When you’re shopping for life insurance coverage, there are dozens of different factors that you’ll need to look at to ensure that you’re getting the best protection for your family. You will need to compare all of the types of life insurance plans, calculate your life insurance needs, pick a company, and then find the lowest insurance plans. It can be an overwhelming process.
Applying for life insurance can require some steps. For some people, it may be just as simple as filling out an application for coverage, taking a medical exam, and being approved for the coverage they desire.
Yet, for those who have certain health issues such as diabetes, it may require some extra steps to obtain the cheapest life insurance for diabetics protection that they need. This is because the insurance company wants to know more about the risk that it is taking on with the applicant.
For example, diabetes – especially if left unmanaged – could lead to other, more serious issues, such as heart attack, kidney disease, or stroke. In order to help with control or management of this condition, certain medications like biguanides may be prescribed.
How Can Biguanides Have an Effect on One’s Life Insurance Coverage Application?
Biguanides are sold under the brand names of Glucophage, Glumetza, Fortamet, and Riomet. This medication is used in treating pre-diabetes as well as those who have type 2 diabetes, and it can help in lowering one’s blood sugar level in several different ways, including:
- Decreasing the amount of sugar that is produced by the liver;
- Increasing the amount of sugar that is absorbed by the cells in the muscles;
- Decreasing the body’s need for insulin overall.
Because all medications – including biguanides that are used in the treatment and control of pre-diabetes and type 2 diabetes – can have various types of side effects, if an individual with these conditions and who is taking this type of medication is also applying for life insurance, the underwriters will need to know more.
What the Life Insurance Underwriters Will Need to Know About You
Most applicants for life insurance coverage will be required to fully complete an application for coverage. This will entail providing information about your:
- Contact Data / State of Residence
- Age
- Gender
- Marital Status
- Children
- Occupation / Income
- Hobbies / Activities
- Smoking Status / Tobacco Usage
- Alcohol Usage / Frequency
- Foreign Travel Frequency
- Other Life Insurance In Force (and the Amount)
In addition to the basic application for coverage, it is likely that due to your diabetic condition, and the taking of biguanides, you will be asked to answer additional questions. This will help the underwriters in obtaining more in-depth information so that they can make a more thorough review of your information. The questions that you are asked may contain some or all of the following:
- When were you initially prescribed with biguanides for your diabetic condition?
- What was the initial amount of your dosage?
- Has your dosage amount changed over time (increased or decreased)?
- How – and how well – has your biguanides prescription helped in managing and / or controlling your diabetic condition?
- Are you helping to manage and / or control your condition in any other way, such as through diet or exercise?
- What is your most recent A1C level?
- What is your most recent blood sugar level?
- Have you been hospitalized at any time over the past 12 months due to your diabetic condition?
- Have you had any relevant testing performed over the past six months due to your diabetic condition?
It is probable that in addition to this information, the life insurance underwriters will want to review your medical records. These records may be obtained either from your primary care physician, a specialist that you may visit due to your diabetes, or both.
In addition, in most cases, a medical examination will also be required as a regular part of the underwriting process. This exam will entail you meeting with a paramedical professional who will take a blood and a urine sample from you. They will also obtain a heart rate and a blood pressure reading. They may also ask you some additional health-related questions.
After all, of your information has been received by the insurance underwriters, it can be thoroughly reviewed and a decision can then be made concerning your life insurance coverage, as well as about an appropriate premium price. If you do happen to be denied life insurance, we can explore the option of a no medical exam life insurance policy, at a higher premium rate.
How Much Will Your Life Insurance Coverage Cost?
The cost of life insurance is dependent upon several factors – including the age and gender of the applicant, and the type and amount of the coverage. When an applicant has a health condition such as type 2 diabetes or type 1 diabetes, this certainly will factor in, as will any medications that he or she takes such as biguanides.
If the underwriters determine that, even with your diabetes, you are in good health, then you could be given a Standard policy rate. If this is the case, your premium will be in line with that of an “average” life insurance policy holder of your same age and gender. If, however, you are rated as a Substandard policyholder, the premium that is charged will be more.
Another options are to go with a no medical exam life insurance policy. Often, those who have health issues will be able to qualify for no medical exam coverage, as there is no medical examination as a part of the underwriting criteria. These policies do have higher premium prices, however, due to the fact that the applicants are considered to be riskier to the insurance company.
There are several advantages and disadvantages to these plans that you should be aware of before you purchase a no exam plan. It’s vital that you get the perfect life insurance policy and you compare all of the options before you decide which one is going to work best for you.
The biggest advantage is that you can get life insurance protection much faster than you can with a traditional insurance policy. With a normal plan, you will have to wait several weeks, or even a month before you get approved for coverage. If you want to get life insurance as quickly as possible, then a no exam plan is going to be the best option for you. With a no exam plan, you can get life insurance protection in a matter of days.
There are several drawbacks to these plans as well. One of the biggest disadvantages to these policies is that they are going to be more expensive than a traditional policy. The purpose of the medical exam is to give the insurance company an idea of how much risk that you are to insure. Without the medical exam, the company is taking a much greater risk to give you life insurance protection. They are going to offset that by charging you higher monthly premiums, which means that if you want to get the most affordable life insurance, you will need to apply for a traditional plan.
Another notable problem with no exam policies is that you’ll be limited on how much life insurance protection that you can buy. Most life insurance companies will only allow you to purchase around $250,000 worth of insurance protection. For most families, that isn’t going to be enough life insurance coverage. There are a few companies that are going to sell you more coverage, $500,000 but that still may not be enough life insurance. Not having enough coverage is one of the worst mistakes that you could ever make for your family.
Where to Find the Best Premiums on Life Insurance for Diabetics on Biguanides
When seeking life insurance for diabetics on biguanides, we can help. We work with many of the top life insurers in the marketplace today – and we can help you to determine which of the many carriers may be the best for your specific situation. If you are ready to move forward, just fill out the form on this page.
Should you have any questions along the way, we will be happy to assist you. We can be reached directly via phone, toll-free, by dialing 877-801-4402. We understand that you may be apprehensive about applying for life insurance while taking biguanides. But today, there are many more options on your side. So, contact us – we’re here to help.
Hopefully, this article answers any questions that you may have about getting life insurance as an applicant with diabetes. We know that shopping for life insurance can be difficult, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best life insurance coverage available.