Trying to obtain life insurance when you have certain medical conditions can be very tough. We certainly understand. No questions asked. Often if you know you may be considered a high-risk life insurance candidate, you may be even more hesitant to apply for life insurance altogether.
You may have thoughts going through your mind such as how much you may have to pay if you are approved or if you can even be approved at all for life insurance coverage at all. The concern is legitimate, and we certainly want to help.
One of the questions that we get very often is a little grayer than other questions. Can I get life insurance If I’m on pain medications?
After plenty of years in the industry and working to serve all my clients such as yourself, here is what I can tell you on the topic.
So, can I get life insurance if I’m on pain Medication? Yes, you can get life insurance if you are on or taking pain medications. You may get classified into a higher premium bracket for your coverage, and a chance does exist that you are declined as well. Overall, it is possible to get life insurance on pain medications.
I know that seems like the answer provided is a bit all over the board, but hey, that’s life insurance for yah. It’s just how it goes, and every case is different. When you are taking medications, it’s no different.
You certainly need individuals who know how to handle these cases correctly if you are looking to achieve rates at the lowest possible prices.
Even then, it can be an uphill battle, but we sure do get people approved all the time taking pain medications. Let’s dive into more of the specifics to get you more familiar with the process.
More About Life Insurance and Pain Medications
When it comes to being approved when taking medications and applying for life insurance there are several factors that need to be considered. You see, the life insurance companies may be very hesitant initially to approve your case for several reasons.
They may not know precisely why you are taking the medications to begin with or they may wonder if another underlying medical issue is present and even the side effects of the medicines can come into play when you really dive into the application and underwriting process.
Addiction May Be Present to Pain Medications.
Sometimes you even run into situations where the individual has built up an addiction for the medications and further problems have stemmed from the case then the life insurance company would prefer to see.
That certainly isn’t directed at you, but we do it see if and this does make getting coverage more difficult when this is the situation.
This doesn’t mean that this is you and that we can’t help. Independent life insurance agency models are always around to contribute and find you the best coverage regardless of what that entails or what we need to do to get it done.
Let’s touch on the exact specifics about the pain medications and get you ready to apply for coverage without having unneeded anxiety or stress during the process.
Questions to Expect During Life Insurance Application Taking Pain Medications
When you begin the application process for your life insurance, the agent and the company will want to know about your history with medications and medical conditions. The agent will typically get the ball rolling with you, and from there, they will run what’s known as an RX report which is short for electronic database check for prescriptions.
Sometimes the issue isn’t necessarily the medication you are taking but the fact that you are taking too many medicines altogether.
This is when you can run into issues applying for life insurance coverage. Excessive numbers of medications can indicate that you often don’t make necessary lifestyle changes and that you are a higher risk for adverse side effects for medications being taken together.
Life insurance companies simply don’t like long list of medication use. Plain and simple. This doesn’t mean you will be declined, it’s just a simple heads up about the truth to the matter at hand.
Life Insurance Companies Aren’t Big Fans of Opiate Use
This is one area where life insurance companies tend to frown a bit. Opiates are a class of drug all on their own. Any drug derived from opium poppy would fall into this category. Often, it’s drugs such as codeine and morphine. They can certainly include other drugs however such as oxycodone.
Here’s a quick cheat sheet you can refer to give you a better idea of the drugs that may cause an issue on your life insurance application or RX report.
This list of drugs discussed above can start making things very difficult for you depending on your exact situation, but these are drugs that are going to make things complicated/challenging for us as the agents and for you going through the process.
No need to panic yet. This again doesn’t mean we can’t get your case approved. It’s simply pointing out that these drugs are going to give us a run for our money. It’s what we do, and we would still love to help!
Companies and Options to Consider Taking Pain Medications
When it comes to life insurance companies too chose when taking pain medications, it’s not going to make a big difference necessarily which life insurance company you want to work with. It’s more about being represented by an Independent Life Insurance agent who can help you navigate the tricky market to find the best coverage possible.
Most of the life insurance companies are going to look at pain medication or opiate use the same way, and it certainly makes things more difficult for you to get coverage.
If you work with an agent who has a plethora of options available to you, we can always pivot your case or provide optional plan B’s if necessary, that can still get some protection for you and your family.
Approval Chances and Rates Taking Pain Medications
This varies too much to give you an exact number. What I can tell you is that the life insurance companies do consider everything on a case by case basis and the more information that is provided to them, the better.
Maybe you only needed to take the pain medication for a short amount of time, or perhaps there is an excellent explanation for taking them. If this is the case. Great and we can certainly help you that much easier. Sometimes, however, this is not the case which can make things difficult.
The biggest key to this whole process is detail, honesty and making sure we inform the underwriting department everything humanly possible to help get your case approved. That’s how you win and get the lowest rates possible.
Never Choose Captive Life Insurance Agents If You Take Pain Medications
I know we somewhat touched on this already, but it’s important to re-emphasize this point and drive it home. A Captive life insurance agent such as an individual who works for State Farm is never going to be able to get your case approved in situations like this.
Underwriting guidelines with these companies are very tight, and once the case is declined, they have no other life insurance companies to choose from. With companies like Good Life Protection, it’s the complete opposite.
We have hundreds of companies and options to choose from, and we won’t stop fighting for you until we have exhausted all possibilities.
Guaranteed Issue Life Insurance while Taking Pain Medications
Never ignore the option of guaranteed issue life insurance if you absolutely need coverage. Taking pain medications may be a perfect reason to consider it. These policies have no medical questions, and no medical exam required. They merely approve you based on very loose criteria.
In exchange for the quick and easy process, you wait 2 years for full death benefits to kick in. During this time if something did happen to you, you would be provided your money back plus 10% interest earned. Think of these plans like fantastic savings account for two years and then full coverage will be in force.
Some age restrictions also apply. Usually, you need to be between 50-85 to apply for this coverage. Always remember as well, just because you go with this option now, doesn’t mean you can re-apply for traditional coverage down the road. Just never forgo coverage all-together. That’s when you run into issues.
Accidental Death Life Insurance While Taking Pain Medications
The same goes for accidental death life insurance coverage. This is another great option you can use to get some coverage in place for you and the family. Again, no medical questions will be asked, and it will be easy to get the application submitted and approved.
Coverage amounts are also available in reasonable amounts north of 500,000.00. When you feel that you are ready to step up and re-apply for traditional coverage in the future, you can only just drop this coverage or swap it with your new policy.
These don’t have to be permanent options for you, but some coverage is always better than no coverage at all.
Putting It All Together, You May Be Approved Better Than You Think. We Are Here to Help
At the end of the day, you always have options and plenty of them. It’s hard to know sometimes if you will be approved and what price but applications are free, and so are the medical exams. What’s not free is not having any coverage and the unexpected happening leaving your family with no financial protection.
It’s always important to find one way or another to get coverage in place at the cheapest rates possible. If you can’t quite make the cut for traditional coverage right now, that’s okay. Use one of the no medical exam options and no questions asked policies to get something in place until you are ready to try again.
At Good Life Protection we handle cases such as this all the time, and we want to help you too. You can quickly get started by filling out the quote form on the right to compare rates from over 50 of the top life insurance companies. So, what are you waiting for?
If you don’t’ want to use that method feel free to give us a call at the number provided at the top right of your screen. We always have an Agent standing by ready to help. What’s your take on life insurance with opiate prescriptions or other pain medications? Be sure to drop a comment below.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.