Sleep Apnoea is a sleeping condition where a person pauses in their breathing cycle for a period of time during their sleep. This can happen infrequently or several times an hour, impacting a person’s quality of sleep. Applying for life insurance with Sleep Apnoea will depend on a few differing factors to determine longer term risk of the condition to the person and the life insurance company. Untreated, Sleep Apnoea can increase the risks of heart disease and also increase the change of accidents due to poor sleeping patterns.
Is Life Insurance for Sleep Apnoea sufferers available?
Generally yes. As with most pre-existing medical conditions, life insurance companies like to see control and adherence to treatment. This is the same with life insurance for sleep apnoea sufferers. For a life insurance application where sleep apnoea has been disclosed, the insurance company will seek information from the applicant’s doctor to confirm diagnosis, treatment and control. Reports from doctors are generally requested directly, you usually do not need to go and see your doctor. Specifically with sleep apnoea, the insurer will request a copy of the last sleep study conducted to confirm the ‘apnoea index’ to determine the severity of the condition, the lower the better.
What Life Insurance options are available?
All coverage types are typically open for applications. This includes Life Insurance, TPD Insurance, Trauma Insurance and Income Protection. Eligibility for coverage will depend on severity and if the sleep apnoea is having an impact or causing other health conditions.
Although coverage is generally available, more severe cases may attract a ‘premium loading’ depending on the type of life insurance sought.
Where life insurance is offered, full life insurance coverage is provided, meaning that the events covered under a policy are not restricted. Full coverage for death as a result of sickness (pre-existing sicknesses included) and accident is provided. There are generally no pre-existing exclusions that would apply.
Lower cost accidental death only policies and accidental injury policies are also available with no medical underwriting required.
Underwriting guidelines differ between the insurers and a confidential ‘pre-assessment’ can assist finding the best deal based on individual circumstances. Primoris Financial can assist by talking to different underwriters and companies on your behalf and finding a favourable outcome before a formal application is made.
What are the criteria that need to be met to apply for Life Insurance and Sleep Apnoea?
In order to offer a contract for life insurance, insurers prefer to see a good level of control of a pre-existing condition. For life insurance and sleep apnoea, if a CPAP machine has been recommended, proper use of this treatment is favourable. Sleep Apnoea can also be related to other medical conditions like higher Body Mass Index’s (BMI), Diabetes and other medical conditions if present will be assessed in conjunction. Typically, insurance companies will also offer life insurance to applicants with a sleep apnoea index under 30.
Sleep Apnoea need not be a reason to ignore a person’s life insurance needs and engaging with a life insurance specialist to source comprehensive and cost effective protection. With many different insurance companies and policies available, obtaining life insurance with sleep apnoea can assist you protect the future financial security for you and your family.
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About the Author – Benjamin Irons
Benjamin has been involved in the financial services industry since 2004. Benjamin has a Bachelor in Business, Diploma of Financial Services (Financial Planning). Previously a Financial Adviser and a business owner, Benjamin has worked with hundreds of individuals and businesses to implement simple strategies to improve wealth. Benjamin writes for a number of websites to assist people take control of their finances and find their financial freedom!