Living with heart disease can make it feel difficult to plan ahead. Because heart disease is the leading cause of death in the United States, it’s natural to have concerns about your loved ones’ financial future if something were to happen to you. Life insurance can offer peace of mind, knowing that your family would be financially supported.

Here’s what to know about getting coverage when you have a heart condition.

Life Insurance Options With Heart Disease

If you were born with a congenital heart condition, you may still be able to get life insurance — but it may come at a higher cost.

For people who develop heart disease later in life, the cost of life insurance often depends on how well the condition is controlled, as well as any other health issues. In some cases, life insurance companies may deny coverage if they consider the risk too high.

There are a couple of basic types of life insurance. Term life insurance lasts for a set amount of time — for example, 20 years. If you outlive the policy term, you’ll need to reapply for a new policy to maintain coverage and ensure a payout after your death.

Permanent life insurance lasts a lifetime, as long as you keep up with payments. It doesn’t expire unless you stop paying. Whole life insurance is a form of permanent life insurance. You pay a set premium every year and receive a guaranteed death benefit. Over time, the plan builds cash value — a savings component that grows as you pay into it.

Universal life insurance is another type of permanent plan. Unlike whole life insurance, the premium, cash value, and death benefit can change over time. Universal life policies can cost less than whole life, but they’re often more complex.

What Matters to Life Insurance Companies

Like all types of insurance, life insurance companies assess risk before approving a policy. To determine your risk of early death, they typically ask questions about your family history, overall health, and the specifics of your heart condition.

It’s common for companies to require a medical exam and ask about preexisting conditions before issuing coverage. Taking care of your health — including following your doctor’s treatment plan — may improve your chances of qualifying for affordable life insurance.

Tips for Getting the Best Life Insurance

It’s a good idea to prepare before applying for life insurance. Make sure you’re up to date on your doctor visits and are taking steps to manage your heart condition, such as monitoring high blood pressure or taking your prescribed medications.

Insurance experts recommend sharing all relevant medical details you’re asked for, including past or current conditions, hospital stays, and surgeries. Leaving out or providing false information could result in denial of coverage, cancellation of your policy, or a rejected death benefit.

Insurance can be complicated, but finding an insurance agent who will explain the ins and outs to you can help you make an informed choice. For example, policies may include exclusions or waiting periods.

• Exclusions are situations the policy won’t cover — for example, death by suicide shortly after purchasing a policy.
• Waiting periods mean you’ll need to pay into the plan for a certain amount of time before your benefits begin.

Rather than contacting a specific life insurance company, consider working with an independent agent. Independent agents can compare quotes from multiple companies and help you find the best rate for your needs.

Consider Other Ways To Support Your Family

Life insurance isn’t the right fit for everyone. If you’re having trouble finding affordable coverage, there are other ways to help protect your loved ones’ financial future.

Manage What You Can

Debt is a challenge for many people, especially when medical costs or reduced income are involved. If you’re juggling bills, it can help to focus on high-interest accounts first, like credit cards. Setting reminders or automating payments (even small ones) can reduce stress over time. If it’s available to you, consider meeting with a financial adviser through your bank, a nonprofit credit counseling service, or a local community organization to create a plan that works for your budget.

If working becomes difficult due to your heart condition, you may be eligible for disability benefits or financial assistance. Depending on your situation, you could receive help with income, food, health insurance costs, or housing.

Explore Mortgage Protection Options

If you own a home, you may want to ensure your loved ones can keep it after you’re gone. Mortgage life insurance is a type of policy that pays off your home loan if you die. It can offer peace of mind — even if you don’t have standard life insurance. Veterans may qualify for discounted mortgage protection through the U.S. Department of Veterans Affairs. Others can purchase mortgage insurance through a private lender.

Look at Investment Options, Large or Small

Life insurance is one way to invest in your family’s future, but it’s not the only option. Whether or not you have access to traditional coverage, there are meaningful ways to help your loved ones financially after you’re gone.

If you’re in a position to invest, you might consider options like property, retirement accounts, or even precious metals like gold. Investments come with risks, so consider speaking with a trusted financial adviser — such as someone at your bank, a nonprofit credit counseling service, or a free financial clinic in your area — before making decisions.

Also, make sure to file legal paperwork — such as a will — to ensure your assets are passed on the way you intend.

Even if major investments aren’t within reach right now, smaller steps can still make a big difference. A basic savings account, a prepaid funeral plan, or a clear will can ease the burden on your family during a difficult time. What matters most is having a plan that reflects your values and helps those you care about most.

Donating a Policy You No Longer Need

If you signed up for life insurance but no longer need the coverage, you may be able to donate it to a cause you care about. Some nonprofit organizations, such as the American Heart Association, accept donated life insurance policies to help support their work.

You can transfer ownership of a fully funded life insurance policy to a nonprofit. In return, you may qualify for an income tax deduction equal to the policy’s current cash value. In some cases, the organization may cash in the policy right away. In others, they’ll receive the payout when the insured person dies.

You can also name a charity as your life insurance beneficiary. This means the organization will receive the death benefit after you die.

If you’d like to support multiple causes — or split the payout between a charity and loved ones — you can choose different beneficiaries and assign each a percentage of the benefit.

Talk With Others Who Understand

MyHeartDiseaseTeam is the social network for people with cardiovascular disease. More than 62,000 members come together to discuss their experiences with heart disease.

Did you work with a life insurance agent to find the right insurance provider? If so, what type of insurance ended up being best for your specific situation? Share your story in the comments section or on your Activities page.