Obtaining the life insurance that you need is an essential part of your overall financial planning process. This is because, without it, you could be leaving your loved ones much more vulnerable to a financial hardship such as lack of income and/or unpaid debts should the unexpected occur.
When applying for this type of coverage, the life insurance company underwriters will look at a number of different factors such as age, gender, and health condition. While some of these are obvious to most applicants, such as age and health conditions like diabetes, what many people may not realize is that the medications that are taken by an applicant could also have an effect on the rates that you pay, as well as the conditions under which you are – or are not – approved. One such medicine is Lipitor.
How Taking Lipitor Can Affect Your Life Insurance Application
Lipitor is a medication that is used for the treatment of high cholesterol. This drug is meant to reduce the level of “bad” cholesterol – which is low-density lipoprotein, or LDL – as well as triglycerides in the bloodstream while at the same time increasing the level of high-density lipoprotein (HDL) or the “good” type of cholesterol.
This overall effect of this medication is also meant to help the user to lower their risk of heart attack and stroke, as well as other types of complications that occur in those who have coronary heart issues, type 2 diabetes, and other risk factors of having high cholesterol.
Lipitor is considered to be a type of “stain” medication. These drugs are among the most commonly prescribed in the U.S. The good news is that because of this, there are many life insurance carriers that will not penalize applicants who take this particular medication for the treatment of high cholesterol.
In fact, instead of looking at an applicant for his or her cholesterol treatment, some insurance carriers will rather use the applicant’s actual cholesterol numbers when they are determining which rate classification their policy will fall into (and subsequently coming up with an appropriate premium quote for the policy).
It is important to understand, though, that even though most life insurance companies may have somewhat similar manners of reviewing their applicants for coverage, the criteria through which they approve individuals is not at all identical. What this means is that, if an applicant applies for coverage through one company and obtains a substandard policy rating, it may be possible to apply with another carrier and obtain a Standard rate.
Therefore, when searching for life insurance while taking Lipitor, the best course of action is typical to work with a company or an agency that has access to more than just one insurance company. That way, you can much more quickly and easily compare which will provide you with the better rate.
What the Life Insurance Underwriters Will Want To Know About You
When applying for life insurance coverage while taking Lipitor, you will still need to complete an application for coverage. It will be important to fill out all of the answers as completely and truthfully as possible. That way, the insurance underwriters will be able to obtain the most accurate information about your overall health condition.
Most applicants will also be required to undergo a medical examination that consists of obtaining a blood pressure and heart rate reading, as well as the submission of a blood and a urine sample. These samples are taken by a paramedical professional and then tested for certain health-related risk factors by the life insurance company.
For those who are taking certain medications such as Lipitor, there may be additional questions to answer as a part of the overall life insurance application process. These questions may consist of some or all of the following:
- How long have you been taking Lipitor?
- What is the dosage of Lipitor that you are taking?
- Has your dosage increased over time?
- Is Lipitor helping you with your cholesterol condition?
In addition to all of the information that you provide to the insurance company, it is possible that the underwriters may also want to review your medical records from your primary care physician and/or from any medical specialists that you see.
How Much Will Your Insurance Coverage Cost
When taking Lipitor for the treatment of high cholesterol, the effect that it alone has on your life insurance application will typically be very little. Therefore, if this is the only medication that you take, and you are otherwise in very good health, then it is may be that you can qualify for a Standard policy class.
If, however, your health is considered to be somewhat sub-par, and then it is likely that you may still be offered life insurance coverage. However, your policy would typically fall into a substandard class. For instance if you cholesterol levels were to have you classified for high cholesterol life insurance. In this case, you would pay more in premium that someone who is in a Standard policy class.
On the other side of the spectrum, if you are in excellent health, and you have a family history of excellent health as well, and then it may be possible – even if you are taking Lipitor – that you could qualify for a preferred policy class. This means that you would be able to pay less in premium than someone who is a Standard policyholder.
Where to Find the Best Premium Quotes on Life Insurance for Lipitor Users
When shopping for life insurance while taking Lipitor, it is possible to obtain very good policy premium rates. However, it is essential to be as honest as possible on the application for coverage and to fill out all of the information that is requested as completely and truthfully as you can. Otherwise, if it is discovered that information was omitted, it could later nullify your policy – even if it has been in force for a period of time.
While searching for the best policy for your needs, it is typically best to work with an independent agency or company that has access to many life insurance carriers. In doing so, you will be able to more easily compare multiple insurers, policies, and their premium rates – all in an unbiased manner – and from there, you will be able to pick which one will work the best for you.