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In This Article I’m Going To Talk About The Likelihood Of Qualifying For Life Insurance If You Have A History Of Being Prescribed Suboxone – The Treatment Used For Reducing Drug, Opioid And Alcohol Dependence
You’re probably here today because either yourself or a loved one has used suboxone to help control addictive cravings to either alcohol or drugs. And maybe you’ve even been declined for life insurance coverage because of this prescription.
My job in this article is to convey my experience as a life insurance agent with those who have used suboxone and how the impact of using that drug has affected their capabilities for life insurance coverage.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on qualifying for life Insurance while using suboxone. Enjoy!
Specifically, We’ll Jump Right In And Talk About The Following Topics:
- What Factors Surrounding The Use Of Suboxone Impact Your Level Of Insurability?
- Questions Life Insurance Companies Will Ask You In The Process Of Determining Your Insurability
- Why You Should Own Life Insurance
- Types Of Coverage That May Be Available To You, Depending On The Details Of Your Suboxone Use
- What Strategies Exist To Get The Best Life Insurance Coverage If I Have A History Of Suboxone Use?
What factors affect life insurance qualification?
With a prescription history of suboxone, there are a number of factors that specifically related to suboxone that you will most likely be asked on the life insurance application.
These questions may include:
- When was your suboxone originally prescribed?
- How long has it been since you stopped using suboxone?
- Why was suboxone originally prescribed?
If you are working toward getting off of suboxone, it shows that you’ve made some progress toward breaking the addiction and living in a sober capacity without the necessary use of a prescription medication.
Generally speaking, the longer the amount of time that has past since the prescription has been removed, the higher the likelihood that a life insurance company is going to look at your application more closely and offer superior types of coverage amounts.
However, keep in mind if you do take suboxone, there are options for life insurance coverage available that we’ll get to momentarily. Life insurance companies will also look at other factors such as:
- Have there been any drug or alcohol relapses since you took suboxone?
- What is your lifestyle like overall?
- Are you healthy?
- Are you presently sober?
These questions are asked to create a picture of who you are as an individual and what your life is like with your current suboxone use or your past suboxone use.
Of course, along with every other application for life insurance, whether you take suboxone or not, your insurance company is going to ask you about your health, specifically as it relates to internal diseases such as, but not limited to, your heart, lungs, liver, and kidneys.
They will also ask mental health related questions, ask you about hospitalizations, and prescription drug use in addition to the suboxone use, as well as how healthy you are overall.
Age also has an impact on your bid for coverage. The older you are, the more you’ll pay and there are some restrictions on life insurance coverage depending on if you end up qualifying for a guaranteed issue or simplified issue product, depending on the suboxone use. We’ll cover more on that later.
Whether or not you smoke doesn’t necessarily disqualify you, but it will cause a rate increase on top of coverage.
Your weight has an impact on your coverage. The heavier you are, the more you’ll pay, but certain companies will offer better rates than others. That’s something we can help you with. More about that in a moment.
Reasons why people purchase life insurance
The reason I included this section is because I think it’s important for you to understand why life insurance is important to own. Of course you’re here today because you probably on some level know life insurance is critical and you probably have a story yourself that defines why life insurance is important. I would harken to say it’s because of the suboxone use.
Many people who get on suboxone realize that they’ve got a problem that’s getting out of hand and some of those people, because of their addictions, have faced death straight in the face. Life itself is fragile. And many people who have lived rough lives on drugs know this more than anyone, which is why they come to the point after self treatment with suboxone and getting their lives together in which life insurance coverage becomes an important choice.
The number one reason to own life insurance is because you love your family. You don’t want to burn them financially. Maybe you feel like you have burdened them with your disease, but now’s the time to do what you can to make up for it. And life insurance offers a pathway to relieve a permanent obligation that they otherwise could potentially pay for the rest of their lives.
How much life insurance coverage do you need?
That totally depends on the goals that you’re trying to accomplish. What follows below are the most common reasons people own life insurance. And along with these reasons, how much coverage you may need to consider.
If you still earn a wage and have an income, there is a high need to get life insurance to replace that income if you pass away. This is important because once you reach retirement and you live on an income without working, it’s a different scenario. But currently, if you have a job and if you were to die for any reason, your family has to figure out how they are going to make ends meet without your income.
This is where a life insurance plan comes in handy. It simply provides a death benefit upon your passing to your surviving loved ones. They can use that money to take care of themselves financially a lot easier than if they did not have it.
As far as how much coverage you need to cover your income, my recommendation is 10 times your annual income if you’re looking to replace your income with a life insurance plan. This means if you make $30,000 a year, a $300,000 life insurance plan should provide sufficient coverage to pay final expenses, other debts, and leave a large lump sum to protect your spouse and/or children for many years to come.
Debt pay down
If you owe money on a house in the form of a mortgage, owe money on credit cards or car loans, or have any sort of debt, a life insurance plan is a great way to provide cash money to the people you love to take care of those final expenses. Unfortunately your debt doesn’t go with you to the grave. It usually is left to somebody else like your spouse or kids. So make sure your debt is covered.
Some people just simply want enough to take care of their burial and cremation and be done with it. A final expense life insurance plan is the perfect solution generally to cover this expense. I recommend $10,000 to $25,000 in life insurance coverage.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
What strategies exist to get the best life insurance coverage If I have a history of suboxone use?
I want to give you the sober truth as to what to expect at different time frames of suboxone use or suboxone disuse.
0-2 years of disuse
If you currently use suboxone or if you’ve been off of suboxone, but it’s been less than two years since you’ve last filled your prescription treatment, then the likely outcome of your eligibility for coverage is that you’ll be offered a guaranteed issue plan.
Guaranteed life insurance coverage asks no health questions. The rates never increased on the coverage, ever. Sounds good, huh? The downside is that there’s no natural death coverage for the first two years, so you have to pay into it two years before you’re fully covered.
These plans are the only options available in this particular circumstance. However, a lot of people purchase them because they need some kind of coverage in place and may have other health issues that preclude them from getting any other kind of coverage.
2-5 years of disuse
If it has been 2-5 years since your last prescription of suboxone, the likelihood of getting coverage is a little bit better. We commonly see people easily qualify for simplified whole life insurance, barring that their health is otherwise good.
Simplified whole life insurance provides first day full coverage for national and accidental death with fixed premiums. The coverage never cancels due to age or health. As time passes, and we get closer to the five year mark of disuse, we may find circumstances in which clients can qualify for a traditional life insurance policy.
However, it has to be very clear that your overall health and lifestyle are in great shape. Life insurance companies will scrutinize you closely because you have a history of drug use and they want to make sure before they make any promises that you show evidence of being clean.
5 years and beyond of disuse
The likelihood of you being insurable increases as time goes on and your health improves.
When you reach the 5 years and beyond time frame you have a good chance of being able to qualify for life insurance, although it will depend upon the same factors of whether or not you can show evidence of a healthy lifestyle and improvement upon your past orientation with the drug or alcohol addiction.