Asthma is an underwriting issue that we encounter with a number of our clients. Some companies will do a better job than others underwriting you if you have Asthma.
Overview:
Asthma is a lung disease that causes problems with breathing. Even though Asthma is a chronic condition, lung function typically returns to normal on its own or with treatment from medication.
Life Insurance Underwriting for Asthma
If you have Asthma, "preferred" rates may be available, and in some cases, it may be possible to obtain a "preferred best" rate from some companies.
Life insurance companies are looking at the following information when considering you for life insurance if you have asthma.
What do Life insurance companies want to know about your asthma:
- Date and age at diagnosis of asthma?
- Is your asthma mild, moderate, or severe? (see below for definitions of each)
- How many attacks do you typically have per year?
- Have you been hospitalized for Asthma?
- Do you take any medications for Asthma? If so, which ones do you take and what dosage?
- If you take steroids, when was the last time you took steroids, what was the dosage, and how long did you take steroids for?
- Do you smoke?
- If you take medications, do you still have frequent attacks or has the medication stopped most attacks?
What Underwriters Consider when Underwriting Asthma:
Underwriters look at asthma and typically classify asthma into one of these categories: Mild, Moderate, and Severe.
The classification is based on your answers to the above questions, your medical records, frequency of asthma attacks, medications taken, and your doctor's notes.
What to expect from life insurance companies:
The rate you pay for life insurance will depend on how severe your asthma is, medications taken, and control of asthma.
Mild Asthma:
From a life insurance underwriting standpoint mild asthma is based on having only occasional or seasonal asthma attacks, no hospitalizations for asthma, and systemic steroid use no more than 1x per year. Occasional use of inhaled medications such as bronchodialators is okay.
Moderate Asthma:
Moderate asthma is indicated by more frequent asthma attacks, daily use of bronchodilators, a hospitalization for asthma, systemic steroid use of up to 3x per year.
Severe Asthma:
Recent or frequent hospitalizations for asthma attacks. Systemic steroids used frequently or continuously.
Rates and what to expect from underwriting
Every case is different. Below are some general life insurance underwriting guidelines based on various asthma conditions. Please note that if you are a smoker or have other health conditions, these rates will not apply to you.
Occasional asthma - If you have only an occasional asthma attack 1-2 times per year and do not take any medications, it may be possible to obtain a "preferred" rate with a few companies.
Mild Asthma - Underwriters are looking at the frequency of your asthma attacks. If you only have occasional mild asthma attacks, it may be possible to obtain a "standard plus" or "standard" rate with most companies. If you have more frequent mild asthma attacks, "standard" rates will be the most likely scenario.
Moderate Asthma - If you only have occasional moderate asthma attacks, "standard" rates may be possible with some companies. If you have more frequent moderate asthma attacks, many companies will add an additional 50% to the price of the "standard" rates.
Severe Asthma - If you have occasional severe asthma attacks, most companies will add 50 - 100% to the "standard" rates. If the attacks are more frequent, companies will add 100% or more to your rate or they may decline you.
IMPORTANT:
The way to get the most competitive rate for you is to contact us to discuss. We will ask you questions related to your asthma. We will then send the information out to a bunch of the underwriters we work with for preliminary quotes. This takes about 2-3 days to complete. Once we receive the feedback from the companies, we will run the numbers to see which company is best for you.
At LifeInsuranceAdvisors.com, our service is a no pressure, no obligation service. We'll give you the information you need to make an informed decision about your life insurance.
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