When applying for life insurance coverage, it is not always easy for some people to just simply fill out an application and wait to be approved. This could be due to either having a certain health-related issue, or it could be due to taking a certain type of medication.
If this is the case, unfortunately applying for coverage through one single insurer is not necessarily the best way to go. This is because you will be locked into that insurance carrier’s underwriting standards, as well as to their rates.
Oftentimes, a better way to go when an applicant has health concerns or is taking medication is to apply through a company that has access to multiple carriers. That way, it can help to widen their choices a great deal. This can be the case for those who are seeking life insurance while taking Belviq.
What is Belviq and How Does It Work?
Belviq is a drug that can help people to lose weight. In certain instances, it has helped individuals in losing 5 percent of their total body weight or more – and keep it off. This is typically done in conjunction with proper diet and exercise.
This particular drug can also help patients to improve certain other health risk factors, including high blood sugar, high blood pressure, and high cholesterol levels. Prior to receiving its approval from the FDA, Belviq was tested in two major clinical studies – each consisting of more than 3,000 participants. In both such studies, nearly half of the participants lost 5 percent of more of their body weight while taking this medication after one year of treatment when compared to individuals who used only diet and exercise.
Are You Able to Qualify for Life Insurance Coverage While Taking Belviq for Weight Loss?
Because Belviq can cause certain side effects to those who take it, there could be certain risk factors when taking this medication – and because of that, there could also be issues when applying for life insurance coverage. This is because it could in turn also essentially raise an applicant’s risk in the eyes of the insurance company.
Some of the potentially serious risk factors that are involved when taking Belviq include:
- Heart valve disease
- Changes in attention and / or memory
- Mental issues such as hallucinations
- Depression or suicidal thoughts
- Low blood sugar
- Slow heartbeat
- Decrease in blood count
- Increase in prolactin
Some of the more common side effects of taking Belviq include issues such as dizziness, headache, fatigue, dry mouth, nausea, and constipation. For those who have diabetes and who are also taking this medication, additional common side effects may also include low blood sugar, back pain, and / or cough. If you need help with diabetes life insurance, we can help.
In addition to being aware of the side effects of taking this medication, it is also important for individuals to be aware of potentially serious issues of taking it while taking certain other drugs, as the interactions may be harmful.
Overall, however, provided that you are in good health, it is possible to obtain life insurance coverage while taking Belviq. There is certain information that the life insurance company will need to know about you prior to moving forward with accepting an application for coverage.
What Will the Life Insurance Company Want to Know About You?
When an individual is applying for life insurance, it is typically necessary to fill out an application for coverage. This generally asks for personal information about the individual, as well as for details about health, health history, and other pertinent facts that will give the insurance carrier a clearer picture of how much risk the insurer may be taking on.
The information that you will usually be required to provide on a life insurance application for coverage includes the following:
- Contact Information
- State of Residence
- Height and Weight (Weight as it relates to height)
- Marital Status
- Occupation and Income
- Health, Health History, and Family History
- Medications Taken
- Hobbies (Particularly any hobbies that are considered to be dangerous or risky such as skydiving or rock climbing)
- Foreign Travel
- Other Amount(s) of Life Insurance In-Force
No matter if you take Belviq or not, applying for most life insurance policies is going to trigger the second step of the process which is a medical exam. The carrier will have a nurse contact you and set up a time for your tests to be completed and your samples to be collected. It’s not a lengthy exam, usually only lasting about 30 minutes or so.
It is likely that you will also be required to undergo a paramedical exam as a part of the overall life insurance underwriting process. This typically requires you to meet with a paramedical professional. This individual will oftentimes meet with you at your home or place of employment. The exam will usually only take about 30 minutes in total.
These samples will be used to test for certain types of risk factors – and if it is found that you have a certain health condition, it could change your chances of getting a life insurance policy. Alternatively, it could mean that your application just needs further review.
In some cases – especially for those who are taking Belviq and who have lost a significant about of weight over just a short period of time – it may also be necessary for the carrier to get access to your medical history and information from specialists that you go to.
After all of your application and medical related information has been reviewed, the life insurance underwriters have a better picture of the risk you present to the company and they’ll also determine what your final quoted premium will be.
A good example would be after your weight loss you may qualify under a better health rating. People who obese and looking for life insurance will pay much higher rates than someone who qualifies under standard or premium rates.
What Will Your Life Insurance Policy Cost When You Are Taking Belviq?
The cost of your life insurance while taking Belviq can vary, depending on several different factors. These will typically have more to do with your overall health condition than it does with the fact that you take this particular medication.
Upon reviewing your application and other information, if the underwriters find that you are of average health, you could receive the Standard policyholder rating. This means that you will be charged a Standard – or average – rate for your coverage. This is the rate that is charged for others who are considered to be of average health in your age and gender category.
If, however, it is determined that you may present more risk to the insurer due to certain health issues – but not enough risk to decline the coverage altogether – then you could be classified as a Substandard policyholder. In this case, you will still be offered coverage, but at a higher than average premium rate.
Where to Find the Best Life Insurance Quotes While You Are Taking Belviq
When looking for life insurance quotes while taking Belviq, it is typically best to work with an agency or a company that can shop your information to multiple life insurance carriers. This is because you will be able to compare numerous policies, benefits, and quotes – and from there you can determine which will be the best coverage and cost for you.
What many people don’t realize is that while all insurance companies may require some application process for obtaining life insurance coverage, not all of these carriers will underwrite their applicants in the very same manner. Therefore, what may constitute someone as being a substandard policyholder – or even being declined – at one insurance carrier, could deem them as being approved as a Standard policyholder at another.
If you’re looking for life insurance while taking Belviq, and looking to get started hear out our pitch. As agents who work for an independent agency we are thankful for having contracts with multiple carriers. This helps us reach out to many new clients but also help clients have a special situation. We’ve learned what carriers work best with certain health conditions and those that work best for people who are extremely healthy.
We will provide you quotes in a prompt manner and we can help you without you having to leave your house! We look forward to getting you in a policy that benefits you, and your family. You can contact us at 888-229-7522.