After experiencing a transient ischemic attack (TIA), there are many uncertainties and changes that your doctor will ask you to make. Diet, exercise, medication, etc.
Another thing that will be affected is your ability to qualify for final expense life insurance.
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 life insurance companies are going to look for is the timeline of your health history. For most carriers, it matters how long ago your TIA attack was when applying.
Final Expense Insurance Basics
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 funeral costs.
Burial insurance is designed for seniors and includes simple and affordable plan features.
The Benefits 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 built into the plans or 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.
TIA Life Insurance Underwriting Roadmap
Mini stroke survivors still have life insurance options after this medical event. 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.
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.
4 Ways a Carrier Reacts to a Mini Strokes
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 charge higher premiums. This is still considered a top tier of plans since there is no waiting period for full coverage. Many companies would 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 TIA attack was over 2 years ago.
How Your TIA Timeline Effects Coverage
There are a few ways in which carriers react depending on when your mini-stroke happened on the application for coverage.
Over 24 Months: Your options greatly increase if you apply 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 check.
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 and your agent are looking for in life insurance with a pre-existing condition.
Mini-Stroke Survivors with Additional Health Concerns
If a life insurance company accepts TIA victims, but you cannot qualify due to another pre-existing health concern, you have other options.
Guaranteed Issue: This type of policy accepts 100% of applicants. There is always a 2 to 3 year waiting period and higher premiums because no health questions are asked. 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.
TIA Medications that Matter
Life insurance companies conduct a prescription history check to confirm eligibility during the underwriting process. They look at this as a 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, and some are more strict than others.
If you have filled a prescription on the list, you could be denied coverage within the timeframe they inquire about.
Some of the common TIA prescription medications carriers might look for:
- Clopidogrel (Plavix)
- 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 the process.
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.
Because each company has its own criteria for coverage, it is in your best interest to work with an agency that specializes in burial insurance and can compare the best burial insurance companies on your behalf.
3 Components of a Good Burial Insurance Policy After a TIA Attack
Company: Take your policy out with a reputable life insurance company with a strong history of paying out its claims when due.
Cost: Make sure you can afford the policy well into the future, as it will only stay active if you pay the premiums.
Coverage: Whenever possible, apply for coverage that begins immediately. This will eliminate any worry a waiting period brings.
Captive vs. Independent Agencies
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 can offer plans from multiple companies and thus is not handcuffed to just a few plans. This allows these agents to compare plans from a much larger portfolio to find you a tailored plan at the lowest rate.
Why Work With 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
a. Final Expense Insurance after a TIA with immediate coverage is possible. A few select carriers 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, many more options 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.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.