Life Insurance with Asthma.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been diagnosed with asthma.
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?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’ dive right in!
Can I qualify for life insurance after I’ve been diagnosed with asthma?
Yes, individuals who have been diagnosed with Asthma can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, they may even be able to qualify for a No Medical Exam Life Insurance Policy at a Preferred rating!
The problem is…
That because having “asthma” can vary so significantly from one individual to another, most of the best life insurance companies that you’ve heard of are going to want to know a lot more about an individual’s “asthma” prior to making any kind of determination about their life insurance application.
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 serious 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…
For them, the understand the seriousness of this condition and understand how dangerous this condition can be when not managed properly. After all, according to AsthmaMD.org, nearly 11 Americans die form asthma each day, totally 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!
Many of these deaths could be avoided with proper care and treatment which is why most life insurance companies will still consider one eligible for a traditional term or whole life insurance policy provided that they see evidence that you are one of those asthma patients who is proactively managing their condition.
This is why…
Prior to 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 gain a better understanding about what “causes” you to suffer from asthma and how “serious” your condition is.
Asthma is a pre-existing medical condition which is defined by the narrowing and/or swelling of one’s airways combined with the production of extra mucus which can be caused due to a variety of different factors which 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 will the insurance companies ask me or be interested in?
- When were you first diagnosed with Asthma?
- Who diagnosed your Asthma? A general practitioner or a specialist?
- What symptoms (if any) led to your diagnosis?
- Difficulty breathing?
- Chest pain?
- Coughing and wheezing?
- Difficulty sleeping?
- Have you been prescribed any medications to help you treat your condition?
- If so, have any of your medications changed in any way over the past 12 months?
- When was the last time you suffered from an Asthma attack?
- How many (if any) Asthma attacks have you suffered from in the past 12 months?
- Have you ever had to visit the hospital due to an attack?
- In the past 2 years have you had to visit a hospital for any reason?
- What is your current height and weight?
- In the past 12 months, have you used any tobacco or nicotine products?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
Now at this point…
We do like to remind folks that we here at IUSA are not medical doctors, nor to we claim to have any medical expertise whatsoever! All we are is a bunch of life insurance agents who just happened to be really good at helping folks with a wide variety of different pre-existing medical conditions find and qualify for the life insurance that they are looking for.
Which means that…
If you have any specific medical questions or are looking for any kind of medical advice, we would not be the one’s that you would want to look to for answers! In cases like these, what you’ll want to do is contact a local medical professional and direct all your questions to him or her.
If you’re just looking for help finding the “best” life insurance policy that you’ll be able to qualify for, the good news is you’ve come to the right place because that is exactly what we are good at!
What rate (or price) can I qualify for?
Now as you can see, there are a lot of variable that can come into play when determining what kind of “rate” an individual might be able to qualify for. This is why, it’s pretty much impossible to know for sure what kind of “rate” you might be able to qualify for without first speaking with you for a few minutes. That said however, there are some “assumptions” one can make that will generally hold true and at least give you a general idea about how a life insurance underwriter is likely to view an individual’s application after they have been diagnosed with Asthma.
Generally in order for an individual who has been diagnosed with Asthma to be able to qualify for a Preferred rate, he or she will need to be in excellent health and only be defined as a “mild” case not requiring any medications to treat their condition and never having to actually visit a hospital due to an asthma attack.
This may describe a lot of folks who suffer from Asthma, it’s certainly going to exclude a whole bunch too. The good news is that these super strict guidelines will only apply to those who can qualify for a Preferred rating which is a pretty difficult rate to qualify for even without having been diagnosed with Asthma in the past.
For the rest…
Of the population suffering from Asthma who may be taking one or two different medications to help them treat their condition or may have had to visit a hospital in the past, it’s still quite possible that you may still be able to qualify for a traditional term or whole life insurance policy. Heck, you may still be able to qualify for a Standard or Standard Plus, you’re just going to need to know “which” life insurance company is the most likely to be the “best” for you!
Which brings us to the last topic that we wanted to take a moment and discuss which is…
What can I do to help ensure that I get the “best life insurance” for me?
There are basically three things that you can do to make sure that you increase your chances at being able to find the best life insurance policy that you can qualify for. The first thing that you can do is make sure that you choose to work with a life insurance agent that fully understands your condition and knows what a life insurance underwriter will be looking for when making their decision about your application.
The second thing…
That you’re going to want to do is make sure that the agent that you choose to work with has access to dozens of different life insurance companies. After all, even the best life insurance agent in the country isn’t going to be all that great for you if he or she doesn’t have access to the policies or companies that are going to be the most “lenient” towards individuals who have been diagnosed with Asthma… right?
You want to make sure that you choose a life insurance agent that is really good at explaining things. And by explaining things we mean that you want to make sure that your life insurance agent not only explains the “type” of life insurance options that will be available to you but also why one life insurance company might be better for you than another.
This will include…
Explaining things like:
- What “type” of life insurance policy you may be considering.
- How long the policy will stay in force.
- What the price will be, and will that price ever change?
As well as…
“What additional features, one policy may have that another one won’t”.
The reason why…
We like to stress this point here at IBUSA is because you would be amazed at how often folks will simply choose the least expensive option not realizing that they are missing out on a lot of additional “features” that could become quite important to them later on. This is particularly disheartening when the price difference may only be a few pennies a day!
But don’t fret…
Because now you know and should you decide to give us a call, you’re not going to have anything to worry about!
Now will we be able to help out everyone who has been previously diagnosed with an Asthma?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Top Rated Final Expense Insurance Companies as well so that in the event that someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for.
So, if you’re ready to see what options might be available to you, just give us a call!