Life insurance with Sleep Disorders…made easy!

Life Insurance with a Sleeping Disorder.

If you have been diagnosed with a sleep disorder then you need to read this. There are three important questions you need to ask if you are applying for life insurance with a sleeping disorder, which are:

  1. Can I get life insurance if I have a sleeping disorder?
  2. What will life insurance cost me if I have a sleeping disorder?
  3. What is the process of applying for life insurance if I have a sleeping disorder?

Let’s begin with a brief overview.

There are many forms of sleep disorders. The most common are insomnia, narcolepsy, restless leg syndrome and sleep apnea.

Insomnia: Chronic difficulty in falling asleep and/or maintaining sleep when no other cause is found for these symptoms. Insomnia is often a symptom of a mood disorder (i.e., emotional stress, anxiety, depression) or underlying health condition (i.e., asthma, diabetes, heart disease, pregnancy or neurological conditions).

Narcolepsy: Excessive daytime sleepiness (EDS) often culminating in falling asleep spontaneously but unwillingly at inappropriate times. Narcolepsy is a chronic neurological disorder (or dyssomnia), which is caused by the brain’s inability to control sleep and wakefulness.

Restless legs syndrome (RLS): An irresistible urge to move legs.

Sleep apnea: Sleep apnea is a condition where breathing starts and stops. Sleep apnea can cause or exacerbate certain medical conditions such as heart issues, diabetes and hypertension.

Can I get life insurance with a sleep disorder?

The quick answer is, YES.

The main concern for the best life insurance companies dealing with sleep disorders is if the disorder affects your normal daily activities, which in turn would make you a higher risk. What high risk life insurance underwriters are looking for is if the sleep disorder detracts from your lifestyle. The more the disorder detracts from your quality of life, the more risk you pose to the life insurance provider.

For example, a recent client had a history of restless leg syndrome. As a result, they suffered from various mood disorders, including depression. They had trouble going about their normal daily activities due to the depression, which was the result of many nights of little to no sleep. As a result, the life insurance carrier came back with a substandard rate class.

Another example is a client with sleep apnea. This client had a sleep disorder but due to successful treatment and control with a CPAP machine, the client had no other health issues. As a result, the life insurance carrier approved them with a preferred plus rate class.

Where you will end up is determined by several factors, but probably the most important is how the disorder affects your quality of life. Other factors include date of onset, medications prescribed, any hospitalization and any other mood disorders such as depression.

What is the cost?

Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your whole life or term life insurance rates.

Typically, someone who is dealing with a sleep disorder who can show control of the disorder without any side effects can still qualify for a preferred plus rate class. For example, someone suffering from insomnia, who controls the disorder with one medication and has no other health issues or mood disorders would probably qualify for a preferred plus rate class.

Many people suffering from sleep disorders qualify for a standard rate class because the disorder affects their daily activities in one way or another. For example, if you have insomnia and you also take medication to treat depression, then you will receive a standard rate class.

The more serious sufferers qualify at a below standard rate class or may need to consider a burial life insurance policy where there is no medical exam and no health questions.

If you are curious what your price tag would be, simply enter your information and see what the price is for your age and gender based on the above rate class you believe you qualify for.

What is the process?

A guaranteed issue policy is quick and easy. It is guaranteed issue so everyone within the required age bracket will qualify for this coverage. Typically, the amount you can qualify for will be from $5,000-$30,000 depending on the carrier. The best final expense or burial insurance companies offering guaranteed issue coverage include a graded death benefit limitation which provides that the full death benefit will only be paid after the burial insurance policy has been in force for two or more years.

No exam life insurance might be an option depending on the severity of your sleep disorder.

A fully underwritten life insurance policy requires a life insurance health exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.

The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same!

Not all life insurance carriers are the same.

The life insurance industry is just like every other industry out there.  Competition is constantly driving insurance carriers to compete for your business.  As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available.  Only by doing this can you insure that you are getting the best policy tailored to your specific needs.