When diabetics make an application for life insurance, they may wonder if their prescriptions will have an effect on being approved. The good news is, life insurance companies have affordable ways to offer life insurance while taking Humalog, or other insulin-related products.
Diabetics who take Humalog may have fewer choices of the number of insurance companies who accept an application for top rates. However, we understand the insurance market well. Our knowledgeable agents will know which insurance providers will accept applicants who take Humalog with less hassle.
Having an expert, like us, on your side means you will save time and money.
Getting Approved For Life Insurance While Taking Humalog
According to the American Diabetes Association, just over 29 million Americans had diabetes in 2012. This equates to 9.3% of the population. Of this population, just over one million American children and adults have Type 1 diabetes.
Diabetes was the seventh leading cause of death in the United States in 2010. Seniors age 65 and older have a higher prevalence of diabetes at 25.9%. Certain ethnic groups also have a higher than normal rate of diabetes. Hispanics, non-Hispanic blacks, Native American Indians, Alaskan Natives, Filipinos, Asian Indians, Puerto Ricans, and Mexican Americans have the highest rates of diabetes, respectively.
Diabetes can lead to other health conditions or exacerbate the symptoms of other illnesses. Here are some common illnesses often occurring alongside diabetes:
- Cardiovascular Disease
- Heart Attack
- Blindness or Dye Disease
- Kidney Disease
- Limb Amputations
Our bodies receive energy when they break down sugars and starches into a simple sugar called glucose. Insulin is a hormone our bodies produce to get glucose from the bloodstream and pump it into our cells to provide us with energy. When someone’s body does not produce adequate amounts of insulin or the body does not use insulin properly, blood glucose levels rise higher than normal. This condition is called hyperglycemia.
In Type 1 diabetes, the body doesn’t produce insulin. Type 1 diabetes is also referred to as juvenile diabetes because it is usually diagnosed in children and young adults. Young people are affected by diabetes at a rate of 5%.
Type 2 diabetes is the most common form of diabetes. In this type of diabetes, the body produces insulin but does not use it properly. Initially, the pancreas makes extra insulin to compensate for it, but over time, the pancreas cannot produce enough insulin to regulate glucose at normal levels.
Signs of diabetes are often silent unless you consider them together. Here are the top 10 indications of the onset of diabetes:
- Excessive thirst
- Excessive hunger
- Blurry vision
- Frequent urination
- Feeling irritable
- Wounds don’t heal or heal slowly
- Weight loss
- Skin problems
- Yeast infections
Children, young adults, adults, and seniors can successfully manage diabetes by making changes in their diets, getting exercise, and maintaining a healthy weight. Physicians may prescribe Humalog or another prescription medication to keep glucose levels in the individual’s target range.
Life insurance companies are aware people with diabetes can successfully manage their diabetes and prevent related health problems. Insurance professionals will consider whether the applicant is taking Humalog of other medications for diabetes, along with other questions related to the applicant’s health and lifestyle when making a final decision about offering a life insurance policy.
What to Expect During the Application Process
Humalog is considered to be a fast insulin which can cover most meals. It works quickly and mirrors a long-lasting insulin, offering most individuals more flexibility and control over their diets.
Insurance applicants will be assigned a rating for their premium which is reflected by their general health and lifestyle. By keeping diabetes under control and maintaining a healthy, active lifestyle, you can expect to pay lower rates for life insurance. Your proper use of Humalog, as prescribed by your doctor, is a serious factor.
During your insurance application, you can expect to be asked questions like the following:
- When were you diagnosed with diabetes?
- Are you taking any medications (other than Humalog)? If so, name the medicine and dosage.
- Are you under the regular care of a physician?
- Can you manage your diabetes with diet and exercise?
- How often do you check your glucose levels?
- Does your family have a history of diabetes?
- How often do you exercise?
- What kind of exercise do you do?
- Do you have any other diabetes-related health issues?
- Have you had any major weight fluctuations?
Possible Impact of Premiums with Taking Humalog
Life insurance companies will consider your age, gender, weight, health history, and overall health when making their decision to accept your application and issue you a life insurance policy. Their underwriting department will assign you a premium based on how strong of a risk you present.
In general, diabetics will pay more for life insurance than other individuals with health-related issues due to the high rate of mortality for diabetics. Individuals with Type 2 diabetes are likely to get more favorable rates than individuals with Type 1 diabetes.
The key to getting the best life insurance rates for diabetics is staying healthy, keeping active, and monitoring glucose levels.
Finding the Best Life Insurance Policy
Some insurance carriers will not approve policies for individuals living with diabetes at normal rates. The developments in successful treatments for Type 1 and Type 2 diabetes are opening up the market for life insurance for diabetics, so there are now more choices available than you may think.
We will be able to steer you towards insurance providers who are more likely to approve your application and offer you the best rates.
Diabetics can usually qualify for term life or permanent life insurance policies. Term life insurance policies can be secured in increments of 10, 20, 30 years or longer. These policies do not accrue any cash value. Permanent life insurance policies such as universal life and whole life insurance last a lifetime and accumulate cash value in addition to the policy limit.
Diabetics who are in poor health can still qualify for a life insurance policy with no medical exam, few health questions, and even a guaranteed approval.
What to Do Next
It’s never too late to begin taking care of your health.
Insurance companies will take into consideration when you took steps to change to a healthier lifestyle. Starting now is better than not starting at all. The best thing you can do is to be honest about your health on your life insurance application and let our professional agents guide you to your perfect life insurance policy.
Contact us today for a free, customized quote.