Life Insurance
People suffering from Asthma looking at taking life insurance should have no issues getting covered for the majority of cases, especially where the Asthma is mild and diagnosed many years ago. Asthma is usually viewed as a lower risk due to the type of condition that it is and therefore terms offered will generally be either standard rates or a small loading applied. Life insurance for people with Asthma will depend of a number of factors such as;
- Frequency / Severity of symptoms or attacks
- Medication (e.g. which inhalers used and how often)
- Hospitalisation
- Use of Steroids for treatment
Asthma life insurance may require further evaluation for individuals taking oral steroids or who are smokers, especially heavy smokers. Additional medical information may be necessary for Asthma life insurance if there has been a hospital admission within the past 5 years, either as an in-patient or out-patient. In cases of frequent attacks over the past few years and severe symptoms beyond asthma, life insurance may be available with a higher premium or potentially declined in very severe instances.
For most individuals with Asthma, symptoms are usually mild and easily managed, allowing us to offer standard life insurance premiums without any extra conditions. If you have had asthma for a while and obtained life insurance with special terms, it’s a good idea to review your policy to see if your premium can be lowered due to improved control or changes in underwriting.
Critical Illness
Because asthma is typically considered a mild to moderate chronic condition, critical illness cover for asthma is usually offered at standard rates without any exclusions. Life insurance underwriters may request additional information regarding your Asthma, including details about time off work, hospitalisations, and steroid use, in order to assess the severity of your condition. Asthma critical illness cover is typically offered without exclusions or premium loadings when there are no issues or complications present.
For individuals with moderate to severe asthma and frequent attacks requiring time off work or hospitalisation, critical illness cover may be available with special terms like premium increases or exclusions for related conditions. Smoking is often considered a risk factor for Asthma critical illness cover because of the potential complications and issues associated with nicotine.
If you have asthma and have previously been quoted high premiums for critical illness cover, been denied coverage, or already have a policy, it may be beneficial to reassess your situation to see if there have been any changes in eligibility. The underwriting and terms for asthma critical illness cover are subject to frequent changes, making it essential to regularly review any potential improvements in your situation.
Income Protection
Income protection coverage for Asthma may be harder to obtain compared to life insurance and critical illness cover due to stricter underwriting requirements. Typically, most Asthma income protection applications are accepted without premium increases, as many individuals have mild symptoms or well-controlled conditions. In more severe instances with frequent symptoms (e.g. daily), recent hospitalisation, or missed work time, special terms will typically be implemented.
Asthma Income Protection is a favorable option for chronic conditions when it comes to underwriting, pricing, and availability. It’s worth considering this product to safeguard your income in case of illness or accidents. Individuals with Asthma who have an income protection policy or have been denied coverage in the past due to their condition should consider reviewing their current circumstances and coverage.
