Chronic Bronchitis does not have to interfere with obtaining life insurance coverage. Actually, there are numerous ways that those with a history of chronic bronchitis can acquire affordable burial insurance.
Purchasing burial insurance allows you to provide peace of mind for your family and loved ones when you pass on.
The life insurance market offers various different plans that provide coverage for a wide array of health issues.
Although those diagnosed with chronic bronchitis and other health issues are eligible for guaranteed issue life insurance, the primary goal is to find a policy with an immediate death benefit and lower premiums.
In this article, we will discuss the best burial insurance for seniors with chronic bronchitis and what insurance options are available.
About Chronic Bronchitis
The bronchi, or breathing tubes by the average layman, are the primary passageway located within the lungs. Inflammation of these breathing tubes is referred to as bronchitis.
With this inflammation or irritation, there is an overproduction of mucus, wheezing, difficulty breathing, and other changes within the lungs. The most common types of bronchitis are acute and chronic.
Common among smokers, chronic bronchitis is a long-lasting inflammation of the lung’s bronchi. Those with chronic bronchitis are more susceptible to lung infections, such as pneumonia. Often they will experience acute episodes where their symptoms are worse than normal.
In order to be diagnosed with chronic bronchitis, you must be experiencing a cough with mucus almost daily for at least three months out of the year and for at least two years in a row.
Generally, those with chronic bronchitis and emphysema are diagnosed with COPD (chronic obstructive pulmonary disease), which is a group of diseases that cause breathing problems due to the blocked airflow in the lungs.
What Causes Chronic Bronchitis?
The main cause of chronic bronchitis is cigarette smoking, not a viral or bacterial infection. Occupational hazards and air pollution may also have a hand in the disease, especially if you’re a smoker.
Symptoms of bronchitis may also occur with other lung diseases, such as upper respiratory infections, sinusitis, asthma, tuberculosis, pulmonary fibrosis (scarring), and emphysema.
Qualifying for Burial Insurance with Chronic Bronchitis
In order to qualify for burial insurance, the insurance provider that you choose will want to know about your lifestyle, living situation, and past and present medical history, including any medications prescribed. The underwriting process will include questions about your health and your prescription medication history.
Nearly all carriers will directly ask if you have a history of COPD or other chronic lung conditions. It is crucial that you answer these medical history questions honestly with the affirmative “yes”.
Burial Insurance Underwriting
Purchasing burial insurance can be cumbersome if chronic bronchitis exists with other medical conditions. During the underwriting process for burial insurance, the carrier will want to know when you were diagnosed, your smoking history, and your prescription medication history.
If your health condition is under control, meaning that you’ve had no recent hospitalizations, you’ve ceased smoking tobacco, and you are using medications to manage your condition, the insurance company will look at your situation more favorably.
However, if you suffer from chronic bronchitis in addition to other diseases, you will most likely be denied a level death benefit and will need to apply for guaranteed issue (acceptance) life insurance.
Furthermore, if your condition is considered moderately controlled, it’s likely that you’ll be offered a graded death benefit. This means that there will be a two-year waiting period, and should you pass away during that waiting period, your beneficiary will not collect the full death benefit but rather the sum of premiums paid plus an additional percentage (typically 10%).
Types of Burial Insurance Policies
Most insurance companies offer three different types of burial insurance, such as the level death benefit, graded death benefit, and guaranteed acceptance or guaranteed issue plan.
Level Death Benefit
If the only health condition you suffer from is chronic bronchitis, you will qualify for the level death benefit burial insurance plan with no waiting period. More importantly, you will receive coverage beginning the day you purchase the policy and in the event that you pass away, your beneficiary will receive the full death benefit.
This policy offers the highest level of burial insurance death benefit and is the most preferred choice for those who qualify.
Graded Death Benefit
If you suffer from additional medical conditions such as asthma, diabetes, or high blood pressure in addition to chronic bronchitis, you will most likely be eligible for the graded death benefit burial insurance plan.
This is the next plan you’ll want to apply for if you’re ineligible for the level death benefit.
Unfortunately with this coverage, your beneficiary will receive a portion of the death benefit, rather than the full death benefit. Generally, if you pass during the first year of coverage your beneficiary will receive 40% of the death benefit and 70% if you pass during the second year of coverage.
This type of coverage may not be available with every burial insurance company, so be sure to check with your agent regarding which companies offer this graded death benefit.
The great thing about guaranteed acceptance is that no medical exam is required and no health questions are asked. However, there is a limited death benefit which is generally no more than $25,000 and the death benefit is graded.
This is basically the last option if found ineligible for the level death benefit, for those with chronic bronchitis and other medical conditions or those that require supplemental oxygen.
Guaranteed acceptance life insurance does provide a return of premium plus the typical 10% interest. This means that if you pass away during the first two years of this policy, your loved ones will receive back the premiums that you paid in plus 10% interest.
Finding the Best Burial Insurance with Chronic Bronchitis
Chronic bronchitis does not mean that you won’t be able to protect your family and loved ones financially from the rising costs of end-of-life expenses. In fact, anyone can qualify for burial insurance with this type of chronic medical condition.
Speaking with an independent insurance agent who represents multiple top-rated companies is crucial when you have medical issues such as chronic bronchitis.
Although, most providers will apply a two-year waiting period in addition to a higher premium. The goal for those with chronic bronchitis is to find an optimal burial insurance company that provides immediate coverage at an affordable rate.