People may purchase life insurance for any number of different reasons. These could include the providing of financial proceeds for the payment of final expenses, to replace lost income for survivors, for the help in funding a child or grandchild’s future college education, or to pay the high amount of estate taxes that may be due upon death.
Yet, regardless of the reason for purchasing this type of insurance protection, when a person buys an individual policy, he or she will oftentimes need to qualify for the coverage based on health related factors. And, if they have an adverse health condition – coupled with taking certain types of prescription medication – this can make qualifying somewhat difficult.
The good news is that today, even if you take certain medications such as Wellbutrin XL, there are life insurance policies available for you. It just may require that you go about applying a little differently. In doing so, we can help.
Treating Various Health Conditions
Wellbutrin XL is an antidepressant medication. It is also known by its generic name bupropion. There are a variety of different reasons why Wellbutrin XL may be prescribed by doctors. For example, this antidepressant medication may be used for the treatment of season affective disorder, or SAD, as well as major depressive disorder. Likewise, however, it is also used in the treatment of those who wish to stop smoking. This is because it has been found to help in reducing the cravings for nicotine, as well as for other withdrawal effects.
How and Why Wellbutrin XL Can Affect Getting Life Insurance Coverage
Because Wellbutrin XL has been used in such a wide variety of patients, it is necessary that underwriters carefully examine each applicant in order to fully be aware of his or her overall health, as well as to understand exactly why this particular medication is being used.
With that in mind, it is important that applicants who are purchasing life insurance while on Wellbutrin XL provide as much information as possible so as to let the underwriters know why the medication has been prescribed, how well it is working, and how much of a dosage is being taken.
For example, if Wellbutrin is used for treating more severe ailments such as major depression, an individual may be approved for coverage as a substandard policyholder – depending on his or her overall health. (It is also possible that they may be declined, depending on the severity of their health). Smokers will be given smokers rates even if you have not smoked for several months. Most companies will require you to be smoke free for one to two years before you will get standard non-smoking rates.
Conversely, if an applicant is currently on Wellbutrin XL for an issue such as a mild case of seasonal affective disorder, then he or she may be able to obtain a Standard – or even a Preferred – policy rating. (This will also depend on the applicant’s overall health condition as well).
Additional information regarding the applicant may also be needed from the individual, such as:
- Overall health condition and history
- Other medications that are being taken (and why)
- Family health history
- Amount of total coverage being sought
It is also important to note that not all insurance companies will underwrite applicants for coverage in an identical manner. In other words, an applicant who applies to one insurance company may be approved as a substandard policyholder, while he or she may be approved as a Standard rated policyholder at another insurance carrier – even with the very same criteria on the application for coverage.
This is why it is so important that applicants who may have difficulty qualifying apply to more than just one insurer. When doing so, it is helpful to have a strategy or to work with an expert who can assist you through the process.
How and Where to Find the Best Life Insurance Coverage
If you want to exponentially increase your chances of getting approval for the life policy that you are seeking, you need to start by seeking out an independent insurance agency. The main reason being their access to multiple life insurance carriers, so you can figure out which one looks at your Wellbutrin XL usage most favorably.
Did you know that we’re an independent life insurance company? Which means we can gather all those quotes for you and we can assist you in answering many of the pertinent questions that are related to purchasing insurance, such as:
- What is the right type of insurance to buy – term, whole life, or universal?
- How much coverage is enough?
- Which is the right life carrier for your specific coverage needs?
Comparing life insurance policies, benefits, and premium quotes can help you to get a good idea of which plan will work best for your specific needs. It will also help you to determine which will be best for your budget. Get started by completing our quote box to the left!
We know that the purchase of life insurance can at times be a bit confusing. That’s why we’re here. So, before you move forward on purchasing the protection that you need, be sure that you have all of your questions answers. If you need more information, or have questions we can answer please reach out by calling 888-229-7522. Our agents are available to help!