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In the US, 15.4 million people are treated for asthma each year, according to the American Thoracic Society. It’s an incredibly common condition, but it shouldn’t affect your ability to purchase a life insurance policy. The amount of coverage you can buy comes down to the severity of your asthma and other health and lifestyle factors — but it’s still possible to get a good rate.
Yes — you can get life insurance with asthma. Insurers look at applicants holistically, not just at a specific condition, so your insurer will assess the severity of your asthma as well as your overall health to determine your premiums.
For example, if your asthma was sports-induced and you haven’t had an attack since you were a child, your insurer may not see your asthma as a legitimate risk and assign you a low risk class, which means cheaper premiums for you. However, if any of these situations apply to you, expect to pay higher rates due to the increased risk of your asthma affecting your health:
When you apply for life insurance, you can expect to be asked the following questions about your asthma:
During the underwriting process, your insurance company will weigh up the following factors to determine how risky you are to insure:
The good news is that for most people, the full range of life insurance policies are available for you. These include:
This policy offers temporary coverage for a set period of years. The benefits of getting a traditionally underwritten term life insurance policy is that your rates reflect exactly how much of a risk you pose to the insurer.
So, if you’re in good health — aside from the occasional asthma attack — this could be a good option for you. However, you’ll likely have to undergo a medical exam.
For lifelong coverage, look into permanent life insurance. These policies last your entire life and build cash value over time, so they double as an investment product. But permanent policies cost six to 10 times more than term life insurance, and you may face even higher premiums if your asthma is severe.
If you’d prefer not to take a medical exam, you have options. Just keep in mind that these policies tend to be expensive and capped at smaller amounts than a standard term life insurance policy.
Asthma is linked to 3,168 deaths per year, according to the American Thoracic Society. And the latest CDC data confirms that chronic lower respiratory diseases (CLRDs) are the fourth leading cause of death in the US for both men and women. Along with asthma, this category includes emphysema, pulmonary hypertension and lung disease.
While asthma is common, it can be risky. If you’re thinking of buying life insurance coverage, it’s a good idea to purchase it sooner rather than later to get the best possible rate. A policy can provide peace of mind for you, and a sense of financial security for your beneficiaries if you die prematurely.
It’s possible to get life insurance with asthma — and in many cases, the condition won’t affect your life insurance rates at all. As always, it pays to do your homework and compare life insurance companies for the best possible rate..
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