Getting Life Insurance with COPD
YOU HAVE OPTIONS
Just because you have COPD, doesn’t mean you cannot get approved for life insurance. Nor does it mean that you have to pay dearly because you’re rated. While it is aggravating trying to find a life insurance company to get coverage with, each company looks at COPD differently and having an agent that knows this is very important as there are still choices for you. That’s where we can help.
For example, a 50 year old male or female with CPOD needing up to $50,000.00 in coverage, there is a company that will give you Whole Life coverage to age 121. With this type of policy there is no medical exam or blood work required. Your coverage begins immediately even if you are a smoker. This is also available for anyone age 0 to age 85.
If you’re looking for a greater amount of life insurance, there are still life insurance companies out there that provide term life insurance with a full medical exam, but knowing which ones to go with is a challenge. Some life insurance companies will give you a policy as standard while most will give you a rated policy anywhere from a Table A to a Table G. These “Tables” are ratings that can add anywhere from 25% to 175% plus to your premium payment or even be declined a policy.
These companies will also need to know the following:
§ What age you were diagnosed with COPD?
§ Is your COPD due to asthma, chronic bronchitis, or emphysema?
§ What medications you take and how well controlled it is with the medication?
§ Do you use tobacco or nicotine products?
§ Have you been hospitalized for COPD or made frequent trips to the ER for treatment?
Another option is a Guaranteed Issue Whole Life insurance policy. With this type of policy, there are no medical exams, blood work or medical questions. There is a 2 year waiting period for the full benefit to kick in. Should you pass away within the 2 year waiting period; the insurer will pay the beneficiary all the premiums paid into policy plus anywhere from 110% to 120% depending on the life insurance company. This may be ideal as a last resort. Most people with COPD have a prognosis that goes well beyond the 2 year period.
Please don't hesitate to reach out to us with any questions. We will be more than happy to help you find coverage to meet your needs.