Life Insurance for Pradaxa users.
In this article, we wanted to take a moment and answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Pradaxa (or its generic form Dabigatran) to help treat and prevent blood clots. Pradaxa has also been found to be helpful in reducing the risk of future strokes as well.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Pradaxa?
- Why do life insurance companies care if I’ve been prescribed Pradaxa?
- 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 Pradaxa?
Yes, individuals who have been prescribed Pradaxa can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, some folks may even be able to qualify for a Preferred rate. The problem is, like many other medications that are used to help folks treat “cardiovascular” issues, the pre-existing medical conditions that can cause one to be prescribed Pradaxa can vary significantly. This is why, even if you are ultimately able to qualify for a Preferred rate, you should prepare yourself to have to answer a series of questions about your Pradaxa used before getting approved for coverage.
Why do life insurance companies care if I’ve been prescribed Pradaxa?
Insurance companies “care” if an individual has been prescribed Pradaxa because it is a prescription medication that can help some folks who may be suffering from some pretty serious medical condition and simply helping someone avoid possibly developing a blood clot in the future.
This is why…
Until a life insurance underwriter can determine what kind of “risk” you would pose to them as an insured, most (if not all) life insurance companies are going to choose to “error” on the side of caution. That is, of course, until they have an opportunity to learn more about “why” you have been prescribed Pradaxa and how “serious” your pre-existing medical condition actually is.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- When were you first prescribed Pradaxa?
- Who prescribed your Pradaxa? A general practitioner or a cardiologist?
- Have you ever suffered from a heart attack or stroke?
- Have you ever been diagnosed with a blood clot?
- Have any of your immediate family members (mother, father, brother, or sister) ever suffered from a heart attack, stroke, or been diagnosed with a blood clot?
- Are you taking any additional medications other than Pradaxa?
- Have any of your prescription medications changed in any way within the past 12 months?
- What are your current height and weight?
- In the past 12 months, have you been omitted to the hospital?
- When was the last time you had an annual checkup?
- In the past 12 months, have you used any 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?
Here at IBUSA, we have found that for most individuals who are using their Pradaxa as a “preventative” medication to avoid any possible health complications in the future, it’s prescription typically won’t significantly affect the outcome of your life insurance application.
Or, in other words…
If you were considered eligible for a Preferred rate before being prescribed Pradaxa, there is a reasonable chance that you will still be considered eligible for a Preferred rate AFTER being prescribed Pradaxa. This is, of course, assuming that you haven’t suffered from a heart attack or stroke in the past.
For individuals who have suffered from a heart attack or stroke in the past or have been diagnosed with multiple blood clots prior to being prescribed Pradaxa, what you’re likely to find is that you too may be still eligible for a traditional term or whole life insurance policy only now, you’re going to want to be much more “selective” with which life insurance company you choose to apply with.
This is because…
Now you will be considered a “higher risk” applicant by most life insurance companies, which means being able to qualify for coverage will be a “bit” more difficult, and pricing can and often will vary significantly between one insurance company and another. 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?
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 Pradaxa?
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!