After experiencing a transient ischemic attack (TIA), there are many uncertainties and changes that your doctor will ask you to make. Diet, exercise, medication, etc.
Another thing that will be affected is your ability to qualify for final expense life insurance.
Can You Get Burial Insurance After A TIA?
It is possible to get at an affordable rate following a transient ischemic attack. One of the main things that life insurance companies will look for is the timeline of your health history. For most carriers, it matters how long ago your TIA attack was when applying.
Final Expense Insurance Basics
Final expense coverage is a type of whole life insurance intended to cover final expenses. These insurance policies are also referred to as burial or funeral insurance.
This protection does not expire and lasts for your entire life, which is very important when finding a plan to cover funeral costs.
Burial insurance for seniors includes simple and affordable plan features.
The Benefits of Final Expense
- No Expiration
- Coverage Lock
- Price Lock
- Builds Cash Value
- No Medical Exam
- No Waiting Period Options
These are all of the expected benefits of this type of policy. Some companies have additional benefits built into the plans or added on for a small additional monthly cost.
Final expense coverage can be taken out in addition to an existing policy, essentially supplementing what you may currently have or be a stand-alone product. It is most commonly taken out as a primary life insurance plan for seniors looking for affordable coverage.
TIA Life Insurance Underwriting Roadmap
Mini stroke survivors still have life insurance options after this medical event. Your overall health and recent medical history matter to life insurance companies that will be insuring your life.
Each final expense insurance company sets its standard for what it will or will not accept. This is where a specialized insurance agency is valuable, as they will help navigate you through the process, from start to finish.
A transient ischemic attack or “mini-stroke” matters because of the risk of complications and the higher chance of becoming a full-blown stroke victim in the future.
4 Ways a Carrier Reacts to a Mini Strokes
Denial: Some carriers will not accept you following a transient ischemic attack, regardless of when it occurred. These are the final expense insurance companies that you’ll want to avoid.
Waiting Period and Higher Prices: Some companies will accept you; however, they will impose a waiting period, usually 2-years, and require you to pay higher premiums. This is not your best option as a TIA or stroke victim.
No Waiting Period and Higher Prices: Some companies will provide immediate coverage with no waiting period but charge higher premiums. This is still considered a top-tier plan since there is no waiting period for full coverage. Many companies would offer this option if your stroke were 12 – 24 months ago.
No Waiting Period and Lower Prices: These carriers will provide immediate coverage and very low premiums. This option will be the premier choice for those following a mini-stroke. This is common for people whose TIA attack was over 2 years ago.
How Your TIA Timeline Effects Coverage
There are a few ways carriers react depending on when your mini-stroke happened on the application for coverage.
Over 24 Months: Your options significantly increase if you apply for burial insurance 2 years or more after a stroke or TIA. Some life insurance companies will ask about a longer period of time, but the most common is a 2-year look back.
12 – 24 Months: If it has been over 1 year but less than 2, many companies will still offer coverage with no waiting period; the pool of companies is just slightly smaller. Foresters Financial allows for Standard coverage with a 12 – 24 month look back.
0 – 12 Months: Many companies will put you into a restricted plan or deny coverage if the application asks about TIA within the past 12 months.
Does Not Matter: If an application does not ask about a condition, it will not affect your ability to obtain coverage. You will essentially be treated as though you have never had a mini-stroke and can qualify for a top-tier plan option. This is ultimately what you and your agent are looking for in life insurance with a pre-existing condition.
Mini-Stroke Survivors with Additional Health Concerns
If a life insurance company accepts TIA victims, but you cannot qualify due to another pre-existing health concern, you have other options.
Guaranteed Issue: This type of policy accepts all applicants. There is always a 2 – 3-year waiting period and higher premiums because no health questions are asked. It would only be necessary to get guaranteed issue coverage after a TIA if you also have other health complications deemed uninsurable.
TIA Medications that Matter
Life insurance companies conduct a prescription history check to confirm eligibility during the underwriting process. They look at this as a way to confirm the answers on the application.
Specific prescriptions could cause your monthly premiums to increase depending on the funeral insurance company you are applying with. Each carrier has a different RX list that throws up a red flag; some are more strict than others.
If you have filled a prescription on the list, you could be denied coverage within the timeframe they inquire about.
Some of the common TIA prescription medications carriers might look for:
- Clopidogrel (Plavix)
- Warfarin (Coumadin, Jantoven)
- Apixaban (Eliquis)
- Rivaroxaban (Xarelto)
- Edoxaban (Lixiana, Savaysa)
- Dabigatran (Pradaxa)
Again, since every funeral insurance carrier has a slightly different list, you should tell your agent about all your medications. They will be able to help you navigate the process.
Finding The Best Final Expense Coverage After a TIA
First, it is important to note that the best company for burial insurance after a transient ischemic attack could be very different from the best company for someone else with another diagnosis.
Because each company has its own criteria for coverage, it is in your best interest to work with an agency specializing in burial insurance. They can compare the best burial insurance companies on your behalf.
3 Components of a Good Burial Insurance Policy After a TIA Attack
Company: Take your policy out with a reputable life insurance company with a strong history of paying out its claims when due.
Cost: Make sure you can afford the policy well into the future, as it will only stay active if you pay the premiums.
Coverage: Whenever possible, apply for coverage that begins immediately to eliminate any worry a waiting period brings.
How to Buy
Directly with Company: If you call one specific company, you will only have access to their policies. This may sound obvious, but it will significantly limit your coverage options and could lead to overpaying or denial.
Insurance Agency: This type of agency can offer policies from multiple companies and thus is not handcuffed to just a few plans. This allows these agents to compare plans from a much more extensive portfolio to find your best policy at a low rate.
a. Final Expense Insurance after a TIA with immediate coverage is possible. A few select carriers do not ask about this condition on the application, meaning they will accept victims of TIA.
b. If your transient ischemic attack was over 2 years ago, many more options are available to you. These plan options will provide the lowest cost with no waiting period.
c. It is imperative that you work with a specialized insurance agency to find the best and most affordable coverage given your specific situation.