Asthmatics also need life insurance.
How and why people with respiratory problems should get basic term life insurance.
About the underlying condition and why getting basic term life insurance can cost more.
The condition
Asthma is a complex disease associated with airway limitations. Asthma is typically chronic and can be life-threatening. According to the American Lung Association, “there is no cure for asthma.”
However, that doesn’t mean that there aren’t many treatment options for this condition. Some treatments use inhalers, while others use nebulizers prescribed by the doctor. If you have asthma or think you may have asthma, you should see a doctor.
There is no general agreement on what exactly triggers and causes asthma.
Why asthma costs more with life insurance:
The truth is that on rare occasions, Ashtma can be fatal. However, it can also be a secondary factor leading to other problems. For example, asthmatics who have the flu may have more breathing problems. For these and many other reasons, asthmatics typically have to spend more on life insurance.
No general agreement with insurers:
There is no one-size-fits-all way for life insurers to process life insurance for people with respiratory problems. Some insurers will flatly deny the insurance application, others will provide you with spreadsheet ratings, while others may consider you for a preferential rate if your asthma is stable and under control.
What is controlled asthma from a life insurer perspective:
Exactly what constitutes controlled asthma is not a simple answer. In general, however, they include the following criteria:
-
No emergency room visits for asthma in recent years.
-
A good relationship with many punctual check-ups at your family doctor.
-
Timely refilling of prescriptions and taking all medications.
-
A clear indication from the doctors that your asthma is considered under control.
When applying for life insurance, insurers have access to all of your medical records that your doctor has filled out. Therefore they can read all the notes of all your visits. The insurer can also see your prescription documents.
How to properly take out life insurance for asthma:
There are several important things to consider when purchasing term life insurance for asthmatics.
Step one:
See your doctor and stick to all of your prescriptions. If your doctor tells you to do something, do it. That first step seems so obvious, but so many people don’t take it. A relatively clean record of health over a longer period of time is what life insurers strive for.
Step two:
Be honest with your insurance agents about your asthma. Again, this seems common, but again, so many people fail this test. In order to get the best price, you need to tell your insurance agent about your situation. Hiding your condition and showing it during the review of your proposed policy will generally only cost you more money.
Step three:
Contact your auto insurer for a life insurance quote and be sure to let them know you have asthma. Have all the details of your condition ready, e.g. B. the medications you are taking and any breathing statistics. Get the quote from the car insurance company, and then continue to the next step.
Step four:
Contact an independent broker who works with dozens of life insurers now. Take all the information you gave your car insurer and pass it on to the independent life insurance broker. Based on your criteria for what you need and your previous medical information, you may qualify for a lower rate.
Step five:
Compare your insurance quotes and make an informed decision based on contract length, coverage, premium cost and financial strength rating. Choose the product that works best for you and your family.
What to do if you are rejected:
If your insurance application is denied, don’t worry. It is at this point that you should definitely consult a life insurance specialist who may be able to help you further.
What is a financial strength rating?
Simply put, a Financial Strength Rating is an expert opinion of an insurer’s ability to meet and pay claims. In general, you should buy the highest rated insurer you can afford. For AM Best, selecting A, A+ and A++ for term life insurance should generally suffice.
Johnson is an independent sales agent based outside of San Francisco, California Life insurance for asthmatics. He campaigns for consumer rights and is himself an asthmatic.
Be First to Comment