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.
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