Stroke victims may have difficulty finding life insurance, especially if they’re seniors. Qualifying for term life insurance is usually tough for seniors, even those without a major preexisting medical condition. In addition, universal life insurance can be unreliable and high-value whole life policies can be extremely expensive. So, what is the best option for life insurance for stroke victims?
Final expense insurance is generally a great choice for seniors, thanks to its low monthly rates, focus on covering end-of-life expenses like funeral costs, and lenient health requirements. It’s usually easy to qualify for final expense insurance. You may be eligible for a policy without a waiting period, even if you have suffered a stroke. Since it’s always a great choice for seniors, final expense insurance may be the only way for stroke victims to get low-cost, quality life insurance coverage.
Contact Final Expense Benefits to learn more about your options for final expense life insurance for stroke victims. As experts in the burial insurance market, we can help you navigate your options and find the best coverage for you.
To learn more, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized life insurance quote.
Can You Get Life Insurance if You Have a Stroke?
Can stroke victims get life insurance? Yes. Depending on the recency and severity of the stroke, they may qualify for a wide range of policies.
Seniors who suffered their stroke more than two or three years ago and have few lingering symptoms typically enjoy a wide range of low-cost life insurance options. However, stroke victims who suffered a severe stroke, had one before reaching their 60s, or exhibit lingering symptoms may have fewer options.
But how does the type of stroke and its severity affect your eligibility?
How Does Symptom Severity Affect Eligibility for Life Insurance for Stroke Victims?
Stroke severity and how long symptoms may remain largely depend on the type of stroke. Here’s a brief overview of the main stroke types and how they affect life insurance eligibility:
- Hemorrhagic strokes
This is the most severe type of stroke, caused by bleeding in the brain. Thankfully, these are rarer than other stroke types. Because these strokes often leave brain damage and can affect victims for life, life insurance eligibility is typically limited for these victims. - Ischemic strokes
The most common type of stroke, ischemic strokes may have continued symptoms, typically in seniors. If symptoms do not persist after the stroke or are mild, you likely qualify for most types of life insurance. - Mini strokes
Also called transient ischemic attacks, mini strokes are among the least severe stroke events and often don’t have lingering symptoms. If you suffered a mini stroke but have had no continued stroke symptoms, it may not affect your eligibility.
Per the United States Centers for Disease Control, strokes are typically connected to preexisting health conditions like obesity, diabetes, and high blood pressure. Each of these conditions can affect life insurance rates and eligibility.
If you have a preexisting condition, you should work with an agency that understands the market like Final Expense Benefits. We can help connect you to great coverage that works with your health concerns.
Best Life Insurance for Stroke Survivors
Term life insurance and universal life insurance are typically difficult for seniors to qualify for, let alone those who have suffered a stroke. Even mild strokes may leave you ineligible for these types of life insurance or raise your rates to unaffordable levels.
However, senior stroke victims have one reliable life insurance option: final expense insurance.
Final Expense Life Insurance for Stroke Victims
Final expense eligibility requirements are much more lenient than other types of life insurance. These policies are made with seniors in mind, offering simple eligibility requirements that allow seniors with preexisting health issues to qualify for low-cost plans.
Final expense rates are cheaper than other whole life policies, generally ranging from $30 to $150 monthly for seniors 50 through 80.
Rates are low because death benefits are smaller than regular whole life policies. Final expense death benefits typically range from $5,000 to $50,000.
The smaller death benefit often isn’t a drawback for seniors, who typically use life insurance to cover funeral costs and other end-of-life expenses. The average funeral costs around $10,000, so these policies provide plenty of coverage.
Like other whole life plans, rates are locked once the policy is approved. If your stroke symptoms worsen after the policy starts, you can rest easy knowing that your premium rate won’t climb. A percentage of paid premiums is saved by providers to increase the benefit payout’s cash value and to provide a pool of borrowable funds.
Final expense life insurance is a versatile choice for seniors, but how does eligibility work for stroke victims?
Life Insurance for Stroke Victims Underwriting
Underwriting is the process insurance providers use to determine life insurance rates and eligibility. In this process, providers use applicants’ answers to the application’s medical questionnaires to categorize them by the level of risk they present. This is largely determined by life expectancy and symptoms of preexisting conditions.
Life expectancy can be difficult to predict shortly after a stroke. Victims who suffered a stroke in the past year are typically only eligible for modified life insurance policies that specialize in covering high-risk applicants. If it was a severe stroke, guaranteed policies may be the only option.
Victims who suffered their stroke about two or more years ago and exhibit no additional stroke symptoms typically qualify for the least expensive policies.
Coverage Options for Life Insurance for Stroke Victims
Final Expense insurance is split into three general categories: level-benefit, modified, and guaranteed plans.
Level-benefit policies have no waiting period and offer the best rates of any final expense insurance policy, but they also have the strictest underwriting guidelines. If you suffered a stroke, you may only qualify for a level-benefit policy if you have no other preexisting health concerns and have exhibited no additional stroke symptoms since it was suffered.
Death benefits are paid to beneficiaries after a claim is submitted in a single, tax-free lump sum.
If health concerns are severe or the stroke was suffered recently, applicants may only qualify for guaranteed or modified policies. Rates for these policies are more costly than those of level benefit policies. They typically cost 25% to 40% more than comparable level-benefit policies.
The major difference between modified and level-benefit plans is the waiting period. Waiting periods for modified and guaranteed life insurance usually last two to three years. If the policyholder dies within that time, death benefits may not pay as the typical lump sum.
If the policyholder dies before the end of the waiting period, the most common payout structure is a modified payout, which doesn’t pay in a single lump sum, instead paying percentages of the death benefit over the remainder of the waiting period. Some providers replace the death benefit entirely, instead offering a return of paid premiums if the policyholder dies before the waiting period ends.
Many unreliable providers use difficult-to-understand payout practices or delay payments with confusing claims processes. We believe your beneficiaries deserve the payout you paid for. Contact Final Expense Benefits for help getting a great policy that pays the full death benefit and won’t give your loved ones unnecessary headaches.
How Much Does Life Insurance for Stroke Victims Cost?
Rates for life insurance for stroke victims vary depending on the type of plan for which you qualify. Seniors who qualify for level-benefit policies enjoy the best rates and most flexibility of any final expense insurance policy. However, these policies are the trickiest to qualify for. If you had a stroke, it would need to be two or more years ago, and you’d need to be in good health otherwise to qualify for one.
Modified policies typically cost more, but you may be surprised to see that rates aren’t too far off from the cheapest level-benefit plans. Below are sample rates from some of our top providers.
These rates are calculated for benchmark $10,000 policies using a non-smoking applicant who suffered one stroke and has no additional preexisting conditions.
Level-Benefit Life Insurance Rates for Stroke Survivors
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$51 |
$41 |
$73 |
$58 |
|
|
$32 |
$27 |
$47 |
$38 |
$79 |
$61 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no additional applicant pre-existing conditions.
Modified-Benefits Life Insurance Rates for Stroke Survivors
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$49 |
$39 |
$78 |
$60 |
$122 |
$89 |
|
|
$44 |
$36 |
$68 |
$57 |
$120 |
$99 |
|
|
$61 |
$42 |
$74 |
$59 |
$115 |
$87 |
|
|
$40 |
$30 |
$57 |
$43 |
$87 |
$64 |
|
|
$71 |
$68 |
$102 |
$85 |
$142 |
$110 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no additional applicant pre-existing conditions.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
Best Life Insurance Providers for Stroke Survivors
All our top-rated providers are good choices for life insurance for stroke victims, but some offer lower rates, include insurance riders for extra coverage, or provide lenient underwriting practices. Here are some of our top picks:
Mutual of Omaha
- Rates:
Mutual of Omaha’s rates are among the lowest in the final expense insurance market. Their modified plan is an outstanding choice, offering significantly lower rates than similar policies. - Customer service:
Mutual of Omaha’s customer service consistently scores high reviews from customers and third-parties alike. - Other benefits:
Whether you need a modified or level plan, you’ll get great rates with Mutual of Omaha.
Aetna Accendo
- Rates:
Aetna Accendo has competitive rates for both level-benefit and modified plans. - Customer service:
Customer reviews praise the ease of dealing with Accendo’s customer service, from simplified online premium payments to easy claims resolutions. - Other benefits:
Accendo’s underwriting practices for strokes differ from their competitors. You could qualify for an Accendo level-benefit plan sooner after suffering a stroke than you would with other providers.
American Amicable
- Rates:
American Amicable’s starting rates for graded and level policies are very competitive. - Customer service:
American Amicable is a smaller life insurance provider and offers personalized customer service that scores high ratings from customers and rating services. - Other benefits:
American Amicable provides a wide range of life insurance riders, allowing you to customize your coverage. Some of these are at no extra cost.
Final Thoughts
Final expense insurance is a great way for senior stroke victims to get quality coverage at low rates. While you may qualify for some term and universal life insurance policies, you are unlikely to qualify for the low rates you would with final expense.
It’s key to get help from an agency any time you’re seeking life insurance coverage with a preexisting medical condition like a stroke. Final Expense Benefits has you covered. As experts in the final expense insurance market, we can help connect you to your best options.
Call us at (866) 786-0725 to learn more, or check our free online quoting tool for personalized pricing estimates.
FAQ
Can you get life insurance if you have a stroke?
Stroke victims can qualify for most life insurance, but rates depend largely on the severity and recency of the stroke.
What is the best life insurance for stroke survivors?
Final expense insurance is often the best choice for stroke survivors, especially if they are seniors. Final expense policies are designed with seniors with preexisting medical conditions in mind. Health requirements are typically lenient and allow you to qualify for low rates, even after suffering a medical emergency like a stroke.
What is final expense insurance?
Final expense insurance is a type of whole life insurance designed to help seniors cover end-of-life expenses like funerals and burial plot costs. You’re often eligible for quality, low-cost coverage even if you suffered a stroke.
How much does a funeral cost?
The average funeral costs around $10,000, which is why we use $10,000 as the basis for our final expense insurance quotes. Thankfully, final expense life insurance can be an affordable choice for senior stroke victims looking to cover their end of life expenses ahead of time.
