Everything You Need to Know About Asthma Life Insurance

Asthma is a chronic respiratory condition affecting millions of people. It can make breathing difficult and, in severe cases, life-threatening.

Like anyone else, people with asthma deserve affordable life insurance coverage for themselves and their families. However, finding the right policy can be daunting.

This comprehensive guide will help you understand asthma life insurance, its impact on rates, and how to find the best policy.

The Impact of Asthma on Life Insurance Rates

Asthma can affect life insurance rates, as it’s a pre-existing condition.
As a result, insurers view people with asthma as higher-risk clients, which may increase premiums.

Other health conditions such as build, heart conditions, diabetes, or factors such as smoking will affect your rate.

Asthma Underwriting

Asthma severity levels can impact your life insurance eligibility and your premiums.

Life insurers classify asthma as follows:

Mild asthma – Individuals with mild asthma may experience symptoms a few times per week and occasional nighttime symptoms.

While physicians may classify your mild asthma as intermittent or persistent, underwriters treat both the same.

They generally have a good prognosis and can secure life insurance at standard plus and sometimes preferred rates.

A preferred best rate class may be available for those with exercise-induced asthma.

Moderate asthma – Individuals with moderate asthma experience daily and nighttime symptoms.

Life insurance is readily available, with underwriting outcomes in the “standard – standard plus” rate classes.

Severe asthma – Those with severe persistent asthma have continuous symptoms.

Life insurance coverage for these individuals is more challenging but not impossible to obtain.

Most underwriting offers will have a table rating assigned to the policy, increasing its price.

Other health conditions have a significant negative effect on underwriting offers.

Smoking and Asthma: Understanding the Impact on Life Insurance

Smoking cigarettes can significantly impact life insurance rates for asthmatics.

Life insurance companies do not like it when you have asthma and still smoke.

Insurers will charge you higher premiums and may decline coverage for those with moderate to severe asthma.

Tips for Finding the Best Life Insurance Policies for Asthma

Finding the right life insurance policy as an asthmatic can be challenging. Still, you can secure the necessary coverage with some research and preparation.

Here are some great tips for finding your best policy:

  • Work with an experienced insurance agent – (hint, hint) We’ve been helping people with asthma since 1998 to get the coverage you need at an affordable price!
  • We shop the market using a quick quote summarizing your medical history. Then, getting underwriting feedback from all companies specializing in asthma takes just a few days.
  • Provide your complete asthma history – It helps us provide accurate life insurance quotes.
  • Maintain a healthy lifestyle: Leading a healthy lifestyle can help you secure better life insurance rates. For example, regular exercise and avoiding smoking will help you with underwriters.
  • Stay up-to-date with your asthma treatment: Regularly scheduled visits with your healthcare provider show life insurers that you are taking steps to be healthy.

Top Life Insurance Companies for Individuals with Asthma

Some life insurance companies are more asthma-friendly than others and may offer better rates or specialized policies for asthmatics.

While the best company for you may vary depending on your specific circumstances, some reputable insurers to consider:

  • AIG – Corebridge Financial
  • Banner Life
  • John Hancock
  • Lincoln National
  • Mutual of Omaha
  • Protective Life
  • Prudential
  • Transamerica

We work with all these companies and many more to ensure you get your best rate based on your medical history.

Understanding the Medical Underwriting Process for Asthmatics

Medical underwriting is the process insurance companies use to assess an applicant’s health risk and determine their eligibility for coverage and premium rates.

Life Insurers look at the following:

  1. Your age at the time of diagnosis and your current age.
  2. The severity of your asthma – mild, moderate, severe
  3. Frequency of asthma attacks or exacerbations
  4. Hospitalizations
  5. Medications used and compliance with taking meds.
  6. Other health issues – obesity, heart, diabetes, lupus, etc.
  7. Tobacco use, if any.

Each life insurance company has underwriting guidelines, so comparing policies and rates from multiple insurers is crucial to finding the best coverage for your needs.

Asthma Life Insurance Rates

The life insurance rate you can expect to pay will depend on how severe your asthma is, the medications you take, and how well your asthma is controlled.  

Mild Asthma – A few life insurance companies are available where a preferred life insurance rate may be possible.  

Banner Life, for example, will consider preferred rates for “clients with asthma on two medications or less (well controlled).”

Moderate Asthma: The right life insurance company will typically offer a standard life insurance rate.  

Severe Asthma – This will be case by case, but many cases will be rated as a “standard table 2” rate to a “standard table 4” rate.

Each table rating adds a 25% increase to the price of a standard rate. 

We’ll get you to the best life insurance company based on your asthma information.

Allergy-Related – From an underwriting standpoint, allergy-related asthma is underwritten according to the severity of the asthma and the treatment. 

If truly seasonal and related to allergies, the best life insurance rates may be available.

Final Thoughts

There is no pressure or obligation with our service. 

We shop for insurance companies specializing in asthma to get you the best life insurance rates.

At RiskQuoter.com, our service is a no-pressure, no-obligation service.

We’ll give you the information you need to decide about your life insurance.

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