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Life insurance and prescriptions
March 30, 2020
Do you wonder what impact certain prescription drugs have on life insurance? The prescription drugs you take can have a serious affect on:
- The premium that you pay for life insurance.
- The life insurance coverage amount that you will qualify for.
- And in many cases, the prescription drugs you take will determine the type of life insurance policy you can qualify for.
Working with a licensed life insurance agent, can help you find the right company for your prescriptions.
How does the process work?
The life insurance company that you submit an application with, has access to obtain a list of your prescriptions.
The life insurance company will use these prescriptions to help determine the rate you will pay for life insurance.
The way a life insurance company views prescriptions can vary between companies. Applying with the wrong company or choosing the wrong type of coverage could be costly, especially when you have to get it, such as life insurance due to a divorce or life insurance to cover an SBA loan.
Life insurance and prescriptions example
It is important that you speak with a licensed insurance agent to find the right life insurance policy and company for you. Preferably an agent that can give you quotes from multiple companies. They will know how your prescriptions can affect the rates and which companies have the better rates for your needs.
Prescription examples
Here's an example of how some carriers are better than others in certain situations when dealing with life insurance prescription drug history.
Type 2 diabetes prescriptions
If you have type 2 diabetes and are applying for life insurance coverage, the prescriptions you are taking would be available to the life insurance company (whether the prescription is current or not).
Some carriers are going to want more information, or modify their parameters for you to qualify. Or depending on the situation, they may deny your application.
While other carriers who specialize in having policies available for those with type 2 diabetes would approve this applicant with very little consideration.
Having a life insurance agent that knows the companies who specialize in certain prescriptions can help you avoid getting denied coverage. They can also assist you in finding the best rate and policy for you and your family.
What do I do if I'm declined for life insurance?
If you get denied coverage with one life insurance company, know that there are other options. You have the ability to resubmit an application with a different company.
You are able to submit an application with different life insurance companies in the event you are denied coverage. If you are denied by one company, don't worry, it doesn't mean you can't get coverage. Research which companies are best for your prescriptions or speak with a licensed life insurance agent about your options. If you don't have a life insurance agent, feel free to give us a call and we can help guide you in the right direction.
Conclusion
The prescription drugs you take and the pre-existing medical conditions you have determine which life insurance carrier you should be applying with it can help save you time if you know which life insurance companies are the best for your needs.
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