When applying for life insurance coverage, there are many different items that the insurance underwriters will factor in prior to granting policy approval. Many of the basics such as an applicant’s age, gender, and health condition are common knowledge. But there are other criteria as well, such as an individual’s family health history, as well as any type of medication that he or she may be taking.
This is because certain types of medication – and especially those that could cause varying degrees of side effects – can cause an individual to be more of a risk to the insurance company. And, because of this, the insurer may feel the need to place that individual into either a Substandard class of insurance or to decline that person altogether.
When applying for insurance coverage, though, it is also important to know that not all life insurance carriers will rate an applicant the same – even if he or she has the same health issues and family health background. This is why its always suggested to look around for multiple quotes before you decide to quickly to buy life insurance with the first rate you get.
Can You Get Life Insurance While Taking Contrave for Weight Loss?
For those who are taking Contrave for weight loss, it is likely that obtaining a life insurance policy is still possible – especially if you are otherwise in good or excellent health. In order to do so, however, it will be important to fully answer all of the questions on the application for coverage, as well as any additional questions that the life insurance underwriters may have.
The biggest factor that will affect your premium is how much you weigh. If you get classified for life insurance for overweight people then you will get a pretty reasonable rate. However, if you are deemed to be obese then your rates could go up significantly.
What is Contrave and How Does It Work?
While there are other drugs already in the marketplace that help users in reducing weight, Contrave claims to work somewhat different – due in large part to the combination of medications that it includes.
Contrave is the third prescription weight loss medication to be approved by the FDA over the past three years. This particular drug is not only approved for use with those who are obese, but also for those who are considered to be overweight and also have certain risk factors such as high cholesterol, high blood pressure, and / or diabetes. If you need life insurance with diabetes, we can help.
This drug joins two other medications that were also approved in 2012 – Belviq (lorcaserin) and Qsymia (phentermine and topiramate) – to assist those who are seeking to lose weight with the help of medication.
Contrave does so by combining two drugs – both of which were already on the market. These consist of naltrexone – an anti-addiction medication, and bupropion – an antidepressant. Because of this, Contrave does include a warning on the packaging to alert patients of an increased risk of suicidal thoughts that may be linked with the taking of anti-depressants.
Because of its ingredients, Contrave essentially is designed to remove both hunger as well as the cravings for food. And, while it is not known entirely how the combination works for the loss of weight, it is thought that the bupropion helps in lessening one’s appetite, while the naltrexone helps to block various receptors in the brain that help curb cravings.
What the Life Insurance Underwriters Will Want to Know
When a person applies for life insurance, they will be required to complete an application for coverage. Here, information is asked about the person, as well as his or her health and their health history.
It is essential to be as truthful as possible regarding all information on the life insurance application, as any inaccuracies that are discovered could deem the policy invalid – even after the coverage has been approved.
Information that is typically required on a life insurance application includes an applicant’s:
- Marital Status
- Health History
- Family Health History
- Hobbies (as it pertains to any dangerous activities such as scuba diving, rock climbing, skydiving, etc.)
- Foreign Travel Frequency (if applicable)
- Other Life Insurance In-Force (and if so, how much)
These are several additional questions that an underwriter may ask once they know you take Contrave:
- When did you initially begin taking Contrave?
- What is the dosage that you take?
- What is the reason that you take Contrave?
- What other weight loss remedies have you used (i.e., diet, exercise)?
One thing you will have to do when applying for your policy is go through a paramedical examination. Now, there’s nothing to be concerned with here, but they will go through a few tests with you like, finger prick, blood pressure, urine sample, and they’ll check your heart rate. These tests will be analyzed and help the underwriters determine what your rating class will be.
In some cases, an applicant’s medical records will be needed from his or her attending physician. These are often required for insurance applicants that are for larger dollar amounts of coverage and / or for those who may have certain health-related conditions and need further review by the insurance underwriters.
When all of the necessary information has been received by the insurance underwriters, it can be more thoroughly reviewed – and a decision regarding coverage can ultimately be made, as well as an amount that will be charged for the person’s premium.
How Much Will Your Life Insurance Coverage Cost?
In many instances, if a person is taking Contrave for weight loss, it may not have a major effect on the premium cost of their life insurance coverage. This is especially the case if the applicant is otherwise in very good health.
Therefore, if an applicant is determined to be in average health, the it may be that he or she will be placed into the Standard category of policyholders – meaning that they will be charged the average premium rate for their life insurance.
If, however, the applicant has certain health issues – but these issues are not concerning enough for the underwriters to decline the applicant for coverage altogether – then it is likely that he or she will be placed into the Substandard policy class. This means that the individual will be able to obtain life insurance coverage – but that they will just be required to pay a higher amount of premium for it.
Although getting life insurance while taking Contrave may not affect your life insurance premium significantly, it is not likely that a Preferred premium rate will occur. However, in certain cases, it could be possible – provided that an individual is in extremely excellent health, and he or she also has a family history of excellent health as well.
How and Where to Obtain the Best Life Insurance While Taking Contrave
If you are looking for the best life insurance coverage for your premium dollar while you are taking Contrave for weight loss, start your search by finding an agent who can present quotes from multiple carriers.
Doing this gives you a wider range of policies and options, but also means you might can find lower rates – and then you can determine which of these will work the best for your specific coverage needs and goals, as well as for your budget.
If you still need some guidance on how to obtain life insurance while taking Contrave – or any questions at all about life insurance related matters – we’d love to have you call us, directly, at 888-229-7522.
We realize that the process of buying life insurance coverage can at times seem a bit confusing. This is especially the case for those who may be taking certain types of medication that can lead to additional questions from the life insurance underwriters.
Because of this, we want to ensure that you feel confident that you have the right type and amount of coverage that will meet the needs of those you love in case of the unexpected. So, contact us today – we’re here to help.