Affordable Life Insurance With Effexor Use – Get The Best Deal

Life Insurance With Effexor  

Underwriting Impact: Significant 

Preferred  Rates Possible

Table Ratings Possible

Rate impact based on time & level

of use, Severity of underlying cause

History of Abuse, Overall Health 

Can I be approved for life insurance with  a history of Effexor use?

What information will  life insurance companies want to know?

Will I need to take an exam for life insurance with Effexor use?

How much will my life insurance cost and how exactly is the rate affected by my Effexor use?

How accurate are the quotes I get from your quote tool? 

How can I improve my underwriting score and lower my life insurance rates?

What are the best life insurance companies for Effexor use? 

What is the application process for life insurance with Effexor use?

When applying for life insurance with a history of Effexor use , carriers will want to know as much as they can about  the risk they are being asked to insure. This is no different than how the carriers deal with any other condition like high blood pressure and Atrial Fibrillation or lifestyle choices like marijuana use or or scuba diving.

The purpose of this article is to provide a background on the information insurers will require of you, and answer any questions you may have about how to obtain life insurance with Effexor use  disorder at the best price possible.

Traditional Term Life Insurance with Effexor Use

While it is not uncommon to see applications with Effexor use, associated with a recent injury or surgery, receive standard and even preferred ratings, it is also not uncommon to see offers  rated as substandard. However,  the severity of the rating can vary significantly, therefore it's important that you use an agent that is experienced with anxiety/depression meds  use cases and has access to the carriers most likely to be receptive. 

The process of obtaining a term life insurance offer with a history of Effexor use is similar to seeking  life insurance after a heart attack,  Sleep Apnea or AFib and many other specific conditions.

Primarily, term life insurance is available for lengths ranging from 5 years to 30 years with 20-year terms being the most popular. Term policies usually have a minimum face amount of $50000, and the policies terminate at the end of the term period or can be renewed annually at a vastly increased rate.

Things to Know About Term Insurance

Riders

In addition to the period of insurance, it is essential to understand the available policy riders. Riders are additional benefits that, often for an additional cost, are included in your policy.

The five most prominent riders are listed below with links to in-depth descriptions.

  • Waiver of Premium          
  • Living Benefits      
  • Conversion Privilege    
  • Child Rider  
  • Additional Purchase Option

​​​​​​​​Contestability

While there is no waiting period for the insurance to go into effect, the insurance company has a two-year window from the policy start in which they can contest a benefit for material misrepresentation on the initial application. So, honesty is the best policy.

You can dive deep into the ins and outs of term life insurance, learning about available term lengths, riders, financial ratings, and rates. The Life Insurance Help Desk works with  the top term life insurance carriers.

What Life Insurers Will Take Into Consideration

When applying for life insurance with Effexor use, or any other condition, underwriters will generally be concerned with some basic questions:

  • Do you fit into the usual risk factors for the condition
  • What are/were your syptoms
  • What was the Diagnosis & Treatment
  • What is the aftercare (follow up & compliance)
  • What is your health like apart from the condition/history in question

While the outline above is general in form , the questions will require specific answers. These answers will be gathered from your application, a telephone interview, the Medical Information Bureau, a Script Check, and possibly an attending physicians statement (APS).

Lets look at the general areas of inquiry one at a time.

Do you "fit" into the usual risk factors for Effexor use

Underwriters will want to know the underlying cause for the Effexor prescription, Further they will probe for any signs of substance abuse such as DUI. 

The reason it matters with most conditions is that underwriters are more comfortable with making offers when an applicant fits into a common pattern. If the condition doesn't fit, there is a real possibility that something else is at play. When this is the case, underwriters will take a harder look at the file.

What are/were your underlying symptoms that caused the Effexor Use?

Underwriting will want to know the symptoms you had (if any) and how long you had them before the diagnosis.

Your Diagnosis and Treatments

Life insurance underwriters will want to know the date of first diagnosis that led to Effexor use, and of any subsequent major flare-ups. Underwriting will also want to know what other medications you have been prescribed for the condition.

While information that is "foggy" will be taken from your medical records, knowing the dates of diagnosis and treatments is necessary to get an accurate quote for life insurance with Effexor use.

Your Follow Up Care

For Life insurance with Effexor use, underwriters will want to see that you have been compliant with medical provider instructions to  help solve the underlying cause for the use of anxiety meds. 

Your Over all Health (and related conditions)

While any application for life insurance with Effexor use  will take into consideration your overall health including conditions like high cholesterol and gout, underwriters in anxiety med cases will specifically look for certain related conditions.

Among the related conditions of special concern to underwriters are:

No Medical Exam Term Life Insurance with Effexor Use

The term life insurance market is quickly adopting accelerated underwriting programs that do not require a medical exam as part of the application process. However, these no exam or non-med policies may not be available if you have had a lengthy history using Effexor.

Cases of short Effexor use due to seasonal affective disorder,  will likely qualify for no exam offers. However, cases where use is seen as more chronic will not qualify for no-exam options. Without the no exam option, you will be required to take a para-medical exam.

The exam is usually a 15-20 minute meeting with a  nurse. Your exam will consist of a blood draw, a urine sample, and height and weight recorded. The exam is free and can be done at the location of your choice.

Note that more expensive simple issue and guaranteed acceptance policies do not require exams.

The medical exam is discussed in detail here.

Possible Underwriting Ratings with Effexor Use

Because applications for life insurance with Effexor use are evaluated on a case by case basis, your story always matters. That is to say two people with the same age and condition may get vastly different offers from the same carrier based on age of diagnosis and patient compliance.

Because each case is different, the following pricing scenarios are the best estimates based on experience.

Best Case – If Effexor use is short term and due to a seasonal condition, some cases have a chance for a preferred rate. 

Mid Case –If your Effexor use is longer term and due to a chronic anxiety/depression condition, you may be looking at a standard to mild substandard rate (table 2/B). 

To learn about how table ratings work click here.

Severe Case – If your Effexor use is long term due to a chronic condition and you have a history of that includes abuse, the best you will likely do is a severe substandard rate. You calculate this rate by multiplying the standard rate by 3 (table 8/H).

Decline– For a severe case you may be declined for traditional coverage. If this is the case you may be eligible for a smaller face amount policy. These policies are referred to as Guaranteed issue or simplified issue. If you have been declined please contact us.

Pricing For Term Life Insurance With Effexor Use

At the top of this article we stated  that any body can be approved for affordable life insurance with Effexor use. Note, however, we mention “affordable” rather than inexpensive or “low cost’. The reason for the distinction is that life insurance with Effexor use is not always cheap life insurance.Effexor

Often times, because the coverage can be  expensive on a per benefit dollar basis, the benefit is reduced to make the life insurance affordable.  While this is often not an ideal situation, the truth is we all have to live within our budgets, and sometimes the way to make life insurance with Effexor use affordable is to  reduce either the term of coverage or the benefit amount.

The difficult part of term life insurance with a history of Effexor use is finding the best deal. This is because different carriers have differing appetites for certain kinds of risks. As a result 


navigating this process 
is not as easy as using a quote tool and picking the lowest price. This is discussed in detail in the case study below...

$500000 20 Year Term

Age

standard

Table  B

Table D

25

$37.24

$43.73

$56.57

30

$37.82

$46.78

$60.90

35

$38.74

$50.95

$66.09

40

$59.60

$74.36

$97.42

45

$94.63

$119.68

$157.85

$100000 10 Year Term

Age

standard

Table B

Table D

50

$23.017

$31.46

$39.90

55

33.08

$46.55

$60.03

60

50.57

$73.01

$95.63

65

78.75

$115.06

$151.38

70

146.46

$204.35

$270.75

$250000 10 Year Term

Age

standard

Table  B

Table D

25

$1392

$17.045

$21.00

30

$14.53

$17.04

$21.00

35

$14.19

$18.92

$23.555

40

$18.92

$22.90

$28.81

45

$26.25

$33.29

$42.67

$200000 20 Year Term

Age

standard

Table  B

Table D

50

$48.88

$70.045

$91.19

55

$71.31

$100.57

$132.38

60

$116.085

$163.05

$215.68

65

$206.76

$291.3175

$386.70

70

$431.29

$541.3229

$719.51

Why to use Independent Agent when Shopping for Life Insurance with Effexor Use

Now you already understand that your story matters, and that two people in similar situations can get very different offers from the same carrier.

What you might not know is that different insurance companies will also treat each case differently.

For example Lincoln Financial may have more of an appetite for the risk that life insurance with Effexor use presents than say AIG. In this case the underwriting grade will reflect this increased appetite.

So, if your Agent only represented one carrier and you found out later that that you could have gotten a rate 35% or 45% better, how would you feel?

You’d probably be mad either at the agent or yourself or both. So it’s important that your Agent represent multiple carriers.

In fact a good independent agent will have access to over 50 carriers. This ensures the best chance at a good rate.

Note, that if he doesn’t, he may not be in a such hurry to let you in on this info.

Case Study Pricing Policies with Depression

So, I have been preaching about the importance of using an independent Agent and you may think that sounds a bit self serving coming from an independent agent.

You’re right, it is. However, it is also the (provable) truth.

Please see the case study below . it will show why it is in your interest to have as many options as possible available when shopping for life insurance with anxiety meds or any other impairment.

Gender: Female Age: 29

$1000000 20 Year Term

Tobacco: No

Effexor Use due to Anxiety . Diagnosed Age 28 induced depression 

No history of drug or alcohol abuse

This looks like a best case scenario that would be either Preferred, Standard Plus or Standard depending on the insurers appetite for a Graves disease risk.. Let’s take a look at the rates.

  • preferred Rates
  • standard plus rates
  • Standard Rates

Life Insurance Company

Monthly Payment

  AIG

$ 59.17

$ 59.33

 $ 59.42

$ 68.40

 $ 70.65

This table which shows only a few of the major life insurance companies available illustrates the difference in rates.For Preferred rates Prudential is 29% more expensive than SBLI.

On it’s face this seems like a pretty straight forward choice and if underwriting grades between carriers is the same, it really can be that simple. This kind of easy price shopping is particularly useful for younger folks in good health and demonstrates why you want to use an independent Agent.

For people who need to use anxiety/depression meds or any other serious diagnosis, it gets much more complicated.

Because life insurers manage their appetite for specific risks by being more lenient or more stringent with underwriting grades, you need to know which company will grade you a preferred risk and which ones will grade you as standard (or worse).

In the case above, because the Effexor use is moderate and the applicant is in excellent health, Prudential (the most expensive standard rate) is not a factor. However, if her health was not quite as good as this example, Pru would likely be among the best deals because of more lenient underwriting.

That is if the more competitively priced carriers dropped her rating to standard or standard plus Prudential would likely be the best deal because they might still rate her as P+.

This is something you can’t know by simply looking at the lowest price. In the alternate scenario using an independent agent could save you 17% (the difference between Prudential @ preferred and AIG @ Standard).

Obtaining Life Insurance With Effexor Use

With a couple of caveats, the process of obtaining life insurance with depression is essentially the same as for any other condition.

The information that you will be required to provide in order to get the most accurate quote is as follows:

  1. Date of Diagnosis that required Effexor
  2. Age at Diagnosis
  3. Treatments Undergone (with dates)- This will require a list of any pharmaceutical drugs being taken as well as any  prescription changes.
  4. Work history, including any application for disability benefits. 
  5. Any history of drug or alcohol abuse / DUI
  6. Other Health Issues

Simple Issue Final Expense Burial Insurance with Effexor Use

Final expense or "burial insurance carriers are generally not concerned with use of anxiety/depression meds. Unlike term carriers, short of bi-polar disorders, final expense insurance companies don't concern themselves with psychological issues. In fact, with most final expense carriers  you are likely to end in day 1 coverage (no waiting period).

Regardless of the nature of Effexor use,  there is no issue in getting coverage.

These "no-exam needed" burial policies are the next best choice for anyone who will not get through traditional underwriting.

The "final expense" market serves differing consumer needs. There is the need that is made obvious by the name "final expense". This term refers to a funeral, burial and miscellaneous cost tied to the rituals surrounding life's end.

Many of the buyers of these end of life policies simply want to remove any financial burden their funeral and burial would cause to their loved ones, while others want to leave a legacy.

Alternatively, the simplified issue marketplace serves as a safe harbor for people who need some life insurance, but cannot qualify for traditional term underwriting. The lenient underwriting standards of this market allow for people with a history of chronic anxiety/depression med use to get coverage.

How the policy works will be dictated by the type of final expense or burial policy it is:

  • First-day Coverage  
  • Graded Coverage

How Final Expense Life Insurance Works with a History of Effexor Use

With death benefit face amounts that top range from $5000-$100000, the simplified issue or "final expense " life insurance market is mostly made up of whole life insurance products. However, there several policies that have components of term policies starting to emerge. Make sure you know what you are buying!

Whether term or whole life, the calculation of the death benefit depends on if the policy is first-day coverage or graded

First day policies are straightforward, and provide a full death benefit from day 1 of the policy.

Graded policies use a two or three year period in which the benefit increases to the face amount over the contractual time period.

These policies commonly pay premiums plus interest if you die in the first year of the policy; 30-50% if you die after one year but before two; and full face amount after two years.

The carriers offer graded policies based on the applicant's health. These provisions are a way for the carriers to provide coverage while limiting their risk.

Graded or not, a whole life policy has a fixed premium that cannot increase and the policy stays in force until the premiums stop being paid or the insured dies.

Final Expense pricing with Effexor Use

In addition to different underwriting standards, final expense pricing is complicated by the fact that  a lot of providers only operate in certain states. 

As a result the samples below are of limited value. You should use the final expense quote tool found here.

Male      

$25000  "Final Expense" Whole Life   1st Day Coverage 

Age

$ Mo.

Age

$ Mo.

40

$40.89

65

$ 115.18

45

$ 50.87

70

$ 149.13

50

$ 56.25

75

$ 204.66

55

$ 65.56

80

$ 297.86

60

$ 85.66

85

$414.57

$15000 Final Expense" Whole Life Graded Coverage

Age

$ Mo.

Age

$ Mo.

40

$40.89

65

$ 115.18

45

$ 50.87

70

$ 149.13

50

$ 56.25

75

$ 204.66

55

$ 65.56

80

$ 297.86

60

$ 85.66

85

$414.57

Female    

$15000  "Final Expense" Whole Life  1st Day Coverage 

Age

$ Mo.

Age

$ Mo.

40

$ 23.49

65

$41.27

45

$ 28.56

70

$ 56.77

50

$ 23.69

75

$ 90.38

55

$ 27.83

80

$ 131.260

60

$ 31.95

85

$ 202.25

$10000 "Final Expense" Whole Life Graded Coverage

Age

$ Mo.

Age

$ Mo.

40

$ 21.06

65

$28.967

45

$ 25.18

70

$ 39.30

50

$ 17.249

75

$ 89.618

55

$ 20.003

80

$ 117.89

60

$ 22.755

85

$ 179.22

No Exam, but possibly a phone interview

Many burial policy insurers will have 10-15 minute home office interviews using the telephone. They are looking for the use of prescriptions that do not come up on their prescription check and assessing cognitive function. Be alert!

Final Expense Policy Features

There are fewer riders associated with simplified issue policies than traditional term, but living benefits such as the accelerated benefit for terminal illness, and chronic illness are fairly common. Additionally, some final expense policies have a small cash component and have loan provisions.

Contestability

The contestability laws are the same for all types of life insurance policies. That is, the carrier has two years from the origination of the policy to contest the benefit payout on policy where the application contained material misstatements.

What Final Expense  Life Insurers Will Take Into Consideration When It Comes To Effexor Use

As stated before, simplified underwriting is  unconcerned with anxiety/depression med  use. Unlike traditional underwriting that grades on a scale, "final expense" is a yes or no proposition.

Note that "yes" is divided into first-day coverage and "graded" categories. Depression  offers are generally "level day one"  unless there are other serious health concerns.

With regard to other impairments, underwriting will want to know if there are any and what they are. Such impairments that limit activities of daily living or ADL's ( eating,bathing, dressing, and toileting, transferring & continence), require home health care or nursing rehab. These issues may force a waiting period or outright decline.  

Final expense policies contain "knockout" questions and prescriptions. anxiety/depression medications  in most cases will not knock you out of 1st day coverage.

Next Step For Final Expense With Effexor Use 

Because most final expense underwriting rules differ wildly, it's unusual that you can just go to the final expense quote tool and start. However, unless you have other serious conditions, that is exactly how to start.

Because Effexor use is not usually an issue with final expense carriers, the best price may win. Remember to use the quote tool on the "final expense" page The quote tool on this page is limited to term quotes.

Upon receiving your quote request, we will be in touch as soon as possible (often in minutes), and we will help you through the process. The whole process shouldn't take more than 30-40 minutes.

We are committed to a transparent pricing process and are happy to share a computer screen with you or send a video of the method used to get your rate. If you have any questions, please contact us.

Guaranteed Life Insurance for Effexor Use

​​​​As a stand-alone condition, Effexor use does not require the use of guaranteed life insurance.  However, if there are additional impairments and the only offers are "graded", it may make sense to use a guaranteed policy until the 1 or 2 year period passes and you become eligible for day one coverage.

Additionally, if you are physically impaired due to additional conditions and require home health care, or nursing facility, you will likely require guaranteed life insurance

If this describes your situation, keep reading.

Pricing for Guaranteed Issue policies  

Guaranteed policies should only be used as a last resort. In addition to the benefit grading provisions that make the policies toothless during the two or three year grading period, they are the most expensive policies sold.

Male Monthly Rates

Age

$10000

$25000

50

$44.097

$108.856

55

56.50

$138.24

60

63.17

$154.92

65

73.09

$179.73

70

93.14

$229.85

Female Monthly Rates

Age

$10000

$25000

50

$34.47

$84.79

55

$39.86

$96.64

60

$45.14

$109.84

65

$54.51

$133.27

70

$70.41

$173.03

How Guaranteed  Life Insurance Works

With only the requirement of age (depends on the carrier) and citizenship, guaranteed issue life insurance policies have a death benefit that ranges from $5000-$50000. Such plans are exclusively whole life insurance.

However, all guaranteed issue policies are "graded".  Generally, the grading represents a 2 or 3 year period that the policy must be in force before a full death benefit will be paid.

Like "final expense" policies, guaranteed policies use a two or three year period in which the benefit increases to the face amount over the contractual time period. These policies commonly pay only premiums plus interest if you die if you die before the end of the "grading" period. (2-3 years depending on carrier). After the grading period ends, the carrier would pay the full face amount. 

Also, like the "final expense" write up says, these provisions are a way for the carriers to provide coverage while limiting their risk.

No Exam Required on guaranteed policies

There is no exam for guaranteed life insurance. After all, it's guaranteed to be issued regardless of your health.

Contestability on Guaranteed issue policies

Although the contestability laws are the same as other policies, beyond age and citizenship, it's difficult to see where contestability may arise in a guaranteed issue case.

Your Next Step

Thank you for choosing the Life Insurance Help Desk to research life insurance with Effexor use. Now that you know the information you will need to receive the most accurate quote possible, it’s time to gather the information and speak to an independent Agent (raising my hand).

Simply give us a call or shoot an email over and we can get you started. We are committed to totally transparent pricing (we’ll even share our computer screen with you if you’d like), and making the application process as painless as possible.

If you have any questions, We’d like to hear them.










James Tobin, CFP
 

Jim Tobin is the owner of Life Insurance Help Desk, a Fairfield County, CT. life insurance agency. You can find him on Google + and Facebook. Over the past 10 years, Jim has used his CFP-financial planning designation to help individuals with their life insurance needs. In addition to working with life insurance clients, Jim teaches ESL classes in his spare time. He resides with his beautiful wife Nicole and the 3 cats that rule their lives..