Asthma is not a disease that can prevent you from having life insurance. However, like with all pre-existing conditions, the severity of the disease will determine the cost of the cover.
Symptoms that have a bearing on the application
The severity and recency of your symptoms will have a bearing on your life insurance application. In most cases, Asthma is diagnosed very early on in life, mostly in childhood, so it can be treated and may result in you becoming a mildly affected person of the disease. If that is the case, then the insurance companies may not find it hard to offer you standard terms for the insurance policy. This means that the cost of the policy or the premium will be similar to those offered to a healthy person.
The severity will impact premiums
However, if the condition is more severe, something which has resulted in you being put on steroids or resulting in hospitalisation in the last two years, then the situation becomes tricky. Do not worry, it does not mean that your application will be necessarily turned down. However, it may result in a higher premium being charged to you or the insurance company writing to your doctor to ascertain your exact condition.
Ascertainment of risk by insurers
Remember, like with all pre-existing conditions, insurance companies try to know the risk that they have to bear if they were to insure a person with a prevailing ailment versus someone who is perfectly healthy. The premium charged is always a factor of that associated risk. Asthma is one such condition, which though can be controlled and kept in check, however, the severe condition may need hospitalisation or acute condition may also become life-threatening.
Lifestyle choices also impact premiums
Also, certain lifestyle choices like smoking or heavy drinking combined with Asthmatic condition have a bearing on the premiums to be paid. Disclosures of all to the life insurance company are crucial for a smooth claim process later on.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00