Life insurance is a necessary part of most people’s financial plans. Coverage can often be obtained by going through the process of completing the application and underwriting process. But, for those who have certain health conditions such as diabetes, this process could be more challenging – even if you take medications such as Invokana to help in controlling your blood sugar levels.
The good news is that there are certain life insurance carriers that are more apt to underwrite those who have diabetes. So, by working with an agency or company that knows which direction to go, you can save a tremendous amount of time throughout the application process.
How Taking Invokana Can Have an Effect on Your Life Insurance Application for Coverage
Invokana is a prescription medication that is used with those who have type 2 diabetes. When used along with proper diet and exercise, Invokana can help to lower a person’s A1C levels – in many instances, significantly. This medication is taken as a pill, one time daily. The medication works in conjunction with the individual’s kidneys in order to help in losing some sugar via the process of urination.
While Invokana can be helpful for those who have type 2 diabetes, it can also have an effect on a person’s life insurance application. This is because it may cause certain side effects. These may include:
- Dehydration (due to the loss of salt and body water)
- Kidney issues
- Higher risk of bone fractures
- Urinary tract infections
- High potassium levels in the blood
- Increase in cholesterol
Because of this, the life insurance underwriters will need to know more in-depth information about an individual, and the medication, when they are taking Invokana.
What the Life Insurance Underwriters Will Want to Know About You If You Take Invokana
When applying for life insurance as a diabetic, it is required that individuals fill out a standard application. This application will ask for basic information and some simple health questions. However, since you have type 2 diabetes there are often more in-depth questions that will be ask such as:
- When did your doctor initially prescribe you with Invokana?
- What was the dosage amount of Invokana that you were initially prescribed with?
- Has the amount of your Invokana changed over time? (If so, has the amount increased or decreased?)
- How, and how well, is the Invokana helping to manage your type 2 diabetes?
- Are there any side effects from the medication? If so, explain?
- What are you doing to manage the diabetes?
- Current blood sugar levels?
- Recent A1C readings?
- Have you had any recent testing performed over the past six months?
- Have you been hospitalized over the past 12 months due to your diabetic condition?
You will likely be required to take a medical examination prior to your application for coverage being approved. This typically entails meeting with a paramedical professional either in your home or another convenient location. The exam lasts for approximately 30 minutes. The paramed takes BP readings, and has you give them a urine and blood sample.
There are no medical exam policies available for diabetics, but you should try to get the medically underwritten policy done first to see if you can qualify for less expensive premiums.
Due to your type 2 diabetes and the taking of Invokana, it is likely that the insurance company may also want to review your medical records from your primary care physician and/or from any specialist that you see.
Upon receipt of all of your application paperwork and medical information, the life insurance underwriters will be able to make a much more accurate determination of your overall health condition – and in turn, can then make a coverage decision, as well as an appropriate premium price for the policy.
How Much Will Your Life Insurance Cost?
The premium cost of your coverage will depend in large part on the type and amount of insurance that you choose. Your age and gender are also highly considered. The underwriters will also then consider your overall health condition – adding in how, and how well, your taking of Invokana may be managing your type 2 diabetes.
If it seems that, other than your diabetes, your overall health is good, you may be able to obtain a Standard policy rating. However, if your health appears to be below that of the average policyholder, you will likely be rated as a Substandard policyholder, and likewise given a higher premium rate.
Should your medically underwritten application for coverage be declined, you may still have options. For instance, you could still apply via a no medical exam policy. With a no medical exam life insurance plan, because there is no medical examination required, those who have certain types of health conditions may be able to qualify. And, while the premium for this coverage is typically more expensive, it could provide you with access to the life insurance protection that you need.
Where to Get Quotes on Life Insurance for People Taking Invokana
When seeking life insurance for people taking Invokana, it is typically best to do so through a company or an agency that has access to more than just one insurance carrier. Doing so can allow you to save a great deal of time during the application process, as it can help you to apply with the right insurer first.
We believe our agents are the right people to help. They’re independent agents who will work for you and not the insurance company. Send us some information by completing the form on the left, or to get immediate help reach out to us by calling 888-229-7522.