Heart Attack and Life Insurance

Heart Attack and Life Insurance

What is a Heart Attack? ( Simply defined) It is the death of heart muscle due to the loss of blood supply. The loss of blood supply is usually caused by a complete blockage of a coronary artery, one of the arteries that supplies blood to the heart muscle. Death of the heart muscle, in turn, causes chest pain and electrical instability of the heart muscle tissue.

Alarming Stats ( Source: Heart and Stroke Foundation)

Heart Attack

There are an estimated 70,000 heart attacks each year in Canada. That’s one heart attack every 7 minutes. Over 16,000 Canadians
die each year as the result of a heart attack. Most of these deaths occur out of hospital. The number of heart attack-related hospitalizations has increased steadily over the past decade (1994-95 to 2003-04).

Cardiac arrest

Up to 45,000 cardiac arrests occur each year in Canada. That’s one cardiac arrest every 12 minutes. As many as 85% of all cardiac arrests occur in
homes and public places.Less than 5% of those who have a cardiac arrest outside of a hospital survive. Cardiac arrest incidence rates per 100,000 vary between 53 and 59 across Canada.

The majority of cardiac arrests occurr in residential locations, with only 14.6% to 22% occurring in public places (56% in single-family homes,
22% apartments, 6% nursing homes, 3% malls, 2.7% on the road, 2.1% at the gym, 1.2% at the office). For every 1 minute delay in defibrillation, the survival rate of a cardiac arrest victim decreases by 7% to 10%. The use of an AED with CPR before the arrival of Emergency Medical Services can increase the chance of survival by up to 75%.

Life insurance possibilities…

People with a history of a heart attack or the members of their family have a strong reason to get dis-heartened due to them not being able to
get life insurance. However, that is not true! Even though a traditional life insurance policy continues to be challenging to get, there are several non-medical insurance plans that could cover those with this condition. There are some factors to consider like the stability of their condition. Some non-medical Insurance plans can offer a guaranteed issue policy or a policy with a waiting period for about 2 years.

Guaranteed Issue Policies — These have no medical tests or health questions and approval is typically automatic.

Simplified and Deferred Plans —have a series of questions and the approvals are dependent on the way the questions are answered.

Some Simplified-Issue policies ( both term and permanent) are available to applicants who do have a prior history of heart disease. There is usually a question related to whether the insured has had a heart attack, but coverage is often available if the heart attack was diagnosed over two years ago and the insured has not had a change in medication.

Many Simplified-Issue Life insurance policies offer coverage from day one. However, Guaranteed Issue policies and Deferred Insurance policies
have a two-year waiting period, which means that if the insured dies in the first two years by a non-accidental death, the payout is limited to a
return-of-premium plus interest.

Please do take care in applying for traditional life insurance if you have a heart condition. If you get declined or seriously rated, then that could limit the possibility of Non-Medical Life Insurance

When you contact us, we will try to understand your condition to the fullest and try to match your needs to take life insurance to the most appropriate coverage that could be available. Please feel free to contact us at aman@yourinsuranceguy.ca or at 1 416509 2540.

 

What is Non-Medical Life Insurance?  ( a Video)

Buying a life insurance policy often comes with quite a bit of paperwork, and one of those forms asks questions about your medical history. You have to fill out these forms if you want to qualify for the life insurance policy. However, some people aren’t going to qualify for these policies because of their medical history or condition, and this can jeopardize their family’s financial security  in the event of their death. It might seem like all hope is lost, but it’s not! You have the option of non medical life insurance that don’t require a medical exam…

 

Life Insurance and High Blood Pressure 

High blood pressure can impact your life insurance premiums but insurance can be available if it is generally under control by medication and lifestyle. Please do not expect preferred and elite rates when you have high blood pressure as that would be hard to get. Those rates come only when health is excellent and so is family medical history. Life insurance is generally denied if your blood pressure is not under control or when it is clubbed with another serious health condition…

 

Non-Medical Insurance from Canadian Protection Plan [CPP]

CPP has been offering a wide range of  term life insurance plans since 2006 and these plans have been underwritten by Unity Life. The most significant products from CPP  are Deferred Term, Simplified Term and Simplified Term Plus. They are all available without a medical and can be purchased online, or through a broker. Before you choose a plan that works for you, take a closer look and see what each one means for your financial future…

 

 

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