Prozac is a prescription medication utilized essentially for treating those who have been diagnosed with depression. It is also used at times for the treatment of issues such as bulimia nervosa, as well as panic disorders, and obsessive compulsive disorders.
Affect on Application: Potentially significant – especially depending on the applicant’s overall health condition.
Best Possible Coverage Result: Standard or Preferred, based on the applicant’s overall health status.
Worst Possible Coverage Result: Table B or decline, based on the applicant’s overall health status.
Primary Determining Factor: When appealing for life insurance coverage, the underwriters will look at several uniquely different factors when making a determination as to whether or not the applicant will qualify. When buying life insurance while taking Prozac, the primary determining factors will typically include the severity of the applicant’s depression, as well as if the individual has or has not been hospitalized for his or her condition.
Other factors will also likely include what type of medical professional prescribed the Prozac to the applicant. For example, was the medical professional a physician or a psychiatrist? In addition, is the applicant actively employed, or are they on disability.
Another key factor in whether or not the applicant will be approved for life insurance coverage is the insurance company itself. The reason for this is that although all insurers may use somewhat similar guidelines when reviewing applicants for coverage, the criteria that is reviewed is not identical. This means that one insurer could essentially admit a candidate as a Standard rating while another could decline them, or vice versa.
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When promoting advertisements for life insurance policies, insurers will oftentimes present rates that are for those who are in a very good place with their health. This happens because those insureds are typically given the lowest premium rates.
Unfortunately, not all people will have the ability to qualify for such low-cost premiums. This could be for any number of reasons such as having an adverse health condition, or due to taking a prescription medication such as Prozac.
So, what if you are in such a situation where you need coverage in order to protect those that you love in case of the unexpected, but you don’t know if you will qualify? The good news is that you still have options – you just need to take an alternate approach.
Life Insurance Coverage for Those Who Take Prozac
Just like most other industries, life insurance carriers can be competitive in the way that they market their products. In doing so, carriers will often focus in on certain types of customer niches. This could actually work well for you – provided that you work with a firm that can work with multiple insurers. This means you will have the ability to “shop” many different insurance companies, policies, and premium rates in order to see which will work the best for your specific needs and budget.
Let’s take a look at an applicant who is buying a policy while taking Prozac. This medication is considered to be a selective serotonin reuptake inhibitor, or SSRI, antidepressant. It is used primarily in treating certain types of depression. However, it is also used in the treatment of eating disorders as well, along with panic and anxiety.
Because Prozac is used in treating so many different issues, insurance companies will need to carefully review an applicant who is taking this medication in order to better understand their exact health condition. Some of the questions that the applicant will likely be asked will include the following:
- Has the dosage of the medication remained the same over time, or has it increased / decreased?
- Has the applicant ever been sent to the hospital for his or her health situation?
- Does / has the applicant ever had suicidal tendencies?
- Is the applicant currently receiving disability income?
How and Where to Buy a Policy
Purchasing life insurance while using Prozac does not have to be a difficult endeavor. We can assist you in finding the right coverage and in applying for the policy that will best fit your needs. If you feel that you are able to move onward with applying for a policy, we can help you amidst each of the following:
- Discovering the best kind of protection – term, whole life, or universal life
- Determining how much protection that you require in order to properly protect those who you love.
- Finding the right carrier that can give you the best premium price for your specific budget
At InsureNow we work with the best in the business when it comes to life insurance carriers. We would love to be your ally and help you obtain all the details and information you need so that you can make the best decision about the coverage that you require. When you’re ready to begin, fill out the form on the side of this page and hit submit, or please feel the freedom to call us at our number, toll-free, at 888-229-7522 to let us help you on this journey.