Life Insurance for Xanax 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 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?
- What can I do to help ensure that 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 be able to qualify for a traditional term or whole life insurance policy.
The problem is…
That because individuals suffering from either of these pre-existing medical conditions can vary significantly in the “severity” of the aforementioned medical condition, insurance underwriters are going to want to know a lot more about “why” you been prescribed Xanax and how “serious” your condition is prior to making any kind of decision about your life insurance application.
Because Xanax is a controlled substance that can potentially cause some serious side effects including paranoia and suicidal ideation among others, it’s no wonder why a life insurance underwriter will be concerned about anyone currently using it. Not to mention the fact that it is also considered to be one of the most addictive benzodiazepines medications on the market.
Why do life insurance companies care if I’ve been prescribed Xanax?
To put it simply, life insurance companies “care” that an individual has been prescribed Xanax because it’s a prescription medication that is used to treat some “potentially” serious medical conditions and because it can have some pretty serious aside from the fact that is also a considered a medication that can commonly be abused!
All of these factors are “wrapped together” you can see what having been prescribed Xanax in the past can certainly complicate one’s life insurance application. But don’t fret, even though everything that we’ve mentioned so far sounds really bad, the truth is, lot’s of folks who have bene prescribed Xanax in the past can and often will be able to qualify for a traditional term or whole life insurance policy, only now it might be a bit more tricky to get that “Preferred” rate that everyone is looking for.
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 your using to treat your pre-existing medical condition?
- In the last 12 months have any of you your prescription medications changed in any way?
- Have you been given a specific diagnosis?
- Have you ever been hospitalized due to 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 issues 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 trying to determine what kind of “rate” an individual may be able to qualify for after having been prescribed Xanax, the main determinant on what you might be eligible 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 suffering from panic disorder usually won’t. These individuals will typically only be able to qualify for a Standard or Normal rate.
When you really think about it isn’t so bad because Standard rate is actually 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 “judgements” on just how “mild” your anxiety may be, he or she will also be reviewing a wide variety of other factors which may also come into play in determining what king 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.
Which 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 condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance profession 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?
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”
So, what are you waiting for? Give us a call today and see what we can do for you!