People with asthma also need life insurance.

How and why people with respiratory health problems should get simple term life insurance policies.

About the underlying condition and why it may cost you more to buy simple term life insurance.

The condition

Asthma is a complex condition that involves airway restrictions. Asthma is often chronic and can be life-threatening. According to the American Lung Association, “there is no cure for asthma.”

That, however, does not mean that there are not many treatments for this condition. Some treatments involve inhalers and others involve nebulizers through a prescription from your doctor. If you have asthma or think you might have it, you should see a doctor.

Exactly what triggers and causes asthma is not widely accepted.

Why asthma costs more with life insurance:

The truth is that asthma in rare circumstances can be fatal. However, it can also be a secondary factor that leads to other problems. For example, asthmatics who have the flu may see increased respiratory problems. For these reasons and many others, people with asthma often have to spend more on life insurance.

Without General Agreement with Insurers:

There is no one way that life insurers handle life insurance for people with respiratory problems. Some insurers will reject the insurance application outright, some will provide you with table ratings, while others may consider you for a preferential price if your asthma is stable and controlled.

What is controlled asthma from the point of view of life insurers:

What exactly constitutes controlled asthma is not a simple answer. However, they generally involve the following criteria:

• There have been no ER visits for asthma in recent years.
• A good relationship with many spot checks with your general practitioner.
• Prescription refills on time and all medications taken.
• A clear note from the doctors that your asthma is considered controlled.

When you apply for life insurance, insurers will have access to all of your medical records that have been filled out by your doctor. Therefore, they will be able to read all the notes about all your visits. The insurer will also be able to search your prescription records.

How to buy life insurance correctly when you have asthma:

There are several important things to do when buying term insurance when you have asthma.

Step one:

See your doctor and keep up with all your prescriptions. If your doctor tells you to do something, do it. This first step seems so obvious, but a lot of people don’t do it. What life insurers are looking for is relatively clean health over a long period of time.

Second step:

Be honest about your asthma with your insurance agents. This also seems common, but again, many people fail this test. In order for you to get the best price, you will need to tell your insurance agent about your situation. Hiding your condition and having it appear while your proposed policy is being reviewed will usually only cost you more money.

Step three:

Contact your auto insurer for a life insurance quote, and be sure to tell them you have asthma. Have all the details of your condition handy, such as any medications you take and any breathing statistics you may have. Get the quote from the auto insurer and then move on to the next step.

Step four:

Now contact an independent agent, one who works with dozens of life insurers. Take all of the same information you gave your auto insurer and provide it to the independent living agent. Based on your criteria for what you need and your past medical information, you may be able to qualify for a better price.

step five:

Go ahead and compare the insurance quotes you have and make an informed decision based on the length of the policy term, the amount of coverage, the cost of the premium, and the financial strength rating. Choose the product that works best for you and your family.

What to do if you are rejected:

If your insurance application is denied, don’t be discouraged. At this point, you’ll definitely want to contact a life insurance specialist who can help you further.

What is a financial strength score?

Simply put, a Financial Strength Rating is an expert opinion about an insurer’s ability to honor and pay claims. In general, you should buy the best rated insurer that she can afford. For AM Best, generally aiming for A, A+ and A++ should be sufficient for term insurance.

Johnson is an independent insurance agent based out of San Francisco CA, specializing in the sale of life insurance for asthmatics. He is an advocate for consumer rights and asthma patients.