Final Expense Insurance After a TIA: Underwriting Roadmap

Final Expense Insurance After a TIA
Final Expense Insurance After a TIA: Underwriting Roadmap

After experiencing a transient ischemic attack (TIA) there are a lot of uncertainties and changes that your doctor will ask you to make. Diet, exercise, medication, etc.

These uncertainties and changes may cause you to question other aspects of life that your doctor does not mention.

One thing that will be affected is your ability to qualify for the top final expense life insurance plans.

Can You Get Final Expense Insurance After a TIA?

It is possible to get at an affordable rate following a transient ischemic attack. One of the main things that most companies are going to be looking for is the timeline of your health history. For most carriers, it matters how long ago your attack was when applying.

Transient Ischemic Attack book

Final Expense Insurance Basics

Perhaps you are wondering if final expense is the same as life insurance?

Final expense coverage is a type of whole life insurance that is intended to cover final expenses. These insurance policies are also commonly referred to as burial insurance or funeral insurance.

This protection does not expire and lasts for your entire life. Which is very important when finding a plan to cover these inevitable costs.

This coverage is simple, affordable, and built to meet the needs of many seniors.

The Basics of Final Expense

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam
  • No Waiting Period Options

These are all of the common benefits of this type of policy. Some companies have additional benefits that are either built into the plans or can be added on for a small additional monthly cost.

Final Expense coverage can be taken out in addition to an existing policy, essentially supplementing what you may currently have, or be a stand-alone product. It is most commonly taken out as a primary life insurance plan for seniors looking for affordable coverage.

seniors woman with glasses in hospital bed

The Underwriting Roadmap

Your overall health and recent medical history matter to life insurance companies that will be insuring your life.

Each final expense insurance company sets its own standard for what it will or will not accept. This is where a specialized independent agent is invaluable as they will help navigate you through the process, from start to finish.

Why does TIA Matter for Final Expense Coverage?

A transient ischemic attack or “mini-stroke” matters because of the risk of complications and the higher chance of becoming a full-blown stroke victim.

According to Mayo Clinic, 1 in 3 transient ischemic attack victims will go on to have a stroke at some point.

As frightening as this statistic is, there are things you can do to help prevent this from becoming your fate. Make sure to work out a game plan with your doctor.

Mini stroke survivors still have coverage options after this medical event.

4 Ways a Carrier Reacts to a Mini Stroke

No Coverage: Some carriers will not accept you following a transient ischemic attack, regardless of when it occurred. These are the final expense insurance companies that you’ll want to avoid.

Waiting Period and Higher Prices: Some companies will accept you however they will impose a waiting period, usually 2-years, and require you to pay higher premiums. This is not your best option as a TIA or stroke victim.

No Waiting Period and Higher Prices: Some companies will provide immediate coverage with no waiting period but will charge higher premiums. This is still considered to be within the top tier of plans due to the fact that there is no waiting period for coverage to begin. Many companies offer this option if your stroke was 12 – 24 months ago.

No Waiting Period and Lower Prices: These carriers will provide immediate coverage and very economical premiums. This option is going to be the premier choice for those following a mini-stroke. This is common for people whose attack was over 2 years ago or for a company that does not ask about a TIA.

How Your TIA Timeline Effects Coverage

On the application for coverage, there are a few ways in which carriers react depending on when your mini-stroke happened.

Over 24 Months: Your options greatly increase if you are applying for burial insurance over 2 years after a stroke or TIA. Some life insurance companies will ask about a longer period of time, but the most common is a 2-year look back. Oxford Life provides great prices with a 2-year health history look back.

12 – 24 Months: If it has been over 1 year, but less than 2, many companies will still offer coverage with no waiting period, the pool of companies is just slightly smaller. Foresters Financial allows for Standard coverage with a 12 – 24 month look back.

0 – 12 Months: Many companies will put you into a restricted plan or deny coverage if the application asks about TIA within the past 12 months.

Does Not Matter: If an application does not ask about a condition, it means that it will not affect your ability to obtain coverage. You will essentially be treated as though you have never had a mini-stroke and can qualify for a top-tier plan option. This is ultimately what you (or your agent) are looking for when you have a pre-existing condition.

Mini-Stroke Survivors with Additional Health Concerns

If a company accepts TIA victims but you are unable to qualify due to another pre-existing health concern, you have other options.

We detail later in this article the four tiers of plans within final expense life insurance. Just know that you have options for acceptance regardless of your health status.

What is MIB?

MIB stands for Medical Information Bureau. This is an organization that communicates with insurance companies to assist them with the underwriting process.

As an applicant, you must give permission for this information to be released. However, if you deny access you will be denied coverage.

If you answer the application questions fully and truthfully, there should be nothing to worry about. The MIB is used to verify the answers you gave as people sometimes forget aspects of their health, so it’s necessary for these purposes as well.

TIA Medications that Matter

Life insurance companies conduct a prescription history check to confirm eligibility during the underwriting process. They look at this as another way to confirm the answers on the application.

Certain prescriptions could cause your monthly premiums to fluctuate depending on the funeral insurance company you are applying with.

Each carrier has a different RX list that throws up a red flag, some are more strict than others.

If you have filled a prescription that is on the list, within the timeframe they inquire about, you could be denied coverage. Even if you are not taking an RX it will appear to the insurance companies as though you are.

Some of the common TIA prescription medications carriers might look for:

  • Clopidogrel (Plavix)
  • Aggrenox
  • Warfarin (Coumadin, Jantoven)
  • Apixaban (Eliquis)
  • Rivaroxaban (Xarelto)
  • Edoxaban (Lixiana, Savaysa)
  • Dabigatran (Pradaxa)

Again, since every funeral insurance carrier has a slightly different list you should tell your agent about all medications you are taking. They will be able to best help you navigate this complex process.

brain scan report

Finding The Best Final Expense Coverage After a TIA

First of all, it is important to note that the best company for burial insurance after a transient ischemic attack could be very different from the best company for someone else with another diagnosis.

As mentioned above, each company has its own criteria for coverage.

Health qualifications for these plans tend to get very “nichey” meaning that one company will accept you following a TIA and another will not. The same goes with nearly every health complication you could think of; heart attack, cancer, lung disease, you name it.

This is one of the main reasons it is in your best interest to work with an independent agency that specializes in burial insurance.

Plan Tiers

There are four types of plans within funeral insurance. Qualification for each will depend on pre-existing conditions and the insurance company you are applying with.

Level: For those that qualify, these policies have no waiting period and offer the lowest monthly premium rates. It is possible to get this coverage after a TIA with certain companies that do not ask about this pre-existing condition on the application.

Graded: These insurance policies are slightly more expensive than Level and come with partial coverage initially with full coverage after 2 years. Typically the payout schedule will increase up until year 2 when full coverage kicks in (ex. 30%/70%/100%). Many carriers provide this as the only option for mini-stroke survivors if it occurred within the last 1 or 2 years.

Modified: A full 2-year waiting period and high prices are what you can expect from Modified policies. This is a common option for TIA victims but is a choice you should avoid. This is due to the fact that the prices for Modified plans are often more expensive than Guaranteed Issue with the same waiting period plan structure. If death occurs during the waiting period the beneficiary will receive 110% of the premiums that have been paid.

Guaranteed Issue: This type of policy accepts 100% of the people who apply. There is always a 2-year waiting period with higher premiums. There are no health questions asked, however, it is to your advantage to spend a little more time answering health questions in an attempt to qualify for immediate coverage and lower prices. It would only be necessary to get Guaranteed Issue coverage after a TIA if you also have other health complications that would be deemed uninsurable.

Captive vs. Independent

Captive: These agencies can only offer plans from one specific company. This is like an insurance franchise where an agent can buy into the company to use its name and marketing campaigns. State Farm is an example of a captive agency.

Independent: This type of agency is able to offer plans from multiple companies and thus is not handcuffed to just a few plans. This allows these agents to shop around on your behalf in a much larger portfolio to find you a tailored plan at the lowest rate.

Why Willamette Life?

Willamette Life is an independent agency that concentrates solely on Final Expense Insurance. This allows us to put all of our energy into knowing the ins and outs of each plan and each carrier.

Whether you have had a transient ischemic attack, stroke, or any other health condition that could throw up a red flag, we are confident that we can help you get the coverage you want and need.

Willamette Life Provides Free Online Quotes!

To get a cost estimate, use the handy instant quote calculator on this page. This will give you an idea of the cost range based upon your age, state, gender, desired coverage amount, and smoking vs non-smoking rates.

Give Willamette Life a call at 844-576-0019

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Final Thoughts

a. Final Expense Insurance after a TIA with immediate coverage is possible. There are a few select carriers that do not ask about this condition on the application, meaning they will accept victims of TIA.

b. If your transient ischemic attack was over 2 years ago there are many more options that are available to you. These plan options are going to provide the lowest cost with no waiting period.

c. It is imperative that you work with an independent agency to find the best and most affordable coverage given your specific, individual situation.

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