Getting Life Insurance with an Aneurysm

Understanding life insurance policies becomes a bit more detailed for those diagnosed with an aneurysm, presenting unique challenges and considerations. This blog looks at this journey, offering insights and advice to help you secure the coverage you need. 

From understanding policy options to preparing your application, we’ve got you covered. Dive in to unlock the secrets of life insurance with an aneurysm, and take the first step towards safeguarding your family’s future today.

In this article:

• Overview of Aneurysm 
• Case Study: Life Insurance with an Aneurysm in Calgary, Alberta
• How Does Aneurysm Impact Life Insurance Rates?
• What Information Will Insurers Need?
• Are There Life Insurance Options Available for People with an Aneurysm?
• How Are Premiums Calculated for Individuals with an Aneurysm?
• How Does the Type of Aneurysm (Ruptured vs. Unruptured) Affect Insurance Decisions?
• Can a Life Insurance Application Be Denied Because of an Aneurysm?
•  Frequently Asked Questions (FAQs) about Life Insurance with Aneurysm

Overview of Aneurysm 

An aneurysm is essentially a balloon-like bulge in a blood vessel, caused by a localized, blood-filled dilation of the vessel wall. These can develop in any blood vessel but are most commonly found in the brain’s arteries (brain aneurysms) or the aorta, the body’s largest artery that distributes blood from the heart to the rest of the body, termed an aortic aneurysm. The danger of aneurysms lies in their potential to burst or rupture, which can cause internal bleeding and may be fatal. The likelihood of a rupture depends on the aneurysm’s size, type, and location.

Many aneurysms remain undetected and symptom-free, often discovered by chance during scans for unrelated issues. However, larger aneurysms may press against surrounding tissues, causing pain or other problems based on where they’re located. Various factors contribute to the development of aneurysms, including high blood pressure, atherosclerosis (artery hardening), genetic predispositions, and physical trauma. Treatment varies, with options like monitoring for smaller, asymptomatic aneurysms, or surgical interventions such as coil embolization (for brain aneurysms) and stent grafting (for aortic aneurysms) for those that are larger or cause symptoms.

Case Study: Life Insurance with an Aneurysm in Calgary, Alberta

In Calgary, Alberta, 41-year-old photographer Jason was diagnosed with a small, unruptured brain aneurysm during a routine health examination. He faced the potential challenge of high insurance premiums or denial of coverage due to the risk associated with his condition. 

Determined to provide financial security for his family, Jason used the expertise of an insurance broker specialized in handling cases for clients with pre-existing medical conditions. Together, they prepared an application that included detailed medical records, treatment plans, and regular monitoring reports to present to potential insurers.

They explored various insurance options, starting with term life insurance for its affordability and specific coverage period. They also considered whole life insurance for its lifetime coverage and guaranteed issue life insurance as a fallback option, despite its higher premiums and lower benefits. His stable health condition and the low risk of his aneurysm’s complications played an important role in the negotiations with insurance companies.

Jason was offered a term life insurance policy at a slightly higher but manageable premium, thanks to his broker’s advocacy and the detailed presentation of his health status.

How Does Aneurysm Impact Life Insurance Rates?

An aneurysm can significantly impact life insurance rates due to the increased risk it poses to insurers. The severity and location of the aneurysm, along with the treatment received and its success, are factors in the underwriting process. 

Insurers assess these to determine the risk of insuring an individual with a history of an aneurysm. Typically, those with aneurysms can expect to face higher premiums as insurers aim to offset the risk. The extent of the premium increase, however, varies widely based on the insurer’s evaluation of the aneurysm’s stability, the effectiveness of any treatment, and the overall health of the applicant.

In some cases, insurers may impose a waiting period after treatment or diagnosis to assess the long-term stability of the condition before offering coverage. Options for the type and amount of life insurance available may also be limited, and in severe cases, coverage could be declined or offered with specific exclusions related to the aneurysm. 

Despite these challenges, individuals with aneurysms can still find coverage options through insurers specializing in high-risk cases or by considering guaranteed issue life insurance, which offers a no-medical-exam policy at higher premiums and with lower coverage limits.

What Information Will Insurers Need?

When applying for life insurance, individuals with a history of an aneurysm can expect insurers to request detailed information and medical records to assess the risk and determine eligibility and premium rates. Here’s an outline of the specific information insurers might require:

Detailed Medical History:

• Type of Aneurysm: Indicate whether it’s a brain aneurysm, aortic aneurysm, or another type.
• Date of Diagnosis: When was the aneurysm discovered?
• Cause of the Aneurysm: If known, what is the underlying cause of the aneurysm? For example, genetic factors, high blood pressure, or other conditions.

Treatment Information:

• Treatment Type: Was the aneurysm treated with surgery (e.g., clipping or coiling for brain aneurysms, endovascular repair, or open surgery for aortic aneurysms), medication, or monitored without intervention?
• Dates of Treatment: When was the treatment administered?
• Outcome of Treatment: Provide details on the success of the treatment, including any complications or residual issues.

Follow-up Care and Monitoring:

• Regular Monitoring: Details about ongoing monitoring, such as frequency of MRIs or CT scans, and the results of these follow-ups.
• Current Status of the Aneurysm: Is the aneurysm stable, growing, or has it been completely resolved?
• Medications: List any medications being taken to manage the condition or related health issues, such as blood pressure medication.

Overall Health Status:

• Blood Pressure Management: Since high blood pressure can be a risk factor for aneurysms, information on how blood pressure is being managed.
• Lifestyle Factors: Smoking status, alcohol consumption, exercise habits, and any changes made post-diagnosis.
• Other Health Conditions: Details of any other health conditions, especially those related to cardiovascular health.

Doctor’s Statement: A statement from your doctor or specialist providing an overview of your aneurysm, treatment, current health status, and prognosis. This might include your neurologist, cardiologist, or surgeon, depending on the type of aneurysm.

Family Medical History: Any family history of aneurysms or related health issues, as some types of aneurysms can have a genetic component.

This detailed information helps insurers assess the level of risk associated with insuring someone who has had an aneurysm. It’s crucial for applicants to be as transparent and thorough as possible when providing this information.

Are There Life Insurance Options Available for People with an Aneurysm?

Yes, there are life insurance options available for people with a history of an aneurysm. Generally, the main types of life insurance policies that might be available include:

Term Life Insurance: This type of insurance provides coverage for a specified term or period, such as 10, 20, or 30 years. It’s often the most straightforward and cost-effective option for those who can qualify. For individuals with an aneurysm, insurers might require detailed medical information and could adjust premiums based on perceived risk. However, if the aneurysm has been successfully treated and there are no other significant health issues, term life insurance may be available.

Whole Life Insurance: Whole life insurance offers coverage that lasts for the insured’s lifetime, combined with a cash value component that grows over time. Premiums for whole life insurance are typically higher than for term life, but it can be a viable option for those with an aneurysm, especially if the condition is well-managed and considered low risk by the insurer. The cash value aspect also offers a savings component that can be beneficial.

Guaranteed Issue Life Insurance: This type of policy is designed for those who might not qualify for traditional life insurance due to health issues, including those with a history of an aneurysm. Guaranteed issue life insurance does not require a medical exam or detailed health information, making it easier to qualify for. However, these policies usually come with higher premiums, lower benefit amounts, and often a graded death benefit, which means the full death benefit may not be available if the insured dies within the first few years of the policy.

Simplified Issue Life Insurance: Similar to guaranteed issue life insurance, simplified issue policies require no medical exam, but applicants may need to answer a few health-related questions. Coverage amounts might be higher than guaranteed issue policies, but premiums can also be higher, and coverage may be limited if the aneurysm is considered a high risk.

Each of these life insurance options has its advantages and considerations, and the best choice depends on individual circumstances.. It’s important for individuals with an aneurysm to speak with insurance brokers who can help navigate the options and find the best coverage based on their situation.

How Are Premiums Calculated for Individuals with an Aneurysm?

The calculation of insurance premiums for individuals with a history of an aneurysm involves a detailed assessment of risk by the insurer, which can significantly impact the cost of premiums. An aneurysm causes a higher risk for insurers because it can lead to serious health complications, including the potential for a life-threatening rupture. Factors that insurers consider when calculating premiums for individuals with an aneurysm include the size and location of the aneurysm, the success of any treatment received, and any ongoing health concerns or complications related to the aneurysm.

The size and location of the aneurysm can indicate the potential for future health issues. Larger aneurysms or those located in areas where a rupture could cause significant harm (such as in the brain) are viewed as higher risk. The success of treatment is also a consideration. Individuals whose aneurysms have been successfully treated with surgery or other interventions, and who have demonstrated stable health since treatment, may be seen as lower risk. However, if there were complications during treatment or if the aneurysm is at risk of recurrence, this could lead to higher premiums.

Ongoing health concerns, such as hypertension or other conditions that could increase the risk of another aneurysm, are also taken into account. Insurers may require regular medical check-ups or documentation from healthcare providers to assess the current health status of the applicant. Lifestyle factors, such as smoking, which can increase the risk of aneurysms, might also influence premium calculations.

While individuals with a history of an aneurysm can face higher premiums, the exact amount will depend on an evaluation of their situation. This includes the severity of the aneurysm, treatment outcomes, and overall health. Insurers use this information to provide fair and accessible coverage.

How Does the Type of Aneurysm (Ruptured vs. Unruptured) Affect Insurance Decisions?

Insurance companies differentiate significantly between ruptured and unruptured aneurysms when making decisions on life insurance applications, as the risk profile between the two conditions varies considerably. An unruptured aneurysm, depending on its size, location, and the health and age of the individual, may be viewed as a less immediate risk. Insurers might offer coverage to individuals with unruptured aneurysms. This may come with higher premiums. 

A history of a ruptured aneurysm presents a higher risk to insurers due to the potential for severe health complications or mortality associated with such an event. Individuals who have experienced a ruptured aneurysm might face more challenges in obtaining traditional life insurance coverage. Insurers may require extensive medical documentation to demonstrate that the individual has fully recovered, that there are no lasting health effects, and that they are under regular medical supervision to monitor for any future risks. Even with comprehensive documentation, the premiums may be significantly higher, or the individual may be directed towards specialized high-risk policies.

Can a Life Insurance Application Be Denied Because of an Aneurysm?

Yes, a life insurance application can be denied due to a history of an aneurysm, particularly if the insurance company sees the risk with insuring the individual to be too high. Circumstances that might lead to denial include an aneurysm that is considered unstable or at significant risk of rupture, recent surgery with unresolved complications, or additional health conditions that compound the risk.

If an application is denied, the individual has several options. One option is to appeal the decision. This involves providing additional medical information or clarification about one’s health status, treatment outcomes, and any mitigating factors that might reduce perceived risk. It’s important during an appeal to thoroughly document all relevant medical care, follow-up treatments, and lifestyle changes that have been made to manage health effectively.

Another avenue is to explore alternative insurance solutions. This might include applying for a guaranteed issue life insurance policy, which does not require a medical exam and has fewer underwriting requirements, though it often comes with higher premiums and lower coverage amounts. Simplified issue life insurance is another option, offering a middle ground with limited health questions and no medical exam, though coverage and costs may vary.

Additionally, seeking advice from insurance brokers or agents who specialize in high-risk coverage can be beneficial. These professionals have experience navigating the insurance landscape for individuals with complex health histories and can often suggest insurers or specific policies more likely to accept applicants with a history of aneurysm. They may also be aware of niche insurers or specialized policies that cater to high-risk individuals, providing a path to securing life insurance coverage even after an initial denial.

Frequently Asked Questions (FAQs) about Life Insurance with an Aneurysm

Find a solution for what you’re looking for 

Getting life insurance with an aneurysm may present its challenges, but with informed strategies, expert guidance, and a proactive approach to health management, it is possible.  At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, and Alberta including areas such as Kitchener,  Edmonton, and Richmond.