Someone with asthma might think it’s not much of a big deal to apply for life insurance, and depending on your severity, you may be right. Unfortunately, some cases of asthma are quite severe and finding affordable coverage is a little more difficult.
Life insurance with asthma is a matter of discovery up front, making sure we have as much information about you as we can. From there, it’s an easier decision of picking the right life insurance company to work with to get the most affordable price.
If you have asthma and you’re either looking to buy a policy or looking to save money on the policy you already have, we’re here to assist you.
Asthma is a chronic inflammatory disease which can be caused by both genetic factors as well as things in your environment. It can start early in life or be developed over time, as well as worsen over time if certain precautions aren’t taken. Because it is both chronic and can get worse, life insurance with asthma is harder to get as a carrier sees it to be a higher risk than someone who has no issues breathing.
While asthma is a concern directly, there are other health concerns which surround someone who is asthmatic as well. Someone who has had asthma for a long time is more susceptible to other health conditions like rhinosinusitis and sleep apnea. If this matches your particular case, these are seen as additional risks and will be accounted for while you’re in underwriting.
Before we drill down on the many different aspects of your asthma which the underwriters will be seeking, let’s talk about the different ratings (and ultimately, costs) which will be available to you. Life insurance with asthma is largely dependent on severity, as we mentioned, and this will be the starting point for you.
Here are the different rating classes you might fall into:
Preferred Plus (Highest Tier)
Yes, you can get the highest possible rates available when applying for life insurance with asthma, but your asthma would need to be, at most, a seasonal case. These rates are usually obtainable to someone who also only has visible symptoms while exercising or performing difficult laboring tasks. If you have a mild case but your asthma has been under control for at least 60 months, you may receive an exception for this category. This category yields the lowest rates available.
If you have a seasonal or mild case, yet you require regular maintenance of some kind (low dose medication, or very occasional use of an inhaler) you can expect to be granted preferred rates. These are some of the more common rates we see when you apply for life insurance with asthma when a person is sensitive to environmental triggers, such as dust, minor irritants or allergies. This category is still among the cheapest rates in the marketplace.
Applicants who are considered to be dealing with mild to moderate cases of asthma, usually involving regular medication and inhaler use can be eligible for standard rates. Standard rates are representative of the average person. If your asthma affects you on a daily basis, of if you have asthma coupled with another health condition, this is probably the best rate you can expect.
A sub-standard rating, when purchasing life insurance with asthma, is reserved for those who endure moderate to severe asthma. This would mean regular medication and inhaler use, in addition to several symptoms, possible hospitalizations, and possible uncontrolled asthma. Medications such as steroids to assist solely with your asthma will likely put you in this category. Sub-standard rates are some of the more expensive rates, but they are still cheaper than the guaranteed issue options.
Simply having a seasonal to mild case of asthma, while it may help, will not automatically make you a contender for preferred or preferred plus when purchasing life insurance with asthma. There are quite a lot of additional factors which will need to be reviewed. Here are questions you’ll need to answer for us before we can determine the most accurate quotes for you:
It might seem like quite a long list, but each item could sway a rating up or down depending on the level of control or if it’s absent.
One of the major factors we haven’t touched until this list of questions is smoking. A history of smoking can be attribute a large amount of risk. If you currently smoke or have recently, you can expect to be asked additional questions about your current or past use. How long you’ve smoked for, the dates of your last use, and others all make a difference.
Pulmonary function test results are another big player for applying for life insurance with asthma. If you only have seasonal to mild asthma, you may have only had these performed once (or even none at all), but updated results are crucial for someone who deals with a more moderate to severe case of asthma. These are largely to supplement the underwriters determination of control. The more control you have over your asthma, the better.
Finally, your BMI (body mass index) can have an immediate affect on your possible rating outcome, as well. If your BMI is considered overweight to obese, you will not be eligible for discounts. A standard rate will be your best case scenario, and anything other than a seasonal to mild case will probably put you into the sub-standard category.
The last thing you need to know relates to the insurance carriers themselves. Not all carriers have the same underwriting guidelines when it comes to life insurance with asthma. Depending on the different scenarios at play, we’ll recommend to you different carriers. Our goal is to get you the lowest possible rates, every single time.
If you’re looking to buy life insurance with asthma and you have additional questions, feel free to contact us, or go ahead and grab yourself a quote to get started. We’ll be happy to discuss with you your options and get you paired with an appropriate carrier today.