Getting Life Insurance with Asthma
If you have a preexisting health condition, it is going to be a factor in your eligibility for life insurance. Getting life insurance with Asthma is no exception. But unlike many other conditions it is unlikely to get you denied coverage. To get the best rates possible for someone in your situation though, you are going to need to know what insurance companies are looking at when it comes to asthma, as well as what you can expect.
You can begin comparing rates between insurance companies at any time using our convenient online quote form, but in the meantime, continue reading to learn more about getting life insurance when you have asthma.
Getting Life Insurance with Asthma
What are the insurance companies looking at?
Before your insurance application is submitted, we will talk with you about your asthma (and health history in general) to get a better idea of what kind of policy you will be able to get. We work with over 60 different life insurance companies, so this will also help us determine which companies may be the best choices for you. In general, you should be prepared to answer the following questions:
When were you first diagnosed with asthma (date)?
What is the severity of your condition, and how frequent are your asthma attacks?
What are your current asthma symptoms?
Are you currently on any medication?
If on medication, what kind is it and how often are you supposed to take it?
Do you take your medication as prescribed (are you current)?
Have you ever been hospitalized due to your asthma? If so, when?
Does your asthma limit any of your activities?
Do you smoke or have you ever smoked? If you have smoked but quit, how long ago did you quit?
Do you have any other health conditions? If so, what are they?
Keep in mind that the more honest you are about your condition, the better we are able to find a life insurance policy that is the perfect fit for you.
Life Insurance Health Ratings with Asthma
The exact kind of rates you will be able to get will be determined by a number of factors, including the insurance company you are applying with. Life insurance premiums depend on health ratings determined by your condition, with Preferred Plus being the best (the cheapest) and Substandard or “Table Ratings” being the worst (the most expensive). These ratings go on either a numbered or a lettered scale, with the price increasing with each digit/letter. Take a look at the following examples:
If you have never been hospitalized for your asthma and your condition is mild, you are able to get Standard or better ratings with American General. However, if you have a more severe condition and/or have been hospitalized for it in the past, you will likely be offered Substandard “Table” ratings.
If your asthma is well controlled and you are on no more than two forms of medication, Banner Life will typically qualify you for Preferred rates. More severe cases (such as those with a history of hospitalization) can still get approved for coverage, but it will generally be Substandard ratings.
The best rates you can get with asthma with Banner Life are actually Preferred Plus, but this is generally only for those mild cases that are caused by outside, somewhat controllable factors like exercise or change of seasons.
If your asthma is mild or is slightly more severe but under good control with medications/an inhaler, you may qualify for Preferred Plus rates with Genworth Life Insurance. However, you should know that if you are indeed using medications or an inhaler, you can only qualify for these low rates if your condition has been declared stable for no less than five years.
Mutual of Omaha
If your asthma is mild, you may be eligible for Preferred Plus rates with Mutual of Omaha. If your asthma is considered moderate, you will mostly be considered for Standard rates. If your asthma is severe and/or chronic, you can expect to get Substandard rates, usually at Table 2 or higher (it will depend on your treatment, symptoms, frequency of attacks, etc.
If you would like more information on getting life insurance with asthma, please give us a call at 888-411-1329. Even if your Asthma is more severe, we specialize in “high risk life insurance” and we look forward to helping you get the best rates available to you.