When it comes to life insurance, there are standard and substandard risk classes. Applicants with well-managed sleep apnea can be placed in one of the usual risk classes and sometimes even a preferred risk class.
When we say risk class, this is the category that the life insurance company assigns you based on your health and lifestyle. Your risk class determines how much you will pay for life insurance.
The table shown is an example of how a 30-year-old man's risk class can affect his monthly premiums.
So, let's say a 30-year-old man with sleep apnea applied for life insurance. The insurance company would review his application, latest sleep study results, medical examination results and health records. After evaluating everything, they decide to offer Preferred and the applicant accepts.
This 30 year old will now only have to pay $ 28.26 per month for $ 500,000 life insurance for the next 20 years no matter what happens. After the insurance is active, the life insurance company cannot change the insurance. Even though this man was unexpectedly diagnosed with cancer at age 45, he would still have coverage for only $ 28.26 per month.
In the case of sleep apnea specifically, the condition is usually diagnosed as mild, moderate or severe. However, as this diagnosis may be subjective, the life insurance company's insurance company will review your sleep study tests. These tests reveal brainwave activity, breathing patterns, chest muscle activity and oxygenation levels. These values will help the insurer determine your risk class.
If your doctor has recommended that you do a sleep study test and you have not done so, many life insurance companies will not even offer you coverage until you do. [1
If your doctor has advised you to follow a particular treatment method, such as dietary and exercise changes or to use a CPAP machine, but you do not meet the requirements, the life insurance company will likely postpone or reject your application.
If you have sleep apnea and are looking for life insurance, Quotacy can help.
»Calculate: Life insurance needs calculator
Quotation is a life insurance broker which means that we have access to many of the highest ranked life insurance companies and can trade the market for you. We do not work for any insurance company, we work for you. Our agents' job is to advocate on your behalf that you should get the best possible life insurance.
We recently had a 54-year-old client with sleep apnea apply for life insurance through us. It was considered mild and well maintained with a CPAP machine.
His Quotacy agent reviewed his application and knew that the company he had originally chosen when he applied online was likely to award him a Standard Plus risk class. His agent suggested actually switching companies to save money by getting a better risk class.
Our client decided to follow his agent's proposal and switched to the other life insurance company. He then received a Preferred Plus risk class and actually saved $ 55 per month.
»Compare: Quotes About Life Insurance For Sleep Apnea
If you have any questions about life insurance, be sure to leave us a comment. Otherwise, you can cancel next week when we talk about getting life insurance while you are pregnant. Hey!
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