Life insurance is one of the most important investments that you’ll ever make for your loved ones. It’s important that your family has the money that they need, regardless of what happens to you. Life insurance is the best way to do that.
When you apply for life insurance coverage, the company is going to review dozens of different factors when determining how much you’ll pay for your coverage, or if they will accept your applicant. If you have a pre-existing condition, like COPD, you may have been told that you can’t be accepted for coverage or that you’ll pay a fortune every month. That couldn’t be further from the truth. Regardless of your health, there are several different quality options for life insurance coverage that you can choose from.
Chronic Obstructive Pulmonary Disease COPD affects an estimated 24 million Americans. It is a very serious health condition that can make obtaining life insurance quite difficult. Still, the answer to this question is almost certainly yes! Especially with the help of Ogletree Financial Services.
When underwriting the risk of a client with COPD, life insurance companies will be interested in your doctor’s assessment of the severity of your COPD and the results of any lung function tests you take.
An important lung function test for those with COPD is spirometry. This simple test measures how effectively a patient can empty their lungs of air. The test basically involves an exercise of maximum expiration after maximum inspiration (breathing out as much as possible after breathing in as much as possible).
There are two measurements obtained by this test that are important to physicians and life insurance companies. They are the FVC (forced vital capacity), which is the maximum volume of air that can be exhaled, and the FEV1 (forced expired volume in one second), which is the volume of air exhaled in the first second, and measures how quickly your lungs can be emptied. This value (FEV1) is closely associated with age, sex, height, and ethnicity, and is usually expressed as a percentage of a predicted normal value.
The value of FEV1 divided by FVC (FEV1/FVC), expressed as a percentage (how much of the biggest breath you can inhale will you release in the first second of exhaling), along with FEV1 compared to a normal expected value, are used to discuss the results of a spirometry test and the severity of your COPD, which is often divided into four categories of severity: mild, moderate, severe and extreme.
Mild COPD involves a moderate chronic cough and some shortness of breath after exercising along with FEV1/FVC values from 60-80%. Non-smokers with this degree of COPD may qualify for a standard risk rating with the right insurers. Moderate COPD usually indicates some decrease in lung function and FEV1/FVC values in the 50s. Without other complications, clients with moderate COPD can still get very reasonable life insurance rates with a reputable carrier.
Those with severe (FEV1/FVC in the 40s) or extreme (FV1/FVC below 40%) COPD will have much more trouble getting life insurance. But it is by no means impossible! At this point, most patients have trouble living their lives normally and are sometimes using dangerous medications to treat their condition. Ogletree Financial Services can be a most valuable asset in these situations, getting you an affordable life insurance policy even if you have been declined in the past.
In addition to the severity of your COPD, how well you are treating your condition will go a long way in determining the size of your life insurance premium.
COPD treatment involves many aspects of our daily lives. Be sure to closely follow your doctor’s recommendations regarding lifestyle changes, nutrition, physical activity, medication, breathing exercises and even emotional support.
Since those with COPD already have weakened lungs, life insurance companies will want to know that you are protecting them. Avoid industrial compounds and solvents, areas with heavy pollution and by all means, cigarettes. If you smoke, you must quit, if you do not, certainly do not start. You should even avoid situations where you may be exposed to second-hand smoke.
The more completely you can document your efforts to treat your chronic obstructive pulmonary disease, the easier it is for life insurance companies to see you as a good risk and offer you the most affordable premium possible.
Some additional information your life insurance agent might be interested in is when you were diagnosed, any type of lung disease associated with your COPD (e.g. emphysema or bronchitis), or if you have ever been hospitalized from your COPD. Your agent will also want to know about any medications you are taking and if you have had a chest x-ray or electrocardiogram (ECG) done.
Especially with a progressive disease like COPD, getting a life insurance policy in place immediately is very important. Progressive means your disease will get worse. If you wait a few years to get the life insurance coverage your family needs, your health may deteriorate, forcing you to pay higher premiums.
No Medical Exam Life Insurance
One alternative is to buy a no medical exam life insurance plan. These policies allow you to get insurance coverage without having to take the medical exam. These are great options for anyone that is in poor health or has been declined for coverage in the past. With these plans, there are several unique advantages that you can use to get coverage for your family.
One of the benefits of these plans is that you can get accepted for coverage much faster than you can with a traditional policy that requires a medical exam. With a normal plan, you could wait up to a month to be approved for life insurance. With a no medical exam, you can get insurance protection in a matter of days. If you want life insurance as quickly as possible, a no exam plan is going to be one of the best options.
Another advantage is that a no medical exam is much easier to get approved for. Without the medical exam, more applicants can get through the application process, which means more families with life insurance protection.
Working With An Independent Agent For COPD Applicants
When you’re shopping for life insurance as a COPD patient, it can be a frustrating process. There are dozens of companies are will decline your applicant, and you have to wade through all of the companies to find the best one. Because there are thousands of companies on the market, you could spend weeks looking to find the best plan to meet your needs.
Instead of wasting your time calling hundreds of companies and answer the same questions, let one of our independent insurance brokers do all of the hard work for you. Unlike traditional agents, we work with dozens of highly-rated companies across the nation. That means that we can bring all of the best premiums directly to you. It’s our mission to ensure that you’re getting the best plan to meet your needs.
At Ogletree Financial Services we know which insurers offer clients with serious health conditions life COPD the very best rates. We recently had a female client who was 58 and recently diagnosed with COPD. She had quit smoking a few years earlier and had a history of high blood pressure that is now well under control. She had no other medical concerns and a documented history of her doctors’ care and treatment. Inquiring with several life insurance companies brought table-rated offers requiring premiums 50-150% higher than standard. We were able to find her a company that gave her a standard risk rating so she got the life insurance she and her family needed without breaking their budget.
Nobody wants to think about his or her own death, but not planning for the inevitable is one of the worst things that you can do for your loved ones. If something tragic were to happen to you, your family would be responsible for a mountain of debt. Losing a loved one is never easy, but having thousands of dollars of debt is going to make the situation a lot worse. Life insurance will give your family the money that they need to get through the difficult situation.
You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance protection that your family will deserve. If you have any questions about getting life insurance with COPY, please contact one of our experienced agents today. We would be happy to answer those questions and connect you with the best plan to meet your needs.
Whether your COPD is mild or extreme, we can get you a life insurance policy with a reputable insurer at a premium you can afford. Get started with the instant term quoter at the top of this page, leave a message through our contact page, or call us at 1-800-712-8519.