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 Liraglutide or one of the common brand names it is sold under, including Saxenda and Victoza to help treat one’s type 2 diabetes.
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Victoza?
- Why do life insurance companies care if I’ve been prescribed Victoza?
- 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 Victoza?
Yes, individuals who have been prescribed Victoza can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, in some cases, they may even be able to qualify for a Standard rate given that it now seems like Victoza is available in both “injectable” or “oral” forms.
Why do life insurance companies care if I’ve been prescribed Victoza?
Life insurance companies “care” if an individual has been prescribed Victoza because it is a prescription medication that is primarily used to help treat those who have been diagnosed with type 2 diabetes. And while there does seem to be an ongoing trend for many life insurance companies to become more and more “lenient” towards diabetic applicants, at the end of the day, having been diagnosed with type 2 diabetes is certainly going to complicate one’s life insurance application.
This is because…
Prior to getting approved for coverage, most (if not all) life insurance underwriters are going to want to make sure that they fully understand the “severity” of your condition and be sure that you now have your diabetes fully under control. After all, once an individual realizes that he or she has diabetes and follows their doctor’s advice on how to manage it, there really isn’t any reason to believe that they can’t live a long and healthy life!
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- How old were you when you were first diagnosed with type 2 diabetes?
- Who diagnosed your diabetes? A general practitioner or a specialist?
- What symptoms (if any) led to your diagnosis?
- What symptoms (if any) do you suffer from now?
- 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?
- Have you been diagnosed with any other pre-existing medical conditions?
- Aside from Victoza, are you taking any other prescription medications?
- Have any of your prescription medications changed in the past 12 months?
- 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?
Now as you can see, there are a lot of factors that are going to come into play when determining what kind of “rate” an individual might be able to qualify for. And these are just some of the “medical” factors a life insurance underwriter is going to consider. In addition to these factors most life insurance companies are also going to ask about one’s:
- Family medical history,
- Driving record,
- Criminal history (if any),
- Travel destinations,
- Previous bankruptcies,
- Etc, etc…
This is why being able to know what kind of “rate” an individual might be able to qualify for really is impossible without learning more about a particular individual and/or speaking with them directly.
That said, however…
There are some assumptions one can reasonably make by simply knowing that an individual has been diagnosed with type 2 diabetes and has been prescribed Victoza. You see, because you have been diagnosed with type 2 diabetes, it’s reasonable to assume that the “best” rate you will be able to qualify for would be a Standard rate.
And while it may be true…
That 1 out of every 100 type 2 diabetic applicants who have been prescribed Victoza may be able to qualify for a Standard rate (which can only be determined by the insurance company directly), the truth is, the “best” rate that you’ll most likely be able to qualify for will be a Table B rate.
“So, what is a Table B rate?”
To answer this question…
We’re going to need to take a moment and actually describe what “rates” are available when applying for a traditional term or whole life insurance policy. You see, when it comes to life insurance rates, there are approximately 14 different life insurance rates an individual can qualify for. Starting from the top, you have your Preferred Plus, then Preferred, followed by Standard Plus, and then Standard.
You then enter into what are generally considered “higher risk” categories or rates that can vary from a Table A (which would be considered the “best” or least expensive) all the way to Table J (which would be considered the “worst” or most expensive. So when we say that a well-controlled diabetic using an “injectable” form of insulin can potentially qualify for a Table B to Table D it may not sound all that great at first. Still, the truth is, it could be a lot worse, and it’s much better than being denied coverage entirely.
If you have been prescribed the “oral” form of Victoza, in “theory,” it will be easier for you to be able to qualify for a traditional life insurance policy, and in “theory,” it will also be easier for you to be able to “potentially” qualify for a Standard rate. But… we don’t want to make it sound like that is going to be easy, and we don’t want someone to think that we’re trying to “over promise” anything. This brings us to the last topic that we wanted to take a moment and discuss here 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 who can help guide you through the application process and 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?
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!