Life Insurance After Heart Attack

Compare a range of life insurance policies in one place through Savvy to see if you can be covered after a heart attack.

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, updated on July 19th, 2023       

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Life Insurance

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

Heart attacks are a leading cause of hospitalisation in Australia, with one person hospitalised every nine minutes on average, according to the Heart Research Institute. Dealing with the aftermath of a heart attack can be overwhelming, especially when it comes to securing financial stability for your loved ones. That's where life insurance comes in.

You can compare policies from leading insurers in Australia side-by-side with Savvy. Whether you’re suffering from ongoing heart disease or have recovered from a one-off heart attack, considering your options through us can help you determine which is the most suitable policy among our panel’s offers. Get started with a free quote today.

Can I get life insurance after a heart attack?

It’s possible to be approved for life insurance after suffering a heart attack. However, the success of your application will depend on a range of other risk factors, such as age, gender, and smoking status. Insurance companies are likely to consider you a higher risk than someone without a history of heart disease, which means that you’ll likely have to pay higher premiums.

To obtain life insurance after a heart attack, you’ll need to provide your medical history, current health condition and other relevant information to your insurance company. You may also need to undergo a medical examination to determine your health status and assess your risk. The insurance company will then use this information to determine whether to offer you coverage and at what premium rate.

It's important to note that not all life insurance companies have the same underwriting guidelines when it comes to heart attacks, so some may be more willing to offer coverage than others. Comparing a wide range of offers can help you find the best policy that fits your specific needs and budget, which you can do through Savvy and our panel of reputable insurers.

Will having a heart attack before I buy life insurance affect my premiums?

In most cases, you’ll need to pay more for life insurance if you’re buying your policy after having a heart attack. However, there are other variables which can affect the cost of your policy, including the following:

  • Age: premiums generally increase with age, meaning you’re likely to pay more for coverage if you’re a senior compared to a younger person.
  • Health status: beyond your heart attack or heart disease, insurers will consider your overall health, including other pre-existing conditions and any family history of illness.
  • Occupation: riskier jobs will have higher premiums, while some may be deemed uninsurable. For instance, life insurance for truck drivers often costs more due to the level of risk posed by their work.
  • Type of policy: different types of policies have different costs. For instance, trauma cover is generally cheaper than life cover.
  • Coverage amount: more coverage will result in higher premiums. Someone taking out $3 million worth of life cover will generally pay more than another person taking out $500,000.
  • Smoking: smokers will pay much higher premiums than non-smokers, often as high as double the cost.

Above all else, though, it’s important to compare quotes to give you a better idea of the options which may be available to you as a heart attack victim.

Types of life insurance

Why compare life insurance through Savvy?

More questions about life insurance after a heart attack

Can I buy life insurance without a medical exam after a heart attack?

It's possible to buy life insurance without a medical exam, but whether you can do so depends on your insurer and the severity of your heart attack. Some insurers may require a medical exam, while others may offer coverage without an exam in exchange for higher premiums. It's best to compare policies and get quotes from different insurers to help find the best option for your situation.

How long after my heart attack can I apply for life insurance?

The time frame for applying for life insurance after a heart attack varies depending on the insurer. Some insurers may require a waiting period of several months to a year after the heart attack before your application can be accepted, while others may allow you to apply immediately. If you’re unsure about whether there are any waiting periods, you should get in touch with your insurer.

What types of life insurance policy can I choose from?

In Australia, there are four main types of life insurance policies available to choose from, including:

  • Term life insurance: can provide a lump sum payout to your beneficiaries upon your death, or if you are diagnosed with a terminal illness.
  • Total and permanent disability (TPD) insurance: can provide a lump sum payout if you suffer a permanent disability which renders you unable to return to work.
  • Trauma insurance: can provide a lump sum payout if you’re diagnosed with a serious illness or injury, such as heart disease.
  • Income protection insurance: can provide an ongoing monthly benefit if you’re temporarily unable to work due to illness or injury.
Is life insurance tax-deductible?

In general, life insurance premiums aren’t tax-deductible. However, there may be some exceptions, such as income protection insurance. It's best to consult with a tax professional to determine if your life insurance premiums are tax-deductible in your specific situation.

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.