Are you a methadone user looking to find reasonable life insurance coverage? Have you used methadone in the past five years?
If so, finding a reasonable insurance plan that doesn’t cost a fortune and offers good coverage may be a challenge. It is not impossible, but there are a few things you need to be aware of before you settle on a plan.
Having a prescription of methadone can limit your choice and make it more difficult to qualify for a life insurance policy. Whether you are researching for yourself or a loved one, this article will provide vital information that will help you understand how you can get life insurance coverage.
Keep reading to learn how you can qualify for coverage! There are options for people who have a methadone prescription and I will point you in the right direction.
If you would like to get a quote within 5 minutes, give us a call at 888-626-0439. One of our agents can lay out all your options and explain any details to you. We work with multiple insurance companies which means we can shop around for you and confirm you are getting the best coverage for the best price!
Quick Navigation Links
- Can I Get Coverage With Methadone?
- Methadone Questions
- Addiction Versus Prescription, Why It Matters
- Coverage Options
- How To Get The Best Price
- What Other Factors Affect Your Insurability
- Underwriting Factors Insurance Companies Consider
- How To Find A Second Opinion
- Final Comments
Can I Get Coverage With Methadone?
The short answer is YES, you can get coverage. It will be more challenging, your premiums will be a bit higher, and you may have to shop around more. But yes, it is 100% possible.
Each company requires different kinds of information from a potential client. During the application process the company will want to know your medical history, the history of your condition, the treatment(s) you have undergone, and any other related problems.
That can include the type of drugs you use, when, how much, relapses, and any overdoses. The insurance company may also look into other problems.addictions like alcohol abuse.
The insurance company may even go so far as looking into your personal daily life, things such as holding a stable job, mental illnesses, legal problems, driver history, and any other medical problems.
The level of research an insurance company does will depend on the plan you apply for and your history with Methadone.
To get coverage with Methadone use or a history of Methadone use, you will most likely need to apply for a Guaranteed Issue Life Insurance product. I have discussed this product in many other articles.
Basically, it means you are guaranteed coverage if you fit into the accepted age range. That’s it! No questions asked, no medical exam, no long application with 50 medical questions. BUT, this plan will cost more because the company assumes more risk by not asking ANY question.
So what plan should you choose? How do you compare options? Keep reading.
You can expect to be asked quite a few questions when applying for a life insurance plan.
Expect to be asked some or all of the following IF you are applying for a plan that is not Guaranteed Issue:
- When was Methadone first prescribed?
- Why was it initially prescribed to you?
- Have you ever been hospitalized for a drug problem? If so, when?
- How long has it been since you last filled the prescription?
- Are you currently receiving treatment?
- Have you ever been in treatment? If so, when?
- How long has it been since you stopped using Methadone? (If you have stopped)
- Have there been any relapses since you started taking Methadone?
- What is your overall lifestyle like?
- What is your physical health like?
- Are you currently sober?
If you are answering medical questions, be as detailed as possible. If you are currently reducing the dosage, discolde this. It shows progress and can be in your favor.
NOTE: If you DO NOT currently take Methadone but have in the past, you have more life insurance options available to you depending on when you stopped! Keep reading and I will cover this.
Addiction Versus Prescription, Why It Matters
When an insurance company is considering covering you, they will look into the details of your addiction. Any relapses, past treatments, and overdoses.
It is also VERY important to disclose if you have Methadone for yourself or you simply get the prescription for other individuals’ protection.
In what cases would this matter?
Well, many health care workers, officers, and other individuals get Methadone prescriptions to help individuals and civilians who overdose. In this case, the person who has the prescription is not suffering from an addiction and may be perfectly healthy.
However, when the individual goes to get life insurance they may be rejected because they have a current prescription. If the insurance company takes the time to confirm whether the individual is the one using Methadone or not, they may get coverage. But if the company does not care to look into this, the individual will probably be rejected.
In those cases, the individual may need to look into other life insurance options even though they are not using Methadone.
There are still options for those who carry a Methadone prescription or have in the past. As I mentioned before if you are currently using Methadone or carrying a methadone prescription you will probably have to go with a Guaranteed Issue life insurance product.
The three companies that have good Guaranteed Life products that I can mention are:
- Guarantee Trust Life
- Great Western
- American General
They will potentially accept people with Methadone use/prescriptions.
American Amicable may also be an option, they accept those between 5- to 85. They may offer coverage for Narcan prescriptions and they do not mention Methadone on their prescription guide.
Those with a current Methadone prescription would need to provide detailed documentation as to why they have the prescription. To learn more about American Amicables give us a call.
To get a quote for coverage give us a call at 888-626-0439. One of our agents can lay out all your options and explain any details to you. We work with multiple insurance companies which means we can shop around for you and confirm you are getting the best coverage for the best price!
How To Get The Best Price
To get coverage for the best price around you need to compare ALL of your options. Many insurance companies offer Guaranteed Acceptance plans. However, depending on how long you have used Methadone you may have better options.
If you are currently taking Methadone or attending a rehab program you can get insurance coverage. You will need to apply for Guaranteed Acceptance. This is the only plan you will qualify for. There are many companies that offer these plans so you do have some options when comparing premium costs.
0-2 Years Disuse
If you fall into this range, then a Guaranteed Coverage plan is your only option. This plan is pretty simple and straightforward.
No questions asked, no medical exam, guaranteed insurability! BUT there are fine print issues.
These plans include a two year wait period. This means from the day you purchase the plan, you will have to wait two years for full coverage. There is no coverage for natural death during those two years. Only accidental death is covered.
The percentage of deaths in the United States compared to natural death is drastically different. Especially for those over 65 years of age, the chances that you die due to accidents goes below 5%.
However, many people still purchase this plan because it’s better to have some kind of coverage than nothing!
2-5 Years Disuse
At 2-5 years of disuse you start to have more options for coverage. You may qualify for a slightly better plan, this may be a simplified issue whole life insurance plan. But this is as long as you are healthy!
Simplified Whole Life products can provide first-day full coverage for accidental and natural death. They have fixed premiums and coverage that will NEVER cancel because of your health or age.
This is a much better option! But it gets even better!
5 Years And Beyond Disuse
At 5 years or more of being off Methadone, you have a much better chance of qualifying for good coverage. This still will depend on your health and lifestyle. These plans are not Guaranteed Life, so you will be asked more questions and may even need to get a medical exam.
But if you are healthy and have a good lifestyle you should be fine. Life insurance companies will pay VERY close attention to you because of your medical history and previous Methadone prescription. What Other Factors Affect Your Insurability?
Your health, age, smoking, and weight will also affect your insurability. Those factors may not be important if you get a Guaranteed Issue plan, but if you apply for a simplified issue or a Whole Life insurance product these factors will be VERY important.
With a history of drug use or a Methadone prescription, you will be asked about hospitalizations, overdoses, organ health, and any other conditions or diseases that are related to the previous drug/Methadone use.
You may also be asked metal health related questions. Your lifestyle, daily life/habits, and your overall health may be scrutinized.
The farther along in life you are, the more you are going to pay. That’s just a fact when it comes to life insurance premiums.
Depending on what insurance product you qualify for, there will be some restrictions on age.
Whether or not you are a smoker is also an important factor. It may not disqualify you from coverage but you will pay a higher premium.
Lastly, your weight. The more you weigh the more you are going to pay for insurance coverage.
There are companies that offer better rates, if you want to find out your options and confirm you are getting the best price, give us a call 888-626-0439. Within a few minutes we can have all your options laid out and compare the premiums.
Underwriting Factors Insurance Companies Consider
To get really specific with the factors that affect your acceptance we need to look at the underwriting factors an insurance company will consider.
These will include:
- How severe the drug abuse was.
- The type of drug abuse.
- The severity of any related medical or mental conditions.
- Any legal problems related to drug abuse.
- If you used multiple drugs.
- Any evidence of withdrawal or dependence on the drug.
- Attendance of any rehab programs or support groups.
- The number of relapses.
How To Find A Second Opinion
There are two different kinds of insurance agents, captive agents and independent agents. A captive agent is “captive” tied to one insurance company. They cannot compare and they cannot provide quotes from other competitors.
However, an independent agent can compare! They can look at any insurance company they work with and find you the BEST coverage for the BEST price.
That’s us, we at Buy Life Insurance for Burial are independent agents. We work with more than 15 different insurance companies to find you the BEST price. We work with the three insurance companies I mentioned earlier that provide coverage for those who use Methadone.
Our goal is to help every customer find the best coverage that will provide thorough protection for their family. I personally work with our customers and I am dedicated to providing the best service possible.
Give us a call at 888-626-0439. One of our agents can lay out all your options and explain any details to you. We work with multiple insurance companies which means we can shop around for you and confirm you are getting the best coverage for the best price!
Getting insurance coverage with a history of drug use is obviously more complicated and challenging.
There are many factors insurance companies take into account when deciding if you are insurable. Companies want to make sure they clearly understand the risk involved when insuring you.
Your health, age, weight, mental health, lifestyle, and even criminal record can be factors that are considered depending on the company and the plan you are applying for.
The best way to get good coverage for a reasonable price is to compare your options and know what coverage you need. You could do this on your own. I would estimate it would take around 20-40 hours to understand the basics, compare multiple companies, and decide on a plan.
Another option would be to work with an independent insurance agent. This allows them to do the research and shopping around for you. As I have mentioned earlier, that is what we do at Buy Life Insurance for Burial. Give us a call at 888-626-0439.
- Take a look at this article which details how you can qualify for coverage despite a drug history. Click the link below to read more. How To Qualify For Life Insurance With A History Of Suboxone Use
- Take a look at this short article on qualifying for coverage with a history of Opioid use. Click the link below. Can I Get Life Insurance if I Use Opioids
- How can you find life insurance with an Opiod addiction. Click the link below to learn more. Life Insurance With Opiate Addiction (What You Should Know)
- How can you get reasonable insurance coverage with drug use history. Click the link below. How to get life insurance with drug