Life Insurance When You Have Asthma
Getting life insurance when you have asthma isn’t impossible, but sometimes it can be difficult. This is why you should educate yourself and get advice from a life insurance professional before you apply.
Another problem you may face when you’re looking for a life insurance carrier is that you may find one easily, but not for the best price. It’s important to note that life insurers have their own guidelines related to the various health risks and may differ in the underwriting.
The Severity of Your Asthma
Asthma is not fatal in most cases, but it can be in severe. The most common asthma symptoms are wheezing, difficulty breathing, tightness in the chest and wheezing.
Life insurance underwriters are concerned about asthma because there is no cure, so management of your symptoms is important.
As of 2010, as Asthma Facts and Statistics report showed that in Canada:
- It is estimated that over 3 million people in Canada currently suffer from asthma.
- Asthma is the most common chronic disease among children.
- Canadian children between the ages of 4 and 11 years have been diagnosed with asthma. In 2010, 8.5% of the population (aged 12 and over) reported that they have been diagnosed as having asthma.
What Life Insurance Companies Want to Know About Your Asthma Diagnosis
The main concern life insurance underwriters have with asthma is whether you’re doing what you can to manage it. They also want to see a medical history full of regular checkups with your physician, as a way to demonstrate that you’re taking proper precautions.
The will specifically be looking for the following in your medical records:
- The date of you diagnosis
- Your age now, and when you were diagnosed
- What your specific diagnosis was
- If you asthma is seasonal of year-round
- Your frequency of attacks
- What you have done to manage your asthma since your diagnosis
- If you see your doctor regularly
- What medications you’re taking
- If you’ve been hospitalized for asthma
- Your height and weight
- Lab test results
- Other medical conditions you have
- If you’re a smoker
Life Insurance Underwriters will us the above information to assess a rating, and this rating will affect how much your premium will be.
It is possible to get preferred rates if your asthma is well controlled (and if it’s seasonal). Standard rates may apply if your asthma is moderate, and you only have occasional attacks – even if you’re taking steroids for your condition.
Simplified issue insurance exists for those that do not qualify for traditionally underwritten insurance. If your asthma is severe, simplified issue, also known as no medical insurance, may be an option for you.
At Shelter Bay Financial Corp., we will research your life insurance options if you suffer from asthma. We know which carriers offer coverage for your situation and who has the best rates.
To learn more, please call us toll free at 1.888.498.5288.