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 Januvia or its generic form, Sitagliptin, used to treat/manage their type 2 diabetes.

Questions that will be directly addressed will include:

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

Yes, individuals who have been prescribed Januvia to treat their type 2 diabetes can and often will be able to qualify for a traditional term or whole life insurance policy.  They may even be able to qualify for a Standard or “normal” rate provided that their diabetes is being well managed and they choose to apply for life insurance with the “appropriate” insurance company right from the start.

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

Life insurance companies “care” if an individual has been prescribed Januvia because Januvia is a prescription medication that is primarily used to treat a pre-existing medical condition which life insurance companies are particularly concerned about. The good news is that applying for a traditional term or whole life insurance policy after having been diagnosed with type 2 diabetes is always going to be a “bit” more challenging than had you not been diagnosed with diabetes, using a medication like Januvia, which is administered orally will certainly “simplify” the process when compared to individuals who are using injectable forms of insulin.

That said, however, prior to actually getting approved for coverage, most (if not all) life insurance underwriters are going to want to ask you a series of questions about your Januvia prescription and about how “effective” it is in helping you manage 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 will probably include:

• How old were you when you were first diagnosed with type 2 diabetes?
• When were you first prescribed Januvia?
• Is Januvia the only prescription medication that you’re using to treat your type 2 diabetes?
• Have any of your prescription medications changed in the past 12 months?
• What symptoms did you have (if any) that led you to believe you might have type 2 diabetes?
• Do you suffer from any symptoms now as a result of your diabetes?
• Have you been diagnosed with any other pre-existing medical conditions in addition to your diabetes? Conditions such as heart disease, kidney disease, or liver disease?
• 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 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?

What rate (or price) can I qualify for?

While it is possible for really well-controlled type 2 diabetics to be able to qualify for a Standard rate, truth be told, most won’t be able to qualify for such a rate.  This is mainly because, at the very minimum, a diabetic applicant who would be able to qualify for a Standard rate would need to be in excellent shape, having maintained their diabetes extremely well for at least a year and not have been diagnosed with diabetes prior to the age of 50.

And even then…

It will still be hard to qualify for a Standard rate after having been diagnosed with diabetes because there are also a ton of other factors that will come into play, which may or may not have anything to do with the actual health of an applicant (think driving record, family history, hobbies, etc…)! This is why here at IBUSA, we’ll usually quote a healthy type 2 diabetic with a Table B rating with the hopes that they may be able to qualify for a better rate once a life insurance underwriter has a chance to review their full application.

Now at this point…

It probably makes sense to briefly explain what a “Table B” rate is so that you can get a better idea about what we’re talking about. When it comes time to apply for a life insurance policy, there are approximately 14 different rate classes an individual can qualify for. The “best” rate would be a Preferred Plus, followed by Preferred, Standard Plus, and Standard.

From there…

You enter into what most life insurance companies consider “higher risk” rates called “table rates”.  Table rates range from Table A, which would be considered the “best” (which rarely seems to be offered), all the way to Table J, which would be considered the “worst” or most expensive rate, yet still better than simply being denied coverage (at least in our humble opinion).

The good news is…

That if you were to qualify for a Table B rate, relatively speaking, this would be considered a “good” table rate considering the alternatives.  Additionally, should you choose to apply with the “right” life insurance company, which offers more affordable table rates than its competitors, you might also be surprised by how affordable your coverage could be as well. This brings us to the last topic that we wanted to discuss 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 who can help guide you through the application process and 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!