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Buying burial insurance when you have asthma should be no problem at all. Most carriers will not even ask about the condition. Final Expense Life insurance companies do not care about asthma because it does not have a negative affect on life span.
While living with asthma can be challenging when doing cardiovascular activities, or during certain times of the year, it should not hinder you from finding a low cost funeral insurance plan. Keep reading to get the details of some facts that could affect you with severe cases.
Burial Insurance Plans for People with Asthma
Fortunately for seniors, the companies that offer burial insurance policies typically have liberal underwriting guidelines and even go a step further by offering additional plans if you don’t medically qualify for a level plan with the lowest rates and first-day coverage.
Level Death Benefit
An applicant with mild to moderate, or seasonal, asthma can qualify for a level death benefit beginning day one of purchase with instant full coverage. With a level death benefit there is no waiting period and the death benefit is the largest. This is our top burial insurance policy to qualify for and we highly recommend this route.
Guaranteed Issue Life Insurance
This whole life insurance plan does not require health questions or a medical exam in order to qualify. If you are between the ages of 40 and 85, and are a U.S. citizen, then you will be eligible for guaranteed issue life insurance coverage.
Other lung diseases qualify for guaranteed issue life insurance coverage, such as emphysema, chronic bronchitis, and COPD.
Your premium is fixed with the guaranteed issue life insurance.
Meaning that your premium will never increase due to advancing age or worsening health. This policy provides lifetime coverage, provided the premiums are paid, and the insurance company cannot cancel it for any reason.
If your asthma is severe and requires frequent hospitalization, guaranteed issue life will be your only option. Furthermore, if supplemental oxygen is needed, you will qualify for this plan as well.
Unfortunately, there are three drawbacks associated with guaranteed issue life insurance coverage. It’s important to have a good understanding of those drawbacks prior to purchasing the policy.
- Guaranteed issue life insurance has a graded death benefit clause which includes a 2 to 3-year waiting period. This clause is included so as to not include terminal applicants. The two year waiting period will not allow for coverage during those two years, even if from natural causes. However, guaranteed issue will disburse the full death benefit in the case of accidental death during that 2-year waiting period.
- Guaranteed life insurance policies only provide a maximum of $25,000 in coverage. This particular policy is chiefly for coverage of funeral and burial expenses. If you find that your current situation requires more coverage, you may have to purchase two or more additional policies from different carriers.
- The final drawback for the guaranteed issue life insurance policy is that it is more expensive than traditional and whole life insurance policies. You will be required to pay more for the additional risk that you carry, regardless of the medical situation. If the severity of your asthma disqualifies you from a level death benefit, this will be your only option.
Having a burial insurance policy that will cover your final expenses makes very good financial sense. We consider it our responsibility to make certain that prospective clients get the best value.
That means finding you the best coverage at the most affordable rate with a financially stable company that will be there when needed most.
Burial Insurance Underwriting for Asthma
The medical profession acknowledges multiple types of asthma, such as child-onset, adult-onset, activity-induced, allergy-induced, cough-induced, nocturnal, occupational, and steroid resistant.
Insurance providers, however, simplify the categories to mild, moderate, seasonal, and severe. The underwriters for the life insurance company will want full details for the applicant as it relates to their diagnosis and treatment of their asthma.
Funeral Insurance with Mild asthma
This refers to those that suffer from little to no impairment, with attacks occurring sporadically or infrequently. No hospitalization has ever resulted from mild asthma sufferers, and the condition is under control with either oral medication or inhalers.
Those applicants with well-controlled mild asthma qualify for the better risk classes.
Burial Insurance with Moderate asthma
This often results in hospitalizations due to more frequent attacks. Some symptoms may linger between attacks, and so steroid type medications may be necessary.
Typically, applicants with moderate asthma qualify for standard life insurance rates, however, they may be able to rise in category preference if distance between hospitalizations increases with each passing year.
Seasonal asthma sufferers are offered the top preferred rates when it comes to life insurance. Seasonal asthma does not require the regular use of mild asthma medications, and allergy-induced asthma attacks occur seasonally and rather infrequently.
Severe asthma and Final Expense Insurance
Severe asthma sufferers have more frequent and extreme attacks that result in regular hospitalization. Significant difficulty in breathing typically remains between attacks and steroid-based medications are typically required.
Higher table ratings are usually recommended to those with severe asthma, however, if the condition improves, the life insurance premium rate will too.
The insurer that you select will want to know about your hospitalizations related to your asthma, as well as the length of stay and surrounding circumstances.
Additionally, they will want to know about the medications prescribed, such as the quantity, frequency, and duration. Since steroid-based and other asthma medications tend to have side effects, this will be a concern of the life insurance company.
Prescription History with Asthma
The reason for the review of prescribed medication is because it gives an accurate representation of the applicant’s past and present health.
For instance, if you’ve been recently prescribed asthma medication, then the insurer is going to conclude that you presently have asthma.
If you were prescribed asthma medication three years ago, well then the insurer will conclude that you experienced asthma three years ago.
Each life insurance provider applies the same logic when evaluating an applicant’s prescription medication history, both past and present.
Asthma medications typically include several forms of delivery, such as steroids, inhalants, and pills, or even combinations of them. Life insurance companies look especially close at those prescribed steroids for long periods of time, for this assists them in narrowing down eligible coverage.
Here is a list of some of the most common asthma medications prescribed that insurance companies don’t find much issue with:
- Beclomethasone (Qvar)
- Budesonide (Pulmicort)
- Fluticasone (Flovent HFA)
- Montelukast (Singulair)
If you suffer from a severe form of asthma and are prescribed one of the medications that most insurance companies “red flag”, you will possibly qualify for a lesser quality of policy, but it’s rare with asthma.
How Burial Insurance Companies Look at Asthma
The majority of life insurance providers operate with over 15 different rate classes, which are assigned according to the applicant’s individual circumstances.
The rate class assigned is a leading factor in determining the cost of your coverage. The following discusses the factors pertaining to rate class:
- If you are classified as a moderate or a seasonal asthma sufferer, you will most likely fall into the preferred or preferred plus rate class.
- If you only suffer with occasional attacks and are considered in the category of moderate asthma, you’re going to more than likely qualify for either the standard or standard plus rate class. Those that have been hospitalized or have had to receive oral steroid-based medication, like Prednisone, typically fall into this class.
- If you’ve been hospitalized numerous times, suffered from frequent attacks, and you are prescribed an oral steroid, you will most likely fall in the Table B through D rate class.
- If you’ve been hospitalized numerous times, suffered from frequent attacks, and are categorized as severe asthma, you face a high chance that your application will be denied. In this scenario, it would be wise to seek out a guaranteed issue policy with no medical underwriting.
After the underwriting process is complete and a rate class is determined, your agent will be contacted with the results and will be able to provide you with a formal price.
However, if your application is denied, your agent will most likely move you towards a guaranteed issue policy.
According to the Centers for Disease Control (CDC), approximately one out of every twelve U.S. Americans are diagnosed with asthma, which is about 25 million citizens. Unfortunately, this number continues to rise each year.
In fact, as the report goes on to state, nearly half of those sufferers experienced some sort of “attack” in 2018, despite the fact that many of those could have been averted.
Once the total asthma-related expenses are added up, which includes missed school days, missed work, treatment, and early deaths, the diagnosis can cost close to $56 billion per year.
Nevertheless, there is no reason not to purchase life insurance for the asthma sufferer.