Sleep Apnea Life Insurance
Sleep apnea is a very common medical condition, and several people who suffer from this condition do not even know it. If you have been diagnosed by a doctor, you might be losing even more sleep than you already do wondering whether or not you will be eligible for life insurance. Luckily, most life insurance companies will approve applicants who suffer from sleep apnea, and some of these applicants may even qualify for preferred or preferred plus health classification ratings. To approve you for life insurance, underwriters will look at your case to determine whether your sleep apnea is controlled or uncontrolled. Here are some of the many factors an underwriter will consider when determining the rates that you will pay for coverage.
The Underwriting Questionnaire for Applicants With Sleep Apnea
Upon reviewing your application for insurance, the underwriter may request that you complete a separate questionnaire. This questionnaire helps paint a picture of how severe your sleep apnea is and whether or not it is being controlled with treatment. Here is a list of some of the common questions you will find a sleep apnea questionnaire:
- Date you were diagnosed
- Type of sleep apnea (obstructive, central, or mix)
- Is the severity of your condition improving, fluctuating, or getting worse over time?
- Have you had a sleep study done in the last 3 years? If yes, what was your oxygen saturation percentage?
- Is your sleep apnea being treated directly or indirectly?
- Are you taking medications or wearing a CPAP machine?
- Do you have a history of stroke, depression, or coronary artery heart disease?
- Do you drink alcohol regularly?
How Will the Answers to These Questions Affect Your Life Insurance Rates?
Now that you know what the underwriter will ask, it is important to know how what your medical records state will affect your rates. Understandably, all of the information you provide to your underwriter must be verifiable by your medical records. You must sign a release so that the underwriter can order these records before you will receive any type of approval for life coverage.
How Can You Get the Best Rates?
Underwriters will offer the best life insurance rates to individuals with a mild case of sleep apnea who are currently being treated. In the world of life insurance, the company wants to know that you are complying with your doctor’s orders and that you are making an effort to control the condition. If you are overweight and have been asked to change lifestyle habits to lose weight and you have been dieting and exercising, this will reflect positively on your application.
Another way to qualify for the best rates is to wear your CPAP machine on a regular basis as prescribed. Some individuals are also prescribed medications or dental devices to help control the sleeping condition when it is a case of obstructive sleep apnea. To verify that the sleep apnea is under control, the underwriter will want to review a recent sleep study. This study shows your oxygen saturation during your cycle of sleep and will assess whether or not there are any cardiovascular risks that the company should be concerned with. If you have not completed a sleep study within the last 3 years, the company may require you to have the test done before you will receive approval or good health classification ratings.
When Might You Be Declined for Life Insurance with Sleep Apnea?
If you have a very severe case of sleep apnea and the condition is not under control, you may have difficulty finding coverage. It is almost common to be declined when you are obese or you have central sleep apnea. The one red flag that will cause underwriters to deny applications is when you do not follow up with treatment for your condition and you are not willing to do an updated sleep study.
These studies are not always covered by medical insurance, but they are required. If you do not want to pay thousands of dollars to do a study, there are at-home study kits that you can purchase as long as your doctor is willing to sign off on it. Just be sure to do the study, submit the results to your insurer, and you can show that you are taking the appropriate measures.
You should not have problems finding term life insurance with sleep apnea if you do business with the right brokerage. Be sure to choose a broker willing to match you to the right insurer, be honest on your application, and work with your broker to get approved. Keep your condition under control for both your health and for better rates. Compare the rates offered by all of the leading insurers, choose a company willing to give you the best rating classification, and you will feel good about the policy that you buy.