COPD is a progressive disease in the lungs which by definition gets worse over time, even with ongoing treatment. One of the many unfortunate parts of this disease is that is the 3rd leading cause of death in the United States and one of the major causes for disability. While it poses a great threat for death, more and more people are living with COPD.
Clients with COPD face many problems when trying to qualify for life insurance and agents have to think outside the box for solutions. Obtaining life insurance for clients with COPD can be extremely difficult but not impossible. Below are some key questions to ask your clients to determine if they will qualify for life insurance:
- When were they diagnosed with COPD?
- How long have they had COPD?
- Are they currently using a CPAP machine?
- Do they use tobacco?
- Are they using Oxygen to assist breathing?
These five simple questions are required to determine if your client can qualify for life insurance with COPD. I can remember a scenario where an insurance carrier offered day 1 coverage on a standard rate for a client with COPD. In order for the policy to be approved by underwriting the client could not be a tobacco user or require the use of oxygen to assist in breathing. This insurance company limited the face amount it would offer, but the good news is the client was able to obtain life insurance while living with COPD.
Underwriting is like a puzzle and if we can align the pieces correctly we can get the case approved. The key is asking the right questions. Many times agents are quick to assume their client is uninsurable and I will tell you with 100% confidence they are making a huge mistake. We will continue to highlight the many conditions where clients can qualify for life insurance when most other agents have told them no. This case for COPD is a perfect example of a condition many people didn’t know could still be covered in a life insurance policy.