Post written and approved by Peggy Mace.
Did you know that you can get life insurance after suffering a stroke? If you are over the age of 39, life insurance policies are offered that do not ask any health questions. Whether your stroke is mild or severe, these “guaranteed issue” policies will enable you to obtain up to $25,000 of permanent coverage without any exam or phone interview. You don’t even have to be able to sign your name. These policies are truly a godsend for people who wonder whether having a stroke will prevent them from getting life insurance.
Some caveats. Not every state offers guaranteed issue policies under age 50. And I don’t know of any guaranteed issue policies available to persons over age 80. However, by having a number of policies to choose from or refer you to, we are able to find life insurance for nearly every stroke survivor who contacts us.
For those who are still able to perform all their own ADL’s (activities of daily living) after a stroke, there are more options available. Some are called “simplified issue” policies. These ask a limited number of health questions, and as long as you can answer “no” to those questions, you can get the policy. One of those questions is, “Have you had a stroke in the past ___ years?” If your stroke occurred more than that number of years ago and you can answer no to the other health questions, you can get the policy. This type of policy can be obtained by many stroke victims, even under the age of 40. Simplified issue policies come in both term and permanent choices.
Finally, persons who had a very mild stroke at an older age may be able to get “regular” life insurance. The life insurance underwriters will look at their exam and medical records to get the applicant’s total health profile. If their stroke has not caused much damage, and the risk of having another stroke is small, these stroke survivors can possibly get as much life insurance as they want, and at affordable rates. Again, this type of coverage comes in term, universal life, or whole life options.
Having a stroke is a traumatic experience, but getting life insurance after a stroke does not have to be traumatic. Using life insurance professionals who understand when to “shoot for the stars” and when to “take what you can get” can greatly alleviate the stress of finding coverage. Experienced stroke life insurance agents will also ensure that your application results in the desired policy.
I will gladly answer any of your questions or assist you in this endeavor, and applaud you for your courage and hard work in living your life to the fullest after your stroke.
Peggy Mace, CEO and Senior Agent, Outlook Life
866-866-0242 ext 914