Life Insurance for Seniors with COPD

Learn How Seniors with COPD Can Get Life Insurance

What is COPD?

COPD, or Chronic Obstructive Pulmonary Disease, includes a variety of respiratory disorders like emphysema and chronic bronchitis. It's a progressive condition that worsens with time, impeding airflow from the lungs.

Symptoms include coughing, wheezing, shortness of breath, and chest tightness, usually caused by long-term exposure to irritating gases or particulate matter, particularly cigarette smoke.

COPD is a major cause of disability and the third leading cause of death in America, according to Mayo Clinic.

How COPD Might Affect Eligibility for Life Insurance?

Getting a life insurance policy when you have COPD can feel like an uphill battle. But it's important to note that having insurance is just as imperative for those with COPD as it is for anyone else, if not more so. Life insurance serves to care for your loved ones once you're gone, providing them with the financial stability they need to handle final expenses, including burial and funeral costs.

However, acquiring life insurance for seniors with COPD can appear a tad bit tricky due to the coverage terms and conditions. Insurance companies are likely to consider factors like the severity of your COPD, your age, and overall health before establishing your premium and your approval for coverage.

Therefore, it’s crucial to thoroughly compare various insurance policies and consider consulting with a broker or independent agent who can provide comprehensive guidance. 

Start your free life insurance quote.

Learn About Guaranteed Acceptance Life Insurance

One of the most beneficial options for seniors with COPD is a guaranteed acceptance life insurance policy because it offers guaranteed approval for individuals who meet the age requirements. This implies that no matter your health issues, you won’t be turned down for coverage.

Guaranteed acceptance life insurance is a permanent policy that assures lifetime protection and doesn't require any medical examination or questions about your health history. This simplifies the application process significantly, allowing for faster approval. You can get coverage from $2,000 up to $25,000, depending on your age.

Importantly, the money from your guaranteed acceptance life insurance is paid directly to the beneficiary of your choice, tax-free. These funds can be utilized to pay for burial and funeral expenses, or any other purpose they desire. Request a guaranteed issue life insurance quote.

Best Guaranteed Issue Life Insurance Companies

A few of the top providers that offer life insurance for seniors with COPD include: Mutual of Omaha, MetLife, Colonial Penn, AARP/NewYork Life.

These providers generally offer between $2,000 and $25,000 of coverage with a two-year limited benefit period. Most of them do not require physical exams and have guaranteed acceptance for certain age groups.

• Mutual of Omaha provides up to $25,000 of coverage with guaranteed acceptance between ages 45-85. They also offer a 30-day money-back guarantee.
• MetLife offers life insurance rates as low as $10 per month and guaranteed issue for ages 45-75. They could provide up to $20,000 of coverage.
• Colonial Penn provides guaranteed issue life insurance exclusively for ages 50-85 in most states, without any physicals or health questions.
• AARP/New York Life provides up to $15,000 of permanent group life insurance exclusively for AARP members, without requiring a medical examination or health questions.

Overview of Leading Guaranteed Life Insurance Carriers

Mutual of Omaha

• Up to $25,000 of coverage
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee
• Two year limited benefit period

Met Life

• Rates as low as $10 per month
• Guaranteed Issue for ages 45-75
• Up to $20,000 of coverage available
• No medical examination required
• Two year limited benefit period

Colonial Penn

• Exclusively for ages 50 - 85 (most states)
• You cannot be turned down because of your health
• There are no health questions asked and no physicals to take
• Two year limited benefit period

AARP/NewYork Life

• Up to $15,000 permanent group life insurance
• Exclusively for AARP members
• No medical exam and no health questions
• Two year limited benefit period

Fully Underwritten COPD Life Insurance – Requires Medical Exam

Fully underwritten insurance policies are another option for COPD sufferers.

Under this policy, insurance companies consider the severity of your COPD, age, and overall health. They might require a medical examination and additional information like medical records.

Among the best insurance companies offering fully underwritten life insurance for people with COPD are Mutual of Omaha, Prudential, AIG, Transamerica, and John Hancock.

These companies are reputed for their flexible underwriting guidelines and coverage options.

However, the "best" life insurance company will vary based on your specific COPD condition and overall health.

Request a free quote to compare rates and plans from several leading life insurance companies.

What to Expect When Applying for Life Insurance with COPD

When reviewing COPD applicants, insurance companies often categorize the disease into four stages: mild, moderate, severe, and very severe. Those with mild COPD usually secure coverage at lower cost than those with more severe COPD.

Medical examinations, required by most insurance companies, generally involve a spirometry test to measure lung function, a comprehensive medical history, and a physical examination.

Providers might also request medical records and a statement from your healthcare provider.

Keep in mind, if you choose a guaranteed acceptance life insurance policy, there is no medical exam required and you won’t have to answer any questions about your health. Your approval for life insurance is guaranteed if you are between the age of 45 to 85.

Term Life offers Cost Effective Coverage with COPD

Term life insurance policies could be cost-effective for seniors with COPD as they provide coverage for a particular time period (usually 10, 20, or 30 years) and are generally less expensive than whole life policies.

The concise comparison of insurance policies from various companies is vital. Always remember to provide detailed information about your condition and overall health. With the right coverage and appropriate insurance company, you can ensure that your loved ones are financially safe following your passing. Request a free term life insurance quote.

COPD After Buying Life Insurance – Conversion Option

If you acquire COPD after purchasing your life insurance, you can consider converting your term life insurance policy into a permanent policy, such as whole life, without going through underwriting again.

Though buying life insurance with COPD might be challenging and potentially more expensive than if you were without the condition, it is definitely attainable.

Speak to a broker or independent agent specializing in life insurance for individuals with pre-existing conditions. They can help you compare policies and find affordable coverage that meets your needs.

Summary

Navigating the world of life insurance with COPD might seem daunting but remember you're far from being alone in this journey. Thousands of seniors with COPD secure life insurance every year, ensuring their loved ones are financially taken care of when they're no longer around.

Your COPD diagnosis may have posed plenty of challenges in your life, but securing life insurance should not remain one of them. Explore guaranteed acceptance life insurance as it could be your lifeline to receive the coverage you need without any medical examinations or health questions.

Don't delay, as rates may climb due to worsening health, or it could become more difficult to get insured. Make the smart move and seize control of your future by securing guaranteed acceptance life insurance for seniors with COPD today. Request your free quote now and take a significant step on the path to offering lasting financial security for your loved ones.

Life Insurance Quotes for Seniors with COPD

Fully Underwritten Life Insurance Requiring a Medical Exam

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 50+ life insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates forsavings up to 73%. Get Your FREE Quote.

Guaranteed Issue Life Insurance – No Exam – No Health Questions

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee