Category: Life Insurance Blog
Affordable Life Insurance with Asthma
October 3, 2017 Richard Reich
Something quite interesting about today’s life insurance market is that very few people pay more premium for being affected by asthma. In the grand scheme of things, only the worst cases of asthma are rated sub-standard by most life insurance companies. Yes, there is affordable life insurance with asthma.
When someone is shopping for life insurance coverage, one of the most important things is keeping your rate low. In order to make this happen, there are a few factors that should be kept in mind. To help with your buying decision, we have the answers you will need.
Purchasing life insurance is one of the most important life decisions that you will make for you and your family. It is vitally important that you ensure that your loved ones have the necessary funds, even if something were to happen to you. A very common misconception in the life insurance marketplace is that simply because an individual may have asthma, they will be forced to pay a much higher premium for the same life insurance coverage. The vast majority of the time, this simply is not the case.
Even with asthma, attaining a preferred rating on life insurance is not out of the question.
Most life insurance companies are very interested in any medical conditions you may have that could potentially shorten your life expectancy. Asthma is no different than any of the other medical conditions that fall into this category. Let’s take a minute and examine some of the many important things to keep in mind when shopping for life insurance with asthma as a key concern.
What Type of Asthma Do You Have?
In the medical community, there are quite a few categories and types of asthma. These are as follows: adult and child onset, exercise-induced, allergic, cough-induced, nocturnal, steroid-resistant, and occupational. The underwriters at any life insurance company will most certainly take an interest in many of the aspects and diagnosis, along with treatments of your asthma condition. However, most insurance companies classify asthma as a mild, moderate, severe, or seasonal condition.
The asthma condition that is classified as seasonal usually consists of very few allergy triggered attacks per year. This classification is also accompanied by an expectation of infrequent usage of mild asthmatic medication. Individuals that suffer from mild seasonal asthma still usually qualify for preferred rates for life insurance premiums.
The classification known as mild asthma is identified by an individual that feels little to no impairment between asthma attacks that take place on an infrequent basis. Also, to qualify as mild, the asthma condition must be treatable with oral medication or inhalers and has to have never resulted in hospitalization. Individuals that have mild asthma that is well-controlled can expect to receive the most favorable life insurance risk class ratings.
When it comes to moderate asthma, attacks may occur more often and be more likely to lead to being hospitalized. Some symptoms of this type of asthma persist between actual attacks, and there could be a need for steroid based medications to be taken. Individuals who suffer from moderate asthma sometimes qualify for standard life insurance rates. As more time passes and the individual becomes less dependent on medication and the time since the individual’s last hospitalization lengthens, the rate the individual receives could move up to a preferred status.
If you are an individual that has spent time hospitalized due to an asthma attack, the insurance company is going to want to know the circumstances surrounding this event, namely, what caused the asthma attack and how long you were hospitalized. The medications you take for your asthma are of the utmost importance to any prospective insurance company.
The carrier will want to know many specific details such as, how frequently you take the medication, what quantity of the medication do you take, and how long you are prescribed the medication. Some medications can have severe and unwanted side effects.
When someone has asthma that is classified as severe, this means the individual is hospitalized on a routine basis because of frequent and extreme attacks. In these instances, medications based on steroids are required for treatment, and there can be much difficulty breathing between asthma attacks. Individuals that are classified as having severe asthma normally receive a higher rating for coverage. The importance of getting life insurance immediately cannot be overlooked, but keep in mind that as your asthma condition improves, your life insurance rating can as well.
Is Your Asthma Under Control?
Your condition being stable and under control is always one of the key factors taken into account by insurers when evaluating clients that have conditions that could “impair” their risk. An impaired risk is an individual with health circumstances that may shorten the individual’s life expectancy. The vast majority of deaths that occur from asthma-related complications can be prevented with the proper care.
It is best to document your doctor’s visits and treatment plan. This can be used by the life insurance company to establish a precedent of you taking care of your asthma condition and your overall health. This will help the life insurance company feel more confident in you living a long life that will not be cut short by a fatal asthma attack.
Are You Smoking Now Or Have You Ever Smoked?
The act of smoking cigarettes with any history of asthmatic complications is a deadly decision. Smoking cigarettes can be a key cause of severe asthma. Severe asthma is a condition in which a patient has become susceptible to severe and potentially fatal asthma attacks which can significantly reduce an individual’s life expectancy. This behavior is going to be unfavorable in the eyes of any underwriting department at any life insurance carrier. If smoking is something you must do even though you have asthma, a guaranteed issue life insurance policy with no health exam or questionnaire will definitely be an avenue that should be explored.
The Bottom Line
There are many things most life insurance companies will want to know about your asthma. This can be anything from how often you have attacks, do you know what causes your particular attacks, how severe your attacks are when they do happen, and how regularly have you had attacks since diagnosed. These factors will play a large part in determining how much life insurance will cost for you. Most applicants only have minor cases of asthma and this usually has little to no affect on how much the individual will pay for life insurance.
Work Only With An Independent Agent
If you would like to ensure that you get the best rate possible, regardless of your situation or circumstance, be sure to go with an independent insurance agent. Independent insurance agents have a multitude of companies to choose from for the best coverage options and rates, contrary to traditional insurance agents. No two insurance companies will use the same underwriting guidelines to evaluate your application. There are companies that will view your asthma in an unfavorable light and because of this, charge more of a premium. It is important that you find the company that fits your needs best. You could spend lots of time calling multiple companies, or you could let the agent do the work and find the best company for your coverage needs. A quality, independent insurance agent can find all the best options and put them at your fingertips.