Life insurance is one of the most important purchases that you can ever make for your family, but finding the perfect plan can be a long and complicated process. If you are in a bad health or have any health complication, it can make it even harder to find a plan that fits your needs. Conditions like sleep apnea can have negative impacts on your life insurance plan, but that doesn’t mean that you can’t get an affordable policy.
Having problems with your sleep can be an annoyance or a serious problem, but having the life insurance companies jump in and raise your rates can simply make you angry. Sleep apnea affects about 12 million Americans and the rates are increasing. Many life insurance companies do not understand the condition and will rate people for more expensive life insurance than is necessary. Understanding why life insurance companies rate sleep apnea life insurance differently is key so we put together some of the common questions we get when helping people get life insurance with sleep apnea.
This article is going to look at the ways that you can get life insurance, even if you have sleep apnea. We will also look at several ways that you can save money on your life insurance coverage. We know that shopping for life insurance is not the most fun task, but that’s why we are here to help.
Why Are My Life Insurance Rates Affected?
Sleep apnea creates a situation where the oxygen saturation levels in your blood go below 90%. This is seen by many companies to be a higher risk when underwriting people with sleep apnea. Anything that increases risk for the life insurance company will increase the premiums that you pay. Depending on the severity of your sleep apnea you may be able to qualify for standard or even better rates. The key is working with the right companies. That is what makes us very helpful. We know which companies actually do a good job of underwriting life insurance for sleep apnea patients and can help you fill out your questionnaire in such a way that they will recognize how to classify you properly.
What Are Insurance Companies Looking For When Issuing Life Insurance With Sleep Apnea?
They will want to review your polysomnogram (sleep study test). This will allow them to look at your respiratory patterns, chest muscle activity, and your blood oxygenation levels. On top of this they will as you some questions about you and your sleep apnea. These questions will include:
- Height and weight
- Other health issues such as diabetes
- Age of sleep apnea diagnosis
- Your treatments for sleep apnea
- Is your sleep apnea improving or getting worse
- Blood pressure
- Are you suffering from depression
- Smoking habits
All of these factors can determine if you will get better rates or if you will be classified in a higher risk category. For instance, when they look at your Apnea Index they will typically rate it like this:
- Apnea index of 0-10 will result in no extra cost
- Apnea index of 11-20 will increase your premiums 50% over the standard rates
- Apnea index of 21-30 will increase your premiums 100% over the standard rates
- Apnea index of 31-40 will increase your premiums 150% over the standard rates
- Anything above 40 will be declined
What Kinds Of Sleep Apnea Can Get Life Insurance Coverage?
People with any type of sleep apnea can get some form of life insurance With an individual policy, only people with obstructive sleep apnea can get life insurance. People with central and mixed apnea will need to get on with a group plan through their employer or look at some form of guaranteed issue policy.
These guaranteed issue policy plans are a form of no exam life insurance coverage that works well for millions of Americans to get the life insurance protection that their families need. There are several advantages and disadvantages of no medical exam plans that you should be aware of when shopping for life insurance with sleep apnea.
First, the good properties of no exam plans. The obvious advantage is that anyone can purchase these life insurance policies, regardless of health or any pre-existing conditions. Nobody should have to go with the life insurance protection that their families need.
Another benefit to these plans is that you can get insurance coverage much quicker than you would be able to otherwise. Unlike a traditional insurance plan that requires that you go through the medical underwriting and take the medical exam, you’ll be able to be approved for a life insurance plan in a matter of days, versus the month that it could take with a term life insurance policy.
Just like every other kind of life insurance plan, there are downsides to no exam policies. The first is that they are going to be much more expensive than a plan that requires you to take the medical exam. Without the medical exam, the insurance company doesn’t know how your health is, which means they are taking a greater risk to accept your application. They are going to offset the risk by charging you higher monthly premiums. If you’re looking to get the most affordable life insurance coverage, these are not the best choice.
Another significant disadvantage is that there are lower limits on the amount of coverage that you can purchase with a no medical exam life insurance policy. With most no exam policies, you’ll only be allowed to buy around $250,000 of insurance protection. Because this isn’t enough insurance for most applicants, they have to buy two plans, or go with a traditional plan with a medical exam.
Not having enough life insurance is one of the worst mistakes that you can make for your family. It can leave them with debts leftover and no resources to pay for them, which can make an already stressful situation a lot worse.
How Do I Get The Best Life Insurance Rates?
There are two things you can do. First, make sure you are doing everything else right. Keep your weight down, blood pressure low, etc. For example you don’t want to be getting rated for sleep apnea and then get classified into life insurance for overweight people. All the other factors that would normally lower your likelihood to get standard life insurance rates will be magnified for sleep apnea life insurance.
One of the best ways you can improve your health and lower your blood pressure is to cut out any cigarettes that you use. Smoking drastically raises your chances of having health problems. Because you’re at a greater risk of being diagnosed with pre-existing conditions, the insurance company is going to view you as a much higher risk for life insurance protection. In fact, smokers are going to pay twice as much for their life insurance versus what a non-smoker is going to pay for the same sized plan. Kicking those cigarettes to the curb can save you thousands of dollars every year on your life insurance protection.
Second, work with a life insurance agency that is used to sleep apnea patients. At InsureNow365 we work with people that get classified as high risk all the time. Since we have this experience we know which companies will look upon life insurance, sleep apnea in particular, in the best possible rating. If you are ready to get started on your application use the form on the side of this page. We will be there throughout the process to help you get the best life insurance with sleep apnea rates and answer any questions you may have.
Every insurance company is different, all of them have different medical underwriting, which means that you’ll get drastically differing rates depending on which company that you contact. If you want to ensure that you’re getting the best rates possible. Instead of wasting your time, let one of our agents do all of that dirty work for you. It’s our mission to ensure that you’re getting the best rates possible. Some companies are going to give you much more affordable coverage than others, let us connect you with those life insurance companies. We can save you both time and money on your life insurance.
If you have any questions about getting life insurance with sleep apnea or the different options available to you, please contact one of our agents today. We would be happy to answer those questions and ensure that you’ve got the best insurance policy to fit your needs. Because you can’t predict the future, you shouldn’t wait any longer to get the life insurance plan that your family deserves.
We know that getting life insurance can be an overwhelming and frustrating process, but our agents are here to make the process as quick and easy as possible. Our agents have years of experience working with various highly rated companies and can bring all of the lowest rates directly to you. It’s our mission to help you get the perfect plan to fit your needs and your budget.