In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Spiriva or its generic form, Tiotropium, to help prevent bronchospasms caused by COPD.

Questions that will be directly addressed will include:

• Can I qualify for life insurance after I’ve been prescribed Spiriva?
• Why do life insurance companies care if I’ve been prescribed Spiriva?
• What kind of information will the insurance companies ask me or be interested in?
• What rate (or price) can I qualify for?
• What can I do to help ensure that I get the “best life insurance” for me?

So, without further ado, let’ dive right in!

Can I qualify for life insurance after I’ve been prescribed Spiriva?

Yes, individuals who have been prescribed Spiriva in the past can and often will be able to qualify for a traditional term or whole life insurance policy.  The only problem is that they probably won’t be able to qualify for a standard or better rate, which means that you’re definitely going to want to be more “selective” about which life insurance company you choose to apply with.

Why do life insurance companies care if I’ve been prescribed Spiriva?

Life insurance companies “care” that an individual has been prescribed Spiriva because Spiriva is used to treat a variety of different respiratory illnesses that are usually encompassed under the term Chronic Obstructive Pulmonary Disease (COPD). Conditions such as:

• Emphysema,
• Chronic bronchitis,
• And refractory (non-reversible) asthma.

Three totally separate medical conditions will cause one to suffer from many of the same symptoms, all of which will make most (if not all) life insurance companies a bit hesitant about approving one’s life insurance application.

This is why…

You’ll probably find that before you’re approved for coverage, most (if not all) life insurance underwriters will want to ask you a series of questions about your Spiriva prescription and the underlying pre-existing medical condition it is being used to treat. They will ultimately decide about the outcome of your life insurance application based on these questions.

What kind of information will the insurance companies ask me or be interested in?

Common questions you’ll likely be asked may include:

• When were you first prescribed Spiriva?
• Who prescribed your Spiriva? A general practitioner or a specialist?
• What symptoms were you suffering that led you to believe you might need to take Combivent?
• Are you taking any other prescription medications to help you deal with your underlying medical condition?
• Have any of your medications changed in the last 12 months?
• Have you been given a specific diagnosis, or have you just been diagnosed with COPD?
• Do you know what may have caused your COPD?
• Have you ever used any tobacco or nicotine products?
• Within the past 12 months, have you used any tobacco or nicotine products?
• What is your current height and weight?
• Have you ever had any pulmonary function tests, including a Spirometry performed?
  • If so, what were the results?
• Are you currently working now?
• In the last 12 months, have you applied for or received any form of disability benefits?

What rate (or price) can I qualify for?

Now, as you can see, there are going to be a lot of factors that will come into play with regard to what kind of “rate” one will be able to qualify for after having been prescribed Spiriva or having been diagnosed with COPD.

This is why…

It’s pretty difficult to give someone a “concrete” idea of what kind of rate they will be able to qualify for without knowing the specifics of their case. What we can say, however, is that after being diagnosed with COPD, most (if not all) applicants will be considered “higher-risk” simply due to the degenerative nature of this disease.

Which means that…

You’ll probably only be eligible for a “Table rate”.  Table rates are rates that are reserved for individuals who are considered a “higher risk” and range from Table A to Table J. Table A rates are considered the “best” and will have the lowest price tag associated with them. In contrast, Table J will be considered the “worst” and will be the most expensive.

The trick will then be…

To find a life insurance company that will not only have the “Best” pricing for their table rates but also be the most “lenient” when it comes to who they will and won’t approve at the higher (more affordable) table rates.

“So, are you confused yet?”

We’ll If so, don’t fret. This isn’t something that you’re really going to need to worry about, provided that you choose to apply for life insurance with a company like IBUSA. Here at IBUSA, this is what we specialize in. This brings us to the last topic that we wanted to discuss with you in this article, which is…

What can I do to help ensure that I get the “best life insurance” for me?

In our experience here at IBUSA, what works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance professional who will work as an advocate for them. Such an agent can help guide you through the application process and be perfectly “frank” with you about what options may or may not be possible.

From there…

You’ll also want to make sure that the very same agent you have chosen has access to dozens of different life insurance companies because, after all, it really doesn’t matter how “great” of a life insurance agent you might have if they don’t have access to the “best” life insurance policy for you!  Now, does it?

Lastly, you should be completely honest with your life insurance agent before applying for coverage. By doing so, you will help him or her narrow down what options might be the “best.” So, what are you waiting for? Give us a call today and see what we can do for you!