Life Insurance After a Stroke

In Australia, obtaining life insurance and income protection once you have had a stroke can be incredibly difficult. Particularly income protection insurance where it is often impossible. However, even though a stroke can be a life changing event, there are often options available to you if you speak with an expert. We have had significant success in assisting people who have had a stroke in obtaining life insurance and at times income protection. 

At Curo Financial Services, we understand that Strokes are incredibly nuanced and there are many different circumstances that need to be taken into account to ensure that your case is assessed fairly. We take the time to understand your medical history so that we can tell your story in the most positive way when presenting it to insurers.

What is a Stroke?

Strokes come in many different shapes and sizes with significant differences. Essentially, a stroke is what happens when blood cannot supply oxygen and vital nutrients to your brain. When brain cells do not receive sufficient oxygen and nutrients, they die.

The two main ways in which a stroke occurs is when a blood clot blocks a blood vessel (Ischaemic Stroke) or when a blood vessel leaks or breaks (Haemorrhagic Stroke).

Source – Stroke Foundation

 

Stroke In Australia

Stroke is the leading cause of disability in Australia with as many as 1 in 50 Australian adults have had a Stroke in their lifetime. Stroke is alos one of the biggest killers in Australia, measured to be the second most common cause of death.

Although more common later in life, almost a third of all stroke survivors are of working age. The impact of stroke can vary significantly, with some survivors being able to carry on with their usual lives while others require ongoing care. 

In Australia, Stroke kills more women than breast cancer and kills more men than prostate cancer yet it doesn’t garner the same level of attention.

Types of Strokes and their Impact on Your Insurance Application

There are a number of different types of stroke which significantly impacts your options when it comes to Life Insurance, TPD insurance, Income Protection and Trauma Insurance.

These are some of the most common types of stroke:

  1. Transient Ischaemic Attack (TIA) – A TIA is characterised by a temporary blockage of blood supply to your brain. The key here is that the blockage is temporary, the symptoms are often temporary too. If the blockage is temporary and subsequently clears, the brain will begin to receive the oxygen it requires. As a result, there may well be no long lasting damage. Transient Ischaemic Attacks are generally viewed quite favorably by insurers and we have had success in obtaining Life Insurance and Income Protection for those who have suffered from it.
  2. Haemorrhagic Stroke– A Haemorrhagic Stroke refers to a stroke that results in bleeding in the brain. This bleed results in the brain being deprived of both oxygen and nutrients. The two most common types of haemorrhagic stroke are Intracebebral Haemorrhages and Subarachnoid Haemorrhage. These types of strokes can be caused by an aneurysm amongst other neurological issues. It is incredibly difficult to obtain income protection after this type of stroke however we are often able to secure life insurance.
  3. Ischaemic Stroke – An Ischaemic Stroke is a stroke that is caused by a blood clot. When a clot forms within the arteries of your brain, it can block the flow of blood which results in an Ischaemic Stroke. The two most common types of Ischaemic Stroke are Embolic Strokes and Thrombotic Strokes. This type of stroke can result in lasting brain damage. We have had success in obtaining life insurance for those who have had an Ischaemic stroke.
  4. Childhood Stroke – This is the least common type of stroke and, as the name suggests, occurs during childhood. Approximately one if 50,000 children will have a stroke during childhood. There are many different causes for childhood strokes and it is important for us to get an understanding of what caused your stroke before being able to determine the availability of life insurance or income protection.

Source – Stroke Foundation

Other Lifestyle Factors Impacting Your Insurance Application

If you have had a stroke then you will appreciate the importance of maintaining a healthy lifestyle so as to reduce your chances of complications in the future. 

  1. Height & Weight – Your height and weight plays an important part in painting a picture of your overall health. A healthy BMI will result in more favourable options being available to you.
  2. Smoking – Smoking significantly increases your likelihood of suffering a stroke. If you continue to smoke after having a stroke, you may well find it impossible to obtain any form of life insurance. 
  3. Other medical conditions – Other medical conditions such as your blood pressure and cholesterol readings may be used to assist in determining your overall health. These measurements are often an indication of how diligent one is with their health, particularly in light of such a significant scare like a stroke.

 

Can I Get Life Insurance After a Stroke?

You may well be able to get life insurance following your stroke. In order for us to assess this further, we will need to get a better understanding of your circumstances in addition to reviewing your medical reports and scans. Please have these handy when contacting us to discuss your options.

Does Life Insurance Cover Strokes?

Yes, Full retail Life Insurance policies will cover you in the event of you dying from a stroke. It is crucial that you provide your insurer with all of the details regarding your medical history so that you can have peace of mind that any unforeseen illnesses are covered under your policy. There are a handful of retail accidental death insurance policies which will only cover you for death from an accident (and not an illness) however these policies are a last resort.

Can You Get Life Insurance after a TIA?

We have helped many Australian’s get life insurance after suffering a TIA. We will need to get a detailed understanding of your TIA as well as your circumstances today before being able to determine whether we can assist you.

Is a Stroke a Pre-Existing Condition?

A pre-existing condition is any medical condition that you have had prior to starting your life insurance policy. As a result, if you have had a stroke before you applied for cover, it will likely be considered a pre-existing medical condition. 

General Advice Disclaimer

General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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