Qualifying for Life Insurance While Taking Byetta.
Whenever we receive a call from a potential client who has been diagnosed with diabetes and is looking to purchase a life insurance policy, there are generally 4 questions we need to know the answer too before we can get started.
Those questions are:
- What type of life insurance policy is the applicant looking for? Or if they’re not sure, knowing how much life insurance coverage they’re looking for will usually suffice.
- How old are they now and when where they originally diagnosed with diabetes?
- What type of medication are they using to treat their diabetes, oral or injectable?
- When did they last check their A1C? And was that score?
With those answers in hand, we’ll generally have a good idea on what type of life insurance policies we should start looking at, as well as which life insurance companies are going to be our “best bet” for finding coverage.
So with that said…
Let’s dive a bit deeper into these questions and learn more about why they’re important and how Byetta is going to play a role in the outcome of your application.
What type of life insurance are you looking for?
Now while a great many of our clients won’t exactly know what type of life insurance they’re looking for when they first call in, they almost always know why they’re looking to purchase their life insurance.
Common reasons we encounter on a daily basis include:
- Protected a spouse or child.
- Covering the cost of mortgage.
- Covering the cost of tuition.
- Protecting lost wages.
- Estate planning purposes.
- Collateral for a business loan.
- Divorce decree requirements.
- Insuring a family member.
- Covering the cost of a mortgage.
As you can see, there’s a lot of different reasons purchasing a life insurance policy, which is why there are also a lot of different “types” of life insurance policies. Each of these policies are also likely to have their own unique underwriting guidelines and requirements.
For this reason, we like to get an idea on what type of life insurance policy your looking for before we just dive into any application process, because if possible, wouldn’t it be nice to avoid answering 100’s of questions or taking a medical exam if the type of policy you’re looking for doesn’t require it!
How old are they now and when where they diagnosed with diabetes?
As a general rule of thumb, the older you are when first diagnosed, and the longer the time period from diagnosis to date of applying for coverage, the easier it will be for you to qualify for insurance.
Or in other words, insurance companies tend to frown upon folks being diagnosed with type 2 diabetes early on in life. They also don’t necessarily like to insure someone 2 weeks after they’ve just recently been diagnosed since they would prefer to see that you’re maintaining diabetes well over time.
That being said however, insurance companies can, and do, insure people who are diagnosed early and recently all the time.
What type of medication are they using to treat their diabetes, oral or injectable?
In general, you’re going to find that insurance companies treat oral diabetic medications much more favorably than injectable diabetic medications. Which means that, because Byetta is an injectable diabetic medication, you’re going to need to be particularly careful about which life insurance you decide to apply with.
When did they last check their A1C? And what was that score?
An A1C test is a test that measures the amount of hemoglobin A1C in the blood as a way of determining what your average blood sugar levels have been for the previous 2 or 3 months. So basically it will provide an insurance company with a pretty accurate idea of well you are managing your diabetes.
Now, in general, while you can still qualify for life insurance with an A1C as high at 8.5 or higher, most life insurance companies will be looking for an A1C to be below 7 in order to qualify for anything better than a “Standard” rate.
Additional factors that will come in to play:
Other factors that will come into play during your application will include:
- Your height and weight ratio.
- Any tobacco or nicotine use.
- And any other medical conditions that could be a factor in determining your eligibility.
Which is why…
When someone is considering purchasing a life insurance policy while they have a pre-existing condition like diabetes, it becomes very important that you not only choose to work with a life insurance brokerage that has the experience and expertise that you need to find a great policy, but also the ability to work with dozens of highly rated life insurance companies so that you’ll have options when it comes to who’ll earn your business.
So what are you waiting for? Give us a call today and see what we can do for you!
Lastly, because well controlled diabetes can possibly qualify for a traditional term or whole life insurance policy without having to take a medical exam, we would encourage you to take a look at our Life Insurance Quotes page that allows you to compare prices of policies that will require you to take a medical exam vs those that won’t.