When applying for life insurance, the underwriters will look at a variety of different factors. These include your age, gender, and health condition and history – which will also include any medications that you are taking.
In some cases, the medicine that you take to manage or control a particular condition may make a difference in the qualification of your application for coverage. One example of this could be meglitinides for type 2 diabetes.
How Meglitinides Can Have an Effect on Your Application for Life Insurance Coverage
Meglitinides are a type of medication that are taken by those who have type 2 diabetes. They are oftentimes sold under the brand name of Starlix or Prandin. This type of medication can increase the amount of insulin that is produced by the individual’s pancreas, which will, in turn, lower the person’s blood sugar.
Typically, meglitinides are taken by those who have type 2 diabetes, and who have had difficulty in keeping their blood sugar levels within a particular target range – even though they are remaining active and are maintaining a proper diet.
In comparison to other medications such as sulfonylureas, meglitinides will cause less weight gain and low blood sugar. These medications work relatively fast and do not typically remain in the body for a long period of time. Therefore, they need to be taken either at or just prior to, each meal.
When taking any type of prescription medication such as meglitinides for health conditions such as type 2 diabetes, life insurance underwriters will usually need to know more in-depth information about that medication. This is because the medication could produce certain types of side effects that could be risky to the applicant’s overall health.
What the Life Insurance Underwriters Will Need to Know About You
Those who apply for life insurance will typically need to fill out an application for coverage. This will entail asking for basic personal and health related details such as name, contact information, height and weight, smoking status and tobacco usage, occupation and income details, foreign travel frequency, marital status, and any other life insurance in force.
In addition, because of your type 2 diabetes and the taking of meglitinides, there are other questions that may be asked, such as the following:
- When were you initially prescribed with meglitinides for the management or control of your type 2 diabetes?
- What was the initial amount of your dosage?
- Has the amount of your meglitinides dosage increased or decreased over time?
- How, or how well, is your meglitinides prescription managing and / or controlling your type 2 diabetes condition?
- Are you managing your type 2 diabetes condition in any other manner such as diet and / or exercise?
- What are your most recent blood sugar levels?
- What are your most recent A1C levels?
- Have you been hospitalized within the past 12 months due to your type 2 diabetes?
- Have you had any relevant testing performed within the past six months due to your type 2 diabetes?
In addition to the application and additional questions, it is likely that you will also be required to undergo a medical examination as a part of the overall underwriting process for your life insurance coverage. During this exam, a paramedical professional will take a heart rate and a blood pressure reading from you, as well as a blood and a urine sample.
It is also probable that the insurance underwriters may want to review your medical records from your primary care physician and / or from any diabetic specialist that you visit due to your type 2 diabetes.
How Much Will Your Life Insurance Cost?
Because of your type 2 diabetes and the taking of meglitinides, the cost of your life insurance coverage could vary. It will also be dependent upon the type and amount of coverage that you are purchasing, as well as on your gender and your age.
If, after reviewing all of your information, it is deemed that even with type 2 diabetes, you are otherwise in good health overall, then it could be that you may still qualify for a Standard policy rate. If this is the case, then you could pay the rate of an average policyholder. However, if your health is not as good as that of an average policyholder, then you may be placed into that of a Substandard category. In this case, then the premium rate will typically be more.
Should your medically underwritten application for coverage end up being declined, you still may have other options for coverage. One avenue may be to go with a no medical exam policy. With these policies, no medical examination is required for underwriting – and because of this, people who have certain types of health issues may have a better chance of qualifying for coverage. Even though the premium cost of these policies is usually higher – it could provide you with the option to obtain the insurance protection that you need.
Getting Lower Life Insurance Premiums
One of the most common reasons that applicants with diabetes don’t purchase life insurance coverage is because they assume that it’s going to be too expensive, but there are several ways that you can lower your rates and keep more money in your pockets. A few simple changes can save you thousands of dollars every year.
The best way to save money is by cutting out any tobacco that you currently use. If you’re a smoker, then you’re going to pay a lot more for your life insurance coverage. In fact, smokers are going to pay at least twice as much for insurance protection versus compared to what a non-smoker is going to pay for your coverage. If you want to save money, you need to kick the bad habit once and for all.
The next thing that you should do to save money is improve your overall health. The results of the medical exam are going to determine how much you pay every month. The better the results the lower premiums that you’ll get for your insurance plan. Getting exercise and sticking to a healthy diet will help you secure better results and lower premiums.
How and Where to Find the Best Premium on Life Insurance for Diabetics
When seeking life insurance quotes for diabetics on meglitinides, we can help. We work with many of the best life insurers in the marketplace today – and we can help to point you in the right direction of those who may be more apt to cover applicants who have type 1 diabetes or type 2 diabetes. When you are ready to move forward with applying for the coverage that you need to protect the ones you love, just submit your information in the form on this page.
Should you find that you still have any questions along the way, we can be reached via phone, toll-free, by calling 877-801-4402. We will be happy to walk you through any of the concerns that you may have.
We understand that applying for life insurance with type 2 diabetes while taking meglitinides may be somewhat overwhelming – especially if you’ve been turned down in the past. But today, you have many options that are available to you. So, contact us today – we’re here to help.