Last Updated: September 2020
Looking for low life insurance rates while dealing with Asthma? It can be an easy task if you just find the right insurance company. Sound daunting? It doesn’t have to be.
While asthma is considered high-risk life insurance, you still have excellent chances at great rates.
Most individuals in your situation often present us with questions regarding getting approved for life insurance with asthma or if they can be approved for coverage at all.
Asthma is a very common impairment affecting nearly 5% of the US population and each life insurance company is going to look at your asthma differently.
To cover this topic and give you a full look into obtaining life insurance with asthma the easy way, we have broken down the steps and information you need to understand in the following manner:
- Can You Get Life Insurance with Asthma?
- The 4 Classes of Asthma that Life Insurance Companies Evaluate
- Underwriting: What Life Insurance Companies Will Ask About Your Asthma
- The Best Life Insurance Companies for People with Asthma
- How to Apply for Life Insurance with Asthma
After more than a decade of working with high-risk individuals including consumers who are currently diagnosed with asthma, here is some quick insight I can provide you on this topic.
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Obtaining life insurance with asthma is possible and often you can obtain coverage at excellent rates. To be approved for life insurance with asthma, the life insurance company will inquire into the severity of your asthma, the current treatment being provided, and secondary risk factors that may include smoking, your weight, and other underlying health conditions.
Can You Get Life Insurance with Asthma?
Yes! If you currently have asthma and are looking for life insurance, do not worry. The process is much easier than you might believe. Depending on your circumstances, you still have an excellent chance at being approved for coverage at excellent rates.
Asthma is a disorder that impacts the airways and will cause the lungs to swell. Most individuals with asthma will have issues with a tight chest, shortness of breath and if the asthma is severe, it may even require breathing treatments.
Infrequent asthma attacks or seasonal asthma is one thing when applying for life insurance, but depending on the actual diagnosis you are facing, it may become challenging at times to go through the underwriting process for life insurance.
The first thing you need to understand is that life insurance companies love classifying data and health conditions to help them evaluate your overall risk.
Asthma is no different.
The 4 Classes of Asthma that Life Insurance Companies Evaluate
- Seasonal Asthma: Generally occurs a few times every year, typically with the changing of seasons. Medications can be prescribed and you can still qualify for Preferred Plus rates (best rates available)!
- Mild Asthma: Infrequent attacks that don’t require hospitalizations and are treated easily with inhalers or oral medications can qualify for Preferred and in some cases Preferred Plus rates.
- Moderate Asthma: More frequent attacks that will occasionally result in a hospitalization. Moderate asthma typically can require steroid-based inhalers or nebulizers. Standard rates can be expected with some carriers. However, if it’s been over 5 years since a hospitalization and you are using medications on an “as-needed” basis, we can secure preferred offers.
- Severe Asthma: Frequent attacks that require regular hospital visits treated with medications including steroids. This will be considered a sub-standard risk and rates will be based on a number of factors that we’ll list below.
Keep in mind that it matters significantly what life insurance company you choose to use and work with.
Here is an example.
Last week we helped someone with mild asthma that takes 2 medications. He had recently received a “Standard” offer from a very reputable company.
We were able to secure “Preferred Plus” rates and save him over 20% on his payments. We simply used the right company for his situation.
Underwriting: What Life Insurance Companies Will Ask About Your Asthma
As agents ourselves we know that matching a client with the correct carrier is key. To start that process we have to ask some questions on your current asthma situation and how it developed over the years.
Questions you can expect include the following:
- Date of diagnosis?
- What type of asthma has been diagnosed?
- Do you know what leads to asthmatic attacks?
- What is the frequency of attacks? Last year, the last 2 years and the last 3 years?
- Have you ever been hospitalized from an asthma attack? If so, date? How long in the hospital? Circumstances?
- What medications are you taking? Dates used? Quantity? Frequency?
- Do you currently smoke? Have you in the past? (details)
If you’ve been speaking with other agents and none of them get your details on the situation, then politely walk away. They’ll only be guessing when you get a quote and it could be way lower than what you end up paying.
Once we talk with you, we’ll take your answers and match them up with the over 60 companies we represent, giving you a great chance to find a low-cost plan.
No Medical Exam Life Insurance with Asthma Options
If you have moderate, mild, or seasonal asthma, we can secure your life insurance without a medical exam.
Keep in mind, asthma life insurance rates with no exam will be a little more expensive than taking the exam, but it’s an easier process.
We’ve obtained very affordable life insurance rates for those with asthma and other respiratory issues. Our experience in underwriting asthma is second to none and we’d love to work with you.
We’ll provide the information you need to make an informed decision.
What We Typically See Helping Individuals with Asthma Secure Life Insurance
With consumers looking for life insurance with asthma, we typically see some common trends. Individuals who are healthy outside of having asthma and have active lifestyles tend to get approved with no hesitation at great rates.
This includes individuals who don’t have secondary medical conditions in addition to their asthma such as high blood pressure or weight-related problems.
On the flip side, we typically see individuals who do have secondary medical conditions or more severe asthma have to settle for higher rates.
Something to keep in mind anytime you apply for life insurance is to always remember the reason you are applying in the first place.
Sure, sometimes the cost is more. However, does this automatically change the fact that your family needs to pay off your home if you pass away? If you get approved at higher rates and you are confident it is the best offer, you should take it.
Clean up your lifestyle, diet, and exercise or quit smoking and then re-apply. Your family is depending on it.
The Best Life Insurance Companies for People with Asthma
Asthma is one of those medical conditions that does not necessarily have a life insurance company that specializes in offering low rates.
It is more of a condition that is fully-driven by your overall health and severity of the asthma.
In general, if you are looking for no-exam coverage with asthma, you can consider popular options with reputable companies such as:
On the flip side, if you are okay with completing the medical exam, other companies may be fantastic for your situation such as Prudential or Protective Life.
Do Not Ignore Other Options For Life Insurance If Necessary
Something that you need to keep in mind when you begin applying for life insurance is that declines do happen.
Sometimes, a reputable high-risk life insurance agent can certainly help you to continue pushing for traditional coverage and shop your case with other carriers, and sometimes a decline is not a permanent outcome. Whether you have asthma or not.
Sometimes, you just need to wait a bit longer before applying. Especially if you have had a recent hospitalization or other issues.
This is when you need to realize that you have other options to protect your family in the meantime such as guaranteed issue life insurance. Sure, the coverage is not in full effect for two years but, you are working towards that 2-year full coverage mark while earning interest on your premiums paid. If anything did happen to you in the meantime, you are provided all of your premiums back.
Talk with your high-risk life insurance broker about these options available to you and consider companies such as AIG or even Gerber Life Insurance.
Both offer some of the best guaranteed issue products available that require no health screening in order to be approved for coverage.
How to Apply for Life Insurance with Asthma
Anytime you apply for life insurance with a medical condition such as asthma, you have steps you can take to make the process much easier on yourself and give you a better chance towards your approval.
First, it is imperative that you are always following doctors’ instructions and visiting your doctor as needed and recommended.
Having a detailed timeline about your asthma and clean medical records is only going to help that much more.
This, in addition to understanding that all relevant medical information needs to be relayed to your agent in a comprehensive manner, is going to allow your agent to effectively piece together your information and find the life insurance company most likely to approve you at excellent rates.
Work with an Independent Life Insurance Agent
Obtaining life insurance with asthma is 100% possible. If you take the few extra minutes to work with an independent life insurance agent that can present you with dozens of options, your chances of being approved for coverage at great rates improve dramatically.
Not to mention, realizing you always have secondary options is always a way to add additional protection for your family and loved ones.
Compare rates with multiple companies before ultimately settling for the first offer presented to you to find the most robust coverage at the lowest possible rates.
This is great information that needs to be shared. Thanks for posting it! Those who suffer are always looking for their best options…