Our editorial team analyzed the Public Health Agency of Canada’s stroke guidance, the Heart & Stroke Foundation’s TIA guidance, MIB’s Canadian consumer-file guidance and the federal insurance-application guide.
If you’ve had a stroke or transient ischemic attack (TIA), applying for life insurance can be complicated, but that doesn’t mean there’s a predetermined rate or outcome. Learn what insurers look for, your application options, the role of the MIB file, and more. Read on to find out how you can apply for life insurance without interrupting or delaying treatment and other health-related decisions.
Can You Get Life Insurance After A Stroke Or TIA?
A stroke or TIA does not automatically rule out coverage.
Depending on the guidelines of a product and some other health and application factors, an applicant may be offered a policy at standard premiums, be offered a policy at higher (rated) premiums, be offered a policy on modified terms, or receive a deferred or declined decision.
The exact diagnosis, cause, number of events, time since the most recent event, investigations, treatments, blood pressure, any residual effects, other risk factors, the applicant’s age and amount of cover being applied for can all affect an insurer’s decision. A TIA and a stroke should not be treated as identical, and neither diagnosis guarantees an outcome.
What An Insurer May Review
| Area | Examples |
|---|---|
| Diagnosis and event | TIA, ischemic stroke, hemorrhagic stroke, an uncertain episode, dates and number of events. |
| Investigations | Neurology notes, imaging, heart-rhythm testing or vascular testing. |
| Recovery | Residual effects of motor or mobility, speech, vision, cognition and the ability to perform a job or daily tasks. |
| Treatment and follow-up | Medication, procedures, appointments and the clinician’s plan. |
| Other risk factors | Blood pressure, smoking, diabetes, cholesterol, atrial fibrillation and sleep apnea. |
| Coverage request | Amount requested, coverage purpose, income information, asset information, current insurance coverage and applied-for insurance coverage. |
According to data from the Public Health Agency of Canada, high blood pressure is the strongest risk factor for stroke.
Follow your clinician’s prevention and treatment plans for your health, not for short-term good results on a test or to complete your insurer’s application. Your insurer may consider several risk factors.
Read More: See What an Attending Physician Statement May Include
How Life Insurance Underwriting Changes After A Stroke Or TIA
| Application route | What it may require | Tradeoff to check |
|---|---|---|
| Fully underwritten individual policy | Health questions and possible physician, test or paramedical evidence. | A fully underwritten policy has a case-specific result. These policies may offer higher coverage amounts or lower premium costs. |
| Simplified-issue policy | A simplified-issue policy usually won’t require a paramedical exam. It may require a shorter health questionnaire. | Simplified-issue policies differ in terms of health-related questions, death-benefit amounts, waiting periods, graded-benefit provisions and premiums. |
| Guaranteed-issue policy | A guaranteed-issue policy may involve few or no health questions. | These policies often have smaller coverage amounts, cost more and may limit benefits during early policy years. |
| Group coverage | Eligibility through work or an association. | Coverage under a group policy may be limited by benefit limits, termination dates, portability or conversion provisions. |
| Tentative or informal inquiry | A case summary is prepared with the client’s consent by a licensed adviser and presented to participating insurers. | Not all insurers offer tentative or informal inquiries. A tentative or informal inquiry is not an approval or a binding quote. |
Prepare An Accurate Application
Assess the amount and type of insurance you need for your household and how long you’ll need it. Check existing group insurance coverage first. Ask whether a tentative inquiry is available before submitting several formal applications.
Answer all of the questions completely and honestly. Provide medical records only if asked. Follow the examiner’s instructions. Check the fine print of your policy. Verify that you understand exclusions, premiums, graded benefits, contestability wording and conversion rights.
Read More: Review How to Prepare for a Life Insurance Medical Exam
How MIB Information Works
When you apply for a new insurance policy, an MIB member insurer can check your application for coded underwriting-significant information contained in an MIB consumer file. This can only happen with your authorization. MIB rules prevent an insurer from basing a decision on your application using MIB information only, as the carrier must conduct an independent investigation.
You are entitled to a free copy of your Canadian consumer file once a year. If the information is incorrect or incomplete, you can ask for changes.