Today’s Question: My father had a stroke; can he still get a life insurance policy?
The short answer is yes, he should be able to get a policy. The long answer really depends on the type of policy, and the severity and time of the stroke. These factors can potentially affect the insurance application.
If it was a serious stroke and one that occurred recently, he is going to want to look at a simplified issue-type policy. These policies have no medical tests and a series of health questions. The more questions he can answer no to, the better the premium.
If the stroke was a little less serious, things are stable and it happened a while back, a fully underwritten application would be the best to look at. With these types of applications, there is going to be a full series of health questions, a medical test, and they will also write his doctor to verify the details around the stroke.
He can also obtain a preliminary inquiry, where the broker checks with the insurance company to see if he is likely to get approved for coverage, if there is going to be a rating, or if he is going to be declined. If it looks like he is going to be declined, you’re going to want to go the simplified issue route as that is going to contain the better options. Some of the simplified issue policies, however, do ask if the applicant has been declined in the past. It is best to avoid that if at all possible.
It is best to speak with a broker who understands the various companies and policies to ensure the best rate for any individual situation.
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