Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.
Last Updated: November 20th, 2023
Finding the right policy for life insurance with asthma can be complex depending on the severity. If you are an asthma sufferer who is currently shopping around for life insurance, this article will provide you with an overview of the information that you should have while you conduct your search for the right life insurance company.
Best Life Insurance Providers if you have Asthma
Each life insurance carrier has different views on giving life insurance to those with asthma.
In 99% of cases, it won’t be a major problem. Let’s look at how some of the top carriers will underwrite your asthma.
Banner Life Insurance
Banner Life underwriting tends to be favorable for those with health conditions, like asthma.
People who have mild or exercise-induced asthma may be eligible for Preferred Plus pricing.
Those whose asthma is being successfully controlled by two or less medications may be eligible for the Preferred Non Tobacco health rating.
Clients whose asthma has required hospitalization may still be approved but will receive a less than standard rating. This is regarded as a rated policy.
Principal Life Insurance
Those with mild asthma may be eligible for Preferred or Preferred Plus rates.
Clients who have moderate asthma will usually receive Standard rates, while those with severe asthma usually receive Table six or are refused coverage.
Principal Life insurance coverage tends to be a pretty good option for applicants with asthma.
Mutual of Omaha Life Insurance
Last but not least, we have Mutual of Omaha for applicants with asthma.
People with mild asthma are eligible for Preferred Plus rates. Moderate asthma sufferers are eligible for Standard rates.
Those who suffer from severe asthma will usually receive a table rating of at least two.
American General Life Insurance
If your asthma isn’t crazy out of control, you can get reasonable premiums from AIG.
People with mild asthma may be eligible to receive Standard rates or higher if they have never been hospitalized.
Those who have been hospitalized or suffer from severe asthma will be more likely to receive a rated policy that may be given a table rating of A-C.
Questions for Life Insurance with Asthma
- When were you initially diagnosed with asthma?
- What symptoms do you suffer from?
- How often do you have asthma attacks and how severe are the attacks?
- What type of medication do you take for your asthma and how frequently do you take it?
- Are all of your prescriptions up to date?
- Have you gone to the ER or required hospitalization because of your asthma?
- Are any of your activities restricted due to your asthma?
- Are you or have you ever been a smoker? If you no longer smoke, when did you quit?
- Do you have any other medical conditions?
By having the answers to these questions ready ahead of time, you will be able to be matched with the right life insurance company based on your situation.
No Medical Exams with Asthma
One excellent alternative is no medical exam life insurance plan.
Unlike a traditional insurance policy, no medical exam will get insurance without a medical exam.
While it may seem like a convenient option, it’s important that you understand the advantages and disadvantages of these plans when you’re shopping for insurance coverage.
The main benefit is it allows more people to get quality life insurance coverage, without having to worry about being declined.
Without the medical exam, the insurance company has less information to decline your application, which means that your health won’t impact your chances.
Another benefit of these plans is how quickly you receive the decision on your application.
In most cases, you get an acceptance/rejection in days. This is drastically quicker than the month it will take with a normal plan.
Want fast life insurance? Go no exam.
The vast majority of people are only concerned with how much the plan is going to be.
This is one of the serious problems with no exam plans, the price. No exam life insurance premiums are going to be noticeably higher.
You should expect to pay three or four times for your coverage.
If you need more than $500,000 worth of life insurance (and you probably do), don’t even bother looking at no-exam plans.
99% of companies are going to cap the amount of life insurance you can buy without the exam. In fact, most companies only sell plans up to $300,000.
Getting Affordable Life Insurance with Asthma
More than likely, your asthma isn’t going to impact your premiums too much.
Your asthma might not be killing your rates, but the rest of your health could be. Before you rush out to buy a plan, take a look at your health.
If you have asthma, you probably don’t smoke, but if you do, QUIT.
It’s not only bad for your health, but it could be killing your premiums.
If you are a smoker or you use any tobacco, go ahead and raise your premiums by double.
The insurance company won’t care about the rest of your health if you smoke.
As an applicant with asthma, you’ve already got a strike on your application, which means it’s important that you improve the rest of your health.
If you’re overweight, it’s worth it to shed the weight before buying life insurance.
The company will use a weighting chart which can play a role in your rates. Get in a healthy weight range and save 50% on your premiums.
Every company is going to see a different risk when reviewing your application. Some companies value certain factors more than others.
If you get 10 quotes, there would be hundreds of dollars difference. Don’t buy a plan before you get at least a dozen quotes.
Sure, you could spend hours on the phone, or we can gather up all of the quotes for you.
Not only do we work with over 30 companies, but we also know which ones are the cheapest.
Using the data provided in this article will help asthma sufferers find the right life insurance and save money.
You can compare rates for life insurance using the calculator on this page.
