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 Seroquel or its generic form, Quetiapine, to treat one’s schizophrenia and/or bipolar disorder.

Questions that will be directly addressed will include:

• Can I qualify for a traditional life insurance policy after I’ve been prescribed Seroquel?
• Why do life insurance companies care if I’ve been prescribed Seroquel?
• 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”?

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

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

Unfortunately, Seroquel is one of those “kinds” of medications that will often “trigger” an automatic decline when applying for a traditional or simplified issue life insurance policy. This is because Seroquel is most commonly used to help treat those suffering from schizophrenia, which is a pre-existing condition that most (if not all) life insurance companies will refuse to insure.

That said, however…

Because Seroquel is also used to help those who are suffering from bipolar disorder, a pre-existing medical condition that “some” life insurance companies will be willing to cover, we here at IBUSA always like to learn more about “why” an individual has been prescribed Seroquel before making any assumptions about what “kind” of life insurance they may or may not be able to qualify for.

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

Insurance companies “care” if you’ve been prescribed Seroquel because if you have, there is a good chance that most (if not all) life insurance companies will deny your application for a traditional or whole life insurance. As a result, you will likely need to pursue an alternative insurance product, such as a guaranteed issue life insurance policy or an accidental death policy, should you wish to qualify for any coverage.

For these reasons…

We here at IBUSA always like to learn a little bit more about your situation because if you have been prescribed Seroquel to treat symptoms associated with bipolar disorder, it’s possible “in theory” that you may still be able to qualify for traditional life insurance coverage.

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

Now, if you’re using your Seroquel to treat your bipolar disorder, you may still be able to qualify for coverage. We’ll need to know the answers to the following questions:

• When were you first diagnosed with bipolar disorder?
• Who diagnosed you? A general practitioner or a psychiatrist?
• How long have you been taking your Seroquel?
• Are you taking any additional medication to treat your bipolar disorder?
• How well is your current Seroquel prescription helping you to manage your bipolar disorder?
• Have you ever been hospitalized due to your bipolar disorder?
• Have you ever been convicted of a felony or misdemeanor?
• Do you have any history of drug or alcohol abuse?
• Are you currently working now?
• In the past 12 months, have you applied for or received any form of disability benefit?

What rate (or price) can I qualify for?

Now, we know we’ve said it before. Still, it’s worth noting again that if you have been prescribed Seroquel to treat schizophrenia, to the best of our knowledge, you’re not going to be eligible for a traditional or simplified issue life insurance policy. In cases like these, we recommend that folks look at some of the “alternative” products that may be available, including guaranteed issue life insurance policies and/or an accidental death policy.

We also recommend…

These folks should contact different insurance companies directly so that the companies can ascertain that you understand these “types” of life insurance policies. We do this because we have found that approaching the insurance companies directly gives you a much better chance of getting approved for coverage than working through an intermediary like IBUSA.

Now, for those who are using Seroquel to treat their bipolar disorder? We want to clarify that qualifying for coverage will not be easy! This is mainly because Seroquel is usually a medication that is typically reserved for folks suffering from rather “severe” cases, which is why if there is any chance that you will be able to qualify for coverage, we’re definitely not going to want to see:

• Any hospitalizations due to your bipolar disorder.
• Any convictions of crimes that could be related to your bipolar disorder.
• Any previous history of drug or alcohol abuse.

As well as a “strong” history of stable employment (when applicable) and little (if any) signs that your bipolar disorder is preventing you from being able to live a “normal” life. In cases like these, it may be possible to qualify for a Standard rate, but remember, it will be challenging, and the last thing we want to do is “overpromise” anything.

This brings us to the last topic we want to discuss, which is…

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

Probably the most important thing you can do is to 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 what options may or may not be possible for you.

From there…

You’ll also want to make sure that they have access to dozens of different life insurance companies because, after all, it 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?

Lastly…

Before applying for coverage, you should be 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!