Here’s the possible catch, do they have to accept your application at all after COBRA? You say you have heart problems in your application (lying is probably a felony) and as far as I know in many non ‘shall issue’ states they don’t have to take you as a client. No sane insurer would take a sick person if they don’t have to.
If you make application within the window after you’ve used up your COBRA, and if they write individual policies in your state, they have to take you — bum ticker or no. They address the increased risk of a big pay-out by charging higher premiums, which is appropriate since there’s no free lunch, but they have to take you. It’s a Federal mandate.
The real catch is you have to use up your COBRA. If you decide to get an individual policy during the COBRA period, you lose your HIPAA qualification.