Life insurance is one of the purchases safety nets that you will ever buy for your loved ones. It’s one of the only ways that you can ensure that your family has the money that they need, even if something tragic were to happen to you. While life insurance is a fundamental investment, there are a vast majority of Americans that don’t have the coverage that they need.
Applying for life insurance can be a challenge for those who have various type of health conditions – especially if those conditions, such as type 2 diabetes – can lead to other, riskier issues. For example, for those who are not able to manage or control their type 2 diabetes via diet, exercise, and/or medication, this condition can lead to other more serious matters like kidney failure, stroke, or heart attack. Therefore, using prescription medication such as AGLT2 inhibitors can often help.
This article is going to look at the difference ways that applicants with diabetes can get affordable life insurance protection. Hopefully, this will answer any questions that you may have about life insurance if you use SGLT2 Inhibitors.
How SGLT2 Inhibitors Can Affect an Application for Life Insurance Coverage
Sodium-glucose co-transporter 2, otherwise referred to as SGLT2 inhibitors, are a relatively new medication that is being used with those who have type 2 diabetes. These medications, when used in combination with proper diet and exercise, can help with improving glycemic control.
SGLT2 is a type of protein that is found in humans. It facilitates the reabsorption of glucose in the kidneys. The SGLT2 inhibitors block the reabsorption of glucose in an individual’s kidneys, as well as increase the excretion of glucose, and in turn, lower the levels of blood glucose for those who have type 2 diabetes.
These drugs can also further control glucose by allowing increased insulin sensitivity and the uptake of glucose in the cells of the muscles, as well as the decreased gluconeogenesis, and the improved first phase of insulin release from the beta cells.
For those who take SGLT2 inhibitors and who are applying for life insurance coverage, it is important that the insurance underwriters have as much information as possible regarding this medication so that they can make an informed decision regarding the policy, as well as the premium price.
What the Life Insurance Company Will Need to Know
Most people who are applying for life insurance will be required to fully complete an application for coverage. This application will request details about the applicant’s health condition and history, as well as their personal details, such as his or her:
- Contact Information
- State of Residence
- Height and Weight (Weight as it corresponds to height)
- Occupation and Income
- Marital Status
- Smoking/Tobacco Usage
- Alcohol Usage/Frequency
- Hobbies (Dangerous/Risky hobbies such as scuba diving, skydiving, rock climbing, etc.)
- Foreign Travel Frequency
- Overall Health History
- Family Health History
It is likely that the underwriters will also need more in-depth information about your type 2 diabetic condition, as well as the medications that you are taking. Therefore, additional questions are likely to be asked.
A medical examination will also typically be required – which entails the meeting with a paramedical professional who will take a blood and a urine sample, as well as a heart rate and a blood pressure reading. This individual will also usually ask more in-depth health-related questions.
In addition, due to having type 2 diabetes and taking medications such as SGLT2 inhibitors, it is also likely that the life insurance underwriters will want to review your medical records from your primary care physician, as well as from any medical specialist that you see. The insurance company is also going to pull your DMV records to see if you have any violations or accidents.
All of these things are going to be reviewed to decide how much risk you are for insurance coverage. The higher risk that you are, the more that you’re going to pay. As an applicant with diabetes, you are going to be considered high-risk.
When you’re shopping for life insurance coverage, it’s important that you find an insurance company that is going to view your application more favorably. Some insurance companies have more experience working with high-risk applicants than other companies. Those companies are going to offer you much lower insurance premiums.
How Much Will Your Life Insurance Coverage Cost?
The cost of life insurance coverage will typically vary, based upon a number of different factors. These can include the age and gender of the person who is applying, as well as the type and the amount of the coverage. Other criteria can also have a bearing on what you will pay for coverage, such as health issues like diabetes, and any medications that are taken, such as SGLT2 inhibitors.
If, after reviewing all of your information, the insurance underwriters deem that you are in good health – aside from your type 2 diabetes – then you may be able to qualify for a Standard premium rate. This means that you would be eligible to pay the rate of an average policyholder.
However, if you are deemed to be in poorer health than the average policyholder, but not poor enough to have your application declined altogether, then it is possible that you would qualify for a Substandard policy class. Here, the premium rate that you would be charged would be higher than that of a Standard policyholder.
Should your application for coverage be declined, then you may go the route of a no medical exam policy. In this case, there is no medical examination required for the underwriting of your coverage. Because of this, those who have certain types of health issues have more opportunity to qualify for the insurance protection that they need.
It is important to note, however, that no medical exam life insurance coverage does command a higher premium than a comparable medically underwritten policy. This is due in large part to the fact that applicants for this type of coverage are usually riskier to the life insurance company.
How to Find the Best Quotes on Life Insurance for Diabetics
One of the best ways to get lower rates is to improve your health. Before you apply for life insurance coverage, the company is going to require that you take a medical exam. The results of the medical exam are going to play a huge role in how much you pay for coverage. If you want to save money, it’s important that you get better results from the exam.
Another way that you can get lower rates is to cut tobacco out of your life. If you’re listed as a smoker on your life insurance application, then you should expect to get much higher rates for your plan. Smokers are at a higher risk for severe health complication, which means that you’ll pose a higher risk to the insurance company. They are going to offset that risk by charging you much higher rates. Smokers are going to pay at least twice as much for their insurance coverage versus what a non-smoker is going to pay for the same sized plan.
When seeking life insurance for diabetics on SGLT2 inhibitors, it is usually best to work with either a company or an agency that has access to more than just one life insurance carrier. This is because you will be able to more directly compare life insurance policies, companies, and premium quotes – and from there, you can determine which will be the best one for you.
If you are looking for life insurance coverage with diabetes type 1 or type 2, then we can help. We work with many of the top life insurers in the marketplace today, and we can assist you in obtaining all of the information that you require. When you are ready to move forward, just fill in the form on this page and submit to get your first set of quotes.
Should you have any additional questions about finding life insurance for diabetics on SGLT2 inhibitors – or even if you just have a question about life insurance in general – give us a call. We can be reached via phone, toll-free, by dialing 877-801-4402.
We understand that you may be somewhat apprehensive about applying for coverage at this time – especially if you have had some trouble in the past. But today, you have many options available to you. So, contact us today – we’re here to help.
Life insurance is one of the best purchases that you’ll ever make for your loved ones. It’s one of the few ways that you can ensure that your family has the money that they need, regardless of what happens to you. Because you don’t know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance protection that your family deserves.