In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Strattera or its generic form Atomoxetine to treat attention-deficit hyperactivity disorder (ADHD).
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Strattera?
- Why do life insurance companies care if I’ve been prescribed Strattera?
- 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 life insurance after I’ve been prescribed Strattera?
Because Strattera is a prescription medication that is commonly used as part of a larger treatment plan which will include other psychological, social and pharmaceutical options, what we have found here at IBUSA is that folks who have been prescribed Strattera to treat their ADHD can and often will be able to qualify for a traditional insurance policy.
That “approval” will depend on how well your treatment program is working vs. simply having been prescribed Strattera.
Why do life insurance companies care if I’ve been prescribed Strattera?
Insurance companies “care” that you’ve been prescribed Strattera because it gives them insight on what “kind” of pre-existing medical condition you’ve been diagnosed with. Beyond that, there really isn’t much that the can “gleam” from the fact that you’ve been prescribed Strattera in the past.
Now what we can tell you is…
That because Strattera isn’t a stimulant like many other prescription medications that are often used to help folks treat their ADHD, insurance companies will tend to be much less concerned about it’s use vs. these other “types” of treatment options which run the risk of abuse and “habit-forming”.
“Which is good news!”
That alone isn’t enough information for a life insurance underwriter to be able to make their decision about your application. For this reason, don’t be surprised if your asked a series of questions about your Strattera prescription and/or your attention-deficit hyperactivity disorder.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked about your Strattera and/or ADHD condition will typically look something like this:
- How old were you when you were first diagnosed with ADHD?
- Who diagnosed your ADHD? A general practitioner or a psychiatrist?
- Is Strattera the only medication that you’re using to treat your ADHD?
- Are you also participating in any other treatment methods such as group or individual therapy to treat your ADHD?
- In the past 12 months, has any medication that you’re using to treat your ADHD changed at all?
- Have you ever been hospitalized as a result of your ADHD?
- Do you have any history of drug or alcohol abuse?
- Have you ever been convicted of any felonies or misdemeanors?
- Do you have any issues with your driving record? Such as multiple moving violations, a DUI, or a suspended license?
- 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?
When it comes time to determine what “rate” an individual can qualify for after they’ve been prescribed Strattera and/or been diagnosed with ADHD, things can get a bit “tricky”. This is because it’s not like there’s really any kind of “test” an individual can take, which will definitively let anyone know if they have a “mild” case of ADHD, a “moderate” case of ADHD or a “serve” case.
Which is why…
It shouldn’t come as a huge surprise to learn that individuals with ADHD can and often will fall within a wide range of possible categories when approved for coverage. Some individuals who are managing their ADHD well and aren’t displaying many “visible signs” of their illness can and often will be able to qualify for a Preferred rating. While others who may be experiencing more severe symptoms or consequences of their illness might only be able to qualify for a standard or sub-standard (commonly referred to as a “table rating”).
This brings us to the last topic that we wanted to discuss today, which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition which its “severity” 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?
The good news…
Is that this approach to finding the “best” life insurance policy that you can qualify for is exactly how we like to operate here at IBUSA! So, if you’re ready to get started, feel free to give us a call and let us show you what we can do for you
Now, will we be able to help out everyone who has been prescribed Strattera?
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!