Chronic Obstructive Pulmonary Disease, otherwise known as COPD, is one of the most common lung diseases experienced today. Taking two main forms: Chronic bronchitis that involves a persistent cough and Emphysema, which involves the extensive deterioration of the lung passages over time, COPD is a pervasive disease that requires extensive treatment and frequent medical attention. If you or someone you know is affected by COPD, having life insurance that will cover the costs of a major life event should one occur is critical. While attaining life insurance isn’t easy with such an extensive condition as COPD, finding the right life insurance company is the key.
If you’ve ever applied for life insurance before, and you’ve received massive rates or you were declined because of your COPD or your health, don’t assume you can’t get approved for an affordable and quality life insurance policy. This article is going to give you some of the information you need to get the insurance protection your family needs.
The Causes of COPD
We understand that COPD can be caused by a variety of factors, and that is why we help you get a personalized specific plan made just for you. One of the typical factors that is associated with COPD is the environment. Repeated exposure to pollution, chemical fumes, and other irritants can cause trauma to the bronchial tubes as well as the lung passages that can eventually lead to COPD. Other factors include Emphysema caused by smoking or even hereditary factors such as the hereditary disease Alpha1-Antitrypsin (A1AT).
Life Insurance Coverage with Mild, Moderate, or Severe COPD
To help you get the best plan at the best rate, we’ll first need to define the severity of your COPD. One way that you can help us help you is by getting a common pulmonary functions test, the FEV1% or Forced Expiratory Volume in 1 Second, which helps determine the level of your COPD. Knowing your FEV1% upfront allows us to determine if your COPD is considered mild, moderate, or severe and helps us determine a plan based on your classification.
After determining your FEV1, we can compare it to a typical level to classify your COPD. The average FEV1% of a healthy individual is 80 to 120%, which serves as a baseline for comparison. An FEV1% of 60 to 80% is considered mild. Such a classification will qualify you for a table 2 rating for mild COPD and determine what type of life insurance plan and rate for which you are eligible.
In comparison, if your FEV1 is 50-59%, your COPD is considered moderate. This classification makes you eligible for a table 4 rating with certain life insurance companies.
While, if your FEV1 is 40 to 49%, your rating would qualify even higher at a level of 6-8.
Qualifications for FEV1 of below 40% are available; however, the options associated with such a rating are typically graded death benefit policies. The general timeline for these is typically 2 to 3 years before the full death benefit is in effect.
Additional factors that affect your eligibility include:
- Current and Previous Smoking and Tobacco Use
- Body Measurements of Height and Weight, including recent weight loss
- Symptom Severity
- Disease Progression Rate
- Additional or Associated Health Concerns or Conditions such as Coronary Artery Disease
- Previous Hospitalization
- Activity and Energy Level
When you’re going through the application process, the company will require you to take the medical exam. The results of the exam are going to impact your chances of being approved for the plan and how expensive your policy is going to be. The better your results from the exam, the lower your insurance premiums are going to be.
The medical exam is going to be conducted by a registered nurse or a paramedic. When they get there, the first part of the exam is going to be dozens and dozens of health questions. They are going to ask you some basic questions about your current health, any complications you may have, and some questions about your family history.
After the questions are out of the way, the nurse or paramedic is going to get some basic vitals. This is going to be your blood pressure, your heart rate, your height/weight, and a blood and urine sample. All of these factors are going to be taken and then looked at through the medical underwriting. The whole medical exam process should be quick, most of them only take around 30 minutes.
No Exam Life Insurance
If you want to skip the exam, you can skip the process by choosing a no exam plan. As you can guess from the name, these policies let you get life insurance without having to take the exam. You’ll still have to answer the health questions over the phone, but you won’t have to take the exam. For a lot of people, this might seem like the perfect option, especially those with COPD, but there are a few factors you should be aware of when you’re shopping for coverage.
One of the biggest disadvantages of a no exam policy is the price. No exam plans are significantly more expensive than a traditional policy with a medical exam. The more health information the company gets, the more accurate they can make their rates, otherwise they are going to offset any unknown risk by charging you higher premiums. If you want to get the most affordable life insurance, you need to apply for a plan with a medical exam.
Another problem with no medical exam policies is the restrictions on the insurance coverage. Most insurance companies will only sell you around $250,000 worth of coverage. For most applicants, this won’t be nearly enough insurance. Not having enough insurance protection is one of the worst mistakes you can make for your loved ones.
Let Us Help
Every insurance company has different stances on COPD applicants. Some companies are going to give you expensive rates because of your health conditions. Other companies have more experience working with high-risk clients and they will offer you affordable insurance protection. Let one of our independent insurance agents connect you with one of those companies and help you find the perfect plan for you and your loved ones. If you have any questions about applying for life insurance with COPD or the options available to you, please contact one of our brokers. We would be happy to answer those questions for you.
No matter what your rating or your health classification is we can help you get qualified for a cost-effective, beneficial life insurance policy. Even if you are looking for end of life insurance coverage, we can help. Contact us today for personalized rate quote and policy information at 888-552-6159 or fill out the quote request form on this page.