Heart attacks and cheap life insurance do not usually go together. If you believe (as many people do) that once an insurance company finds out about your heart attack you will never again have a chance at getting cheap life insurance, then listen up. You may be surprised to learn that nowadays, such a scenario is not always true.

An insurance company will take into consideration the details of the heart attack as well as any lifestyle changes you have made to improve the situation. If the company is satisfied with your progress and prognosis, your life insurance premium might be cheaper than you expect.

It's true that having a heart attack means you won't be categorized as "preferred." But times have changed and you definitely are not the first person to suffer from this condition. Lots of people, young and old, suffer heart attacks and coronary disease and life insurance underwriters have plenty of experience determining how much risk is involved in your situation.

What's particularly interesting about individuals who have suffered heart attacks is how similar and how predictable their situations are. When underwriters are able to make accurate predictions, they're often able to offer more favorable rates.

Use time to your advantage

One of the best things you can do after suffering a heart attack is wait about a year before applying. At first glance, this advice doesn't seem to make much sense. A heart attack is serious and although you may have survived this one, another might be just around the corner.

It seems to make more sense to get life insurance right away. You can try, but forget about getting cheap life insurance. If you're able to get any at all, you will pay quite a bit for the privilege. You might even be charged an extra fee (in addition to your already high premium) at least for a few years after your heart trouble.

Insurance companies consider those first couple of years after a heart problem to be high-risk years. By charging a lot of money for your premium, the insurance company won't suffer as big a financial blow should you die as a result of your heart trouble.

But if you wait at least a year afterwards, better yet, a couple of years if possible, you'll have time to improve your health. Making lifestyle changes such as lowering your weight, your cholesterol levels, and your blood pressure, getting more exercise and quitting your tobacco habit can sometimes reverse even the worst of situations.

If you make these changes and your doctor keeps a record of your progress, this positive information will be available to the insurance company when you do apply. Underwriters will see that you've had trouble with your heart, but they will also see that you're taking steps to improve your health.

That is how waiting a year or so to apply will improve your chances of getting cheaper life insurance, especially if you take time to shop around.