It is not uncommon for life insurance companies to ask their clients which medication they have taken since the date they were diagnosed of any health challenge. They do this in order to determine your risk level. And many people are not aware that their prescription drugs could affects their premium rates or play a major role in their life insurance application.
That said, let’s take a look at the top prescription medications that could affect your life insurance application.
Most life insurance companies are wary of insuring individuals who take antidepressants such as Prozac, Xanax and Valium. During your application, your insurer would want to know the reasons why your doctor prescribed such drugs. In addition, life insurance companies will want you to provide details concerning the the amount of dosage you’ve taken and how long you plan to take the medication. Individuals who are heavily dependent on antidepressants could be given high premium rates or even refused life insurance altogether in some cases.
These are powerful pain killers extracted from the opium poppy plant. These over-the-counter drugs – which have a reputation for being highly addictive – include codeine, oxycodone, and morphine. Due to the severe side effects of these prescription drugs, some life insurance companies will decline your application if you are addicted to these drugs. But if you are only using narcotic analgesics to treat a temporary condition, most insurers will provide you with life insurance coverage.
Medicine such as Prednisone is used to suppress pain and treat inflammatory diseases. However, they inhibit the immune system and include other side effects such as depression, insomnia, high blood pressure, and abdominal pain. If you are using immunosuppressant for a short-term cure, you should have no problems getting life insurance. On the other hand, life insurers could reject your application if you are using it for a long period.
Attention Deficit Hyperactive Disorder (ADHD) medication
If you are taking ADHD drugs such as Adderall, Metadata and Daytrana, your insurer might assume that you’re too risky to insure. However, if your condition is not severe and you are managing it well, you might be eligible for life insurance. In addition, you might even get the best premiums your insurance agency has to offer. Therefore, it is pertinent that you tell your insurer the truth about your current health condition so that you can get the right life insurance quotes.