Life Insurance with Narcolepsy.
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 being diagnosed with Narcolepsy.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Narcolepsy?
- Why do life insurance companies care if I have been diagnosed with Narcolepsy?
- 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 if I have been diagnosed with Narcolepsy?
Yes, individuals who have been diagnosed with Narcolepsy can and often will be able to qualify for a traditional term or whole life insurance policy. The only problem is that despite the fact that Narcolepsy isn’t a pre-existing medical condition that one might consider “life-threatening”, because of the nature of the disease and some of the treatment options that may be pursued most (if not all) life insurance companies are going to consider those diagnosed with Narcolepsy as “high risk”.
Why do life insurance companies care if I have been diagnosed with Narcolepsy?
The main reason why a life insurance company is likely to “care” if an individual has been diagnosed with Narcolepsy is a because it severe cases, not only may it increase one’s chances at suffering from an accident, it may warrant some the prescription of certain medications that may be prone to be abused.
This is why…
We wanted to take a moment and discuss exactly what Narcolepsy is as well as highlight some of the most common symptoms of this disease so that we can gain a better understanding of exactly what a life insurance underwriter will be looking for when making his or her decision about your application.
Narcolepsy is a chronic sleep disorder that is characterized by an overwhelming tendency to fall asleep whenever in a relaxing situation.
Common symptoms may include:
- Excessive daytime sleepiness,
- Sleep paralysis,
- Difficulty sleeping at night,
- Memory problems,
- Cateplexy, or a sudden loss of muscle tone.
There isn’t a “cure” for Narcolepsy. That said, some folks may find relief from their symptoms by using a variety of different medications including:
- Selective serotonin reuptake inhibitors (SSRIs),
- Serotonin and Norepinephrine reuptake inhibitors (SNRIs),
- Tricyclic antidepressants,
- And sodium oxybate.
“Which brings us to an important point that we think we ought to mention.”
If you think you have a medical issue, don’t use the internet to try and diagnose yourself. After all, if you do and your correct, you’re still going to need to see the doctor, and if you’re wrong, the time you spend being your own doctor could really cause great harm to yourself!
Nobody here at IBUSA is medically trained and we’re certainly not doctors. All we ware is a bunch of life insurance agents who just happened to be really good at helping individual find and qualify for the life insurance that they’re looking for. So please don’t mistake any of the medical information that we talk about as medical advice because it’s not!
Trying to “prep” you for what it might be like to apply for a life insurance policy after you have been diagnosed with Narcolepsy… that’s it! Which brings us to our next topic which is…
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 diagnosed with Narcolepsy?
- Who diagnosed your Narcolepsy? A general practitioner? A specialist? Or yourself?
- How would you classify your Narcolepsy? Mild, moderate or severe?
- Have you been diagnosed with any other pre-existing medical conditions?
- Are you currently taking any prescription medications?
- Do you have any history of drug or alcohol abuse?
- Have you ever been convicted of a felony or misdemeanor?
- Do you have an active drivers’ license?
- In the past 2 years, have you been admitted into a hospital for any reason?
- 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?
Generally, what you’re going to find is that most life insurance companies are going to “automatically” place someone who has been diagnosed with Narcolepsy into a “high-risk” category. From there, the individual life insurance underwriters are going to be looking for “clues” to let them know that an individuals Narcolepsy may be too severe for the insurance company to approve.
Clues may include:
- Loss of a drivers’ license,
- Extensive use (or possible abuse) of a prescription stimulant.
- Possibly indicated by:
- Multiple prescriptions from several doctors,
- Criminal charges,
- A poor employment history or current recipient of some type of disability benefit.
- Possibly indicated by:
In cases like these…
It’s quite possible that the individual in question might not be able to qualify for a traditional term or whole life insurance policy. But the truth is, anyone with these types of “additional” issues probably wouldn’t be able to qualify for a traditional life insurance policy even if they haven’t been diagnosed with Narcolepsy.
The good news is…
That regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy that they can qualify for. 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 usually the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions, but also have access to dozens of different life insurance companies so that when it comes time to helping a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is exactly what you’re going to find here at IBUSA so, if you ready to find out what we can do for you, just give us a call and let give us a chance to show you what we can do for you!