One of the more common medical conditions we encounter at Rate Detective is clients that have suffered a heart attack in the past. Because heart attacks vary in terms of severity, there are several options available for those that have had a heart-attack and are looking for life insurance or funeral cover insurance.
Life insurance and heart attack
To secure the most comprehensive cover at the cheapest price, the first option you should look at is to see if you qualify for life insurance (which also has a built in funeral benefit). A general rule of thumb is that if the heart attack occurred more than 2 years ago and all check-ups have been fine since some live insurance cover will be available (although not always). Generally this cover will attract what is called a loading (increase on standard price) due to the extra risk that the insurance company is taking by insuring your life. This loading varies depending on how many stents were put in or whether or not there was a bypass. Its standard that the insurance company will ask for your medical records from your doctor and you may have to do a medical test, but given most heart attack patients have recent medical records often the ones your doctor already has is sufficient.
Funeral cover insurance and heart attack
If after receiving your medical records you receive a decline on your life insurance request, it's not the end of the story. Funeral cover insurance pays a lump sum payment up to $50,000 depending on your age and gender. Now having a $50,000 funeral would be lavish indeed, so you have probably guessed by now beneficiaries do not have to use all the money on a funeral. The average funeral costs around $8000 which would leave approximately $42,000 for beneficiaries to use as they see fit. This is the maximum benefit for funeral cover, which is less than life insurance but still better than nothing.
The advantage with funeral cover is that it is not medically underwritten so your previous medical condition, including your heart attack, is not taken into consideration. The only clause is that the policy holder cannot claim within the first 12 months of taking out the policy. Funeral cover insurance is a little more expensive than life cover, but its guaranteed acceptance.
If you are interested in finding out more about Funeral cover or life insurance then put in your contact details on this page or visit our funeral cover website www.funeralcover.net.au and put in an inquiry. One of the qualified Rate Detective advisers will get back to you within 24 hours to discuss.