, they are used instead of bypass surgery. Since the use of a stent promotes blood flow from the heart through the rest of the body, it can be viewed by insurance companies as a serious concern.
How Insurance Providers Ask About & React to Stents
Some insurance companies ask specifically about stents. However, applications most commonly will ask about heart or circulatory procedures, which include heart stents. Insurance companies react differently based upon their underwriting criteria.
“Within the last X years, have you had a heart or circulatory surgery?”
The timeline that is asked about varies. Select applications will ask about 12 months and then again about 24 months. This means they have a particular policy option for those who fall in the 12 – 24 month category. Based on the answers you give to the questions asked, insurance providers will react in one of the following ways.
Under 12 Months: All final expense insurance applications for immediate protections ask about heart or circulatory procedures. Since a stent falls into this category, the best option for people who recently got a stent is a guaranteed issue policy.
12 – 24 Months: Immediate coverage is available to seniors who fall into this time category from select companies only. These policies are commonly referred to as “standard.”
Over 24 Months: If it has been over two years since the stent procedure, most companies will award coverage as though you do not have a stent. It is out of the “look back” period, and it no longer matters to them; thus, no waiting period is implemented.
Simplified Issue Vs. Guaranteed Issue
Simplified Issue: This type of final expense insurance can come with no waiting period, but you will have to answer a short series of health questions, like the above example. These plans have lower monthly premiums because you have to fit in a specific health category to qualify.
You will be able to get simplified issue coverage if it has been twelve months or more since your stent implant.
Guaranteed Issue: These are policies that ask no medical questions and accept everyone. There is no underwriting for policies with guaranteed acceptance. There will be at least a 2-year waiting period for this type of policy and higher premiums.
How Much More does Life Insurance Cost if you have a Stent?
When your heart stent was put in will dictate how much you will pay for life insurance. If it has been over two years, you will pay the same as someone without a stent. If it has been 12 – 24 months, you’ll pay about $20 more per month. If it has been under one year, you could pay up to double what someone else will pay.
Life Insurance Quotes with a Heart Stent
The charts below show what senior life insurance costs after a heart stent, based on age, gender, and the time of implant.
$10,000 of Coverage
|Age||Under 1 Year||1 – 2 Years||Over 2 Years|
$10,000 of Coverage
|Age||Under 1 Year||1 – 2 Years||Over 2 Years|
How To Find The Best Final Expense Insurance After Stent Surgery
There are several things to look for in a life insurance policy, and it can get overwhelming. However, once you have decided burial insurance is the best policy for you, there are only three things to consider.
Company: Apply with a company that has a solid financial rating. Financially strong providers will be around well into the future and will be there for your beneficiary when it comes time to pay the claim.
Coverage: Getting coverage that begins as soon as possible is vital. While a waiting period is inevitable if it has been less than 12 months since you got your stent, never wait longer than two years for your policy to begin full coverage.
Cost: Always apply for a policy at the lowest price, as long as the company and coverage meet the standards listed above.
Best Company Based on When your Stent was Implanted
Under 12 Months: Some of the lowest-priced no medical question policies are the Gerber and AIG guaranteed issue plans.
12 – 24 Months: Forester Financial and Aetna/CVS both have a Standard plan that offers immediate coverage to those that fall in the 1 – 2 year timeframe. However, Aetna Standard offers lower prices the majority of the time.
Over 24 Months: Several great companies offer immediate coverage when you had your stent procedure over two years ago. Mutual of Omaha Level is commonly known as the gold standard for final expense insurance due to its affordable rates.
How to Purchase Life Insurance with a Stent
There are two types of agencies to purchase life insurance from, captive and independent.
Captive Agencies: Agencies that are captive are contractually obligated to sell policies from one company only.
Independent Agencies: Agencies that are independent can represent several insurance providers.
While this may not seem like a big deal, it can be for seniors with pre-existing conditions. Captive agencies do not have access to the vast array of policies that independent agencies do. Having more options allows the agent to shop based on underwriting criteria and the price of the coverage.
Final Thoughts On Funeral Insurance After Stent Surgery
a. Getting affordable burial insurance after stent surgery is doable.
b. The variable that insurance providers pay the most mind to is when the procedure occurred. If it has been over 24 months, most companies will treat you as though you have no stent. If it were within the last 12 months, you would encounter a waiting period.
c. Work with an independent agent who represents multiple insurance providers to give you the most options. This is the best way to get the most optimized plan for your current health status.