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Narcan (naloxone) is one of those medications which when discovered on a prescription medication database check which will be routinely ordered on most if not all fully underwritten term or whole life insurance policies will in most cases immediately trigger an automatic decline (assuming the applicant is currently using Narcan).
The main reason for this is because Narcan is a prescription medication that is used to help treat opioid addiction especially during an overdose!
Narcan (Naloxone) is a prescription medication that is used to block the effects of opioids by reversing their effects which can include extreme drowsiness, slowed breathing and/or loss of consciousness.
National Opioid Overdose Epidemic.
According to the American Society of Addiction medicine, drug overdose is one of the leading causes of accidental death in the US, with just over 47,000 deaths in 2014 alone!
Which is why…
You’re going to find that most (if not all) life insurance companies are going to immediately deny anyone coverage who is currently using Narcan or has been recently prescribed Narcan to treat either an addiction to opioids or treat an accidental overdose.
What if I’m not using Narcan anymore?
Now if you’re no longer taking Narcan, and you are no longer using or abusing any illegal or prescription medications, you may now be eligible for a traditional term or whole life insurance policy, however, the insurance companies are going to want to ask a lot of questions about your previous drug use prior to offering you coverage.
Questions insurance companies will ask to learn more about your addiction problems/drug use.
- When were you first prescribed Narcan?
- How long did you take Narcan?
- Who prescribed your Narcan?
- What types of drugs/medications were you addicted to?
- Did you attend a rehab center?
- Were you ever hospitalized due to your drug use?
- Do you have any residual medical issues due to your drug use?
- Have you suffered from any relapses?
- Are you currently working now?
- In the past 12 month’s have you applied for or received any form of disability benefits?
- Do you have any issues with your driver’s license?
- Have you ever been convicted of a felony or misdemeanor?
Now with these answers in hand, the insurance companies will generally have a pretty good idea about what type of life insurance policies you will and won’t be eligible for.
A general rule of thumb…
What you going to find is that the longer you’ve been drug free, the better your chances will be to qualify for a traditional term or whole life insurance policy.
Now it should be noted…
That not everyone is really looking to purchase a large life insurance policy. Many folks would simply like to purchase a small policy that would be able to coverage the cost of their final expenses.
The good news is that…
For these folks who aren’t looking for a larger life insurance policy and would be completely satisfied with about $25,000 dollars in coverage, assuming that they are over the age of 45, there should be plenty of options for them to choose from that won’t require them to answer any questions about their current state of health or their current or prior drug use.
Now these policies…
Will have certain “clauses” and “exceptions” that you should become aware of (please see Top 10 Best Burial Life Insurance Companies) but the important take away should be this….
“If you’re over the age of 45 and you only want about $25,000 in coverage, you should have plenty of options.”
So, what are you waiting for? Give us a call today and see what we can do for you!