Life Insurance for Glyburide 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 Glyburide or one of the common brand names it is sold under including:
And Micronase to help control one’s blood sugar and treat type 2 diabetes.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Glyburide?
- Why do life insurance companies care if I’ve been prescribed Glyburide?
- 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 Glyburide?
Yes, individual’s who have been prescribed Glyburide to help them treat their type 2 diabetes can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, they may even be able to qualify for a simplified issue life insurance policy which won’t require them to have to take a medical exam!
Why do life insurance companies care if I’ve been prescribed Glyburide?
Life insurance companies “care” if an individual has been prescribed Glyburide because it is a prescription medication that is specifically used to help treat type 2 diabetics which is pre-existing medical condition which most (if not all) life insurance companies are definitely interested in.
The good news is…
That because Glyburide is a diabetic prescription that is administered “orally” it will generally be viewed more favorably than other diabetic prescription medications that require one to “inject” their doses. That said however, you’re still likely going to have to answer a series of questions about your Glyburide prescription and about your type 2 diabetes prior to actually getting approved for coverage, so don’t fret if it seems like the insurance companies are taking too serious of a look at your condition, this is completely normal and should not be something that you get too nervous about.
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 prescribed Glyburide?
- Who prescribed your Glyburide? A general practitioner or a specialist?
- Is Glyburide the only prescription medication that you’re currently taking?
- What is your current height and weight?
- How often do you see your primary care physician?
- How often do you take your daily blood sugar?
- What would you estimate your daily blood sugar average to be?
- When was the last time you had your A1C taken? What was that value?
- What symptoms (if any) have you experienced as a direct result of your type 2 diabetes?
- Do you suffer from any symptoms currently?
- Have you used any tobacco or nicotine products in the past 12 months?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
Now these are just a few questions that you’ll likely be asked once a life insurance underwriter learns that you have been prescribed Glyburide or learns that you’ve been diagnosed with type 2 diabetes. And while this may seem like a lot of questions, we should also point out there will likely also be a host of other questions related to “non-medical” issues which might also play a role in the outcome of your life insurance application. Which is why, answering our next question in this article is never going to be easy.
What rate (or price) can I qualify for?
Generally, what you’re going to find is that an “ideal” diabetic candidate will be one that was originally diagnosed over the age of 50 and can demonstrate that he or she has been able to keep their type 2 diabetes in “check” for a least one year prior to applying for a life insurance policy.
These types of candidates…
In “theory” may be able to qualify for a Standard or “Normal” rate. But we’ve got to warn you that these “types” of cases are usually few and far between which is why we here at IBUSA generally don’t like to quote an individual who has been diagnosed with type 2 diabetes a Standard rate because we don’t want to “over promise” and “under deliver”.
Even though an individual might be able to qualify for a Standard rate, we usually like to prepare them for actually being approved for a Table Rate. Now at this point, we should probably take a moment and describe exactly what a “table rate” is so that everyone has a general idea of what we mean.
When it comes time to getting approved for a traditional term or whole life insurance policy, what you’re generally going to find is that there are approximately 14 different rate classes an individual can qualify for. First off, you have your Preferred Plus and Preferred rates followed by your Standard Plus and Standard rates and then you go into what most life insurance companies would consider your “higher risk” categories or rates.
This is where…
The term “Table Rates” come into play and range from Table A which would be considered the “Best” or least expensive rate and tick all the way down to Table J which would be considered the “Worst” or most expensive rate. The good news is that most well maintained type 2 diabetics ought to be able to qualify for a Table B rate which when offered by the “right” life insurance company can and often will be quite competitively price.
The trick then becomes…
Choosing and applying with the “right” life insurance company that will not only approve of your life insurance application at a Table B or higher and who has the “best” pricing at these rates. Which brings us to the last topic that we wanted to take a moment and discuss 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!