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 Zyprexa or its generic form Olanzapine to help treat certain mental disorders most commonly schizophrenia and bipolar disorder.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Zyprexa?
- Why do life insurance companies care if I’ve been prescribed Zyprexa?
- 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 Zyprexa?
We’ve got to be honest with you, Zyprexa is one of those “kinds” of medications that could potentially trigger an automatic decline by many life insurance companies particularly if you’re in the process of applying for a simplified issue life insurance policy which will not require a medical exam.
This is mainly because…
Zyprexa is commonly used to help those who have been diagnosed with Schizophrenia which is a pre-existing medical condition that will cause most (if not all) life insurance companies to deny one coverage for a traditional term or whole life insurance policy.
That said however…
Because Zyprexa is also used to help treat a variety of “other” pre-existing mental disorders which might “theoretically” be able to qualify for coverage, some life insurance companies will be willing to consider someone who has been prescribed Zyprexa in the past assuming that it is being used to treat some other condition other than Schizophrenia and that individual is doing “well” managing that condition.
Why do life insurance companies care if I’ve been prescribed Zyprexa?
Life insurance companies “care” if an individual has been prescribed Zyprexa because in almost all cases, it is typically being used to treat a pretty serious mental disorder which is something that life insurance companies generally don’t want to risk insuring.
This is why…
Even if you are not “immediately” denied coverage once a life insurance underwriter learns that you’ve been prescribed Zyprexa, you can be certain that they will want to ask you a wide range of questions about your Zyprexa prescription and about the underlying medical condition which it is being used to treat.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- When were you first prescribed Zyprexa?
- Who prescribed your Zyprexa? A general practitioner or a psychiatrist?
- Why have you been prescribed Zyprexa?
- Have you been given an “official” diagnosis?
- Are you taking any additional prescription medications now?
- In the past 12 months, have any of your medications been changed?
- Why symptoms led you to be prescribed Zyprexa?
- What symptoms do you currently suffer from now?
- In the past 2 years have you been hospitalized for any reason?
- Do you suffer from any history of drug or alcohol abuse?
- Have you ever been convicted of a felony or misdemeanors?
- Do you participate in or plan on participating in any dangerous hobbies?
- Do you have any issues with your driving record? Issues such as multiple moving violations, DUI’s or a suspended driver’s 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?
This is a tricky question simply because Zyprexa can be used to treat such a wide variety of medical conditions. So, rather than try and say what “rate” you might be able to qualify for, we’d probably be better off talking about what factors could make it more difficult for you to be able to qualify for any rate since once a life insurance underwriter leans that you’ve been prescribed Zyprexa they’re going to be hesitant from the start!
If you have been diagnosed with Schizophrenia, it’s really not going to matter how “well” you are controlling your symptoms, simply because in our experience most (if not all) life insurance companies are not going to want to insure someone who has been diagnosed with Schizophrenia. Now we could be wrong and you might be an exception to the rule but in general, once an individual has been diagnosed with Schizophrenia, they are now going to need to seek out an “alternative” product such as a guaranteed issue life insurance policy or an accidental death policy.
Now for those…
Who might be taking their Zyprexa to treat some other “kind” of pre-existing mental disorder such as Bi-polar disorder or manic disorder, it’s possible that you may be able to qualify for a traditional life insurance policy and according to many different life insurance companies underwriting guidelines, you may even be able to qualify for a Preferred rating!
The only problem is…
That in addition to having your pre-existing mental disorder well under control, you’re also going to need to be in excellent health in every other way in order to be able to qualify for these “types” of rates. Additionally, most life insurance companies are going to want to see that you haven’t suffered from any “symptoms” related to your mental disorder for at least 1 year.
And as you can see…
Not suffering from “any” symptoms from your pre-existing mental disorder is a bit “vague” which is why you want to be very sure about “which” life insurance company you decide to apply with and be sure that your life insurance agent will be able to work as an educated advocate for you that is not only familiar with your particular situation but also familiar with how different life insurance companies choose to “underwrite” your condition.
Which brings us to the last topic that we wanted to take a moment and discuss 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!