Life Insurance with COPD
If you are living with chronic obstructive pulmonary disease (COPD), you are not alone. According to the National Heart, Lung and Blood Institute, more than 12 million Americans have been diagnosed with COPD. It is estimated that another 12 million are thought to have undiagnosed COPD. COPD is a pulmonary disorder that ranges in severity. If you need life insurance but are suffering from COPD, you might think that life insurance coverage is out of the question. The good news is that depending on the severity of your COPD, you might be able to qualify for standard rates. Here’s what you need to know about getting life insurance if you have COPD.
What is COPD? – In general terms, COPD is a pulmonary disease that makes it hard for the lungs to function properly. COPD usually occurs when the airway and air sacs in the lungs become damaged and inflamed and can no longer efficiently move air in and out of the lungs. COPD includes two main lung problems, chronic bronchitis and emphysema. COPD is a progressive condition, meaning it typically gets worse over time.
Underwriting Life Insurance with COPD – COPD is a medical impairment that life insurance companies look at very seriously. Your health rating will depend on the severity of your COPD. There is no doubt that the life insurance company will want to look at all of your medical records to gauge the severity of your COPD and any other health issues that you might have. The severity of your COPD is gauged by your Forced Expiratory Volume in One Second (FEV1) levels. The FEV1 test is done to determine the amount of air you can forcefully blow out of your lungs in one second compared with expected values based on a healthy person, along with age, gender, height, and race. Your health rating won’t solely be determined by your FEV1 level but a combination of multiple factors. Here is how an insurance company might determine the severity of your COPD when assessing a health rating.
Mild COPD – If you have an FEV1 level of 60% to 80% and exhibit mild or minimal symptoms, you are considered to have mild COPD. You might have some chronic coughing and shortness of breath after moderate exertion. You must be a nonsmoker with only mildly abnormal pulmonary function tests (PFTs) in order to qualify for a standard health rating.
Moderate COPD – If you have an FEV1 level that is between 50% and 59%, you will be considered to have moderate COPD. Symptoms of moderate COPD include shortness of breath after moderate exertion and increased chronic coughing. PFTs show decreased lung capacity and chest x-rays show some abnormalities. In most cases, moderate COPD will usually mean a table 4 rating at best (read more about table ratings here), but could be higher. It will also depend on your overall health.
Severe COPD – If you have an FEV1 level of 40% to 49%, you will be considered to have severe COPD. Symptoms of severe COPD are constant shortness of breath during everyday activities as well as PFTs that show major lung capacity issues. Severe COPD usually requires multiple medications and treatments. In some cases, you can expect a table 6 to table 8 rating, but most companies will decline coverage.
Very Severe COPD – If you have an FEV1 level that is less than 40%, you are considered to have very severe COPD. Symptoms of very severe COPD usually include shortness of breath with minimal or no exertion and constant treatment with an oxygen tank. Unfortunately, you will not be able to get traditionally underwritten life insurance if you have very severe COPD. You will most likely be able to qualify for a whole life policy with a graded death benefit.
What Other Factors are Taken into Consideration? Besides your FEV1 levels, the life insurance company will also want to know the following about your COPD:
What is the specific diagnosis? (i.e. chronic bronchitis, emphysema etc.)
Date of diagnosis?
Any other health issues?
Medications? (dosages, amounts etc.)
Any hospitalizations for COPD?
What were the results of most recent pulmonary function tests (PFTs), chest x-rays or any other tests?
What are your symptoms? (i.e. shortness of breath at rest or minimal exertion, moderate exertion? Frequent respiratory infections?)
Application Process – If you have COPD and you are interested in applying for life insurance, it is best to work with an independent agency like ours. We don’t simply fill out an application and submit it with the hope that it gets approved like some agents. We gather as much information about your particular situation and shop your case to multiple insurance companies to field tentative offers. This will allow you to see what you’re up against before even filling out an application. Once we have determined the best potential offer for your case, we will then go through the formal application process.
No Medical Life Insurance Options with COPD – If you do not want to take a medical exam, you can opt for a no medical exam policy if you have COPD. You should know that no exam life insurance for those with COPD is only available with whole life products. There are a few choices you have depending on your particular COPD condition that range from immediate coverage to a graded policy. A graded policy requires that you live 2 years before full benefits are paid out and offer lower insurance coverage amounts. Once we know more about your COPD condition, we can show you all of your no medical exam options.
Conclusion – The good news is that life insurance with COPD is insurable. Before you consider buying life insurance, talk to an independent agent who can learn the specifics of your case and shop it around to get you the best offer. If you need life insurance and suffer from COPD, let us know more about your situation by filling out an online quote. We can walk you through the application and underwriting process so that you know exactly what to expect. We will shop your case to over 40 of the industry’s best insurance companies to get you the best rate.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
