Life Insurance with an Abilify Prescription.
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 Aripiprazole or one of the common brand names that is sold under including Abilify or Aristada to treat a variety of different medical conditions.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Abilify?
- Why do life insurance companies care if I’ve been prescribed Abilify?
- 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 insure 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 Abilify?
Abilify is one of those medical conditions which because it treats a wide variety of medical conditions, many life insurance agents will immediately assume that once someone has been prescribed it, they will then automatically be denied coverage for a “traditional” life insurance policy.
As a result…
Many applicants will be told that instead of being able to qualify for a traditional life insurance product, they will need to consider alternative products instead. Products such as accidental death policies or smaller guaranteed issue life insurance policies which will generally only provide up to around $25,000 dollars in coverage.
And while these…
Products certainly do have their merits in the right situation, most of the times people who are seeking a life insurance policy aren’t looking for one that will only provide up to $25,000 dollars in coverage or will only pay a death benefit in the event that they die from an accidental cause of death.
Which is why…
In order for us to be able to answer the question as to whether or not you’ll be able to qualify for a traditional term or whole life insurance policy after having been prescribed Abilify, we’re first going to need to understand why you’ve been prescribed Ability?
Why do life insurance companies care if I’ve been prescribed Abilify?
Insurance companies care about why an individual has been prescribed Abilify because in some situations, it could mean that an individual will automatically be denied life insurance coverage while in other cases, it might mean that they could qualify for a standard or better rate. You see, because Ability can be used to treat those with:
- Schizophrenia (which would be considered cause for an automatic denial).
- Bipolar disorder,
- Tourette’s disorder,
As well as to help treat symptoms of irritability commonly associated with those suffering from autism (another pre-existing medical condition which will often trigger an automatic decline) it makes sense for why an insurance company will want to know “why” you’ve been prescribed “your” Ability.
Have you or a loved one been diagnosed with Schizophrenia or Autism?
If so, what you’re generally going to find is that most life insurance companies are not going to be willing to extend traditional coverage to you forcing one to have to look at “alternative products” such as a guaranteed issue or accidental death policy. In cases like these, some insurance companies may still be willing to offer coverage however, issues of “competency” may arise since it’s important that the insured fully understand the “type” of insurance policy or accidental death policy that they are purchasing.
For those who have been prescribed Abilify to treat bipolar disorder or Tourette’s disorder, it may still be possible to qualify for traditional term or whole life insurance however now, we’re going to find that most insurance companies are going to want to ask a lot of questions prior to approving (or denying) one’s life insurance application.
What kind of information will the insurance companies ask me or be interested in?
Assuming that you have chosen to apply for coverage with an insurance company that is known to be more “lenient” when it comes to approving folks who have been diagnosed with either Tourette’s disorder or Bipolar Disorder, what you’re generally going to find is that they’re going to want to know how “serious” your condition is prior to making a decision regarding your life insurance application. To accomplish this without immediately ordering medical records from your doctors, they’re likely to start off by first asking you a few questions.
Questions such as:
- Why have you been prescribed Abilify?
- Who first prescribed your Abilify?
- When were your first prescribed Abilify?
- How long have you been taking Abilify?
- Are you taking any other prescription medications to help you treat your underlying medical condition?
- In the past 12 months have any of these medications changed in any way?
- Have you ever been hospitalized due to your condition?
- How well are your current medications treating your underlying medical condition?
- Are you currently working now?
- In the past 12 months have you applied for or received any form of disability benefits?
From here, we as well as the insurance underwriters will generally have a pretty good idea about what “kind” of life insurance you may be eligible for as well as what “rate” you might be expected to pay.
What rate (or price) can I qualify for?
Now as we’ve already noted, if you’ve been prescribed Abilify to treat symptoms of schizophrenia, what you’re generally going to find is that you will not be eligible for traditional term or whole life insurance coverage. In cases like these, if eligible, the guaranteed issue policy or accidental death policy pricing will be based solely on the state that you live in, the amount of coverage you desire and your age.
For those however…
Who have been prescribed Abilify to treat either Tourette’s disorder or Bipolar disorder, what you may discover is that in “mild” or “non-severe” cases where the patient is working, or is a full time student or non-working spouse there are situations where they may be able to qualify for coverage. They may even be able to qualify for a Standard or Normal rate. Where things begin to become more complicated is when an individual may not be in “perfect” health other than being diagnosed with one of these conditions or their Tourette’s or Bipolar disorder might not be considered completely “mild”.
In cases like these…
It becomes important to do your homework before applying for coverage and make sure that you’re not only applying for the “right” kind of insurance for you, but that you’re also applying to the “right” life insurance company that will provide you with the greatest opportunity for success.
What can I do to help insure that I get the “best life insurance” for me?
One of the most important things that you can do as a consumer to make sure that you find the “best life insurance policy” for you is to make sure that you choose to work with an independent life insurance agent who will be able to “pick and choose” among a variety of different life insurance companies so that you’re not “stuck” relying on just one or two different options.
When it comes to deciding who an insurance company will and won’t insure, each company is free to make up their own rules/guidelines. As a result, what you’re going to find is that certain companies can “tend” to be more lenient when it comes to certain pre-existing medical conditions or lifestyle choices. This is why…
It’s important to choose an insurance agency that has access to dozens of different life insurance companies so that in addition to just seeking out which company “might” be the “best” for you if you’ve been prescribed Abilfy, they can also look for the “best life insurance” for you if you’ve been prescribed Abilify and you’re a little bit overweight too!
So, what are you waiting for? Give us a call here at IBUSA and see what we can do for you!