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 Xanax or its generic form, Alprazolam to treat one’s anxiety or panic disorder.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Xanax?
- Why do life insurance companies care if I’ve been prescribed Xanax?
- 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’ dive right in!
Can I qualify for life insurance after I’ve been prescribed Xanax?
Yes, individuals who have been prescribed Xanax in the past, as well as individuals who are currently using Xanax to treat either “general anxiety” or a specific panic disorder, can and often will qualify for a traditional term or whole life insurance policy. Some may even be able to qualify for some of the best no-medical-exam life insurance policies at a Preferred rate!
The only problem is…
Individuals suffering from either of these pre-existing medical conditions can vary significantly in the “severity” of the aforementioned medical condition. This is why most (if not all) life insurance underwriters are going to want to know a lot more about “why” you have been prescribed Xanax and how “serious” your condition is before making any decisions about your life insurance application.
Because Xanax is one of the most addictive benzodiazepine medications on the market today, you can bet that most insurance companies will also be concerned about any possible abuse of this medication.
Why do life insurance companies care if I’ve been prescribed Xanax?
To put it simply, most of the best life insurance companies are going to “care” that an individual has been prescribed Xanax because it’s a prescription medication that is used to treat some “potentially” severe medical conditions. Plus, Xanax is a medication that some folks may end up abusing.
All of these factors are “wrapped together.” you can see that having been prescribed Xanax in the past can undoubtedly complicate one’s life insurance application.
But don’t fret…
Even though everything that we’ve mentioned so far sounds terrible, the truth is that lots of folks who have been prescribed Xanax in the past can and often will be able to qualify for a traditional term or whole life insurance policy. The only problem will be that getting that “Preferred” rate that everyone is looking for may be a bit trickier.
What kind of information will the insurance companies ask me or be interested in?
- Why have you been prescribed Xanax?
- When were you first prescribed Xanax?
- Who prescribed your Xanax? A general practitioner or a psychiatrist?
- How often do you take your Xanax?
- Is Xanax the only prescription medication that you’re using to treat your pre-existing medical condition?
- In the last 12 months, have your prescription medications changed in any way?
- Have you been given a specific diagnosis?
- Have you ever been hospitalized due to a pre-existing medical condition?
- Have you ever suffered from any suicidal thoughts or attempted suicide in the past?
- If you have been diagnosed with panic disorder, are there certain “triggers” that cause your symptoms?
- Do you have any history of drug or alcohol abuse?
- Have you ever been convicted of a felony or misdemeanor?
- Do you have any issues with your driving record? And by points, do we mean 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 try to determine what kind of “rate” an individual may be able to qualify for after having been prescribed Xanax, the primary determinant on what you might be eligible for will usually center around “why” you have been prescribed Xanax.
This is because…
While it is true that many individuals who have been prescribed Xanax to treat mild anxiety symptoms can and often will be able to qualify for a Preferred rate, those who have panic disorder usually won’t. These individuals will typically only be able to qualify for a Standard or Normal rate.
When you think about it isn’t so bad because a Standard rate is the rate that a “normal” individual would be expected to earn even if they weren’t diagnosed with a pre-existing medical condition like panic disorder.
We should also point out that…
Just because an individual may be “eligible” for a Preferred rate does not mean that they will automatically be able to qualify for one. This is because, in addition to an insurance underwriter making “judgments” on just how “mild” your anxiety may be, they will also be reviewing a wide variety of other factors that may also come into play in determining what kind of “Rate” you are eligible for.
Factors such as your:
- Height and weight.
- Family medical history,
- Travel plans or destinations,
- Employment choices and hobbies,
All of which could play a factor in determining what kind of “rate” you may be eligible for.
This brings us to the last topic that we wanted to take a moment and discuss here in this article, which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the disease 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.
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 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?
You’ll want to make sure that you’re completely honest with your life insurance agent before applying for coverage. By doing so, you will be helping them narrow down what options might be the “best”.
Now, will we be able to help out everyone who has been prescribed Xanax?
No, probably not. But we can tell you 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.
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, just call us!