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 Novolog or its generic form Insulin Aspart to help them treat their 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 Novolog?
• Why do life insurance companies care if I’ve been prescribed Novolog?
• 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 Novolog?

Yes, individuals who have been prescribed Novolog can “potentially” qualify for a traditional term or whole life insurance policy.  The only problem is not all life insurance companies will consider individuals who are taking Novolog as eligible regardless of how well their Novolog is helping them to manage their diabetes which is why it is very important for folks who are taking Novolog to know “which” life insurance companies tend to be more “lenient” towards diabetic applicants.

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

There are three main reasons why a life insurance company is going to care if an individual has been prescribed Novolog.  The first reason is that it is a prescription medication that is used to help folks treat their diabetes.

The second reason is because…

Novolog can be used to treat both type 1 and type 2 diabetes, which is important because there are a lot of life insurance companies out there that will actively avoid insuring those who have been diagnosed with type 1 diabetes.

Lastly, Novolog is a manufactured insulin that is injected into the body rather than consumed orally, which, to a lot of life insurance companies, makes insuring someone who has been prescribed Novolog a lot less attractive.

The good news is that…

Within the past 5 years or so, several life insurance companies have begun to “loosen up” their underwriting guidelines when it comes to insuring individuals who have been prescribed an “injectable” form of insulin, like Novolog as well a few life insurance companies who will consider insuring a type 1 diabetic assuming that they will be able to demonstrate that their diabetes is well under control.

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

Aside from asking all of the usual questions that a life insurance company will ask during a typical life insurance application, most (if not all) life insurance companies will also want to know some specifics about “why” you have been prescribed Novolog and how well it is helping you manage your diabetes.

Common questions you’ll likely be asked may include:

• How old were you when you were first diagnosed with diabetes?
• What type of diabetes have you been diagnosed with?
• How diagnosed your diabetes? A general practitioner or a specialist?
• What symptoms (if any) led to your diagnosis?
• Are you currently experiencing any symptoms related to your diabetes?
• How well is your Novolog prescription helping you to control your blood sugar?
• Do you monitor your blood sugar daily?
• What would you estimate your daily blood sugar average to be?
• When was the last time you checked your A1C level? What was that level?
• How often do you see your primary care physician?
• Are you taking any other prescription medications?
• Have any of your prescription medications changed in any way over the past 12 months?
• What is your current height and weight?
• 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?

What rate (or price) can I qualify for?

Now as you can see, there are a lot of factors that can come into play when determining what kind of “rate” an individual might be able to qualify for.  This is why it’s pretty much impossible to guess what kind of rate you might be able to qualify for without speaking with you directly and learning more about your situation.

That said, however…

There are some assumptions that can be made based on the fact that Novolog is an “injectable” form of insulin and a “which” of diabetes that you may have been diagnosed with.  For example, if you’re using your Novolog to help you manage your type 2 diabetes and…

• You were originally diagnosed over age 50,
• Your blood sugar is under control,

And you’re not currently suffering from any symptoms related to your diabetes, chances are you might be able to qualify for a Table B to Table D rate.

Now since this probably doesn’t mean a whole lot to our average reader, so allow us to take a moment and describe what a Table Rate is and how it would apply to someone in your situation.  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.

From there…

You then enter into what are generally considered “higher risk” categories or rates that can vary from 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, but the truth is, it could be a lot worse and it’s much better than being denied coverage entirely.

Now as for those…

Who are using their Novolog to help them manage their type 1 diabetes, all we can really tell you is that at best, you’re generally going to be looking at a Table F through Table J, which is still much better than being denied but is definitely going to force you to be more “proactive” in seeking out companies that will provide you with the best possible rate at the most affordable price. This leads us to the next topic that we wanted to take a moment and discuss with you 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 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!