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 suffering from 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?
- 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 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 really hard 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 simply 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 its because their condition is quite serious. So serious that they would generally not be able to qualify for traditional life insurance coverage.
It’s important to never say never and never to “automatically” assume anything in this industry which is why we always like to exhaust any and every option before we ultimately throw our hands up in the air and conclude that traditional coverage isn’t going to be 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 are 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 which will typically automatically disqualify someone from being able to qualify 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 which is why we always like to learn a little bit more about your condition prior to making any kind of decisions.
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 if the answer to this question is because I have been or a loved one of mine has been diagnosed with schizophrenia or autism, 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 un-insurable.
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 your 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? Issues 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 is desired we here at IBUSA will typically like to recommend that folks take a 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 full and 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 are able to demonstrate that they are:
- Managing the condition well,
- Working full time (when applicable),
- Living an “normal” lifestyle,
- Have not been hospitalized,
- Shown no sign of drug or alcohol abuse,
And have not applied for or currently receiving any form of disability benefits, in “theory” they ought to be able to qualify for traditional life insurance. They may even be able to qualify at a Preferred rate! The problem is that we just haven’t seen all that many cases like these when Risperdal is the medication of choice.
Not that we…
Don’t believe that there may be cases out there like this, we just haven’t bumped into that may as of yet! Which brings us to the last topic we want to cover which is…
What can I do to help ensure that I get the “best life insurance” for me?
Probably the most important thing that you can do on your end is to first make sure that you’re working with a true-life insurance professional who will work as an advocate for you. Agents like this will not only help guide you through the application process but also be perfectly “frank” with you about your chances at being approved for coverage and at what rate you might be able to qualify for.
You’ll also want to make sure that he or she has access to dozens of different life insurance companies this way if you do decide to apply for coverage, you won’t be limited to the decision-making processes of just one or two different life insurance companies.
You’ll be able to “shop” your options with multiple insurance companies which in our experiences usually helps increase one’s chances for success.
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” for you as well as helping him or her 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!