Complete Financial Questionnaire

Life Insurance with Asthma

 

how asthma affects insurance

Hi, I’m 35 and have recently started having quite severe asthma attacks. My GP says I’m fine but I’m worried because I’m trying to buy a house and need to put mortgage protection in place. Can I get covered? Looking forward to your response, Dean

Breathing.

Most people take it for granted.

But for some, like our friend Dean, every breath in and out can be a struggle.

Fortunately, we got cover for Dean but we had to tread carefully because some insurers wanted to go to town on his premium.

What is asthma?

Asthma is a common medical condition affecting the airways causing narrowing and inflammation, which currently troubles over 380,000 (or 1 in 13) Irish people.

It can lead to a build-up of mucus, making it difficult to breathe. Symptoms can include coughing, wheezing and shortness of breath.

Will you pay more for life insurance if you have asthma?

It depends on the insurer you choose. Some are more understanding of this condition than others.

How much will you pay for life insurance if you’re asthmatic?

In most cases of mild asthma, you’ll pay the same price as everybody else.

For moderate asthma, you may pay a little bit more (again, choose your insurer wisely)

If you have severe asthma, you will pay more than normal.

Some insurers will increase the price you pay by 50%. Others will increase it by 150%!

Which category of asthma are you?

  • Mild: minimal symptoms – easily controlled on medication, no hospitalisation or oral steroids
  • Moderate: regular symptoms & exacerbation with oral steroids or hospital admissions
  • Severe: frequent symptoms, requiring hospital admissions & oral steroids

how to insurance companies grade asthma

Do smokers with asthma pay more?

Yes, because smoking aggravates asthma so this can cause an increase in your premium even for people living with mild asthma.

Will I need to do a medical when applying for life insurance with asthma?

Irish life insurance companies rarely request a medical because they can usually decide based on your application form and asthma questionnaire.

However if you have been hospitalised within the previous five years or have had more than two episodes of oral steroids, the insurer will write to your GP for a report.

How is COVID affecting applications from people with asthma?

At the beginning of the pandemic, it was more difficult to get cover if you had a respiratory illness. Since the introduction of the vaccine, insurers are underwriting people with respiratory conditions as normal.

How does asthma affect Serious Illness Cover and Income Protection?

Somebody will mild asthma will be able to get both SIC and IP without any issue.

For moderate asthma, you’ll get cover but will pay more.

If you have severe asthma, the insurers are likely to refuse income protection and serious illness cover, unfortunately.

Over to you…

Please feel free to get in touch if you have asthma and want the best price on your life insurance or mortgage protection.

I’ll walk you through the application process, find the most understanding insurer and make sure you get the best coverage with the least amount of hassle.

If you don’t know your life insurance from your mortgage protection and would like me to make a recommendation, please complete this questionnaire, and I’ll be right back.

Alternatively, schedule a callback here and I can answer any questions you have.

Talk soon!

Nick

 

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