It isn’t uncommon for us to encounter someone who claims to be in excellent health, despite the fact they are on a short or long list of medications. While the person feels great now, without the medications, they may not be so well off.
Our society is heavily dependent on many different kinds of medications for many different things, and sometimes the client is right: they have nothing to worry about.
Other times, medications greatly affect life insurance, just as poor health does. If you feel a no medical exam required policy may be a good fit for your current health situation, learn more here on how to obtain a 1 million dollar life insurance policy or term life insurance with no exam required.
Unsure whether or not your particular medication is a red flag? Keep reading below or contact us directly so we can assist you further.
Life Insurance While On Medication
Have you ever seen one of those commercials where a couple is strolling along a beach or making dinner together, and only the first few seconds of the commercial even says what its for? The rest of the commercial is a giant, long-form list of side affects from the advertised medication which is now required.
The couple sure seems happy, right?
As prescriptions become as regular as eggs and bread in the home, consumers nationwide are being led to believe it’s okay, if not normal, to be on a medication. While some do very little and really do help someone through a troubling health issue, others can be very stiff drugs which impact underwriting for life insurance.
Perhaps the most common of all medications we come across when we’re evaluating a new client is something for high blood pressure. While high blood pressure can have affects on life insurance, a controlled blood pressure, even if by use of medication and not just diet and exercise, can have very small or even no impact on rates.
However, medications for things like arthritis, ADHD, diabetes, depression, or hypothyroidism have much more strict underwriting guidelines.
Meds With Stricter Underwriting
There are certain kinds of medications which have attributes making them raise red flags almost every time. While we can never list them all, we can discuss a few kinds which have a high possibility of doing so.
Steroids, for example, will often make an underwriter ask more questions, at minimum. Especially when paired with certain health conditions, steroids, when used over long periods of time, can do some damage to vital organs in the body. They can also create a dependency where the user would need to ween themselves down if started in higher doses.
It can be a complete non-issue, like when used for a day or two to fight a troublesome rash where they have little to no impact on life insurance buying, but they can have very adverse affects as well, sometimes delaying the ability to get approved for life insurance, at least temporarily.
Drugs used to treat things like depression, anxiety, and focus can also be looked at very differently, even if there was only one triggering event. If a person continues to use these over a long period of time, it tends to show there is a long-term need for them. A shorter time frame of use with a smaller dosage is more likely to show it was a one-off catalyst. Along with worrying about certain drug usage affecting your capability of finding coverage, some things listed on your medical history such as applying for life insurance with suicidal thoughts or attempts in your history can classify you as a high risk candidate.
Declines For Specific Kinds
Yes, there are certain medications which most or all carriers will decline because of use. These tend to be the kind which treat end-stage diseases or symptoms of progressive diseases.
Morphine, for example, would be a drug which can be very hard to secure an approval with when used for more than a very short period of time. Because it is used for heavy pain treatments, there is usually a strong health issue currently taking place, and a current, uncontrolled issue makes insurance companies weary.
The major thing here to understand is the reason why you’re taking the drug. While you might thing you feel fine now, the carriers have to evaluate the long term risks. Even if you have controlled diabetes with a small dose of medication and you’re otherwise perfect, you still can’t expect top tier rates like someone who isn’t taking that same prescription.