You may also want to read our article Life Insurance with type 2 Diabetes: 24 hour Approval and visit our online Life Insurance Quoter that compares both Medical and No Medical exam life insurance options.
We’ll often get receive calls or quote requests from folks wondering if using Victoza to control their blood sugar levels will have a negative affect on the outcome of their life insurance application. And while it’s pretty safe to say that it will, it’s affect might not be as dramatic as one might think.
Victoza is a prescription medication that is used to help treat those who have been diagnosed with type 2 diabetes, which in the “world of life insurance” will therefore mean that the best possible rate that you will most likely be eligible for will be a Standard or Standard Plus. That being said however, most clients who have been diagnosed with type 2 diabetes 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%) anyways! Which means that even if you hadn’t been diagnosed with diabetes and been prescribed Victoza, there still would have been an 80% chance you would have been looking at a Standard Plus or lower rate anyways!
Victoza (Liraglutide) is a long-acting glucagon-like peptide-1 receptor agonist, that binds to the same receptors as does the endogenous metabolic hormone GLP-1 that stimulates insulin secretion. Which means that it help increase the natural production of insulin and is used in the treatment of those who have been diagnosed with type 2 diabetes.
The main determinant the insurance companies are going to be intersted in is…
How “well” is your diabetes being managed. This is why, 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:
- How old where you when you were first diagnosed with diabetes?
- How long have you been treating your diabetes?
- Is Victoza the only medication that your using to treat your diabetes?
- Do you have any other pre-existing medical conditions other than diabetes?
- 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 are your daily averages?
- 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, the insurance companies will generally have a pretty good idea about what types of life insurance policies you will and won’t be eligible for in addition to what “rate” class you’ll most likely qualify for.
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!
So… for all those folks out there who are saying to themselves…
“Thanks for the information, but I still don’t know what it’s going to cost to purchase a life insurance policy for me and my family!”
All you need to do now is visit our Whole Life Insurance Quotes page where you’ll have access to quotes from dozens of different life insurance companies. You’ll even be able to specify whether or not you’d only like to receive quotes from companies that won’t require you to take a medical exam!
And since we still have your attention…
It’s fair to say that most people who decide to purchase a life insurance policy do so that they can protect their loved one’s financial future in the event of their death.
But what happens if you get sick but don’t die?
Is your family’s financial future still protected? Probably not. Which is why we would encourage you to also take a look at the following articles which will discuss some other “types” of life insurance policies that can not only protect your family’s financial future, they could also significantly help our your own as well.