A stroke is a severe medical condition. In fact, it is one of the leading causes of death in the United States.
According to the Centers for Disease Control and Prevention (CDC), strokes are the 5th leading cause of death in the United States.
If you or a loved one has suffered a stroke, you may be wondering how that can affect getting life insurance. If you don’t have a life insurance policy before a stroke, surviving one may have you thinking a lot more about providing for your family after you are gone.
But, if you start looking for a policy after a stroke is it too late? Or, asked another way, can you get life insurance if you have a stroke?
This is a difficult question to answer but we do are best to answer it simply, and in plain English, below so you know what to expect.
Can You Get Life Insurance If You Have A Stroke
The short answer to that is yes. It is still possible to get life insurance even if you have had a stroke. However, getting approved for a policy is a lot more difficult and you’ll very likely pay a lot more for a policy after a stroke. Let’s dig into this a little deeper.
The Insurance Underwriting Process
When applying for a life insurance plan, your potential life insurance provider will always have to go through an underwriting process. An underwriting process is a process in which your insurer/lender will check if you are qualified for insurance or a loan.
In the underwriting process of life insurance, an insurer will check if you are young, healthy, have medical conditions, engage in risky activities/hobbies, your financial information, and more.
If your life insurance agent learns of your history of stroke (which you’ll have to disclose if they ask), expect questions about your condition and your recovery. Some of these questions may be:
- When did you experience your stroke?
- Is it a “real” stroke or a mini-stroke/TIA?
- What are the symptoms that you experienced during your stroke?
- Did you experience any lasting neurological issues or other residual effects?
- What other medical conditions do you have that may contribute to your stroke?
- What medications are you currently taking?
Stroke vs. Mini-Stroke and its Effects
It is important for the life insurance provider to know if it is a stroke or a mini-stroke/TIA. A Transient Ischemic Attack or also known as TIA, shares the same symptoms as a real stroke. The only difference is that someone who has a TIA usually recovers after 24 hours.
A TIA is a precursor or a warning that signifies that you are at risk of getting a real stroke. Regardless of your condition being a stroke or a TIA, it will still be difficult to get a life insurance policy.
Cost of Life Insurance
How much your life insurance out-of-pocket rates will cost will depend on how you answer the questions above. Both term and permanent life insurance are available to those who have a stroke.
However, applicants that apply for policy within six months of a TIA or a year of a full stroke can expect to be declined for traditional life insurance. However, it is still possible to get a “guaranteed issue“ whole life insurance.
In conclusion, it is possible to get life insurance after a stroke or a TIA, if you meet the stated requirements. You can learn more about the different types of life insurance policy here.
