In the past, most life insurance companies wouldn’t consider anyone with a pacemaker. Things are changing.
We have a number of life insurance companies available now if you have a heart issue that required a pacemaker. The key to successful life insurance underwriting is getting to the right company based on your medical history.
What Underwriters Want to Know About Your Pacemaker History
When did you receive a pacemaker? How old were you and surgery dates.
Why did you need a pacemaker? Common causes requiring a pacemaker include congenital heart blocks, sick sinus syndrome, atrial fibrillation, atrial flutters, Wenckebach.
Have you had any pacemaker complications such as infection, malfunctions, blood clots or perforations?
Has the pacemaker eliminated the symptoms since being implanted?
Life Insurance Underwriting Results for Pacemakers
Pacemaker Life Insurance Case Study
Our client is 48 years old and two years ago had a pacemaker implanted due to having the condition called Wenckebach. Wenckeback slowed his heart rate down and over time was causing additional problems for him.
After having the pacemaker implanted, our client applied for life insurance through the same agent that handles his home and auto insurance….and was promptly declined!
After doing some searching, our client discovered our site and gave me a call. As the owner of LifeInsuranceAdvisors.com, my expertise is helping people find the right life insurance company based on their unique health history.
We reviewed his medical history and I reached out to multiple companies for underwriting feedback. We use a process called a quick quote, that allows us to cover multiple companies with a summary, receiving underwriting feedback in 2-3 days.
Pacemaker Life Insurance Underwriting Offers
Most of our companies returned with potential offers in the “standard” range plus and additional expense called a table rating. Table ratings are expressed in numbers 1-16, or letters a,b,c, etc. Each table rating adds approximately 25% to the standard rate.
Numbers and letters are interchangeable..i.e. a table 1 is the same as a table a, table 2 is the same as table b, etc.
Most of our companies returned with quotes in the table 2- table 4 range…basically a 50-100% markup over the standard rate….a few years ago, table ratings for pacemakers would add 150% – 200% to the price.
Our client needed $250,000 for a 20 year term. The best rate for this particular case was with Banner Life, who after underwriting the file, returned with a final offer of “Standard Plus Table B” that cost him less than $100 per month.
Our client was ecstatic and accepted this offer.
If you shop for life insurance after having had a pacemaker, no one can give you a definite answer as to what your price will be, but if the information you provide is accurate, we are able to give you a realistic price range to expect.
In many cases, our clients tell us that they would take more coverage if the rate comes in at the lower end of the price range.
What we recommend doing for most cases is to apply for the maximum amount of coverage you would consider…after underwriting is complete, you may decide how much coverage and the term length to accept.
Let us help you with your pacemaker life insurance quote today. Thank you.