For many people, obtaining life insurance is a fairly simple task. It just requires the completion of an application for coverage, and possibly undergoing a paramedical exam in order to obtain more information by the life insurance underwriters. At that point, a decision can be made, and coverage can often be approved shortly after that.
But for those who have certain types of health issues such as diabetes, it may not always be quite that easy. This is because various health conditions present risk factors to the insurance company – and because of that, it can have an effect on how, and how much, life insurance coverage you are approved for.
Even if you are controlling your condition with medication, the prescription drug could also play a role in your life insurance application. This is because certain medications can have side effects that may also present risk for insurers. This is the case for those who take Glucophage for Type 2 diabetes.
While this may seem to present a difficult issue for some in terms of finding the coverage that you need, it isn’t – if you know where to look. By working with a company that can present your application to multiple different insurers, you can increase your odds exponentially for obtaining the protection that you are seeking.
What is Glucophage and How Does It Work?
Glucophage is an oral medication that is taken by those who have Type 2 diabetes for controlling blood sugar levels. It is also known by its generic name, Metformin, as well as by various brand names, including Riomet, Glumetza, Fortamet, and Glucophage XR.
Frequently, Glucophage is taken in conjunction with insulin or other types of medication. It is important to note that this medication is used only with Type 2 diabetics, and not with those who have Type 1 diabetes.
Getting Life Insurance While Taking Glucophage for Type 2 Diabetes
Due to an individual’s health condition when he or she has been diagnosed with Type 2 diabetes, it may be more difficult to obtain life insurance coverage. This may also be the case if the individual suffers from any side effects from the Glucophage medication.
Some of the more common of this medication’s side effects can include:
- Hoarseness or a cough
- Stomach / abdominal discomfort
- Decrease in appetite
- Chills or fever
- Lower back or side pain
- Cramping or muscle pain
- Difficulty or painful urination
- Fast or shallow breathing
- Overall feeling of discomfort
There may also be some less common side effects that include anxiety, blurred vision, and discomfort in the chest, confusion, depression, shakiness, seizures, shortness of breath, slurred speech, or even coma.
When applying for life insurance coverage when taking Glucophage, the underwriters will need to know some different additional criteria in order to get a clearer picture of the applicant’s overall health, as well as to understand how the individual is managing his or her diabetic condition – especially in conjunction with any medications that they are taking such as Glucophage.
What many people may not realize is that all life insurance companies do not underwrite their applicants for coverage in an identical fashion. This means that what may constitute an applicant for being declined or paying extra at one carrier could be considered as a Standard policyholder at another. This is why it is extremely important to apply for coverage with more than just one carrier – especially when you have an adverse health condition such as diabetes and are taking medications such as Glucophage.
What Information Will the Life Insurance Company Want to Know?
When considering an applicant for coverage who is taking Glucophage, there are some important pieces of information that the underwriters will need to know. First, just as with most life insurance companies, the applicant will typically be required to complete an application for coverage. This will ask for the basic information such as:
- State of Residence
- Contact Information
- Marital Status
- Smoking Status
- Alcohol Consumption
- Health and Health History
- Family Health History
- Medications Taking
- Hobbies and Habits (Specifically those that are considered to be more risky or dangerous such as skydiving, hang gliding, scuba diving, or rock climbing)
- Foreign Travel
- Amount of Any Other In-Force Life Insurance (if applicable)
An applicant who is applying for life insurance and who is also taking Glucophage for Type 2 diabetes will also typically be asked some additional questions with regard to the medication, as well as why they are taking this prescription drug. For instance, some of the questions you may be asked can include the following:
- When were you initially diagnosed with Type 2 diabetes?
- How long have you been taking Glucophage?
- What is your current dosage of Glucophage?
- Has the amount of your dosage changed over time?
- Do you take any other medications for your diabetic condition?
- Are you treating your diabetic condition in any other manner (such as through diet and / or exercise)?
In addition to the application for coverage, you will also likely be asked to undergo a paramedical exam. This exam consists of obtaining a heart and blood pressure reading, as well as giving a blood and urine sample. These samples are tested for various risk factors to the life insurance company.
You may also be asked for your permission for reviewing your medical records from your primary care physician, as well as from any medical specialist that you see. In this case, you may be asked to sign an attending physician’s statement.
Once all of the pertinent paperwork has been obtained by the life insurance underwriters, they can obtain a clearer picture of your overall health condition. At that time, a decision may be made regarding your coverage.
How Much Will Your Life Insurance Premium Be While Taking Glucophage?
For those who are taking Glucophage, the cost of diabetic life insurance coverage can depend on a number of different factors – and in many cases, this will have to do with how, and how well, your diabetic condition is being managed.
If you are in good health, and you are managing your diabetes well, then it may be possible to obtain life insurance coverage as a Standard policyholder. This means that you could pay the Standard premium rates that are paid by those who are considered to be average policyholders.
If, however, the life insurance underwriters feel that you present a higher amount of risk to the insurance company – yet not enough to decline you for coverage altogether – then it is possible that you could get a policy as a substandard policyholder. This means that you could get a policy but that you would pay a higher premium rate than the average, or Standard, policyholder.
How to Get the Best Life Insurance Quotes If You Take Glucophage?
If you take Glucophage and you are seeking life insurance coverage, it is important to know that not all life insurance carriers will underwrite policies in the same identical manner. For this reason, it may be best to work with a company or agency that has access to more than just one insurance carrier. That way, you will be able to compare coverage – and premium rates – of more than one carrier and in turn, to determine which will work the best for you and your specific needs.
When you are ready to move forward and begin comparing life insurance information, we can help. We can assist you in obtaining all of the pertinent details that you may need – and we can do so for you very quickly and easily. This can be done directly from your computer, and without having to meet in person with an insurance agent. If you are ready to move forward, all you need to do is fill out the form on this page.
Should you find that you have any additional questions as you go through the process, our experts are available to work with you in obtaining life insurance quotes, and in answering questions or concerns. We can also help you in comparing the various life insurance companies that are available in the marketplace today – as some may be better suited for certain applicants than others are. We can be reached via phone by calling, toll-free, 888-229-7522.
We understand that the purchase of life insurance coverage may be a bit overwhelming. This is especially the case for those who may have certain health conditions such as diabetes and take medications such as Glucophage. The good news is that you have an ally on your side who can guide you through the entire process and who knows which insurers may be able to better suit a certain applicant. So, contact us today – we’re here to help.