You may also want to read our article Life Insurance with type 2 Diabetes: 24 hour Approval.
We’ll often get receive calls or quote requests from folks wondering if having a prescription for Metformin is going to affect their life insurance application and the truth is, it usually will, but not necessarily in the way you might think.
Being diagnosed with type 2 diabetes is generally going to mean that the best possible life insurance rate that you may qualify for is a Standard or Standard Plus. Most clients however will generally qualify for what is called a Table 2 or Table B rating.
Now this isn’t necessarily…
A terrible thing because it’s important to note that most people aren’t able to qualify for a preferred or preferred plus rate (only about 20%). Which means that even if you hadn’t been diagnosed with diabetes and been prescribed Metformin, there still would have been an 80% chance you would have been looking at a Standard Plus or lower rate anyways!
How Metformin helps your chances…
Because Metformin is an “oral” diabetic mediation vs an “injectable” one, you’re going to find that the insurance industry, in general, will look much more favorably towards your application vs one that is using an injectable diabetic medication.
That being said however…
Insurance companies are going to want to know the answers to a whole list of questions in order to determine the “severity” of your diabetes and how well it is being managed. These questions will likely include:
- At what age where you first diagnosed with diabetes?
- How long have you been treating your diabetes?
- Is Metformin the only medication that your using to treat your diabetes?
- Do you have any other pre-existing medical conditions?
- Have you ever been diagnosed with cancer, heart disease or suffered from a stroke?
- What is your current height and weight?
- Have you experienced any sudden weight gains or losses within the past 12 months?
- In the past 12 months have you used any tobacco or nicotine products?
- Do you check your blood sugar daily, and if so what do you average?
- When was the last time you had your A1C checked? What was its value?
- How often do you see your primary care physician?
From there with these answers in hand, an insurance company can generally determine whether or not they’ll need to learn more additional information before beginning an application as well as whether or not they’ll need to order medical records from your primary care physician.
Additionally, here at TermLife2Go….
We’ll also have a pretty good idea of what you will and won’t be able to qualify for as well as which one of the dozens of different life insurance companies will likely give you the best offer once you’re approved.
At this point…
We also like to compare some of the “No medical exam” term and whole life insurance options vs the insurance companies that will require a medical exam, particularly if the client is only looking for $500,000 dollars or less in coverage and doesn’t have any life insurance in place right now. You see, since we are an independent life insurance brokerage able to work with dozens of highly rated life insurance companies, you’ll find that we’re often going to have many more options than most of our competitors!
The reason why we’ll also look for a no medical exam option first is simply because they are often very competitive and they will typically provide our client to be insured in less than 24 hour’s vs waiting for several weeks with a “Exam required” life insurance policy.
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.