Life Insurance for Metformin 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 Metformin or one of the common brand names it is sold under including:

• Fortamet
• Glucophage,
• Glucophage XR,
• Glumetza,

And Riomet to help the treat and/or manage their type 2 diabetes.

Questions that will be directly addressed will include:

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

Yes, individuals who have been prescribed Metformin can and often will be able to qualify for a traditional term or whole life insurance policy.  In some cases, they may even be able to qualify for a simplified issue term or whole life insurance policy (no medical exam required) as well.

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

Life insurance companies “care” if an individual has been prescribed Metformin for a couple of reason.  First, the care because having been prescribed Metformin in the past tells a insurance underwriter that at some point in your life were diagnosed with type 2 diabetes and in the eyes of the life insurance industry means that you will forever be considered a diabetic.

The second reason…

Why a life insurance company is going to “care” that you have been prescribed Metformin is because it’s “use” will also provide them with clues on how well you are managing your diabetes.  Additionally, because Metformin is an “oral” medication, it will be viewed more favorably by most life insurance companies during the underwriting process vs other types of “injectable” insulin.

That said however…

Simply knowing that you’ve been diagnosed with type 2 diabetes and you’re using Metformin to maintain a health blood sugar level generally isn’t going to be enough information for a life insurance company to be able to make any kind of definitive decisions about  your application which is why prior to getting approved for coverage, most (if not all) life insurance companies are going to want to ask you a series of questions all about your Metformin prescription and the diabetes it is being used to treat.

What kind of information will the insurance companies ask me or be interested in?

Common questions you’ll likely be asked may include:

• At what age were you first diagnosed with type 2 diabetes?
• Who diagnosed your diabetes? A general practitioner or a specialist?
• Prior to being diagnosed with diabetes were you experiencing any symptoms of the disease?
• Do you suffer from any symptoms of the disease now?
• How often do you see your primary care physician?
• How often do you test your daily blood sugar levels?
• What would you estimate your daily blood sugar levels to be?
• When was the last time you had your A1C checked? What was that value?
• Is Metformin the only prescription medication that you’re taking?
• Have any of your prescription medications changed in any way within 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?

With this information in hand, most life insurance underwriters will generally have a pretty good idea about what “kind” of life insurance policy you’ll be able to qualify for (traditional vs Simplified) as well as what kind of “rate” you might be able to qualify for as well.

And…

What you’re generally going to find is that the vast majority of individuals who are doing an excellent job at maintaining their type 2 diabetes will either be able to qualify for a Table B rating or in some cases an individual may even be able to qualify for a Standard or “Normal” rate.

Now…

At this point, it’s probably a good idea to take a moment and review the different rate classes an individual can potentially qualify for when applying for a traditional life insurance policy as well as define exactly what a “table rating” is.  You see, when an individual applies for a life insurance policy, in theory they will “potentially” be eligible for all 14 different rate classes.

Then during the…

Underwriting process a life insurance underwriter will slowly determine where an individual falls on a “scale” based on a variety of health and lifestyle questions.  The “highest” or best rate that an individual can qualify for would be a Preferred Plus, followed by Preferred, Standard Plus and Standard.  From there, individuals who are not able to qualify for a Standard or better rate will now fall into the “higher risk” categories which range from Table A which would be considered the “best” or least expensive table rating all the way to Table J which would be considered the “worst” or most expensive table rating.

Now…

We’ll be the first to admit that it’s no fun being told that you can’t qualify for a Preferred or Standard rate, particularly if you yourself feel that you’re in really good health, which is why we would encourage an individual not to get too “hung up” on the rate class that an individual life insurance company places them in.  Rather, one should focus more time on understanding which life insurance companies are the most likely to rate them as a Table B or Standard rate and which among “those” companies will provide them with the most affordable options!

Which brings us to the last topic that we wanted to focus on 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…

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.

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!