It is commonly believed that people with pre-existing conditions, such as asthma, generally pay higher premiums than individuals who do not.
Depending on the severity of the condition, obtaining life insurance coverage can be slightly more challenging.
Although this information may be disheartening for some, the insurance professionals at Claybrooke can help individuals with pre-existing conditions obtain affordable life insurance coverage that fits all their needs.
Commonly Asked Questions About Life Insurance With Asthma
1. Can you qualify for life insurance if you have asthma?
Yes. Most people with asthma can qualify for life insurance. Approval depends on how well the condition is controlled, how often symptoms occur, and whether there have been recent hospitalisations or severe attacks.
2. Does asthma increase life insurance premiums?
It can, but not always. Mild or well-controlled asthma often qualifies for standard or near-standard rates, while moderate to severe asthma may result in higher premiums due to an increased underwriting risk.
3. What information do insurers look at when underwriting asthma?
Insurers typically review age at diagnosis, frequency and severity of attacks, medications used (such as inhalers or steroids) and smoking status.
4. What type of life insurance is best for someone with asthma?
Term life insurance is often the most affordable option for people with controlled asthma.
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Asthma Defined
Asthma is defined as inflammation of the airways, specifically the bronchi. These tubes transport oxygen to and from the lungs.
In an individual with asthma, these airways become inflamed when they come into contact with an irritant, such as pollen or other airborne particles.
During an asthma episode or attack, the individual’s chest may tighten, making it difficult to breathe; these symptoms may vary in severity.
The exact cause of asthma is unknown, but several theories exist about how it develops.
Some theories link the onset of asthma to environmental factors, and others believe a combination of family history and environmental factors plays a role.
Some professionals believe asthma is linked to other conditions, such as eczema or allergies.
Regardless of how asthma develops, there are many ways to control asthma symptoms during an attack.
Although there is currently no complete cure for this condition, there are several different treatments and medications available to help control the symptoms and even prevent asthma attacks.
Specific medications, lifestyle changes, and research on an individual’s trigger irritants can all help prevent episodes and alleviate symptoms.
Common treatments include reliever inhalers, preventer inhalers, and oral steroids.
How a Life Insurance Application Can Be Affected by Asthma
Most insurers, if not all, look closely at an individual’s medical history when considering a life insurance application.
If a pre-existing condition, such as asthma, is present, insurers will dive into the severity of the illness and how well the individual manages their condition.
Since asthma is a common condition and generally easily manageable, insurers will rarely raise rates for individuals with this condition – “standard term” policies are usually granted in these cases.
Click To Compare QuotesIf asthma is not well managed or the symptoms are severe enough to have led to a hospital visit in the past two years, life insurance companies may grant “rater premiums” instead of the usual standard terms.
Because the risk of a claim is higher for individuals with severe or unmanaged asthma, insurers generally charge higher rates to cover this risk.
If there is insufficient information to make a definitive decision, insurers may ask the applicant for more information regarding their condition.
Although obtaining life insurance for a pre-existing condition such as asthma may be overwhelming, Claybrooke’s insurance professionals can help these individuals obtain coverage easily.
Our insurance consultants can explain different policies and help you find the best coverage for the best price.
Having a life insurance policy can help bring peace of mind to many individuals, especially those with pre-existing conditions, and Claybrooke is here to help.