Life Insurance with Asthma in Canada  hayesweb2022-05-24T14:41:58-04:00
Getting life insurance with asthma in Canada isn’t as hard as you may think. With medical advancements and lifestyle changes, asthma is a manageable illness for most, and life insurance companies are aware of this. Asthma is a common disease that many Canadians suffer from. In most cases, being diagnosed with asthma will not stop you from finding a life insurance policy.
There are some cases where your asthma might be too severe for some life insurance companies to consider your for a traditional life insurance product, but that is why it is always recommended to speak to an insurance advisor for a free consultation to help you find the best life insurance policy for you.
That being said, we’ve had some concerned clients in the past who have serious asthma and aren’t sure if they can qualify for life insurance on top of their existing health conditions.
The simple answer is yes! You can get life insurance no matter how severe your asthma may be. Your rates may differ from company to company and depending on the type of life insurance product you purchase, but there is always a life insurance product for you.
What is asthma?
Asthma is described as a chronic inflammatory disease of the airways in the body. Asthmatics tend to suffer from symptoms such as shortness of breath, tightness in the chest, coughing, and wheezing. Although asthma is not fatal in most cases it can be severe and is unfortunately incurable. Understanding this illness is important in knowing how to manage it, most people with asthma must be careful about certain lifestyle choices such as smoking, exercise, diet and other triggers to their asthma.
How Common is Asthma?
Asthma is an extremely common illness, and over 3 million Canadians are diagnosed with asthma.
How does asthma affect life insurance coverage?
Asthma is not an uncommon illness and insurance companies usually have favourable rates for those with mild asthma. Many insurance companies even offer no medical life insurance for those with asthma. It is important to realize that asthma can affect your life insurance policy depending on various factors.
Asthma, like many other medical conditions, is considered a high-risk medical condition. This being said, it is highly likely that if your asthma is anything more than mild, it can bump up your rates and in some severe cases you can even be denied by some life insurance companies. Purchasing a critical illness policy can be very tough in severe circumstances as well. All of these factors can be influenced by the type of insurance you get, and the level of the underwriting of your policy or even if there is no underwriting in your policy (such as in no medical life insurance).
Contact Protect Your Wealth today to learn more about how your medical condition might affect your life insurance.
What do insurance companies look for when you apply with asthma
Life insurance companies look at a variety of factors when you’re diagnosed with asthma. Most life insurance companies will also require you to take a medical exam if you apply for life insurance unless you apply for a no medical exam policy.
The common questions that asthmatics are asked include plenty of personal questions regarding your health and lifestyle choices. Though most companies in Canada accept clients who are diagnosed with asthma, these are the basic questions that most insurance companies ask:
- Your age
- Date of diagnosis
- Frequency of your asthma attacks
- Time of asthma attacks (day/evening/night)
- The severity of your asthma attacks
- Current treatments you’re undergoing in regards to coping with your asthma
- Your compliance with your treatment requirements
- Current medications you’re taking for your asthma
- Your compliance to taking your asthma medications
- Side effects of asthma medications
- Limitations of physical activities
- Pulmonary functions test results
- Details regarding lifestyle changes due to your asthma
- Hospitalizations due to/related to your asthma
- Time lost from school or work due to your asthma
- History of smoking
There are more questions than insurance companies may ask you regarding your asthma, and it is common amongst some of the best life insurance companies in Canada to ask you to fill out an additional asthma questionnaire.
Best life insurance policies if you have asthma
There are different severities of asthma and there are also various types of life insurance that would be better depending on the severity of your asthma. Asthmatics can apply to get the same kinds of insurance as anyone: both term life insurance policies and whole life insurance policies are available for asthmatics. Most insurance companies will offer rates that will vary depending on both the severity of your asthma and if you want a fully underwritten policy or if you want a no medical exam policy.
Underwritten (Traditional) Policy
Fully underwritten policies require you to take a medical exam and get an evaluation from a certified physician. There are benefits to getting an evaluation because depending on your results, you can get a preferred rate and the cost of your life insurance might be the same as someone without asthma (or just slightly more). This will allow you to have a higher coverage amount and access to different life insurance policies which have great benefits and features.
No Medical Policies
Asthmatics can also decide to purchase a no-medical exam policy, which can either be a simplified product or guaranteed product. This can benefit those who might not want to go through a medical evaluation. This would be ideal for those who have moderate to severe cases of asthma, but can limit the amount of coverage you can receive for your policy. For example, most simplified issue insurance policies will only provide you with $500,000 coverage and guaranteed issue insurance policies will offer you $50,000 or less in coverage. These policies typically cost more monthly and they have fewer coverage features than the fully underwritten policies. In either case, no medical life insurance is offered by most Canadian insurance companies.
How much does life insurance cost if you have asthma
The cost of getting life insurance if you have asthma can range depending on your choice of a no medical exam policy, or fully underwritten policy and also for term life insurance policies and whole life insurance policies. There are a number of different factors that can vary the cost of life insurance for asthmatics but what is most important to know about, is the rating. A rating is a percentage that a life insurance company will charge you for your life insurance policy. For example, a standard rating for life insurance will be for someone who has no health conditions, if you have severe asthma and you get a 200% rating, this means you will pay 2x more than someone with no health condition.
This rating is based on the questions mentioned above about your asthma, and also on your medical exam or if you opt-out of the exam. Life insurance companies specifically base this percentage rating on the severity of your asthma.
Here is a list of some life insurance companies in Canada that will rate you based on the severity of your asthma:
What happens if you get diagnosed with asthma while you’re covered by a policy?
If you already have a life insurance policy and you are diagnosed with asthma, you don’t need to worry. Canadian life insurance companies cannot revoke or change your life insurance coverage or policy once it is effective. This gives you peace of mind in the case of asthma diagnosis or other health conditions.
Frequently Asked Questions (FAQs) about Life Insurance and Asthma
Asthma may affect the type of insurance that you can get. That being said, you can definitely get life insurance if you have asthma and your rates don’t have to be high. Even if you have asthma, you can still get good rates.
If you have asthma and it is well-managed, you may qualify for lower rates. For mild cases of asthma, rates may still apply. People who don’t meet the requirements for regular insurance can get insurance through Simplified Issue Insurance. Even if you have severe asthma, you might be eligible for no medical insurance.
At Protect Your Wealth If you have asthma, we’ll look at your choices for life insurance. Speak to an advisor today to learn about how your medical condition might affect your life insurance.
While purchasing life insurance if you are diagnosed with asthma is certainly possible, it may affect your premiums. Since the underwriting process is different depending on the life insurance company, some companies have different rates based on the severity of the condition. As such, it is best to contact a life insurance advisor to help you determine the most beneficial plan for your condition.
Yes, you can get life insurance if you have mild asthma. When a person’s lung function is at least 80% and they experience symptoms more than twice per day, they are said to have mild asthma. The insurance company will want to know a lot about your health and your condition. Your rates will be determined based on an analysis of your condition. For example, underwriters will ask you if your asthma is controlled, if it is seasonal or year-round, and if you’ve recently been hospitalized.
Yes, It is possible to get life insurance if you have severe asthma, although your rates may be higher. This is because, if you have severe asthma, you are considered high risk by life insurance companies. Those who have severe persistent asthma are affected by symptoms on a daily basis. The underwriter will take into account not only your current health, but your entire medical history as well.
Finding the right life insurance for you
If you’re diagnosed and living with asthma you can still find affordable life insurance for your situation! Working with a life insurance advisor can help you create the perfect life insurance plan and package for your needs.
At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to create the best solution for you and your needs. We’ve been providing expert life insurance solutions since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package to give you the protection you need.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario and British Columbia, including areas such as Ancaster, Burlington, Oshawa, and Surrey.
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