Asthma is one of those “types” of medical conditions. The severity of one’s condition can vary significantly from one patient to the next, leaving some wondering “why” certain life insurance companies may be so concerned about their diagnosis.
Now, for those…
Who suffer from severe asthma attacks or know someone who does, this simply is not the case. Individuals like this understand fully why an insurance company might be concerned about this condition and how it might affect the outcome of their life insurance application. This is why we wanted to take a moment to address some of the most common questions we receive from applicants applying for life insurance with Asthma and discuss what the application process might look like for them.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been diagnosed with Asthma?
- Why do life insurance companies care if I’ve been diagnosed with Asthma?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- How can I help ensure I get the “best life insurance” for me?
So, let’s dive right in!
Can I qualify for life insurance after I’ve been diagnosed with Asthma?
Yes, it is possible to qualify for life insurance after being diagnosed with Asthma. However, the type and amount of coverage you may qualify for can be impacted by the severity of your Asthma, age, and other factors.
Life insurance companies will typically ask you questions about your Asthma, such as when you were diagnosed, what medications you take, and how frequently you experience symptoms. They may also request information from your medical records, including any hospitalizations or emergency room visits related to your Asthma.
If your Asthma is well-managed with medication and you have not had any recent exacerbations or hospitalizations, you may qualify for a standard or preferred rate. However, if you suppose Asthma is more severe and requires frequent hospitalizations or the use of oral steroids, you. In that case, they may be classified as a high-risk applicant and offered a substandard or “rated” policy with higher premiums.
It’s important to note that each life insurance company has its underwriting guidelines, so it’s a good idea to work with an experienced insurance agent to help you find the best policy and rates based on your circumstances.
Why do life insurance companies care if I’ve been diagnosed with Asthma?
For folks who know what it’s like to have suffered from a severe asthma attack, wondering “why” a life insurance company might be interested in the fact that an individual has been diagnosed with Asthma isn’t something they have to spend all that much time thinking about.
This is because…
They need to understand the seriousness of this condition and how dangerous it can be when not managed properly. After all, according to AsthmaMD.org, nearly 11 Americans die from Asthma each day, totaling over 4,000 each year. It’s also theorized that Asthma may play a contributing factor in the death of an additional 7000 Americans each year as well! Source.
Many of these deaths due to asthma complications could be avoided with proper care and treatment, which is why most life insurance companies will consider one eligible for a traditional term or whole life insurance policy. And, if they see evidence that you are one of those asthma patients who is proactively managing their condition, then your chances of being approved increase dramatically versus someone who is not being preventative.
This is why, before being approved for a traditional term or whole life insurance policy, you should expect to be asked a series of medical questions about your Asthma so that the life insurance underwriter can better understand what “causes” you to suffer from Asthma and how “serious” your condition may be.
Asthma is a pre-existing medical condition that is defined by the narrowing and/or swelling of one’s airways combined with the production of extra mucus, which can be caused by a variety of different factors that are typically used to define the “type” of Asthma one may suffer from including:
- Allergic Asthma,
- Asthma-COPD overlap,
- Exercise-Induced Bronchoconstriction (EIB),
- Nonallergic Asthma,
- Adult-Onset Asthma,
- Occupational Asthma.
What kind of information about your Asthma will the insurance companies ask me or be interested in?
When applying for life insurance with a history of Asthma, insurance companies will likely ask for information such as:
- Date of asthma diagnosis: The insurance company will want to know when you were first diagnosed with Asthma.
- Severity of Asthma: Insurance companies may ask about the seriousness of your Asthma, how often you experience symptoms, and what triggers your asthma attacks.
- Treatment: They will want to know what medications you are taking to manage your Asthma and whether you have ever been hospitalized or required emergency medical care for your condition.
- Frequency of doctor visits: Insurance companies may also ask how often you see your doctor for your Asthma and if you have been following the recommended treatment plan.
- Lifestyle factors: Insurance companies may ask about your smoking habits and other lifestyle factors that could potentially worsen your Asthma.
This information will help the insurance company assess the risk associated with providing coverage and determine what type of policy and premiums they will offer you.
What Health Rating Can I Qualify for with Asthma?
The health rating you can qualify for with Asthma can vary based on the severity of your condition and how well it is controlled. If your Asthma is mild and well-controlled with medication, you may be able to qualify for a Standard health rating, which is the average health rating given to most applicants.
However, if your Asthma is more severe or poorly controlled, you may be classified as a higher risk and may only be able to qualify for a Substandard health rating. This means you may have to pay higher premiums for your life insurance policy.
The health rating you can qualify for will depend on several factors, including the frequency and severity of your asthma symptoms, any hospitalizations or emergency room visits related to your Asthma, and any other health conditions you may have. Working with a knowledgeable life insurance agent who can help you understand your options and find the best policy for your needs is important.
How can I help ensure I get the “best life insurance” for me?
There are several things you can do to help ensure that you get the best life insurance coverage possible after being diagnosed with Asthma:
- Work with an experienced and reputable insurance agent: A knowledgeable agent can help you understand your options, identify insurers who specialize in coverage for individuals with Asthma, and navigate the application process.
- Be upfront and honest about your Asthma: Disclose all relevant information to the insurer, including any medications you are taking, your treatment plan, and any related health complications.
- Maintain a healthy lifestyle: Adopting a healthy lifestyle can help you manage your Asthma and reduce the risk of complications. This includes exercising regularly, avoiding triggers, and following a healthy diet.
- Follow your treatment plan: Consistently following your treatment plan and attending regular check-ups with your doctor can help demonstrate to insurers that you are proactively managing your condition.
- Consider a medical exam: Undergoing a medical exam can give insurers a more accurate picture of your overall health and asthma management, increasing your chances of getting approved for better rates.
- Compare quotes: Don’t settle for the first policy you come across. Shop around and compare quotes from different insurers to ensure you get the best coverage at the most competitive rate.
Frequently Asked Questions (short answers):
Can I qualify for life insurance if I have Asthma?
Yes, it is possible to qualify for life insurance if you have Asthma. However, the type and amount of coverage you may qualify for can be impacted by the severity of your Asthma and how well it is being managed.
What kind of information will the insurance companies ask me or be interested in regarding my Asthma?
Insurance companies will want to know the severity of your Asthma, any medications you are taking to manage it, and how often you experience symptoms or require medical treatment.
What health rating can I qualify for with Asthma?
The health rating you can qualify for with Asthma will depend on several factors, including the severity of your Asthma, how well it is being managed, and your overall health. Individuals with well-controlled Asthma may qualify for a Standard rating, while those with more severe Asthma may only be eligible for a Substandard or High-Risk rating.
Will I have to pay higher premiums if I have Asthma?
Possibly. Individuals with Asthma may be considered higher risk by life insurance companies, which can result in higher premiums. However, if your Asthma is well-managed and you can demonstrate that you are taking steps to control it, you may qualify for lower premiums.
What can I do to ensure I get the best life insurance policy for me with Asthma?
To ensure you get the best life insurance policy for your Asthma, you must work with an experienced insurance broker who can help you navigate the application process and find the right policy for your needs. It would be best if you also focused on managing your Asthma well and providing the insurance company with any medical records or documentation demonstrating your efforts to control your condition.
Can I get life insurance if I use an inhaler?
Yes, individuals who use an inhaler can still qualify for life insurance. However, the insurance company may ask about the frequency of use and the severity of your asthma symptoms.
Will I need to take a medical exam to get life insurance with Asthma?
It depends on the type of policy you apply for. Traditional term or whole life insurance policies generally require a medical exam, while some no-exam policies may be available but may have higher premiums.
Will my premiums be higher if I have Asthma?
Your premiums may be higher if you have Asthma, particularly if it is not well-controlled or if you have a history of severe asthma attacks. However, each case is unique, and factors such as age, overall health, and lifestyle habits will also be considered.
How can I improve my chances of getting affordable life insurance with Asthma?
The best way to improve your chances of getting affordable life insurance with Asthma is to manage your condition well. This includes regularly taking prescribed medications, following your doctor’s treatment plan, and avoiding triggers that can worsen your asthma symptoms. You may also want to work with an experienced insurance broker who can help you navigate the application process and find the best policy for your needs.
Can I still get life insurance if I have been hospitalized for Asthma in the past?
Yes, you may still qualify for life insurance if you have been hospitalized for Asthma. However, the insurance company may ask for more information about the circumstances surrounding your hospitalization and consider it a factor when determining your premiums and health rating.