With 1 in 13 people in the United States having asthma, there’s a good chance you or a loved one is affected by this respiratory condition. 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.
What is asthma?
Asthma is a chronic condition that affects the airways in the lungs, causing them to narrow and become inflamed at times. Your airways may also produce extra mucus.
Asthma Symptoms
Symptoms of asthma depend on the severity and whether you’re exposed to allergens. Symptoms of asthma may include:
Chest tightness or pain
Coughing attacks that get worse with other respiratory illnesses, like a cold or the flu
Shortness of breath
Wheezing, which causes a whistling sound when you exhale
Trouble sleeping due to coughing, wheezing or shortness of breath
Does asthma affect my life insurance rates?
There are many factors used to determine your life insurance rates, including age, gender, driving record, hobbies, lifestyle habits (like smoking), personal and family medical history, current health and more. Having asthma does not disqualify you from purchasing life insurance coverage. However, those with certain chronic health conditions, including asthma, may have higher life insurance premiums. This is because the insurance company sees you as a greater risk to insure than those without recurring health conditions.
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
After you provide details about the severity, frequency and management of your asthma, the insurance company will then categorize your asthma on a scale from intermittent to persistent. They will use these classifications to help determine your life insurance rate. The following is an example of how life insurance companies may classify an applicant’s asthma:
Intermittent
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
Life Insurance Options 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
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. Every insurer has different underwriting guidelines, and depending on your treatment plan and the insurance company you get coverage from, it’s possible to find affordable premiums. This is especially true when you work with SelectQuote, as our proprietary technology allows us to search policies from dozens of highly-rated insurance carriers to find a policy that works best for your situation.
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 life insurance process, answering any questions you have—and possibly finding opportunities to save you money. Our over 35 years of experience in the industry means we can help match you with the right life insurance company for your lifestyle or health condition. Shop with us today!
