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 Humulin to treat either type 1 or type 2 diabetes.

Questions that will be directly addressed will include:

• Can I qualify for life insurance after I’ve been prescribed Humulin?
• Why do life insurance companies care if I’ve been prescribed Humulin?
• 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 Humulin?

Yes, individuals who have been prescribed Humulin can and often will be able to qualify for a traditional term or whole life insurance policy.  This is because Humulin is used to treat individuals who have been diagnosed with either type 1 or type 2 diabetes.

That said, however…

We should warn folks that type 1 diabetics will certainly have a more difficult time qualifying for a traditional term or whole life insurance policy. Because Humulin is an “injectable” form of insulin, its use will also “potentially” complicate a life insurance application for someone who has been diagnosed with type 2 diabetes as well.

Why do life insurance companies care if I’ve been prescribed Humulin?

Life insurance companies “care” if an individual has been prescribed Humulin for three main reasons.  First, because it is a prescription medication that is used to help folks treat their diabetes.  The second reason is because it’s used to help treat both “types” of diabetes, and lastly because it is an “injectable” form of insulin, which, for some reason (presumably because it’s used to treat more difficult cases) most life insurance companies frown upon.

The good news is that…

There are a few life insurance companies who seem to be more “lenient” than others, so while having been prescribed a medication like Humulin would have been a real problem 4 or 5 years ago, now simply means that instead of considering dozens of different life insurance companies, you’ll now only want/need to take a look a few.

The real issue will be…

What “kind” of diabetes have you been diagnosed with, and how “well” is that diabetes is managed?  To learn this, what you’re generally going to find is that most (if not all) life insurance companies are going to want to ask you a series of medical questions about your Humulin prescription and your diabetes so that they can get a general idea about what kind of “risk” you would pose to them should they decide to offer you a policy.

Fortunately for us, regardless of what “kind” of diabetes you have, most of the questions will be pretty much the same.

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 diabetes?
• Who diagnosed your diabetes? A general practitioner or a specialist?
• What “kind” of diabetes have you been diagnosed with?
• What symptoms (if any) led to your diagnosis?
• Are you currently experiencing any symptoms related to your diabetes?
• Are you currently taking any other prescription medications in addition to your Humulin?
• Have any of your prescription medications changed in the past 12 months?
• How often do you see your primary care physician?
• How often do you check your daily blood sugar?
• What would you estimate your daily blood sugar average to be?
• When was the last time you had your A1C checked? What was that value?
• What is your current height and weight?
• 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?

We should note, at this point, that these will just be the questions related to the fact that you have been prescribed Humulin and diagnosed with a form of diabetes.  Additionally, there will be a wide variety of other health and lifestyle questions that will be used to determine what kind of “rate” you might be eligible for.

And by “lifestyle,” we mean:

• Do you have any history of drug or alcohol abuse?
• Have you ever been convicted of a felony?
• Do you have any issues with your driving record?
• Do you have any set plans to travel outside of the United States within the next year?
• In the past 2 years, have you applied for bankruptcy?
• Do you currently participate or plan on participating in any dangerous hobbies?
• Etc…

What rate (or price) can I qualify for?

As you can see, there are a lot of factors that can come into play when determining what kind of “rate” you might be able to qualify for.  This is why, unfortunately, without knowing more about your particular situation, we would not be able to know for sure what kind of “rate” you would be able to qualify for.

That said, however…

Because you have been diagnosed with a form of diabetes and because you have been prescribed an “injectable” form of insulin, we feel pretty safe in discussing what kind of “rates” you won’t be eligible for, which is why we want to take a moment and actually discuss how life insurance rate work. In total, there are approximately 14 different life insurance life insurance rates an individual might be able to qualify for.  The “best” rate would be a Preferred Plus followed by Preferred, Standard Plus, and then Standard.  These are the rates that are typically reserved for individuals who aren’t necessarily categorized as “high risk.”

From there…

You then begin to fall into the “higher risk” rates, which are commonly referred to as Table Rates and range from Table A (which would be considered the “best” or least expensive table rate) all the way to Table J (which would be considered the “worst” or most expensive table rate).

Now, with this…

Information in mind, let’s apply this knowledge to what we know about individuals who have been prescribed Humulin.  First of all, type 1 diabetics will have a more difficult time being able to qualify for a traditional term or whole life insurance policy.  In fact, many life insurance companies won’t be willing to offer coverage to a type 1 diabetic regardless of how well they are managing their condition.

The good news is that…

There are a few companies out there that will provide traditional life insurance coverage to a well-controlled type 1 diabetic, albeit at a “Low” Table Rate, usually around Table F or lower (think Table F-J).  And while there are a lot of folks out there who aren’t going to be pleased by receiving such a rate, given the alternative, which would be getting denied, we here at IBUSA would much rather be able to tell someone that they have been approved at a higher premium and try to adjust their coverage or term amount so that their premiums would be affordable then tell them they are “out of luck” altogether.

Now for those…

Who have been diagnosed with type 2 diabetes, what you’re generally going to find is that because you have been prescribed an “injectable” form of insulin, you probably won’t be able to qualify for a Standard rate. Still, there is a decent chance that you might be able to qualify for a Table Rate somewhere between B-D.

This, of course, is…

Assuming that you were originally diagnosed with type 2 diabetes after the age of 50, that your diabetes has been well under control for at least a year, and that you’re currently not suffering from any kind of “symptoms” of your disease.  Now if this is not the case, you may still be able to qualify for a traditional life insurance policy only now you’ll more likely only be able to qualify for rates below Table D.

The real trick…

Will be “knowing” which life insurance company is going to provide you with the “best” opportunity for success, which is something that we here at IBUSA can help you try and determine, which is why we wanted to take a moment and shift gears a little bit and move on to the last topic 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 who can 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.

From there…

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?

Lastly, 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!