Life Insurance for Digitek users.
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 Digitek or its generic form Digoxin to help treat those who have either been diagnosed with heart failure or are suffering from some kind of heart rhythm problem (arrhythmia).
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Digitek?
- Why do life insurance companies care if I’ve been prescribed Digitek?
- 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 Digitek?
Yes, individuals who have been prescribed Digitek can and often will be able to qualify for a traditional term or whole life insurance policy. Still, we have to warn you; it’s not always going to be easy. This is why we generally don’t recommend avoiding any no medical exam term life insurance policies.
This is because…
Even though lots of individual who are taking Digitek will be able to qualify for a traditional life insurance policy, there will also be a lot of folks, particularly those who are using their Digitek to help them treat their mild to moderate heart failure who simply won’t be able to qualify for a “traditional” life insurance policy.
Why do life insurance companies care if I’ve been prescribed Digitek?
Life insurance companies “care” if an individual has been prescribed Digitek because, during the life insurance application process, it is the “job” of the life insurance underwriter to identify and minimize risk!
Which is why…
When an insurance company learns that you’ve been prescribed a medication that is primarily used by people who are suffering from some kind of heart disease, it only makes sense for them to become a bit nervous.
This does not mean that an individual will “automatically” be denied coverage once a life insurance company learns that an individual has been prescribed Digitek. Still, it does mean that his or her life insurance application is about to become a whole lot more complicated because you can be sure that before being approved for coverage, most (if not all) life insurance companies are going to want to learn a whole lot more about “why” you’ve been prescribed Digitek and how serious this pre-existing medical condition is.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely will probably include:
- When were you first prescribed Digitek?
- Who prescribed your Digitek? A general practitioner or a cardiologist?
- Why have you been prescribed Digitek?
- Have you been diagnosed with heart failure?
- If so, when?
- How well is the Digitek helping you?
- Are you taking any other prescription medications?
- Have you been diagnosed with an irregular heartbeat (arrhythmia)?
- If so, when?
- Have you been diagnosed with any other pre-existing medical condition?
- Have you ever suffered from a heart attack or stroke?
- In the past 12 months, have you used any type of tobacco or nicotine products?
- 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?
When it comes to determining what kind of rate an individual can qualify for, there are some assumptions that we can make about individuals who have been prescribed Digitek in the past that do tend to prove true most of the time.
If you have been prescribed Digitek to help you treat a diagnosis of heart failure, what you’re going to find is that you will not be considered eligible for a traditional term or whole life insurance policy. In cases like these, you will find that if you are still interested in purchasing a life insurance policy you will need to consider an alternative product—one such as a guaranteed issue life insurance policy or an accidental death policy.
Neither of these options may be ideal for someone in your situation because neither of them will require one to have to be able to “medically” qualify, they will provide an individual who can not qualify for traditional coverage with at least some protection.
Now for those…
Who have been prescribed Digitek to help them treat some “type” of irregular heartbeat, what you’re generally going to find is that depending on the type of arrhythmia you have and the severity of it, it’s possible that you may be able to qualify for a traditional life insurance policy. Heck, you may even be able to qualify for a Preferred rate (possible, but just not all that likely)!
In cases like these…
What we have found to be the case most of the time is that if an applicant is “eligible” for coverage, it will usually be at a Standard rate or below rate. The trick then becomes, first, finding the insurance company that will first approve your life insurance application at the “highest rate” class and then sees which companies offer the “best” pricing at that rate.
This brings us to the last topic that we wanted to take a moment and discuss here with you, 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 we have found that 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 you.
Such an agent…
Will not only help guide you through the application process but also be perfectly “frank” with you about what options may or may not be possible for you.
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?
You’ll want to make sure that you’re completely honest with your life insurance agent prior to applying for coverage. By doing so, you will be helping him or her narrow down what options might be the “best.”
Now, will we be able to help out everyone who has been prescribed Digitek?
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.
If 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!