Does Your Agent Think Like A Pharmacist?

Do you wonder what impact certain prescription drugs have on life insurance? The prescription drugs you take can have a serious affect on:

  • The premium that you pay for life insurance.
  • The life insurance coverage amount that you will qualify for.
  • And in many cases, the prescription drugs you take will determine the type of life insurance policy you can qualify for.

So doesn’t it make sense to work with a life insurance agency that focuses on knowing how each life insurance carrier views the use of today’s most commonly used prescription medications? 

We at TermLife2Go  understand that nearly every type of insurance policy out there will require a prescription data base check. That includes Term, Whole Life, and Universal Life.

These database checks are going to provide the life insurance companies with a complete list of every prescription drug that you’ve ever been prescribed.  How the life insurance company uses this information will affect the underwriting process. And the way a life insurance carrier views a specific prescription drug will vary from one life insurance company to the next. Applying with the wrong company or choosing the wrong type of coverage could be costly, especially when you have to get it, such as life insurance due to a divorce or life insurance to cover an SBA loan.

This is where the consumer needs to be careful because, if you work directly with the life insurance carriers themselves, you will be locked into that one life insurance carriers specific underwriting guidelines. Most of the time this will not be in your best interest because you are limited to that one life insurance company. The alternative is to choose an agency like TermLife2Go that can pick and choose among dozens of different life insurance carriers ensuring that you will have literally 100’s of different options to choose from to find you the cheapest life insurance options when taking prescription drugs.

Life insurance prescription drug history

Now you may be thinking:

“Won’t I pay more if I don’t go directly through the life insurance carrier?”

And the answer to that is “No”.  Life insurance rates are determined by an insurance company.  The rates the company decides on are then submitted to, and approved by, that particular states’ insurance commission.  From there, an application will be reviewed by a life insurance company underwriter who will ultimately make a decision regarding whether or not an application will be approved and at what rate the client will be approved at.

Regardless of who submits the application, the process and cost will always be the same. The cost is always the same whether you go through the life insurance company or an agency because of the strict regulations set by the individual state insurance commission.

So now you may be wondering:

“If everyone offers the same rate, what difference does it make who I go with?”

And the truth is, if you are young, healthy, and in great shape, it probably doesn’t matter who you choose to pursue life insurance with.   These clients simply need to find an agent that works with reputable companies, does a thorough “needs analysis” and be done with it.  In these cases, the agent essentially works as an “order taker”, assisting the client with the application process.

If this describes you, great!  We here at TermLife2Go love handling these easy applications and pride ourselves on offering a host of different options that may enable you to be fully insured within 24 hours of completing your application.  These option may include avoiding the need for a medical exam all together.

Now, if you are not super young, or you are not necessarily in the greatest shape, when applying for life insurance while taking prescription medication it makes sense to work with a seasoned professional that is going to be able to:

  • listen and understand your needs,
  • determine your best options,
  • clearly present their recommendations, and
  • answer any questions that you may have.

This way you will be able to make the best decision on life insurance for you and your family.

Some Examples

Here are just a few examples of how some carriers are better than others in certain situations when dealing with life insurance prescription drug history:

Example 1

A type 2 Diabetic applying for life insurance using any one of the following :

  •  Actoplus Met,
  •  Actos,
  •  Avandamet,
  •  Avandia,
  •  Byetta,
  •  Glipizide XL,
  •  Januvia,
  •  Lyrica,
  •  and/or Metformin.

Once any one of these medications appears on the prescription database check, (whether the prescription is current or not), some carriers are going to require:

  • Additional financial underwriting.
  • Tighter restrictions on height and weight ratios.
  • An Immediate denial if coupled with nicotine usage (smokers).
  • Order full medical records

While other carriers who make type 2 diabetes their “niche” would approve this applicant with very little consideration, illustrating the need to find a company, such as TermLife2Go, that specializes in placing life insurance when taking prescription medication.

Example 2

A type 1 diabetic applying for life insurance using any of the following:  

  • Humalog B,
  • Humulin N,
  • NovoLog Mix 70/30,

Once any one of these medications appears on the prescription database check, (whether the prescription is current or not), many carriers are going to deny these applicants.  However, there are a few carriers that will work with healthy clients applying for life insurance with type 1 diabetes when the client has acceptable A1C levels (generally an A1C of 7 and below is optimal but some carriers will allow an A1C as high as 8.5).

Example 3

A client applying for life insurance with either a transient ischemic attack, heart stents, or thrombosis who is taking a prescription drug such as:

  • Coumadin Tabs,
  • Jantoven,
  • Plavix,

Once any of these prescription medications appear on the prescription database check (whether the prescription is current or not) some life insurance carriers are going to require:

    • Immediate denial of the applicant.
    • Order full medical records.
    • And/or require full cardiac stress test at the applicant’s expense.

However, there are various reasons for taking blood thinners and some clients taking blood thinner medications applying for life insurance can still get a preferred plus rate class. But you need to make sure you are going with the right company. In some cases you may need to consider choosing from among the top final expense insurance companies. Aligning you with the right company is one of the primary ways TermLife2Go serves you.

So at this point, you should ask yourself…

“Is my current agent looking for the best policy for me, or are they just giving me what they’ve got?”

We Shop For You

Because at TermLife2Go we are an independent agency, whose sole purpose is to find our clients the best policies out there.  Not only can we shop your life insurance application to dozens of different carriers, we’re also able to shop your approval to dozens of life insurance companies as well!

By going with a company that caters to your specific needs, you can save thousands over the life of your policy. And when you are dealing with more expensive types of coverage for estate planning or business succession planning, such as life insurance to fund a buy sell agreement, key man business life insurance, or funding an irrevocable life insurance trust, the savings can be in the tens of thousands of dollars.

Resubmit Your Application

What that means is that if for some reason a life insurance carrier decides that you don’t qualify for the rate that you applied for, TermLife2Go can resubmit your application using the same medical exam to a different life insurance company that will give us the rate that we were originally looking for!

For example, lets Look at a common real world situation that is easy to understand and happens all the time.  In this example, a spouse calls in looking for coverage for her and her husband. For our purposes we will call them Mr. and Mrs. Jones. In this scenario, the TermLife2Go agent asked all the appropriate questions but after the medical exam, it is uncovered that the Mrs. Jones was off by 10 lbs when she gave her husbands weight.  As a result, Mr. Jones rate went from a “Preferred Plus Rate Class” to a “Preferred Rate Class”, increasing the cost by about $12.00 per month.  Now if most cases, Mr. and Mrs. Jones would simply be told, that:

“It is what it is.”

And then the client is either stuck with their new rates or forced to start the whole life insurance application process over again. The client may also have to go through a new agency since most agencies would not be interested in starting Mr. and Mrs. Jones all over again. However, at TermLife2Go we take a different approach.  Since we work for you, and not for the life insurance companies, if we are not able to secure the rate that we originally quoted we automatically review all the different life insurance carrier underwriting guidelines that we work with to ensure that we’ve landed you the best possible coverage out there.  If we need to apply elsewhere for life insurance then TermLife2Go is also able to “re-package” your medical exam results to the new life insurance carrier so you don’t have to “start all over again”.

Because the truth is it may not just be a simple thing like a few pounds that’s causing the problems.  It could be certain prescriptions and health-factors. 

The prescription drugs you take and the pre-existing medical conditions you have determine which life insurance carrier you should be applying with it is imperative that you go with the right company from the start. Confused?…. Don’t be, this is where TermLife2Go steps in to help guide you through the process of:

  • First, choosing the right type of policy, whether it be Term, Whole Life, Universal Life, etc..
  • Second, determining the appropriate coverage amount.
  • And third, determining which life insurance carrier will give you the best rate class available to your specific condition.

By working directly with TermLife2Go you will have an assigned agent dedicated to your life insurance application.  This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!

So what are you waiting for?  Just give us a call or simply enter your information into our quote form.