Finding the right policy for you can be difficult if you’ve been diagnosed with sleep apnea. When determining rates for life insurance, many factors are considered, such as age and medical conditions. Insurance companies view sleep apnea as a risk because it is relatively common in the U.S. and affects more than 22,000,000 Americans.
Other serious health issues like type 2 diabetes, heart disease, and other sleep apnea symptoms can be caused by it. Sleep apnea, if left untreated can lead to more serious health problems. If you suspect you may have sleep apnea it is a good idea for you to visit a doctor. Even if it makes it more difficult to get life insurance.
Life insurance and sleep apnea
Life insurance companies consider sleep apnea a risk. This could impact your life insurance premium. An insurer might decline coverage in certain situations.
There are many types of sleep apnea. Each type can present with mild, moderate, or severe symptoms. Higher premiums can be charged for cases with severe symptoms than those with milder symptoms. The more severe your symptoms of sleep apnea, the higher the cost of life insurance. How well you manage your symptoms and how strictly you follow your treatment plan can also impact your life insurance premiums.
Types of sleep Apnea
There are many types of sleep apnea. Each has its own cause.
- Obstructive sleep apnea is a condition where certain throat muscles relax too much, causing the airway to shrink. The lungs are unable to draw in enough air as a result.
- Central sleep apnea is a condition in which the brain does not send the correct signals to the body. If these signals aren’t sent, breathing muscles cease to function and oxygen is lost from the body.
- Complex sleep apnea Syndrome: This diagnosis refers to cases with both central and obstructive symptoms.
Talking to a doctor if you suspect you may have sleep apnea can help you get a diagnosis.
Types of insurance available for people with sleep apnea
While finding life insurance for sleep apnea can be more challenging, there are still options. Before you apply for coverage, it is important to know the type and severity of your sleep apnea. After you have this information, choose the right type of life insurance policy to suit your needs.
Term life insurance
Term insurance policies do not cover you for a specific period, usually 5 to 30 year. These policies can offer patients with sleep apnea lower rates than other types life insurance. If you want to keep your life insurance after the term expires, you’ll need to renew it according to your age. This can lead to higher premiums.
Whole-life insurance
Whole-life insurance policies offer a form of permanent insurance that provides consistent premiums and growth rates, as well as a cash value or an investment component. These policies are good for life. Consistent premiums are a benefit for people with chronic health conditions like sleep apnea that can lead to their health deteriorating over time.
Universal life insurance
Permanent life insurance is another form of permanent insurance. Although universal life policies don’t offer guaranteed cash growth or fixed rates, they do include a cash value component. Universal life is a great option for people with sleep apnea because of its flexibility. Customers may have the ability to adjust their premiums or the amount of the death benefit during the policy’s life.
For those suffering from sleep apnea, life insurance coverage is available
Many life insurance companies offer policy riders that allow customers to add options to their policies. Policy riders may be especially useful for policyholders suffering from sleep apnea.
- Waiver of premium: If you are permanently disabled, this rider will eliminate the premium on a life insurance policy. Customers with sleep apnea may find this helpful if they are worried about losing their income.
- Accelerated Death Benefit: This rider is for those who have been diagnosed with a terminal disease and have a shorter life expectancy. It allows you to receive a portion from your policy’s death benefit while you’re still alive. Policyholders who have sleep apnea and are worried about developing a terminal condition may find this rider beneficial.
- Guaranteed insurance coverage: This rider guarantees that the insurance company will cover you without any medical exams. These riders expire after a predetermined time period. This rider is able to help customers suffering from sleep apnea. It provides them with an additional window to increase their coverage without having to worry about whether their condition will result in a denial.
A denial or increased premiums could result from sleep apnea. To find out more about your condition, consult your doctor if you are interested in life insurance. This will help you to choose the type of life insurance that interests you. It is a good idea to get quotes from several companies once you have decided on a policy type. This will allow you to compare price and coverage options.
Questions frequently asked
Which is the best life-insurance company?
Different individuals have different needs and the best life insurance company will vary based on their health, lifestyle, finances, and other factors. You might consider shopping around to compare quotes from several companies when looking into policies.
Which policy is best for sleep apnea?
Individuals with sleep apnea need to consider their individual health, preferences and death benefit. Term life insurance may be preferred by some because of its simplicity and low premiums. Some people prefer a permanent policy with fixed rates such as whole life.
Are life insurance rates affected by sleep apnea?
Life insurance companies base their premium costs on the customer’s health. Although sleep apnea does not cause a fatal illness, it can increase your risk of developing serious health problems. Life insurance companies will likely increase the premiums for customers suffering from more severe or untreated insomnia.
