Life Insurance After a Stroke

Why Stroke Survivors Need Life Insurance 

During a stroke, both blood flow and oxygen get cut off from parts of the brain, and cells begin to die. During that time, whatever function those cells are responsible for is lost. Sometimes temporarily and others permanent.   To make matters worse, going through a stroke event will bring significant financial challenges, which makes it all the more important to have a financial plan in place. 

Startling Stroke Statistics:  

The vast majority of strokes happen to people over age 65. And the risk for stroke doubles every decade over age 55. The Center for Disease Control and Prevention states:

• Stroke is the leading cause of adult disability in the U.S.
• Stroke is the 5th leading cause of death in the U.S.
•  25% – 35% of stroke victims will suffer a second stroke during their lifetime.

Life Expectancy for Stroke Survivors  

Here are the survival rates for stroke victims at the three, five, and seven-year mark.

• 63.6 percent of patients died within three years
• 72.1 percent of patients died within five years
• 76.5 percent of patients died within seven years  

We show you these statistics to highlight the grim reality of surviving a stroke.   

Financial Impact Of A Stroke 

Suffering a stroke does more than just damage to your body. It also will bring a significant financial burden. 

The American Heart Association states that: the average hospital stay for stroke patients is between four days (ischemic) and seven days (hemorrhagic).

If you’ve had a stroke, it’s likely that you spent several days admitted inside a hospital. And now you probably have a pretty significant medical bill to go along with. 

Even a short hospital stay will likely cost between $5,000 and $10,000. Further costs accumulate depending on the level of rehabilitation required, prescription drugs, and therapy needed.  

How Life Insurance Can Help

Life insurance provides the funds you need to protect your family from financial uncertainty.   Policy funds help to reduce or eliminate end-of-life costs.  Typically the funds are used for funeral expenses, however, they can be used however your beneficiary needs.  Life insurance funds can go towards unpaid medical bills, personal debts, or even to reimburse family members for unpaid care.

The purpose of having a life insurance policy is to help protect your loved ones from suffering any financial burden after death.   And the good news is that there are several life insurance options for stroke victims. 

Life Insurance Options For Stroke Victims 

Depending on the severity of your stroke, you may have multiple coverage options. These questions will determine which type of policy you qualify for. 

• How long ago was your stroke?
• Do you have any complications?
• Do you have other health conditions? 

Final expense life insurance – if your stroke was mild, and it’s been at least two years since your event, it’s possible to qualify for final expense life insurance.   This is the best-case scenario for stroke victims.  Final expense policies have no medical exams; however, there are several health questions.  Those who qualify will receive the following benefits. 

Benefits of Final Expense Plans:

• Permanent whole life coverage
• Low premiums 
• Up to $50,000 in cash for your family
• Free additional chronic and critical health protection (living benefits)
• Day 1 coverage of full death benefit (no waiting period) 

If you fail to qualify for final expense life insurance, you still have options. 

Guaranteed Acceptance life insurance – If your stoke was within the last two years, or you suffer from severe symptoms or multiple chronic conditions, then guaranteed acceptance life insurance is your only coverage option.  These policies forgo all medical underwriting therefore, there are no medical exams or any health questions.  As long as you’re between ages 50 and 85, you cannot be turned down due to health reasons.   Guaranteed acceptance coverage provides the following benefits. 

Benefits of Guaranteed Acceptance Plans: 

• Permanent whole life coverage
• Rates are locked in and will never increase
• Up to $30,000 in coverage
• No health qualifying criteria
• Super simple applications

The only issue that can result in being denied coverage is if you’re currently admitted into a hospital or treatment facility.  Life insurance companies will not approve any policy for individuals receiving inpatient medical care.

Life Insurance Rates After Having a Stroke

Its to be expected that after going through a serious life event, your life insurance rates are affected.   Life insurance rates are based on mortality percentages, and unfortunately, having a stroke does directly impact life expectance.   However, that doesn’t automatically mean that rates are unaffordable.

There are several factors that contribute to the cost of your policy. Your age, health status, gender, state of residence, policy size, and insurance provider all affect the premium rate.  The good news is that our team of specialized agents is here to help you shop and compare all your available options to find your best policy and lowest price.

Working with Our Independent Agency

Searching for life insurance after a stroke is going to be challenging for those who go about it alone.  The good news is you don’t have to.  Our independent agency specializes in helping individuals with severe and chronic health conditions secure affordable coverage to protect their loved ones.

We’ll help you shop and compare all the top carriers nationwide to quickly find your best options.  Our services are free. And there’s never any obligation when working with an agent.

Explore your options today. Get started today by filling out the form on your screen to instantly see life insurance quotes for stroke victims.