12/18/2018 0 Comments
BE PREPARED. GET NALOXONE. SAVE A LIFE.
WHY YOUR LIFE INSURANCE APPLICATION MAY BE DECLINED, IF YOU BUY A NALOXONE (NARCAN®) RESCUE KIT AT YOUR PHARMACY:
There was a recent story about a nurse in Boston who paid an unexpected price for her good intentions. She acquired a naloxone rescue kit at a pharmacy and was declined when she tried to buy life insurance. Naloxone was on her list of prescribed medications because of Prescription Drug Monitoring Programs. Life insurance companies check these programs as part of the underwriting process. Reportedly, the nurse —even though she does not take the drug herself and only carries it as a means to save lives— was declined by two different life insurance companies.
STEPS YOU CAN TAKE TO PROTECT YOURSELF, IF YOU WANT/NEED TO CARRY A LIFE-SAVING NALOXONE (NARCAN®) RESCUE KIT:
Make sure you inform your agent or broker that you carry a Naloxone rescue kit, BEFORE you submit an application for life insurance. Put it in writing and explain why you the carry a Naloxone rescue kit and state that it is NOT for your personal use. A written explanation ahead of time will give the underwriter a chance to say “yes” or “no”, without having to do a formal application. Being pre-emptive is not a guarantee you will be approved for life insurance, but you will avoid getting formally declined (having that decline reported to the Medical Information Bureau).
WHAT IT MEANS TO HAVE YOUR DECLINE REPORTED TO THE MEDICAL INFORMATION BUREAU (MIB), WHY IT MATTERS, AND WHY IT IS IMPORTANT TO CONSULT WITH A KNOWLEDGABLE INDEPENDENT LIFE INSURANCE BROKER:
If you are formally declined by ‘Life Insurance Company A’, they will report that decline --and the reason for that decline— to the MIB (a coded database that all insurance companies use to report their underwriting results). If you then try to apply to ‘Insurance Company B’, ‘Company B’ will see the decline on the MIB and they will most likely also decline you (especially if you neglected to mention that you were declined by ‘Company A’).
A decline for life insurance will always follow you. It will always be on the MIB and you will always have to answer “yes” to the question “Have you ever been declined for life insurance?” on every life insurance application you fill out for the rest of your life.
*** whether you are a medical professional, a first responder, a good samaritan, a friend or family member of an opioid addiction sufferer ***
if you want/need TO CARRY A NALOXONE (Narcan®) RESCUE KIT —AS A MEANS TO SAVE A LIFE— we urge you, please, to call us BEFORE you apply for life insurance anywhere else