life insurance and pre-existing conditions Archives

How Does Asthma Affect Your Life Insurance?

Around 1 in 12 people (25 million people) in the US have asthma, and the numbers continue to increase every year. For these 25 million Americans, life insurance might seem like an impossibility because their condition could mean higher premium prices. And while having asthma does affect life insurance because it’s a pre-existing health condition, you probably won’t get denied coverage because of it. The best way to get life insurance if you have asthma is to compare policies offered by different life insurance companies.

Asthma & Life Insurance

When you apply for a life insurance policy, insurers will review your medical history in order to see how healthy you are, and determine if they want to offer you a policy. Pre-existing health conditions mean you’ll be a higher risk to insure for the long term, and since asthma is considered a pre-existing health condition, having it might raise your rates slightly. But it does depend on how severe your asthma is.

If you have asthma and are looking for a policy, insurers will typically ask the following questions:

When were you first diagnosed with asthma?
How frequent are your asthma attacks?
Are you on any medication for it?
Do you take your medication as prescribed?
Have you ever been hospitalized due to your asthma?
Does asthma limit any of your activities?
Do you smoke or have you ever smoked?

After you have answered these questions, the insurer will determine your rate based on several factors, including how severe your asthma is and the insurance company’s policy on asthma. It’s important to remember that different life insurance companies will view different health conditions differently. Some life insurance companies will consider asthma as a more severe condition, while others will not.

Asthma & Life Insurance Classifications

Typically your rate class will be based on the type of asthma you have. If you have Mild Bronchial Asthma, in which your lungs are clear and your asthma is mild, you could be approved at Standard or even Preferred rates.

If you have Moderate Bronchial Asthma, meaning your asthma is chronic, and you have slight wheezing and acute episodes that need to be treated by spray or injections, you may be approved at Standard rates.

If you have Severe Bronchial Asthma, and you exhibit severe episodes of asthma and are treated by hospitalization and chronic steroid use, you may be approved for Substandard rates, which are generally the highest rates.

Need Help?

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from – even if you have asthma – that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Applying for Life Insurance After a Breast Cancer Diagnosis

When you apply for life insurance, insurers will usually look into your driving record, credit history, and most importantly, your medical history to determine how much of a risk you are before they offer you a policy. And while they will be somewhat lenient with certain health conditions, with others, they might offer you less coverage, higher premiums, or deny you altogether. Cancer is one of the medical conditions that is considered a red flag for life insurance companies. But even if you are diagnosed with breast cancer or have a family member who is diagnosed with it, it doesn’t mean that you or they can’t get life insurance.

How Breast Cancer Affects Life Insurance Eligibility

How a breast cancer diagnosis affects your eligibility for life insurance is often determined by what stage the cancer is in. If you have an early-stage form of breast cancer, you might be able to get a policy, but you will most likely have to wait several months to 10 years after completing your treatment before you are approved for a policy. And even if you do qualify by then, you will still most likely have to pay more for your coverage. Then, after you have been cancer-free for 5 years or more, you can qualify for a rate reduction.

If you have stage 3 breast cancer, it may take up to 10 to 15 years before you’re eligible for coverage. And if you have been diagnosed with stage 4 breast cancer, you will have to stick to a guaranteed issue life insurance policy, which maxes out at $50,000, another type of no medical exam policy, or final expense life insurance.

Applying for Life Insurance with a Breast Cancer Diagnosis

Because your case is unique when applying for life insurance after you have been diagnosed with breast cancer, there are a couple of steps and tips that you should follow, since not all insurance companies will look at your situation the same way. This is why it’s very important to compare policies from different life insurance companies.

When you apply, make sure that you have your pathology report ready because life insurance companies will ask for it, especially if it is an insurer that requires a medical exam.

And the best way to get as much coverage as you can afford is by looking into different policies, such as a term life insurance policy. You can try and get a long-term policy of 20 to 30 years, but if that is not an option, look into no medical exam life insurance policies. These policies will not require a medical exam, but in return, you will have a smaller coverage amount and will typically pay more in premiums than you would with a permanent life insurance policy. The reason they are more expensive is that, with these policies, insurers will overlook your medical conditions and provide coverage even though you are a high risk.

Consider Your Options

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.