Life Insurance for Byetta users.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Byetta or its generic form Exenatide 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 Byetta?
- Why do life insurance companies care if I’ve been prescribed Byetta?
- 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’ dive right in!
Can I qualify for life insurance after I’ve been prescribed Byetta?
Yes, individuals who have been prescribed Byetta can and often will be able to qualify for a traditional term or whole life insurance policy. The problem is, because Byetta is a prescription medication designed to help those who have been diagnosed with type 2 diabetes there will be “some” that probably won’t be able to qualify for a traditional life insurance policy which is why you’re probably going to be asked a whole bunch of questions about your Byetta prescription prior to getting approved.
Why do life insurance companies care if I’ve been prescribed Byetta?
In our experience here at IBUSA, what we’ve found that most life insurance companies are most interested in when it comes time to determine if an applicant who has been diagnosed with type 2 diabetes will be considered “acceptable” is:
- First: What “kind” anti-diabetic medication is that applicant taking to help them manage their diabetes? Oral vs Injectable?
- Second: How “well” is that medication working to help the applicant manage their diabetes?
We’re not doctors, so we can’t really tell you “why” one individual may be prescribed an “oral” anti-diabetic medication vs an “injectable” anti-diabetic medication, but what we can tell you is that this difference is going to make a difference when it comes to applying for a traditional term or whole life insurance policy.
If you didn’t guess, having been prescribed an “injectable” anti-diabetic medication will often times make it more difficult to qualify for coverage particularly if your life insurance agent doesn’t realize that Byetta is an injectable medication and doesn’t steer you to the “proper” life insurance company from the get go! But that’s just the first step in the process, the second step will be to ascertain just how well your Byetta is working to help you manage your type 2 diabetes so that we can get a better idea which life insurance company that is the most “friendly” towards applicants who have been prescribed an “injectable” anti-diabetic medication will be the “best” for you.
To do so…
We here at IBUSA will typically like to ask you a series of questions which will likely also be asked by the life insurance underwriters as well once you do decide to apply for coverage.
What kind of information will the insurance companies ask me or be interested in?
Common questions that we like to ask so that we can get a better idea of how well your Byetta is working to help you manage your type 2 diabetes will often include:
- How old where you when you were first diagnosed with type 2 diabetes?
- What is your current height and weight?
- Is Byetta the only prescription medication that you’re using to treat your diabetes?
- What symptoms (if any) led you to believe you may have developed type 2 diabetes?
- What symptoms (if any) do you have now related to your type 2 diabetes?
- In the past 12 months, have any of your anti-diabetic medications changed in any way?
- How often do you test your daily blood sugar?
- What would you estimate your daily blood sugar levels to be?
- When was the last time that you had your A1C checked? What was that value?
- How often do you see your primary care giver for a check-up?
- In the past 12 months, have you used any tobacco or nicotine products?
- 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?
To understand what kind of “rate” an individual who has been prescribed Byetta can qualify for, it makes sense to first discuss what kind of “rates” are available to the public at large. You see, there are approximately 16 different rate classes that an individual can qualify for when applying for a traditional term or whole life insurance policy.
The rates break down as follows:
- Preferred Plus
- Standard Plus
- Table rates A-J (Table A being considered the “best” or least expensive, while Table J being considered the “worst” or most expensive)
Then you’ll also have “tobacco” vs “non-tobacco” rates mixed in which for the purpose of this discussion, we’ll simply ignore.
First off, being able to qualify for a Preferred or Preferred Plus rate is difficult for anyone even those who haven’t bene diagnosed with any kind of pre-existing medical condition, so for those who have been diagnosed with type 2 diabetes, we really don’t have to consider these two rates as an option. And yes, we understand that this can be frustrating, but you need to realize that only a very small percentage of the population will be able to qualify for these “kinds” of rates so you shouldn’t feel too bad about it!
We now have Standard Plus and Standard rates to consider, and while some very “well” managed type 2 diabetics may be able to qualify for these rates, the truth is, these rates are usually reserved for those who would probably be better considered “pre-diabetic”. These individuals will usually be managing their diabetes with diet and exercise alone and maybe taking an “oral” medication.
Us with the vast majority of type 2 diabetics who are taking a variety of different medications some “oral” some “injectable” to consider. For these individuals, what we have found to be the case most often is that they will usually be eligible for a Table B rating assuming that their diabetes is being well managed.
The trick then becomes…
To understand which life insurance company is going to provide you with the “best” opportunity to qualify for a Table B rating, and which company offers the “best” pricing for those in this category!
Which brings us to the last topic that 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 profession 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 prior to applying for coverage. By doing so, you will be helping him or her narrow down what options might be the “best”
So, what are you waiting for? Give us a call today and see what we can do for you!