Life Insurance for Amphetamine users.
In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Amphetamine or Adzenys XR-ODT to treat attention deficit hyperactivity disorder (ADHD).
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Amphetamine?
- Why do life insurance companies care if I’ve been prescribed Amphetamine?
- 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’s dive right in!
Can I qualify for life insurance after I’ve been prescribed Amphetamine?
Because Amphetamine or Adzenys XR-ODT is a prescription medication that is primarily used to treat those suffering from attention deficit hyperactivity disorder (ADHD), what we have found is that provided your condition is being “well managed” you should be able to qualify for a traditional term or whole life insurance policy.
Some folks may even be able to qualify for a Preferred rate! The only problem is that most of the best term life insurance companies (in our humble opinion) are going to want to learn more about how potentially serious your ADHD is before making any decisions about your life insurance application.
Why do life insurance companies care if I’ve been prescribed Amphetamine?
There are really only two reasons why a life insurance underwriter is going to care about the fact that you’ve been prescribed Amphetamine or Adzenys XR-ODT is because first it’s going to inform them that you have probably been diagnosed with ADHD and secondly because Adzenys XR-ODT is a federally controlled substance (CII) that has a high potential for someone to abuse, most (if not all) life insurance underwriters are going to want to make sure that you aren’t exhibiting any signs of abuse or addiction.
Which is why…
One of the first things that most (if not all) life insurance underwriters are going to want to do is ask you a series of questions about your ADHD and Adzenys XR-ODT usage so that they can get a better “gauge” on how “serious” your condition is and whether or not they need to worry about you “misusing” your medication.
What kind of information will the insurance companies ask me or be interested in?
- When were you first diagnosed with ADHD?
- Who diagnosed your ADHD? A general practitioner or a psychiatrist?
- Is Amphetamine the only medication that you are using to treat your ADHD?
- How often do you take your Amphetamine?
- Have any of the medications that you’re using now to treat your ADHD changed in any way?
- Have you ever needed to be hospitalized as a result of your ADHD disorder?
- Do you have any history of drug or alcohol abuse?
- Do you have any issues with your driver’s license? Issues such as multiple moving violations, a DUI, or a suspended license?
- Have you ever been convicted of a felony or misdemeanor?
- Do you participate in any “hazardous” hobbies or activities?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
Generally, what you’re going to find is that folks who have been diagnosed with ADHD are going to be potentially eligible for any rate varying form Preferred all the way to what is called Table C. Now at this point, you’re probably asking yourself…
“What is a Table C rate?”
So, let’s just take a quick moment and discuss the different rate classes available when applying for a traditional life insurance policy.
Life Insurance Rate Classes:
All in all, there are about 16 different rate classes an individual can qualify for with Preferred or Preferred Plus being considered the best (or least expensive) while Table J would be considered the worst (or most expensive). The ranking in order goes from Preferred Plus to Preferred, Standard Plus to Standard, and then Table ratings, which start at Table A (the best or least expensive table rating) to Table J (the worst or most expensive table rating).
Now we should point out…
To those that have received a Table J rating that it could be worse, you could have been denied coverage! This brings up a very important consideration that many customers and life insurance agents often fail to look at, which is, it’s important to compare prices between companies for all rates. Because while it may be the case that the insurance company that you choose to apply with had the best prices for the rate that you thought you would qualify for, it’s quite possible that they may not have the “best” price for the rate that you got approved for.
Which segues very nicely into the next section that we wanted to discuss, which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, it doesn’t really matter whether or not you’ve been diagnosed with a serious pre-existing medical condition or you’re in perfect health, making sure that you choose a great life insurance agent who has access to a ton of different life insurance products is almost always your best bet in being able for find the “best” life insurance policy that you can qualify for.
This is because…
If you have a great agent, he or she is going to be able to not only help guide you towards the best “type” of life insurance policy that is going to meet your needs, he or she will also be able to advise you on “which” life insurance company is going to be the “best” for you.
This latter part is…
This is particularly important because sometimes, some rather “strange” things could ultimately have the greatest effect on the outcome of your life insurance application. And by “strange” we mean things like your:
- Families medical history,
- Driving record,
- Travel Destinations,
And this is where…
Having a lot of options to choose from can really come in handy because now you don’t have to put all your trust and faith into just one or two different options.
The good news is…
That here at IBUSA, we like to think that we only hire the best, and we work very hard and making sure that our agents have dozens of different options to choose from. This way, when it comes time to help any of our clients, we’re sure to have something that meets their needs.
Now, will we be able to help out everyone who has been prescribed Amphetamine?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Final Expense Insurance Companies as well.
In the event that someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for.
So, if you’re ready to see what options might be available to you, just give us a call!