Life Insurance for Glipizide 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 Glucotrol or its generic form Glipizide to help treat their type 2 diabetes.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Glipizide?
- Why do life insurance companies care if I’ve been prescribed Glipizide?
- 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 Glipizide?
Yes, individuals can and often will be able to qualify for a traditional term or whole life insurance policy after having been prescribed Glipizide. In fact, in some cases, they may even be able to qualify for a Standard rate!
Why do life insurance companies care if I’ve been prescribed Glipizide?
Life insurance companies “care” if an individual has been prescribed Glipizide because it is a prescription medication which is specifically designed to lower one’s blood sugar levels, which means in their eyes, you have been diagnosed as a diabetic which will have an effect on the outcome of your life insurance application. Even if you’re type 2 diabetes is well under control.
The good news is…
That there some life insurance companies out there that tend to be more “lenient” toward diabetic applicants regardless of how “well” they are maintaining their diabetes particularly when an individual is using a medication like Glipizide since it is administer orally vs through injection.
That said however…
One thing that you can count on is that prior to getting approved for coverage, most (if not all) life insurance companies are going to want to ask you a series of medical questions all designed to learn more about how well you are coping with your type 2 diabetes.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- When were you first diagnosed with type 2 diabetes?
- Who diagnosed your type 2 diabetes? A general practitioner or a specialist?
- Is Glipizide the only prescription medication that you’re taking to help you manage your diabetes?
- Have you been diagnosed with any other serious medical conditions such as heart disease, kidney disease or liver disease?
- What (if any) symptoms led to your diabetes diagnosis?
- Are you suffering from any symptoms related to your diabetes now?
- How often do you see your primary care physician?
- How often do you check your daily blood sugar levels?
- What would you estimate your daily blood sugar level average to be?
- When was the last time you had your A1C checked? What was that score?
- What is your current height and weight?
- Has your weight changed much over the past 6 months?
- 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?
Now as we mentioned before in the beginning of this article, individuals who have been prescribed Glipizide to help them treat their type 2 diabetes can “potentially” be able to qualify for a Standard rate but we’ve got to warn you, it’s not going to be easy.
Now in order to…
Be able to qualify for such a rate, an individual will usually need to be diagnosed with type 2 diabetes for the first time over the age of 50, and be in great health otherwise. And even then, being able to qualify for a Standard rate is going to be really tough. This is why we here at IBUSA typically won’t quote an individual a Standard rate, simply because we don’t want to get an individual’s hopes up only to have them become disappointed later one.
This is because…
Realistically, most really well controlled diabetes will usually qualify what is called a Table B rate which is a rate that falls below a Standard rate and is usually reserved for individuals who might be considered a “higher risk”. That said, we should point out that there are 10 different table rates an individual might be able to qualify for ranging from Table A (the “best” or least expensive table rate) to Table J (the “worst” or most expensive table rate).
There are a few life insurance companies out there that are not only pretty lenient when it comes to approving individuals who have been diagnosed with type 2 diabetes but also have Great rates at the Table B level. The trick then becomes knowing which of these insurance companies are the most likely to approve your life insurance application at the “best” rate!
Which brings us to the last topic that we wanted to take a moment and discuss with you today 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!