Important Things to Note When Buying Coronary Life insurance

Different insurance companies offer different insurance policies, particularly cases involving serious or critical illnesses such as a coronary artery disease (CAD). First let me begin by providing a brief overview of CAD. It is one of the most common types of heart disease in Australia which occurs when plaque accumulates in coronary arteries.  As the plaque continues to build up, arteries narrow and may lead to conditions like myocardial infarction, angina, and blockages in arteries that may eventually require treatment with medication or surgical procedures such as coronary bypass surgery and angioplasty. 

The million dollar question is whether you can avail of coronary life insurance. You can start by requesting for a free consultation. The insurance company can help you determine if it it’s advisable for you to apply for coverage and also give you a cost estimate. In general, if you haven’t had a heart attack, but had blockage in one or more coronary arteries and received immediate treatment, you have a good chance of getting coronary life insurance. The rates you are charged will depend on a number of factors, including your age, family history, the number of blocked arteries, ECG readings, lipid profile, blood pressure, medications, the type of surgical procedure you had, and how often you are examined and tested. The key is to show that you have been continuously monitored and that you have shown a marked improvement as regards to your condition. Life insurance firms like to see improvement and as this is frequently the case, patients are able to get the coverage they want, although at a higher than the standard rates.

For those who have had a heart attack, it is more difficult to get life insurance, especially young patients who concurrently have a family history of CAD. In addition, it would also be difficult to get coverage, regardless of age, if the patient has sustained any considerable damage to the cardiac muscle and show abnormal ECG readings. For patients who have had a heart attack but suffered little or no damage to the cardiac muscle and have been successfully treated, there is still a possibility of getting coronary life insurance as early as two to three years following the preliminary treatment. However, any existing risk factors such family history of CAD, smoking, obesity or being overweight and diabetes will make it extremely difficult, almost impossible to receive an offer for coverage.

After going through the entire process – consultation with your cardiologist, a barrage of tests to determine the extent of your CAD, interviews with the insurance firm – and you were lucky to be offered a coverage, the next step would be to determine the most effective way to ensure that you are getting the best offer for your coverage. It would be wise to go with a reputable insurance firm that can help you get the coverage you need at the most competitive rates available based on your health issues. You can also search for an agent who works on a regular basis in the so called Special Risk marketplace. The agent will have the necessary knowledge, experience, skills and persistence to get you the most reasonable rate available for your coronary life insurance.