Wondering if you can get life insurance with Asthma? You can, so breathe easy. What does matter, however, is if you will qualify for the best rates. They key is to find the right life insurance company and show that your condition is well controlled. Everyone deserves to protect their family’s financial future and just because you have asthma doesn’t mean you don’t deserve the future protection! In this article, we will be going over everything you need to know about getting life insurance with asthma. The following are some key points from this article;
- Once you apply for a life insurance plan the company will conduct a thorough underwriting. This is where they will gather all the details to evaluate the risk of insuring you. When it comes to asthma they will want to know a couple things related to your condition.
- In addition to these questions, the carriers will want to know more about your medical history and lifestyle. Truth is that you will have some websites turn acquiring life insurance with asthma into such a dramatic situation just so they can have more to write about. But at the end of the day, most people with Asthma can acquire life insurance without too many difficulties.
- You can expect to be opened like a book when it comes to buying life insurance. Aside from all the information they want to know and the various questions you need to answer they will assess your rate class by the type of asthma you have.
- By working directly with InsureChance you will have an assigned agent who will be dedicated to your application. Your agent will work hard to find you the best life insurance company who reflects your specific needs, health, and lifestyle. This agent will be available to you throughout the entire application process. Working with an independent life insurance brokerage is important especially since you have asthma.
Life Insurance and Asthma Underwriting
Once you apply for a life insurance plan the company will conduct a thorough underwriting. This is where they will gather all the details to evaluate the risk of insuring you. When it comes to asthma they will want to know a couple things related to your condition.
- First, one is the date of your diagnosis and your last attack.
- They will also want to know the type of asthma you have and whether its seasonal due to allergies, cold induced or exercise-induced asthma.
- How frequent are your asthma attacks? How many times per year?
- When was the most recent attack?
- Is your asthma acute or chronic?
- Have you been hospitalized due to your asthma?
- What are the results of your pulmonary function test?
- The type of medications you take will also be looked at. For example, if your inhaler is a non-steroidal then it is likely for you to get better rates. Tobacco usage is a very important factor that will be used to determine your eligibility and rates. Anyone who smokes with a respiratory illness is a very high risk in the eyes of the company underwriters. Not to get too much into science but depending on the severity of your asthma your pulmonary function test will be reviewed as well.
In addition to these questions, the carriers will want to know more about your medical history and lifestyle. Truth is that you will have some websites turn acquiring life insurance with asthma into such a dramatic situation just so they can have more to write about. But at the end of the day, most people with Asthma can acquire life insurance without too many difficulties.
How carriers will classify your asthma
You can expect to be opened like a book when it comes to buying life insurance. Aside from all the information they want to know and the various questions you need to answer they will assess your rate class by the type of asthma you have. These are the following classifications for your asthma and how the carriers will classify your asthma:
Seasonal, Infrequent asthma
It is very likely to get preferred plus rates with few of the carriers we represent. Basically not get rated by the carrier because they don’t see a risk whatsoever. If you a have a mild case of asthma with rare attacks, not requiring hospitalization, without steroid use and under good control with an inhaler or pill. Then you can qualify for preferred rates at ease.
Moderate Asthma
More frequent attacks requiring stronger medications and occasional steroid treatment. You might also have been hospitalized a few times. In this case, most applicants will be offered standard rates. Which is still great!
Severe Asthma
Let’s say your asthma condition requires ongoing steroid treatment, multiple prescriptions with more frequent hospitalizations. Then you have severe asthma. It is very common to have difficulty breathing in between attacks, hence the higher frequency in hospital visits. In this case, you are more likely to get substandard rates ranging from table 6 to a decline.
Life insurance with Asthma Outcomes
As we mentioned before, your life insurance company will assess your premium amounts when you are put in a health classification. The following are the health classifications and depending on your specific health and history you will be put in one of these categories and afterward you will know how much your premiums will be.
Preferred Plus/ Preferred- Usually, this rate class is given to those who are super healthy and have no medical conditions. They don’t have a family history of serious illness and are the perfect height/weight. This health class is one of the hardest to obtain and having sleep apnea it will be very difficult to get this rating unless you are very healthy.
Standard Plus/ Standard- This is a more common rate class that is given to someone who might have a family history, they have an existing medical condition, and their built doesn’t qualify for the preferred class. This rate class wouldn’t be impossible at all for you to attain with sleep apnea.
Substandard- This rate class has many tables in it that go from table 1 to table 10. Each table has a 25% increase in the premiums charged. The kind of person that would get this rate class is usually considered a high-risk client who will have to pay a lot more in life insurance and the higher the table number the more your premiums will cost.
Why you should work with an independent life insurance agency
By working directly with InsureChance you will have an assigned agent who will be dedicated to your application. Your agent will work hard to find you the best life insurance company who reflects your specific needs, health, and lifestyle. This agent will be available to you throughout the entire application process. Working with an independent life insurance brokerage is important especially since you have asthma. If you didn’t already know, life insurance is a very competitive industry just like many other industries out there. With this being said, life insurance companies are competing with each other to get your service! They differentiate themselves from each other by having their own unique niche. As someone with asthma you need to make sure you are working with a company who specializes in asthma otherwise you won’t be getting the health class you want or the premiums you anticipated. That’s why it’s important to work with an independent life insurance agency, like us, because we are aware of which company specializes in what. Let’s say you decide to DIY, do it yourself, and you end up getting life insurance coverage from company ABC because they have some great products and you like that they give back to their community. However, you didn’t get the health class you wanted nor and now your premiums are higher than expected. You also didn’t realize that company ABC specializes in sleep apnea, and because they specialize in sleep apnea they rated you up. They only understand sleep apnea and not asthma. You need to make sure you are working with a company who understands asthma this way you can get the health class you wanted and low premiums since they understand your condition. Work with us today, it’s FREE!
Getting Life Insurance Quotes with Asthma
If your asthma is mild or moderate you can use our term life quote engine to compare rates with all the carriers. For mild asthma just select a preferred rate class and standard for moderate asthma. Once you get to the actual quote screen, look for these life insurance companies: Genworth, American General and Principal because they are competitive with asthma applicants. Once you spotted the one with the best rate for you between them feel free to request an application. If you would like to run quotes you can do so on our Quotes Page. Severe asthma shoppers will need a custom quote, so please contact us at 888.492.1967 and one of our specialists will provide you with a free quote.
