How Perscription Drugs Impact Life Insurance Rates
Prescription drugs' impact on term life insurance rates can be major if you’re taking multiple prescriptions and haven’t been checking in with your doctor regularly. Life insurance underwriters consider your medical history very carefully when you apply for coverage, and your prescription drugs can impact the term life insurance quotes you receive. Read our guide below for more information on how prescription drugs impact life insurance.
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Heidi Mertlich
Licensed Life Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, Finance101.com, and Forbes. As a parent herself, she ...
Licensed Life Insurance Agent
UPDATED: Jul 7, 2023
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 7, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Humans have been creating and mixing chemical and herbal concoctions known as drugs for thousands of years. Currently, the United States has a multi-billion dollar pharmaceutical industry. Sometimes it seems as if our doctors have turned into walking prescription pads, as one drug or another is seen as the only option for treating the diseases that plague humanity.
So how do life insurance companies feel about their policyholders being pumped full of panaceas? Here are the most common conflicts that arise as life insurance underwriters consider term life insurance applicants and their prescription drugs.
Too Many Drugs
Do you have a prescription-happy doctor? Does your doctor seem to dismiss your concerns about your symptoms and instead of offering up lifestyle advice, whips out the old prescription pad instead?
While some medical conditions are only treatable with medicine, there are plenty of ailments that could be improved with simple lifestyle changes.
The more drugs you are on, the more chances there are for harmful drug interactions. Life insurance companies see it as a big red flag when an applicant has an extensive list of medications.
Before you apply for a term life insurance policy, we suggest you visit another physician for a second opinion regarding your medications. All the better if you can safely reduce the amount of pharmaceuticals in your body.
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Not Enough Physician Monitoring
Now I know we usually blame doctors, but this problem often lies with the patients. Your busy schedule and hectic life often prevent you from getting into the doctor when you are supposed to. If you are on medications, regular checkups are a necessity!
Your body is constantly changing, and whatever dosage of drugs you are on today may be too much, or too little for you in a few months. Life insurance underwriters do check to see when the last time your medication and dosage were reviewed, so make sure to stay up to date.
Even if your dose has been stable for years, life insurance companies still want proof that a doctor is monitoring your medications.
Using for Different Purposes
Sometimes drugs have side-effects that are considered to be a positive for some people. We have seen many applicants who were taking drug XYZ for its reported side effect of weight loss, increased libido, decreased hot flashes, or any other real or imagined result it produced in their bodies.
Life insurance underwriters aren’t necessarily going to cut you a break if you are one of the patients who uses a medication for a reason which it is not intended.
For example, if you are using an antidepressant, and claim that you are not suffering from clinical depression but rather using the medication to treat some unrelated malady, the life insurance underwriter is likely going to give you a rating class consistent with the medication you are taking.
It is entirely up to you and your doctor what medications you take and for what reason. Just be warned that life insurance underwriters will scrutinize the medications you are on just as much as your diagnosis.
Adverse Side Effects
We have all heard the drug commercials that promise to give you your life back after being diagnosed with this disease or that disease. The unfortunate side effects are not mentioned until the end, read off at warp speed in hopes that you will not focus on them.
Are the side effects sometimes worse than the condition for which is being treated? It is entirely possible, especially with newer drugs that haven’t been thoroughly used yet.
Stories of human harm and even fatalities have received media coverage for as long as medications have been around. This is yet another concern life insurance companies must take into consideration when reviewing applicants for term life insurance coverage. Just because a drug receives FDA approval does not necessarily mean it can’t cause serious harm to people.
We hope to see a society shortly that doesn’t rely on unnecessary medications to cure maladies that can be remedied in other, more natural ways. Take control of your health and reduce your reliance on medications if you can, under a willing doctor’s supervision of course. We know your pocketbook will thank you when your term life insurance premiums go down!
Related topics:
Natural Ways to Manage Chronic Pain
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Case Studies: How Prescription Drugs impact Life Insurance Rates
Case Study 1: Multiple Prescription Medications
Sarah had been dealing with various health conditions and was prescribed multiple medications to manage her symptoms. When she applied for term life insurance, her extensive list of medications raised a red flag for the underwriters.
They considered the potential risk of harmful drug interactions and the overall impact on Sarah’s health. As a result, Sarah received higher premium rates for her life insurance policy.
Case Study 2: Lack of Regular Doctor Checkups
John had been on a specific medication for several years, but he hadn’t visited his doctor for regular checkups to monitor his dosage. When he applied for life insurance, the underwriters noticed the lack of physician monitoring.
They required recent medical records and evidence of ongoing supervision to ensure that John’s medication dosage was appropriate. Failure to stay up to date with his checkups resulted in a more thorough assessment and potentially higher rates.
Case Study 3: Off-Label Use of Medication
Emily was taking a medication primarily prescribed for one condition but claimed to use it for an unrelated purpose. Life insurance underwriters reviewed her case and considered the specific medication and its intended use.
Even though Emily didn’t have the diagnosed condition associated with the medication, the underwriters still took into account the potential risks and associated rating class for her application. The off-label use of medication can impact the assessment of an individual’s risk profile.
Case Study 4: Adverse Side Effects
Mark experienced adverse side effects from a prescribed medication that led to media reports highlighting the potential harm associated with the drug. When he applied for life insurance, the underwriters carefully evaluated the medication’s side effects and their impact on Mark’s overall health.
The potential risks and complications associated with the medication influenced the underwriting decision, potentially resulting in adjusted premium rates.
Frequently Asked Questions
Do prescription drugs affect life insurance rates?
Yes, prescription drugs can have an impact on life insurance rates. When applying for life insurance, insurers assess various factors to determine your risk level, including your overall health and any medications you may be taking. Certain prescription drugs can influence the underwriting process and potentially affect your premium rates.
Which prescription drugs typically affect life insurance rates?
The impact of prescription drugs on life insurance rates can vary depending on the specific medication and its associated health risks. However, some commonly prescribed drugs that may influence rates include medications for chronic conditions such as high blood pressure, diabetes, or cholesterol, as well as certain psychiatric medications and treatments for cancer.
How do insurance companies assess the impact of prescription drugs?
Insurance companies typically evaluate prescription drug usage by reviewing your medical records, including information provided in your application, and conducting a thorough underwriting process. They consider factors such as the type of medication, dosage, frequency of use, the condition being treated, and the overall effect on your health and mortality risk.
Can all prescription drugs result in higher life insurance rates?
Not all prescription drugs will automatically result in higher life insurance rates. Insurance companies assess risk on an individual basis, taking into account various factors beyond medication usage. While some drugs may lead to increased rates, others may have minimal or no impact at all, depending on the overall health condition of the applicant.
Can I still get life insurance if I take prescription drugs?
Yes, you can still obtain life insurance if you take prescription drugs. While the rates may be affected, it is important to disclose your medication usage accurately during the application process. With proper disclosure, insurance companies can assess your risk appropriately and offer you coverage that suits your needs.
Your life insurance quotes are always free.
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Heidi Mertlich
Licensed Life Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, Finance101.com, and Forbes. As a parent herself, she ...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.