When you choose to buy life insurance, several aspects are worth noting. First, you should always note the exclusions and inclusions of the policy along with its prevalent guidelines. Does your life insurance policy provide coverage for death by a heart attack? Here’s learning more about this aspect below.
Death by Heart Attacks – What to Know
Term insurance is a type of life insurance that provides coverage for a specific period, such as 10, 20, or 30 years. In general, term insurance policies offer death benefits to the policyholder’s beneficiaries in the event of the policyholder’s untimely death, regardless of the cause of death.
When it comes to death by a heart attack, most term insurance policies will provide coverage. However, it’s essential to check the specifics of the policy to understand if there are any exclusions or waiting periods related to death by a heart attack. For example, some insurance companies may have waiting periods before coverage starts or may exclude deaths resulting from pre-existing health conditions or risky behaviors. Therefore, it’s important to disclose all the information related to health conditions during the application process, as that may result in excluding any coverage for the death caused by that specific condition.
At the time of signing the policy agreement, the policyholder should disclose if there have been any prior heart attacks. It is a myth that someone who has had a heart attack or is now suffering from heart disease cannot purchase term insurance. They may use it, but only under specific T&Cs. After a heart attack, a thorough examination and high-level medical testing must be completed to get a term insurance plan. It’s also important to note that death by heart attack is considered a natural death, so if the death caused by a heart attack happens after the waiting period and within the policy term, the death benefit will be paid to the nominee. Therefore, you should always be transparent about everything upfront. This will save you future hassles significantly.
Various Scenarios for Heart Attack Coverage in Term Insurance Plans
There are a few scenarios in terms of heart attack coverage by insurers. These will give you a better idea of how the entire process works.
Scenario 1: There is no heart attack history of the policyholder
In this scenario, the policyholder will get a term insurance plan with regular terms and conditions, unlike those who have seen heart attacks. If the policyholder has a sudden heart attack post signing the agreement with the insurance company, then the insurer will offer coverage, and claims can be normally made.
Scenario 2: The policyholder is a heart attack survivor
If the policyholder has a history of heart attacks, the insurance company should be intimated about the same while the policy agreement is signed. However, as mentioned earlier, the terms and conditions will differ, and medical examinations are required.
Scenario 3: The policyholder conceals heart ailments or other such information
In such a scenario, the insurer may reject or cancel the claim outright while even charging penalties/fines with higher premiums. Hence, revealing all necessary information to the insurer is a non-negotiable aspect.
What Heart Patients Should Consider While Buying Term Plans
There are several things that heart patients should keep in mind while purchasing term insurance policies. These include the following:
- Age – Eligibility to get a term insurance plan will depend on this aspect to an extent. For instance, those who have had heart attacks in their 30s will have lower chances of getting term plans compared to those who have suffered from heart attacks later in life.
- Medical Condition – If the heart attack led to any severe medical condition, it might be tougher to get a term plan.
- Diabetes – If the policyholder has already had a heart attack and has diabetes, then getting a term insurance plan may be even tougher.
- Treatment Procedures – Those who require regular treatment throughout their lifetime may be eligible for term insurance, although their premiums will be comparatively costlier. The insurer will also examine all their treatment documents and consult their doctors for more information.
In conclusion, most term insurance policies will provide coverage for death by a heart attack. However, it’s important to check the specifics of the policy to understand if there are any exclusions or waiting periods related to death by heart attack and to disclose all the information related to health conditions during the application process. This will help you stay transparent from the outset while being clear about the coverage allowed for such scenarios. In addition, while choosing your policy, make sure that you keep several other factors in mind, including coverage amount, tenure, and premium. You can calculate the latter with an online life insurance premium calculator.