Life Insurance for Risperdal 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 Risperdal or its generic form, Risperidone to treat schizophrenia, bipolar disorder, or possibly symptoms of irritability commonly found in those who have autism.

Questions that will be directly addressed will include:

• Can I qualify for a traditional life insurance policy after I’ve been prescribed Risperdal?
• Why do life insurance companies care if I’ve been prescribed Risperdal?
• What kind of information will the insurance companies ask me or be interested in?
• What rate (or price) can I qualify for?
• How can I help ensure I get the “best life insurance” for me?

So, without further ado, let’s dive right in!

Can I qualify for a traditional life insurance policy after I’ve been prescribed Risperdal?

Short answer: Probably not.

Long answer:  Maybe.

The main reason why an individual would have a tough time qualifying for a traditional term or whole life insurance after being diagnosed with Risperdal is because this is a medication that is primarily used to treat two “uninsurable” medical conditions (i.e., schizophrenia and autism).

Now, in theory…

It may be possible to qualify for a traditional term or whole life insurance policy if you’ve been prescribed Risperdal to treat your bipolar disorder, but the truth is that on most occasions in our experience when Risperdal is prescribed to help those with bipolar disorder, it because their condition is quite serious. So serious that they would generally not be able to qualify for traditional life insurance coverage.

But, it’s important never to say never and never to “automatically” assume anything in this industry, so we always like to exhaust every option before we ultimately throw our hands up in the air and conclude that traditional coverage isn’t an option.

Why do life insurance companies care if I’ve been prescribed Risperdal?

The reason why life insurance companies care about whether or not an individual has been prescribed Risperdal in the past or is currently taking it now is a pretty easy question to answer because Risperdal is a prescription medication that is used to treat some pretty serious medical conditions.

And it is those…

Pre-existing medical conditions typically automatically disqualify someone from qualifying for a traditional term or whole life insurance policy. That said, because Risperdal can also be used to treat those suffering from bipolar disorder, we never like to automatically assume one won’t be able to qualify for a traditional life insurance policy. That is why we always want to learn a little bit more about your condition before making any decision.

What kind of information will the insurance companies ask me or be interested in?

Now, just to be “sure” that someone who has been prescribed Risperdal won’t be able to qualify for a traditional term or whole life insurance policy, we always like to ask a few questions first. The first being…

“Why have you been prescribed Risperdal?”

Now, suppose the answer to this question is because I have been or a loved one of mine has been diagnosed with schizophrenia or autism. In that case, we can automatically assume that a traditional life insurance policy isn’t going to work because these two pre-existing medical conditions are generally considered insurable.

Now if…

The answer to this same question is that you use your Risperdal to help you manage symptoms associated with your bipolar disorder; well, then, we’re going to need to know a little bit more about your condition before we can “automatically” rule out any potential options. This is why we’ll generally follow up with a few questions that will look something like this:

• When were you first diagnosed with bipolar disorder?
• Who diagnosed your bipolar disorder? A general practitioner or a psychiatrist?
• Is Risperdal the only medication that you’re using to treat your Risperdal?
• How often do you take your Risperdal?
• Has your Risperdal prescription changed at all in the last 12 months?
• Have you ever been hospitalized due to your condition?
• Do you have any issues with your driver’s license, such as multiple moving violations, a DUI, or a suspended license?
• Have you ever been convicted of a felony or misdemeanor?
• 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?

As we’ve already stated, if you’ve been diagnosed with schizophrenia or autism, to the best of our knowledge, you will not be eligible for a traditional term or whole life insurance policy. In cases like these, depending on the amount of coverage desired, we here at IBUSA would typically recommend that folks look at either a guaranteed issue life insurance policy or an accidental death policy.

We also typically…

Recommend that these folks also choose to work directly with the insurance carriers themselves so that the insurance company can determine if the applicant has a complete understanding of the policy being applied for and assume any associated risk. That said, however, if an individual is using their Risperdal to treat their bipolar disorder and can demonstrate that they are:

• Managing the condition well,
• Working full-time (when applicable),
• Living a “normal” lifestyle,
• Have not been hospitalized,
• Shown no sign of drug or alcohol abuse,

If they have not applied for or are not currently receiving any form of disability benefits, they ought to be able to qualify for traditional life insurance in theory. They may even be able to obtain it at a preferred rate! The problem is that we haven’t seen many cases like these where Risperdal is the medication of choice. Not that we don’t believe there may be cases like this; we just haven’t bumped into that yet! This brings us to the last topic we want to cover, which is…

How can I help ensure I get the “best life insurance” for me?

Probably the most important thing you can do is ensure you’re working with a true life insurance professional who will advocate for you. Agents like this will help guide you through the application process and be perfectly “frank” with you about your chances of being approved for coverage and at what rate you might qualify for.

From there…

You’ll also want to ensure they have access to dozens of different life insurance companies. This way, if you decide to apply for coverage, you won’t be limited to the decision-making processes of just one or two companies. Instead, you’ll be able to “shop” your options with multiple insurance companies, which, in our experience, usually increases one’s chances of success.

Lastly…

Before applying for coverage, you should be completely honest with your life insurance agent. By doing so, you will help them narrow down what options might be the “best” for you and determine which life insurance company will most likely provide you with the best opportunity for success!

So, what are you waiting for? Give us a call today and see what we can do for you!