Life Insurance & Stroke: Background
Can You Get Life Insurance After a Stroke?
Does Life Insurance Cover a Stroke?
How Does a Stroke Affect Life Insurance Rates?
What Life Insurance Types Can You Get After Stroke?
Best Life Insurance for Stroke Survivors
A potentially fatal medical condition, a stroke can occur when the flow of blood to the brain is obstructed or reduced, causing harm and even death. A recently published report by Heart & Stroke in the Canadian Journal of Neurological Sciences revealed a worrisome increase in the occurrence rate of strokes in Canada. The report estimates that approximately one Canadian experiences a stroke every five minutes, with around 108,707 cases recorded each year.
The risk factors for a stroke in Canada include high blood pressure, smoking, diabetes, high cholesterol, physical inactivity, and an unhealthy diet. Certain medical conditions, such as atrial fibrillation, can also increase the risk of a stroke. In older individuals, the cause is usually arteriosclerosis or a blood clot. In younger individuals, the cause is often bleeding from a ruptured saccular aneurysm.
Treatment for stroke may include medications to prevent blood clots, surgery to repair damaged blood vessels, or rehabilitation to help regain lost abilities.
Life insurance policies in Canada typically cover death due to any cause, including strokes. However, the terms and conditions of the policy, as well as the coverage amount, may vary depending on the insurer and the specific policy you choose. Having a history of strokes will typically mean a higher risk for an insurance company and will determine what type of policy – and the amount of coverage – you can obtain.
Let’s shed some light on this topic and take a closer look at qualifying for life insurance after you had a stroke.
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It is indeed possible to obtain life insurance in Canada after a stroke! However, the terms and premiums can differ widely and hinge on several factors. When going through the underwriting process, life insurance companies generally ask for medical information and may require a medical examination. Some of the factors influencing the underwriting decision include:
An APS (Attending Physician Statement) and occasionally an ECG (electrocardiogram) or a paramedical exam will be required when considering standard life insurance. It is important to disclose any relevant medical information accurately and honestly when applying for life insurance to ensure that you receive the coverage you need. The underwriter will look at your medical records and make a determination based on your current situation. Generally, some proposed insureds can be considered after one year on a rated basis. So, if you wonder, “can I get life insurance after a stroke?” – in many cases, the answer is yes! | Expert tip from Patrick Kocmiel “Eligibility for life insurance after a stroke depends on several factors, including the severity of the stroke, the age of onset, overall health, and the time since the event. Those who have fully recovered or demonstrated improvement and stability may be eligible. However, individuals with co-morbid health conditions, such as diabetes or heart disease, or nicotine usage, may be declined and those with recent or severe strokes might face challenges or much higher premiums. Insurers typically assess on an individual basis, so it is best for stroke survivors to consult with the insurance providers to determine their eligibility and explore coverage options.” |
It is indeed possible to obtain life insurance in Canada after a stroke! However, the terms and premiums can differ widely and hinge on several factors. When going through the underwriting process, life insurance companies generally ask for medical information and may require a medical examination.
Some of the factors influencing the underwriting decision include:
An APS (Attending Physician Statement) and occasionally an ECG (electrocardiogram) or a paramedical exam will be required when considering standard life insurance. It is important to disclose any relevant medical information accurately and honestly when applying for life insurance to ensure that you receive the coverage you need.
The underwriter will look at your medical records and make a determination based on your current situation. Generally, some proposed insureds can be considered after one year on a rated basis. So, if you wonder, “can I get life insurance after a stroke?” – in many cases, the answer is yes!
“Eligibility for life insurance after a stroke depends on several factors, including the severity of the stroke, the age of onset, overall health, and the time since the event. Those who have fully recovered or demonstrated improvement and stability may be eligible. However, individuals with co-morbid health conditions, such as diabetes or heart disease, or nicotine usage, may be declined and those with recent or severe strokes might face challenges or much higher premiums. Insurers typically assess on an individual basis, so it is best for stroke survivors to consult with the insurance providers to determine their eligibility and explore coverage options.”
In Canada, life insurance policies can provide coverage for strokes, but it depends on the specific terms and conditions of the policy. Typically, life insurance policies in Canada offer coverage for death due to natural causes, including strokes, but only if the policyholder has not intentionally concealed any relevant medical information on their application.
There are two types of policies that make it easier for Canadians to get life insurance after a stroke. These policies are designed to help Canadians with pre-conditions get affordable life insurance coverage.
Simplified issue policies have a short medical questionnaire but no medical exam requirements. On the other hand, guaranteed issue policies do not require a medical questionnaire nor a medical exam. Both policies can cover strokes – but it is very important to speak with a broker or insurance professional so you fully understand the coverage and limitations of the policy.
The cost of life insurance premiums is not fixed and is dependent on various factors such as the policyholder’s age, medical history, lifestyle, and the type of coverage requested. A few Canadian life insurers use the following parameters to calculate life insurance quotes for stroke.
| More than 1 stroke | Within 1 year of episode | Others, after 1 year | |
| Insurer A | Decline | Decline with possible reconsideration after one year. | Rated 150% (i.e. 1.5 times higher price) to decline. Younger stroke patients will usually have higher ratings |
| Insurer B | Rated (premiums are significantly higher than for a standard life insurance policy) to decline. | Postpone | Recurrent episodes of stroke, applicant will be declined. |
| Insurer C | Usually decline | Life insurance availability after a stroke could be postponed for 6 to 12 months, depending on the stroke’s severity. Individuals below the age of 50, who are currently smoking, may have their applications rejected. If otherwise eligible, they will be subjected to an additional rating, which means higher premiums for the same coverage amount. | Considered but with a rating of typically 150%-200% of the standard premium. |
Stroke victims can usually obtain some form of life insurance. However, due to the increased risk associated with stroke history, life insurance policies may be more expensive and have more conditions, such as a maximum term, lower coverage amounts, or rated – meaning higher – premiums.
Policy terms and conditions, and the amount of coverage, will determine the amount of life insurance payout for a stroke.
The following chart broadly summarized life insurance payout after a stroke. Remember, however, that each case is different. Working with a broker helps you find a policy tailored to your situation.
| Insurance Type | Medical Exam | Detailed Medical Questionnaire | Short Questionnaire | Coverage Limits | Important to Know |
| 1. Traditional, Medically Underwritten Life Insurance with PREFERRED RATES | Yes | Yes | No | $5,000,000+ | Cannot apply |
| 2. Traditional, Medically Underwritten Life Insurance with STANDARD RATES | Yes | Yes | No | $5,000,000+ | Most likely cannot apply |
| 3. Traditional, Medically Underwritten Life Insurance WITHOUT A MEDICAL EXAM | No | Yes | No | $5,000,000+ | Cannot apply |
| 4. Traditional, Medically Underwritten RATED Life Insurance | Yes | Yes | No | $5,000,000+ | Can apply, if you had a stroke more than one year ago and there was only one re-occurrence |
| 5. Simplified Issue Life Insurance | No | No | Yes | $1,000,000 | Yes |
| 6. Guaranteed Issue Life Insurance | No | No | No | $25,000 | Yes |
All the major Canadian brands have life insurance options for stroke survivors. The most recognizable insurers include Manulife, SSQ Life Insurance, Empire Life, Canada Life, Assumption Life, and more.
Collaborating with a broker who has access to 30 or more insurers guarantees that you receive the best policy at the most competitive rate. By surveying the market, comparing various plans, and evaluating approval chances, brokers will secure a policy that best fits your needs. Our skilled brokers have helped many stroke survivors obtain life insurance and can provide you with the same support. Simply complete the quote request to get started. Remember, the right life insurance policy assures your loved ones’ financial safety and stability in the event of your passing. Give them this gift of security and peace of mind today.
