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Burial insurance is just like other life insurance in that the carrier is trying to make profits by taking on a risk in exchange for payment. The carriers appetites for certain risks like COPD are represented by their willingness or unwillingness to make an offer and the cost of the offer.
Final expense insurance is different from the term commercials you see on television that are geared for healthy 35 year old people. It is more expensive and it is for older people with serious health conditions.
Now if you have COPD, you don't need an insurance website to tell you it's a serious condition. The life insurance companies take it seriously also. In fact there is only one carrier that will grant first day coverage with no waiting period to folks with COPD.
See, most all carriers will consider COPD as a "graded" condition. Graded policies pay a partial benefit during the first two years of the policy. Most graded options pay out 25-40% of the death benefit if you pass away during the first year. The second year of the policy will pay out 60-70% of the death benefit. After 2 years the full benefit will pay out.
So called "final expense" policies are no exam whole life policies that are generally very forgiving when it comes to qualifying guidelines. Being that they are whole life policies, you can be assured that :
Unlike nearly all other brokers who give a meaningless quote prior to asking you any questions, just so they can get your email and phone number, we run through the actual application questions as part of the quote path. We do it this way so you know what type of policy you will qualify for. Then, the quote tool can help you to decide the amount of coverage and payment you are comfortable with.
It is only after you found out what you qualify for, what it will cost, and you are ready to apply that we ask you for your contact information. We do it this way because we don't want to bother you if you are not ready to get coverage. When you receive a call from an agent at INSURECOPD.COM it will be to confirm the application answers and process the application.
While it is the case that "final expense" carriers are very lenient about your health, when it comes to COPD, carriers are less forgiving. With a couple notable exceptions all COPD cases will be offered graded coverage or worse . In this case "worse" is a modified plan that only pays out the premiums paid (plus interest) for 3 years. Modified plans don't make sense because you can get Guaranteed Issue coverage less expensively.
Now, evenn in the case of no exam carriers , you will need to meet certain requirements. These requirements are broken into four parts:
The first thing a final expense carrier who covers COPD looks at to see if your file is First Day Coverage, Graded Coverage or Guaranteed Issue Coverage is your age and build. Most final expense carriers don't want to cover folks who are under 40. or over 85. If you are under 40 you may need to use a guaranteed issue policy until you meet the age guidelines.
Nearly all carriers have build charts that prescribe a maximum weight for a specific height. The reason for this is the added risk they take on when insuring folks who are overweight. The limits are pretty lenient. You can check the build chart by clicking the button below.
Qualification Step 2 : Application Questions Part 1
If You Have met these Requirements -Congratulations! You will be offered a policy that covers COPD. However, For Full Day 1 Coverage You Have A Few More Requirements.
Within the past 2 years you cannot have been diagnosed , treated, tested positive for, or been given medical advice by a member of the medical profession for:
Because burial insurance carrier do not do exam and do not contact your doctor, they rely on pharmacy reports to validate the answers to the application questions.
For example, if you are taking cancer drugs and claim not to have had cancer, it will be tough to get approved. If you have been prescribed a drug "off-label" that would normally be used for conditions listed on the questionnaire, make sure to tell the agent processing the application.
***Important *** Pharmacy Report *** Important***
In addition to checking your prescription history, carriers will check if the Medical Information Bureau has anything about you on file. The Medical Information Bureau (or MIB) is an insurance industry organization that shares information among members.
The information is hared is the data that came about in any previous life insurance applications. If you have no other life insurance and you have not applied within the last 5 years there will be nothing in the file. However, if you have been declined in the past make sure your agent is aware of this information.
If you are a non-smoker and you have COPD and you meet the requirements for Fist day coverage, simply fill out the quote form and hit Get Quote. The rate will be shown. You can try changing the amount of life insurance to comfortably fit your budget. Once you have a payment you are comfortable with, simply click the Apply Now button. This will lead you to an application where you answer the questions we just listed above and hit SUBMIT.
Just because you don't qualify for First Day Full Coverage does not mean you don't qualify for good insurance.
If you answered NO to the questions in part one, but Yes to questions in part TWO . you will be able to qualify for a graded policy.
Depending on the carrier this will pay 30-40% of the benefit in year one, 60-70% in year two and the full benefit in year three.
The process is the same. You choose GRADED COVERAGE on the quote tool and and find a premium you find comfortable within your budget. At that point simply hit the Apply Now button. Fill out the application and SUBMIT.
If you answered YES to any of questions in part , you will be offered guaranteed issue coverage.
Depending on the carrier these policies will return the premiums you paid plus interest in year one, 20-30% in year two,and 50-50% in year three. After three years the full benefit is available to be paid out.
The process is the same. You choose GUARANTEED ISSUE on the quote tool and and find a premium you feel comfortable with. At that point simply hit the Apply Now button. Fill out the application and SUBMIT
Upon submitting your application you will be contacted by a licensed agent from to process your application. This will consist emailing disclosures and initiating a 3 way telephone call with a representative of the carrier. This call will go over the call will take 10-20 minutes , it will cover the questions you answered in the application as well as your pharmacy records and any MIB records( the MIB or Medical Information Board, is a repository for any record other life insurance companies have on you from previous applications).
In order to complete the interview successfully, you will provide the following:
Drivers license number and expiration date
Social Security Number
Checking Account routing number and account number
The day of the month that you want your payment to be drawn
(If you are using a cell phone make sure you are charged up)
Voice signature is simply the carrier using a third party verification service to interview and record your answers to the application questions. The recording serves as the carries record of your answers to application questions, acknowledgment that you have received the appropriate disclosures, and are aware of the provisions of the life insurance policy.
Once the interviewer has obtained your checking account information, completed the disclosures , and application questions (this can be a little tedious), she will step away from the call for 2-3 minutes and return with an underwriting answer. At this point it's time to celebrate- you are done with the process and you have life insurance (even with COPD). The policy will be mailed to you.
/In addition to being the only agency in the country with a focus limited to COPD, we may also be the only agency that thoroughly qualifies you for a policy before even asking for your email or phone number. That is different.
To Sum It All Up For You....