In this article, we wanted to take a moment and discuss what life insurance options will be available to those who have been diagnosed with pulmonary heart disease or suffer from the “symptom” known as cor pulmonale.
In the article, we want to focus on individuals who suffer from chronic pulmonary heart disease and do not foresee a time in near future when their condition will improve.
We choose to…
Focus on these “types” of individuals simply because if you are someone who may “recover” from their pulmonary heart disease, chances are there may be several other “types” of life insurance policies that may or may not be available to you depending on how “well” your health improves. Unfortunately, these “other” types of life insurance policies will generally not be available to those currently suffering from pulmonary heart disease with cor pulmonale which is why we will not include them here in our discussion today.
It only makes sense for us to first describe exactly what we here at TermLife2Go mean by pulmonary heart disease and also describe what cor pulmonale is and why insurance companies tend to want to avoid insuring those who suffer from it.
Pulmonary heart disease defined:
Pulmonary heart disease also known as cor pulmonale is a medical condition which is defined by the enlargement right ventricle of the heart which ultimately causes the right ventricle to have to work harder and ultimately fail if left untreated.
Pulmonary heart disease if mostly commonly caused by complications arising from high blood pressure in the pulmonary arteries (pulmonary hypertension)
Symptoms may include:
- Shortness of breath,
- Dizzyness or lightheadedness,
- Chest pain,
- Difficult breathing.
Treatment options will center around treating the causes of your pulmonary hypertension as well as lowing your overall pulmonary blood pressure. In severe, cases, oxygen therapy may be required as well as possibly performing a heart or lung transplant.
Now at this point…
In time, we usually like to point out that we here at TermLife2Go are not doctors, nor are we medical professionals. So, if you’re seeking medical answers or advice, we recommend that you stop reading now and call a doctor.
Here at TermLife2Go, we’re just a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like cor polmonale, find insurance that they can qualify for.
If you’ve been diagnosed with cor pulmonale, or pulmonary heart disease and you’re looking to find a life insurance policy that you can qualify for, we’ll keep on reading then!
Pulmonary Heart Disease and Life Insurance.
When it comes time to actually applying for a traditional term or whole life insurance policy that is going to require that you be “medically” eligible for, what you’re going to find is that most (if not all) life insurance carriers are going to immediately deny you coverage if you care currently suffering from pulmonary heart disease.
Which means that…
We now need to consider some “alternative” life insurance options that won’t require one to have to “medically” qualify.
Now the good news…
Is that these types of life insurance policies do exist and they’re called Guaranteed Issue Life Insurance Policies, and the nice thing about these types of life insurance policies is that as long as:
- You’re a US citizen,
- Meet the minimum age requirements,
- And live in a state where these “types” of life insurance policies are offered,
You should be able to qualify for a guaranteed issue life insurance policy regardless of your current health!
The bad news is…
That these guaranteed issue life insurance policies are going to contain several disadvantages to them that may keep them from being an acceptable option for some clients. So, with that said, let’s take a moment and review what we consider the 3 main disadvantages to purchasing a guaranteed issue life insurance policy.
Guaranteed issue life insurance policies will generally only provide up to about $25,000 dollars in life insurance coverage. So, if you need more coverage than that, it’s possible that a guaranteed issue life insurance policy isn’t going to be a good fit for you, or you’re going to need to consider purchasing several guaranteed issue life insurance policies so that you can acquire the amount of coverage that you’re looking for.
Price. Now we’re not going to say that guaranteed issue life insurance policies are extremely expensive, however, when you compare how much you need to pay vs how much life insurance coverage you actually receive, what you’ll find is that compared to traditional life insurance policies, guaranteed issue life insurance policies are going to be pretty expensive.
That being said however, if cannot qualify for traditional life insurance policies, does it really matter how affordable they are?
The graded death benefit. The graded death benefit is without a doubt the biggest disadvantage to purchasing a guaranteed issue life insurance policy. Which is why it’s so important for you to fully understand exactly:
- What a graded death benefit is.
- And how long will it last?
Graded Death Benefit defined.
Graded Death Benefits. Graded death benefits are “clauses” written into guaranteed issue life insurance policies which states that your newly purchased guaranteed issue life insurance policy WILL NOT provide coverage due to death caused by NATURAL causes for a set period of time.
Uggh! That doesn’t sound good, so let’s take a moment to explain…
First of all, let’s define what a “natural” cause of death is. Natural causes of death would be a “cause” that is related to some type of illness or disease. Examples might include:
- Heart disease,
So… if you purchase a guaranteed issue life insurance policy, these “types” of causes of death would not be covered until the graded death benefit period expired.
So… how long is the graded death benefit period?
The “length” of a graded death benefit period will vary depending on which insurance company you choose to purchase your guaranteed issue life insurance policy with, but in general, most graded death benefits will usually last 2-3 years.
Why would anyone purchase a life insurance policy that contained a graded death benefit?
This is a great question, and one that can be easily answered. You see, for most, guaranteed issue life insurance policies are a “last resort” type of life insurance policies.
These are life insurance policies which are not going to require that you take a medical exam or answer any health-related questions which means that even individuals with really serious health conditions can qualify!
Given the option between NO COVERAGE vs a policy with a graded death benefit, for many, deciding to purchase a guaranteed issue life insurance policy is a great option.
What if I die of an “accidental” cause of death during the graded death benefit waiting period?
Accidental causes of death such as a slip and fall, motor vehicle accident or natural disasters are causes of death that are covered immediately are not subject to the graded death benefit, simply because accidental causes of death are causes that can’t be “predicted”.
Lastly… Many folks will also ask what happens should they die during a graded death benefit waiting period of natural causes?
In cases like these, most life insurance companies will have some “type” of policy that will include returning a portion (or 100%) of the premium paid by the deceased to the deceased’s beneficiaries.
Each company will have their own rules and regulations in cases like these, we recommend that you fully understand the graded death benefit clause of the different insurance companies that you are considering to be sure that you’re making the right decision for you and your family.
Confused? Don’t be!
Here at TermLife2Go, our only goal is to help you find the best life insurance policy that you can qualify for. So, if it turns out that you can qualify for a traditional term or whole life insurance policy, great! We can help you out with that.
Lastly, for those who would like to get an idea about how much their life insurance might cost before speaking with an agent, we would recommend that they check out our Final Expense Life Insurance Quotes page when you have a few moments to spare.
Because we’ve been doing this awhile here at TermLife2Go, we know that a lot of times when you suffer from a condition like pulmonary heart disease you’re not really able to work and may not have a ton of discretionary income, especially if you’re currently receiving SSI disability.
This is why…
We’ve chosen also to write an article The Best Money Making Apps to help those who may not be able to actually go to work every day find ways that they can make money from home, on their own time.
Now will you end up using this money to help finance a life insurance policy?
Who knows, but our ultimate goal here at TermLife2Go is to help improve the financial security of our clients so it is our hope that this article and our Best Money Making Apps article helps you do this.