Last Updated on September 9, 2017 by lifepolicyshopper
Worry Free Life Insurance after a COPD Diagnosis
Can you get affordable Worry Free Life Insurance after a COPD Diagnosis? Yes, if you know where to look. How you are rated is based on the severity and the treatment of your disease. If you’re not sure that affordable rates can be had in the life insurance marketplace, continue reading and find out more. So then, where should you start?
Your first step when applying for Worry Free Life Insurance after a COPD Diagnosis is to make sure you only use an independent agent. Since independent agents represent most of the highly-rated high-risk insurers, they can shop your application with all of the insurance companies out there. Non-independent agents, or captured agents, typically represent only one or two companies so you are less likely to find the best deal with a company or "career" representative. What's even worse, you may be declined, and the captured agent might not have any alternatives to offer.
Secondly, make sure the agent knows a lot about COPD and that they are experienced enough to underwrite the disease properly. COPD is a special situation, and you’ll need the best information to get the best coverage at a rate you can likely afford.
What Your Insurer will want to Know?
COPD is a chronic illness without a cure. It might present in a milder version where you experience occasional bronchitis that can be managed with various medications. Or, your COPD could be extreme and involve emphysema where the lungs are permanently damaged. This means the insurance company will need test results to understand exactly what stage of COPD you've got. Another crucial issue is whether or not you smoke, and if so, whether you continue to smoke after being diagnosed. When you stop smoking, it can dramatically slow the progression of the disease. Certainly, your insurer will look at you more favorably if you’ve managed to stop smoking for at least a year.
The medical information your insurer will need to collect about your condition includes:
• The Date That You were diagnosed
• Whether you are suffering from bronchitis, asthma, or emphysema
• Whether you've visited an ER or been admitted to a hospital because of COPD symptoms
• Prescribed medications including dosage
• Date and outcomes of any chest x-rays
• Date and outcome of any ECG tests
• Any other complicating health issues you are being treated for
More comprehensive medical information that your insurer is likely to require to measure the stage of your COPD include:
1. The results of chest x-rays and blood tests.
2. The results of your Pulmonary Function Test (PFT) - This test measures how much oxygen your lungs can hold, and how quickly you transfer oxygen to and from your lungs. Also, it measures how well you take in oxygen, and also how fast carbon dioxide leaves your blood. The PTF also determines how badly you are affected by your COPD, and also how effective your treatment and medication is managing your symptoms.
3. Forced Expiratory Volume (FEV) -- It measures how well you forcefully expel air during time periods of one, two, and three-second intervals indicated as FEV1, FEV2, and FEV3. The quantity of air expelled during this 3-second time frame is designated as your Forced Vital Capacity (FVC).
Be sure to check out our article on Worry Free Life Insurance for Nonsmokers with COPD
How Severe is the COPD?
Insurance providers rate your COPD diagnosis according to its stage. Other complicating factors may include if you are a smoker, your age at diagnosis, along with other health issues that you present. The stages of COPD are referred to as mild, moderate, severe, and extreme, and are defined as:
Mild – With the mild stage of COPD, you are likely to have a mild cough that is chronic and some r shortness of breath following moderate exercise. Your PFT is usually normal or near normal, and may not require any treatment.
Moderate – Moderate stage COPD presents evidence of increased coughing and a shortness of breath after moderate exercise. Your PFT is below normal levels, and there could be some signs of chest abnormalities indicated in your chest x-rays. You will also occasionally require the use of another form of medication for relief.
Severe – With severe COPD you will generally experience shortness of breath and coughing after minimal exertion or and as a result of regular daily activities. Your PFT is absolutely below normal, and lung abnormalities are very evident along with your pulmonary function being decreased. Severe COPD patients need the routine use of a rescue inhaler and are prescribed steroids and other medication.
Extreme – Having extreme COPD means you're virtually disabled and cannot perform routine daily tasks. Shortness of breath is experienced even while stationary you are required oxygen support from time to time. Lung abnormalities are very pronounced, and you are typically homebound with a very low quality of life.
How Your Insurance Company will rate You?
The biggest indicator is how well you're able to breathe which is contingent on the Pulmonary Function Test (PFT). The better your results, the lower your rate will be, and the lower your premiums. It also depends again on smoking, BMI, age and your general health.
For mild cases, you should expect a Table a B table rating which represents a 50% increase over the standard rate. For moderate stage COPD, you'll likely be rated at table D to F which represents 100 to 150% surcharge over the standard rate. Severe and extreme cases will likely be declined, so your only alternative will be a guaranteed issue policy which doesn’t take your health into consideration for issuing a policy. The healthier you are, and the better you manage your COPD, the lower your rate will be. It's just not that complicated.
Your Bottom Line
You can generally find Worry Free Life Insurance after a COPD Diagnosis if you have mild or moderate COPD. Severe and Extreme cases will likely require you to purchase guaranteed issue life insurance which is priced substantially higher, but that's better than leaving your surviving loved ones with your final expenses when you die.
These programs have the following guarantees
1. First Day Coverage. You are fully protected the very first day your coverage goes into effect with no exclusions and no waiting period.
2. Ease of issue. No physical exams.
3. Your premiums will never go up. Lock into a rate at your current age and the cost will never increase regardless of changes to your health and age.
4. You benefits will never go down. Regardless of changes to your health and age.
5. All programs build cash values.
6. The benefit is paid to your beneficiary tax free on the worst week of their life.
7. Your policy can never be cancelled as long as premium payments are made.
8. This is a protected asset that you will never be forced to liquidate.
Seniors looking for a state regulated final expense life insurance policy or a whole life burial plan often have medical impairments and conditions that may raise the cost of these benefits. We keep track of these medical impairments and conditions and contract with several carriers so we can find the most benefits for the amount of money that you spend. Here we will review what we might see as we field underwrite the COPD medical condition. We can help you find first day coverage at a standard rate.
3 Top Reasons why folks use these programs
1. Because they do not have a DEDICATED amount for their funeral or final expenses
2. Because they’ve recently checked the pricing on what they currently have in place. They want to see if they can find more benefits than what they currently have.
3. Because they want to leave behind a legacy. Income for a surving spouse, money for grandkids, or to charity (Cancer Society, Church, etc)
For more information about obtaining affordable life insurance after a COPD diagnosis, call the insurance professionals through our website and you can conduct your own online research using our world class quote engine to find an affordable plan that works best for you.