Best Life insurance for sleep apnea
Sleep apnea is a prevalent condition marked by short pauses in breathing (apneas) lasting at least 10 seconds while sleeping, which effectively results in the suspension of breathing. Research conducted by Johns Hopkins Medicine has revealed that sleep apnea can potentially reduce life expectancy by multiple years.
Several estimates suggest that a notable 6%-7% of Canadians have been diagnosed with sleep apnea by a healthcare professional. This figure is significantly higher than the results from a previous survey conducted eight years ago, almost doubling the prevalence rate. Sleep apnea can potentially result in a severe medical condition and could be linked to obesity. A significant indicator of the condition is that the individual typically snores heavily. Treatment options include surgery or wearing a mask that delivers oxygen at night, though adjusting to using the device could be challenging, causing many individuals to not comply with their prescribed treatment.
There are three main types of sleep apnea:
- Obstructive sleep apnea occurs when muscles and tissues in the throat and airway relax, blocking the air passage.
- Central sleep apnea happens when the brain fails to send the signal to breathe, leading to breathing cessation and a drop in oxygen levels.
- Mixed sleep apnea is a combination of both central and obstructive sleep apnea, where breathing is interrupted due to a combination of muscle and brain dysfunction.
If you have sleep apnea, it may affect how a life insurance company processes and evaluates your application. This article delves into the topic of life insurance underwriting for people with sleep apnea, so that you can find the policy you need even with this medical condition.
Can You Get Life Insurance with Sleep Apnea?
It is possible to obtain life insurance coverage even if you have sleep apnea, although it is considered a pre-existing medical condition. Without the proper application and preparation, you may be denied coverage or offered a policy at a higher rate than someone without the condition.
This can result in fees that are significantly higher, sometimes up to 100% or more. However, you may be eligible for a no-medical exam policy, which comes in two types: simplified issue and guaranteed issue. These policies do not require a medical exam for qualification.
There are a variety of applications and policies. The typical factors that are considered include:
- Date of last sleep study
- Any other conditions such as obesity, hypertension, heart disease
- Smoking history
- Alcohol use
- Current age, height/weight
- Date of diagnosis
- Type – whether it is central, mixed or obstructive
- headache, irritability
- Any history of accidents
- Severity of disease
- Treatment (CPAP or surgery)
- Compliance with treatment
Presence of symptoms like snoring, daytime sleepiness, impaired concentration, morning
To evaluate your application for life insurance, an attending physician statement (APS) is usually required. If the APS indicates the presence of multiple signs of sleep apnea, your insurance application may be postponed until the condition improves. On the other hand, if the condition is well-managed and the patient is in compliance with recommended treatments, this can increase the likelihood of obtaining standard or no-medical exam rate options.
Does Sleep Apnea Affect Life Insurance Rates, and How?
The severity of sleep apnea can affect the rating of your life insurance policy. If an individual is being treated and doesn’t have significant symptoms, they may be eligible for a standard rate. However, if left untreated, the rating could range from standard to as high as 150% or even result in a decline.
If the diagnosis is central apnea, the life insurance application is likely to be declined. Nevertheless, if the diagnosis is mixed or obstructive apnea, there may be some options available. Generally, the more severe the apnea, the higher the rating for the policy.
What Life Insurance Types Can You Get with Sleep Apnea?
Traditional, Medically Underwritten Life Insurance with PREFERRED RATES
Traditional, Medically Underwritten Life Insurance with STANDARD RATES
Traditional, Medically Underwritten Life Insurance WITHOUT A MEDICAL EXAM
Traditional, Medically Underwritten RATED Life Insurance
If you have sleep apnea and are looking to get approved for life insurance, working with a broker may be the best approach. Life insurance brokers can shop the market on your behalf and preview applications to see how they handle sleep apnea. They can even email the insurance companies to check your chances of being approved. Unlike agents who work for a single company, brokers act as independent intermediaries and have access to policies from multiple providers in Canada.
This gives them the flexibility to find the best options for your unique situation. The best part is that brokers are paid by the life insurance companies, so their services are free to you!
Does Sleep Apnea Disqualify You from Life Insurance?
Don’t worry – if you already have a life insurance policy and develop sleep apnea, your policy remains active (as long as it hasn’t lapsed). However, if you’re seeking a new life insurance policy, there are options available even if you have a pre-existing sleep apnea condition.
What is the Best Life Insurance for People with Sleep Apnea?
Our brokers can assist you in finding a life insurance policy from leading Canadian insurers such as Manulife, SSQ Life Insurance, Empire Life, Canada Life, Assumption Life, and more. These providers typically offer rated, simplified, or guaranteed issue policies for individuals with sleep apnea or other pre-existing medical conditions.
With over 25 insurance companies to choose from, our experienced brokers can help you navigate the options and find the right policy for your needs. To get started, simply use the quote request form located on the right side of your screen and contact us today.
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