As a pre-existing health condition, asthma can have a negative impact on your rates and coverage options for life insurance. And while it may affect the cost of your premiums, it is possible to find coverage within your budget. Here’s what to know about life insurance for people with asthma.
Does asthma affect my life insurance rates?
During the underwriting process, a variety of factors are used to determine your life insurance rates such as your age, gender, driving record, hobbies, medical history, current health, and more. The more of an insurance risk you are when it comes to your health—which could include your asthma—the higher your premiums will be.
Underwriting Life Insurance Policies for Those with Asthma
Life insurance companies take several variables into account during the underwriting process for individuals with asthma, including severity, over control, compliance with prescribed medications, the number of exacerbations, and the need for short acting medications and oral corticosteroids.
Life Insurance Health Classifications for Asthma
The following is an example of how life insurance companies may classify an applicant’s asthma:
- Any number of inhalers
- One continuous oral medication, but no steroid
- No injections of epinephrine/adrenaline
- Short course tapering oral steroid up to 1 per year
- No hospitalization for asthma or other respiratory disease in the past 2 years
- Mild Persistent
- Any number of inhalers
- Any number of continuous oral medications, but no steroid
- Injections of epinephrine /adrenaline, less than or equal to 4 per year
- Short course tapering oral steroid, less than or equal to 2 per year
- No hospitalization for asthma or other respiratory disease in past 1 year
- Moderate Persistent
- Any number of inhalers of any kind, including steroids
- Any number of continuous oral medications, which may include low dose oral steroid
- Injections of adrenaline, less than or equal to 5 per year
- Short course of aerosolized (nebulized) bronchodilator up to 5 per year
- Short course oral steroid boost, less than or equal to 4 per year
- No hospitalization for asthma or other respiratory disease in past six months
- Severe Persistent
- Persistent wheezing or dyspnea that limits activity
- Home oxygen
Best Type of Life Insurance if You Have Asthma
It’s always important to shop around for life insurance, as insurers vary in the way rates are determined as well as offer unique policies for specific health conditions. Due to its simplicity and affordability, term life insurance is one of the most popular forms of life insurance coverage.
Term life insurance provides coverage for a set period of time, allowing you to only buy as long as you need it. While asthma may raise your term life insurance rates, you’re more likely to obtain greater coverage than you would with another type of life insurance with more limited underwriting.
How to Lower My Life Insurance Rates While Living with Asthma
Every insurer has different underwriting guidelines, and depending on your treatment plan and the insurer you get coverage from, it’s possible to find affordable premiums. Being honest about your condition, actively managing your asthma, and buying your life insurance sooner rather than later are the best ways to find affordable life insurance rates.
What is asthma?
Asthma is a chronic condition that affects the airways in the lungs, causing them to become inflamed and narrow at times. The airways in your lungs are the tubes that carry air in and out of your lungs.
Symptoms of asthma depend on the severity of asthma and whether you are exposed to allergens. Symptoms of asthma may include:
- Chest tightness
- Coughing, especially at night or early morning
- Shortness of breath
- Wheezing, which causes a whistling sound when you exhale
SelectQuote Can Help Those with Asthma Find Affordable Life Insurance
The process of buying life insurance can be daunting for anyone, but especially for those with a pre-existing condition like asthma. At SelectQuote, we can walk you through the process, answering any questions you have, to match you with the right life insurance company for your lifestyle or health condition—and possibly finding you opportunities to save money.