Asthma affects a significant number of seniors in the United States. Because of the nature of this medical condition, securing an insurance policy becomes a challenging task for everyone. And if it’s that hard for the young population to get life insurance with asthma, what about seniors?
Are you a senior living with asthma, wondering if it’s possible to get a life policy? If you have any questions about securing a life insurance policy, then this article will answer every single one. It will explain how to get one and how asthma affects your insurance cover.
Can You Get Life Insurance for Seniors with Asthma?
The answer is yes.
It might be an uphill task, but with the right procedures and a little bit of shopping, you can easily get yourself an insurance cover.
Insurance companies rely on two main things when deciding whether to offer a policy or not, your age and your health status. Seniors tend to be at a disadvantage because both factors, on most occasions, work against them.
Health conditions like asthma affect your chances, but that doesn’t mean all is lost. It is still possible to find an insurance company willing to give you coverage depending on how severe your condition is.
There are different types of asthmas. Fortunately, most of them can be managed using effective treatment plans. Managing your condition appropriately is the first step to increase your chances of getting lie insurance.
When you keep it under control for a long time, you can even get a policy plan with the standard rates instead of expensive premiums.
Underwriting Questions to Expect
When you are applying for a policy, insurance companies will want to know the severity of your asthma. During the underwriting process, they will, therefore, ask questions that will give them comprehensive details about how well you are managing it and responding to treatment.
To prepare you, here are some of the underwriting questions that you should expect.
- How long have you had asthma? This question gives your insurer a time frame from when you were first diagnosed with the condition and how well you have been reacting to your medication and treatment.
- When did you last get an asthma attack? If you’ve had recent asthmatic attacks, then there is a high likelihood they will see you as a high-risk person and a liability to the insurance company. Seniors who haven’t had an attack for years are more likely to be considered for coverage.
- What is your treatment plan? This will feature your medications and your hospital appointments. There are types of drugs that act as red flags to insurance companies. Additionally, they will also want to know if you get hospitalized frequently due to asthma attacks or if you have ever been to the emergency room because of it.
- What is your lifestyle? How well do you follow your doctor’s orders? Do you take your medication on time
- What is your diet and exercise routine? Do you smoke or drink? The worse your lifestyle is, the less your chances will be.
Aside from the questions mentioned above, there will be other factors at play, such as age, height, gender, occupation, and weight. It is important to answer all these questions truthfully. Lying by providing false details or omitting important information will render your insurance contract invalid when caught, and your beneficiaries will lose out on the benefits.
Impacts of Asthma on the Rates
Your health status directly impacts your life insurance. The premiums will be calculated based on the information that your insurer will gather form the underwriting process. The main factor in how long you’ve had it, the type of asthma you have and its severity.
Seniors with chronic asthma are more likely to be charged high premiums. The frequency of your attacks, say weekly, means you are a riskier client hence higher rates for you.
However, these premiums can also be reduced if you are seen to be practicing healthy life patterns such as:
- Always turning up for your appointments.
- Maintaining a healthy lifestyle by avoiding your asthma triggers or anything that could worsen the condition.
How to Apply for Life Insurance with Asthma?
The good news is that all life insurance packages are available for asthmatic clients. It is even easier to get approved for a term life insurance. Whole life insurance packages might take a bit more rigorous underwriting, but other than that, you have a high chance of securing a cover too.
When applying for life insurance as a senior with asthma, here a few steps to guide you:
Step 1: Selecting the Type of Life Insurance
There are two main options, term, and whole life policies. Each also bears various kinds, and some come with extra additions called riders. Review all the available options and their rates, so you choose one that suits you best.
Step 2: Shopping
Shopping around is crucial. Before you decide to settle on one, ask around for quotes and see how much each company is willing to offer and their premium rates. You will be surprised at what you unearth out there.
Step 3: Agencies
Sometimes, you may need a little help as a senior in comparing the quotes of different companies. This is where agencies come in. Most of them tend to have prior information on how various companies handle clients with different types of asthma conditions.
It will, therefore, save you on time and energy. Alternatively, you can also have an agency do your insurer shopping for you.
Step 4: Premium Rates
It is vital that you ensure you thoroughly weigh how well you can manage to pay your monthly premiums. Because they are most likely to be higher than regular rates, take caution before accepting a contract that will be challenging to manage. After all, you don’t want to take up a policy that will lapse in the future.
Step 5: Coverage
Once you and your insurer have agreed on the terms of the contract, then you will pay the first premium, and the policy will kick in and become active.
An extra tip: Smoking is a huge no for you. Quit cigarettes as early as now. Smoking will only ruin your chances of getting favorable quotes or being granted coverage at all.
All that said and done, you will have an easier time finding a life insurance coverage if you follow the steps outlined above.
Can You Get a Policy Without Medical?
If you have an extreme asthma condition, a medical exam may work as a disadvantage because it dramatically hinders your chances of getting a policy. So, you may be left wondering if it is still possible to obtain coverage without having to undergo a medical underwriting process?
For seniors who want to skip this process, there are still three options that you can consider:
Simplified Life Insurance Coverage
This is a new form of policy that aims to start the insurance coverage for you as soon as possible, most preferably within days. To make this possible, they skip the medical exam. Nevertheless, you will still have to answer a few health queries, but that will be all.
Guaranteed Life Insurance Policy
Characterized by high premiums, this type of policy grants you coverage without asking any medical questions or demanding a medical exam.
Although your insurer will have no details about your health status, they will compensate by having very high premium rates. Other companies that offer this type of insurance also have limits on the amount of death benefits payable to your beneficiaries.
Instant Approval Insurance
This is a new type of insurance policy. Insurance companies typically take several days or weeks and some months before granting you a policy if you are a senior facing an extreme health issue. Instant approval seeks to cover this niche. It gives you immediate coverage after a simple underwriting process and upon agreement of the terms of the contract.
However, the insurer may require a medical examination if they feel it’s necessary.
The catch with searching for the right coverage that gives you value for your money is to find out all the information you can about every possible option. An alternative like second to die life insurance could come in handy for a senior with asthma. The rates will most likely be cheaper than conventional plans.
Getting insured even if you are a senior living with asthma is possible. All it takes is an intensive homework on the options you have on the table. Comparing your rates will give you a chance to make a more informed decision on which policy to settle for.
And don’t forget to keep an impressive lifestyle track that shows effort in fighting your asthma condition. Have your doctor design an effective medical treatment plan that will build confidence in your health with your intended insurer.