Life Insurance for Avandamet users.
In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Avadmet or its generic form Metformin/Rosiglitazone to treat their type 2 diabetes.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Avandamet?
- Why do life insurance companies care if I’ve been prescribed Avandamet?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance after I’ve been prescribed Avandamet?
Yes, individuals who have been prescribed Avandamet will often be able to qualify for a traditional term or whole life insurance policy. This is because Avandamet is a prescription medication used to help treat individuals who have been diagnosed with type 2 diabetes, a pre-existing medical condition which can typically qualify for coverage when being well maintained.
Why do life insurance companies care if I’ve been prescribed Avandamet?
Life insurance companies “care” if an individual has been prescribed Avandamet because this prescription will be used to positively identify that an individual has been diagnosed with type 2 diabetes.
Now, this may seem a bit obvious…
But you would be amazed by how many individuals who are currently taking an anti-diabetic medication with the general idea that they are not “diabetic,” they are only…
In the world of “Life insurance,” there really isn’t a thing as “pre-diabetic”. You either are a “diabetic,” or you’re not. And one way an individual can tell if they’re diabetic is if they’re currently using a medication used to treat diabetics.
That’s the first reason why a life insurance company is going to “care” about whether or not someone has been prescribed Avandamet. The second reason is that “knowing” that an individual has been prescribed Avandamet will provide a life insurance underwriter with a potential “roadmap” for what questions he or she will need to ask before they can make a decision about your life insurance application.
What kind of information will the insurance companies ask me or be interested in?
Most of the questions you’ll be asked will be asked so that a life insurance underwriter can get a better idea about how well you are managing your type 2 diabetes. Common questions you’ll likely be asked may include:
- How old were you when you were first diagnosed?
- What symptoms did you first have (if any) that may have indicated that you had type 2 diabetes?
- Is Avandamet the only medication that you’re using to treat your type 2 diabetes?
- Do you check your daily blood sugar? And if so, what is your daily average?
- When was the last time you had your A1C checked? What was that value?
- How often do you see your primary care physician for a checkup?
- What is your current height and weight?
- In the past 12 months, have any of your prescription medications changed in any way?
- In the past 12 months, have you used any products that contain tobacco or nicotine in them?
- What symptoms (if any) do you suffer now as a result of your type 2 diabetes?
- Do you, or have you ever suffered from any diabetic nerve pain or neuropathy as a result of your type 2 diabetes?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
When it comes time helping clients try and determine what kind of “rate” they qualify for, the first thing that we want to ask ourselves is…
“What rate would this person be able to qualify for if they didn’t have type 2 diabetes?”
This way, we can determine if one’s diabetes is going to be the major factor determining what rate one may be able to qualify for.
We want to ask ourselves:
- What “kind” of medication are they using to treat their diabetes (Oral meds are almost always better than injectable from a life insurance standpoint)?
- And, how well are these medications working at maintaining a healthy blood sugar level.
Then, with this information, we can then begin to make some “educated guesses” as to what “kind” of rate an individual may be able to qualify for.
There are some “general rules” that we can assume that will come into play. For example, the later that at an individual is first diagnosed with diabetes, the better. This means that if you were first diagnosed with type 2 diabetes before age 31, you’re going to have a much more difficult time qualify for coverage than someone who may have been diagnosed for the first time after age 50. Likewise, for individuals first diagnosed between 31 years of age and 45.
Using this information, we can assume that a person diagnosed with type 2 diabetes over the age of 50 might qualify for a Standard or Standard Plus rate provide that their diabetes is well maintained.
For individuals between the ages of 45 to 50…
May be able to qualify for a Standard rate but will most likely qualify for what is called a Table B rate.
For individuals between the ages of 31 to 45…
Will most likely only be able to qualify for a Table B rate at best.
Followed by individuals diagnosed prior to age 31…
Who may only be able to qualify for a Table H or Table I at best. Now in all fairness, chances are if an individual has been diagnosed with type 2 diabetes prior to age 31, there’s likely to be other issues at play which may be the reason why it’s so difficult for individuals who meet these criteria, to qualify for a traditional term or whole life insurance policy.
This brings us to the last topic we wanted to discuss here in this article, which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance professional who will work as an advocate for you.
Such an agent…
Will not only help guide you through the application process but also be perfectly “frank” with you about what options may or may not be possible for you.
You’ll also want to make sure that the very same agent you have chosen has access to dozens of different life insurance companies because after all, it really doesn’t matter how “great” of a life insurance agent you might have if they don’t have access to the “best” life insurance policy for you! Now, does it?
You’ll want to make sure that you’re completely honest with your life insurance agent before applying for coverage. By doing so, you will be helping him or her narrow down what options might be the “best.”
Now, will we be able to help out everyone who has been prescribed Avandamet?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Final Expense Insurance Companies as well.
If someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for.
So, if you’re ready to see what options might be available to you, just give us a call!