A friend has told me about Income Protection insurance and I think I should get it. Would I be covered as an asthmatic?
- Robert Harvey
- Independent Protection Expert
Key Points the Insurers Might Want to Know When Making a Decision
Whether asthma is covered on an Income Protection Insurance policy really comes down to the severity of the condition and other lifestyle factors. The vast majority of people with asthma can expect to be offered cover as standard, with no exclusions or premium increase.
Those with more serious symptoms may in extreme cases be declined cover, although it’s more likely insurers will apply some sort of revised terms.
For those with childhood, or later onset adult asthma, who manage the condition primarily with blue (reliever) and brown (preventer) inhalers, are a non-smoker and haven’t had an attack in a number of years, should easily obtain cover and will be insured for the condition.
Serious Suffers Could Still Obtain Cover Without Exclusion
The good news for asthma suffers who have a more serious condition, such as that which has required hospitalisation in the recent past, is that most insurers will increase the premium rather than apply an exclusion, so although you may have to pay slightly more, there’s the peace of mind that you’re fully covered.
Factors that could lead to a premium increase will be recent hospital admissions; time off work; poor response to medication and recent steroid tablet use. Any asthma that is exacerbated by your occupation will not be viewed favourably by insurers either and could lead to a decline.
The difference between Income Protection and PPI plans
The positive with any Income Protection Insurance is that being medically underwritten from inception, the insurers will ask extensive medical and lifestyle questions prior to offering the cover and you know therefore exactly what you’re covered for.
With inferior Payment Protection Insurance plans, medical underwriting takes place at claim stage. This means pre-existing conditions you’ve had symptoms of or treatment for in the previous 12 months may be excluded and you may have a nasty surprise finding your claim is rejected.