Can Term Insurance Be Bought After Having A Stroke?
Conditions like strokes are not what people expect to face in their lives, and at times, they may be financially unprepared to deal with it.
Fortunately, some term insurance riders may cover a selection of critical illnesses, such as strokes.
If you or someone you know has survived a stroke and is looking to buy a term life plan, know that it may not be as easy as making a simple online transaction, but is not impossible.
Let’s take a look at what one should be aware of when buying a term plan after having a stroke.
Types of Strokes
There are three types of strokes that one should be aware of. The first type is the ‘Transient Ischemic Attack’ (TIA). These are usually mini strokes, often taken as a warning sign of a possible stroke in the future. These are often caused by blood clots, but there are no assured signs that could help differentiate them from full strokes. It is best to contact a doctor or the hospital if you see any initial signs of stroke.
The other two types are ischemic strokes and haemorrhagic strokes. As with TIA, ischemic strokes are often caused by blood clots. Haemorrhagic strokes, as the name may suggest, happen when there is ablood leak in the brain. These two types are considered ‘full strokes’, as opposed to TIA, and are referred to as Cerebrovascular Accidents (CVAs).
A CVA can bring some permanent damage to the patient. In case of CVAs, your insurance provider may adjust your health ratings. If buying term insurance after such an incident, you can expect the premiums to be on the costlier end.
Term Insurance And Health History
When applying for an offline or online term plan with a history of stroke, there may be some additional questions or concerns from the insurance provider that you may need to address.
- Type of stroke (whether CVA or TIA)
- Type of CVA (if applicable)
- Date of stroke/Age at the time of the occurrence of stroke
- Symptoms of the stroke experienced
- Tests conducted during the incident
- Symptoms prevalent after the stroke
- Comorbidities and other relevant health history details
- Smoking habits or tobacco usage
If you have experienced more than one incident of stroke, you may be required to provide the relevant details for all such incidents.
The primary benefit offered by term insurance plans is the death benefit. If you fail to provide any relevant informationor falsify it, it may hurt the chances of your nominees’ death claim approval. Whether you are applying for offline or online term insurance, it is best to provide accurate information as required.
Timing of Application
When applying for term insurance after incidents such as a stroke, know that your chances of approval may be time-sensitive. Primarily, it is essential to ensure that you understand what a term plan is, and whether you need one at this point. Once you have ascertained your needs, take all measures to boost your application.
After a stroke incident, it is best to wait about six months to a year before you make a term insurance application. The chances of another stroke are considered high for the five years following the latest incident. If you are in no hurry for term insurance after a stroke incident, you may consider waiting for a few years. If you do not experience another stroke in this duration, your premiums can be lower when you finally purchase the plan.
If your health history lists stroke or other such conditions, you may want to choose the right term insurance riders and benefits to get the best from your plan. This may include critical illness and terminal illness riders.
While these guidelines should help you get the term insurance you want, also remember that your health is your priority. It is not always possible to foresee a stroke, but it may help to avoid risk factors. Cutting back on smoking and alcohol and leading an active, healthier lifestyle may help. If you already are dealing with health conditions, ensure you get regular check-ups and monitor your health.
Term life insurance is one of the simplest life covers available today. Even after a stroke, with the right measures, it may be possible to get a term life plan and secure yourself. Simply remember to make your policy decisions at the right time.