You may also want to read our article Life Insurance with Diabetes
Whenever we have a client tell us that they are currently using Glucophage to treat their type 2 diabetes, it immediately gets us thinking about two things:
- Frist will this client be eligible for a traditional term life insurance policy,
- And second is their diabetes managed well enough that they may actually even qualify for a “No Medical Exam” term or whole life insurance option?
Glucophage is an oral diabetes medication that helps control blood sugar levels. Glucophage is used to treat people who have been diagnosed with type 2 diabetes and is sometimes used in combination with insulin or other medications. Glucophage is not for treating type 1 diabetes. Now to know which insurance carrier will provide the best option for clients taking Glucophage, it’s important to understand the medical condition that is being treated.
Type 2 Diabetes or adult-onset diabetes:
Type 2 Diabetes or adult-onset diabetes is a metabolic disorder that is characterized by high blood glucose in the context of insulin resistance and relative insulin deficiency.
This is in contrast to diabetes mellitus type 1, in which there is an absolute insulin deficiency due to destruction of islet cells in the pancreas. Type 2 diabetes makes up about 90% of diabetic cases.
Now the main factors that are going to come into play…
With regards to what type of life insurance you’ll be able to qualify for will mostly center around how “well” your diabetes is being “managed”. To determine this, insurance companies will typically have a list of questions that they like to use.
Common questions asked pertaining to the management of an applicant’s diabetes:
- At what age were you first diagnosed with type 2 diabetes?
- What is your current height and weight?
- How long have you been taking Glucophage?
- Is Glucophage the only prescription medication you’re using to treat your type 2 diabetes?
- Do you have any other pre-existing medical conditions?
- Are you taking any other prescription medications other than Glucophage?
- Do you check your blood sugar levels daily?
- What’s a typical daily blood sugar average?
- When was the last time you had an A1C test?
- What was the value of your last A1C?
- How often do you visit your primary care physician?
- In the past 12 months, have you used any tobacco or nicotine products?
Now depending on how you answer these questions, will for the most part, determine which type of life insurance policy you’ll most likely qualify for as well as give us here at TermLife2Go a pretty good idea on “WHICH” life insurance company might be best for you.
Here at TermLife2Go, we’re going to ask a lot of the same questions and the insurance companies, so that we can not only learn which type of life insurance policy you’ll be able to qualify for, but also which life insurance company will most likely be right for you.
This is because…
Each individual life insurance company is going to have its own set of internal rules and regulations when it comes to determining who they wish to insure.
Which means that it’s quite possible that you may find there are several insurance companies out there that are just not all that interested in insuring type 2 diabetics!
Which is why their pricing may be “through the roof” while another insurance company is really interested in earning your business and price their policies accordingly!
Confused? Do be, this is why we’re here!
We here at TermLife2Go have chosen to remain and independent life insurance brokerage that is able to work with dozens of highly rated life insurance companies which means that should you choose to apply for life insurance using our services, not only will you have access to dozens of different life insurance companies, you’ll also have your own help life insurance agent guiding you through the entire application process!
So what are you waiting for? Give us a call today and see what we can do for you!