Life Insurance for Ritalin 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 Methylphenidate or one of the many different brand names it can be sold under including:
- Adhansia XR,
- Aptensio XR,
- Concerta (Methylphenidate/hydrochloride),
- Cotempla XR-ODT,
- Jornay PM (Methylphenidate/hydrochloride),
- Metadate CD (Methylphenidate/hydrochloride),
- Methylin (Methylphenidate/hydrochloride),
- Methylin ER (Methylphenidate/hydrochloride),,
- Quillichew ER (Methylphenidate/hydrochloride),,
- Quillivant XR (Methylphenidate/hydrochloride),
- Relexxii (Methylphenidate/hydrochloride),
- Ritalin (Methylphenidate/hydrochloride),
- Ritalin LA (Methylphenidate/hydrochloride),
To help individuals either treat their Attention Deficit Hyperactivity Disorder (ADHD) and/or Narcolepsy.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Methylin?
- Why do life insurance companies care if I’ve been prescribed Methylin?
- 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 Methylin?
Yes, individuals who have been prescribed Methylin can and often will be able to qualify for a traditional term or whole life insurance policy.
Some individuals may even be able to qualify for a Preferred rate provided that their Methylin seems to be controlling their symptoms, and they aren’t exhibiting any signs of dependency or addiction to their Methylin.
Why do life insurance companies care if I’ve been prescribed Methylin?
What you’re generally going to find is that most of the top-rated life insurance companies are going to “care” if you’ve been prescribed Methylin for two reasons.
They’re going to “care” because Methylin is a prescription medication that is used to treat two different pre-existing medical conditions, which can significantly affect one’s life insurance application.
The second reason…
Why a life insurance company is going to “care” if you’ve been prescribed Methylin because Methylin belongs to a class of medications commonly referred to as “stimulants.” And, unfortunately, “stimulants” are medications that can commonly be abused.
This is why…
Prior to being approved for a traditional life insurance policy, most (if not all) life insurance companies are going to want to ask you a series of medical questions about your Methylin prescription so that they can get a better idea “why” you’ve been prescribed Methylin and whether or not you may be suffering from dependency as a result of using it.
What kind of information will the insurance companies ask me or be interested in?
- When were you first prescribed Methylin?
- Who prescribed your Methylin? A general practitioner or a specialist?
- Why have you been prescribed Methylin?
- Have you been diagnosed with Narcolepsy?
- Have you been diagnosed with Attention Deficit Hyperactivity Disorder (ADHD)?
- Have you been prescribed any other medications other than just Methylin?
- In the past 12 months, have any of your medications changed in any way?
- In the past two years, have you been admitted into a hospital for any reason?
- Do you currently participate or plan on participating in any dangerous hobbies or activities? Activities such as skydiving, hang gliding, or bungee jumping?
- Have you ever been convicted of a felony or misdemeanor?
- Do you have any history of drug or alcohol abuse?
- Do you have any issues with your driving record? Issues such as multiple moving violations, a DUI, or a suspended license?
- 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?
Now, as you can see, there are a lot of factors that can come into play when considering what kind of “rate” an individual might be able to qualify for. And the scary thing is that these are just a few of the most “obvious” things that a life insurance underwriter wants to know about!
This is why…
It’s almost impossible to know what kind of “rate” an individual might qualify for without actually speaking to them directly and getting a better “feel” for just how serious their underlying pre-existing medical condition warranted their Methylin prescription in the first place.
That said however…
There are some “assumptions” that can be made that will generally hold true about individuals who have been prescribed Methylin.
If you have been prescribed your Methylin because you have been diagnosed with ADHD, there is still a chance that you may be able to qualify for a Standard or “better” rate. You’re just going to need to make sure that you choose to apply with a life insurance company that is “lenient” when it comes to underwriting ADHD applicants.
You’re also going to want to be careful and choose to work with a life insurance agent who can “shop” your life insurance application around a bit, so you don’t end up paying too much for your insurance!
Now, if you’ve…
Been prescribed Methylin because you have been diagnosed with Narcolepsy, chances are you will still be eligible for coverage. However, most (if not all) life insurance companies are generally going to consider you a higher risk, which means that you probably won’t be able to qualify for a Standard or “better” rate.
This will certainly disappoint a lot of folks. Truth be told, there are a few life insurance companies out there that still offer very competitive pricing for “higher risk” applicants so it may not be as bad as one might initially think.
This, of course, assumes that…
You don’t exhibit any “signs” of addiction or dependency on your Methylin prescription or any other medications, and you are in “reasonable” health aside from the underlying medical condition which has warranted your Methylin prescription.
This brings us to the last topic that we wanted to take a moment and discuss, which is…
What can I do to help ensure that I get the “best life insurance” for me?
Because life insurance companies tend to use a lot of “random” factors in determining who the will and won’t insure, and at what price, we here at IBUSA have found that the “best” way for us to be able to ensure that our clients are able to find the “best” life insurance policy that they can qualify for is to be sure to know our STUFF and offer a TON of options.
By only employing true life insurance professionals who have tons of experience helping folks with all sorts of pre-existing medical conditions and then providing them with tons of options to offer their clients, we here at IBUSA truly do offer a one-stop-shop for folks looking to protect their family.
Which is why…
Our advice to anyone looking to purchase a life insurance policy is to be sure that the insurance agent that they choose to work with is truly an expert and that he or she has dozens of options for you to consider, because even if they are the greatest life insurance agent in the world if they don’t have access to the “best” life insurance policy for you what good is that going to do you?
Now, will we be able to help out everyone who has been prescribed Methylin?
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!