Life Insurance for Seroquel 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 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?
- 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 Seroquel?
Unfortunately, Seroquel is one of those “kinds” of medications which 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 ensure.
That said however…
Because Seroquel is also used to help those who are suffering from bipolar disorder, a pre-existing medical condition which “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 very good chance that most (if not all) life insurance companies are going to deny your application for traditional term 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 be able to qualify for any coverage.
That said however…
We here at IBUSA always like to learn a little bit more about your situation because if you have been prescribed Seroquel to simply treat symptoms associated with bipolar disorder, its 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 simply using your Seroquel to treat your bipolar disorder, its possible you may still be able to qualify for coverage we’ll just 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, but 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 at traditional or simplified issue life insurance policy. In cases like these, we like to recommend that folks take a look at some of the “alternative” products that may be available to them including guaranteed issue life insurance policies and/or an accidental death policy.
We also recommend…
That these folks contact different insurance companies directly so that the insurance companies can directly ascertain that you understand how these “types” of life insurance policies. We do this because we have found that by approaching the insurance companies directly you will have a much better chance of getting approved for coverage than working through an intermediary like IBUSA.
Now for those…
Who are using their Seroquel to treat their bipolar disorder, we want to make it clear that qualifying for coverage is not going to 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 which 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’s going to be tough and the last thing we want to do is “over promise” anything.
Which bring us to the last topic that we want to discuss 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 what options may or may not be possible for you.
You’ll also want to make sure that he or she 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?
Now if your agent does…
Have access to dozens of 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!