Are you wondering if applying for life insurance while taking Metformin may complicate the process, increase your rates, or even block your access to life insurance?
Metformin is one of hundreds of prescription medications we see on applications regularly. Because diabetes is a growing concern in America, the rise has directly resulted in greater medication use, and Metformin is atop the list.
If you have diabetes, namely Type 2, you need to understand not only how your particular health concern affects your rating, but also what prescriptions do, as well.
We can help.
EASY APPROVALS FOR LIFE INSURANCE WHILE TAKING METFORMIN
For over 20 years, Metformin has been helping people with diabetes to manage their symptoms and improve their quality of life.
Here’s How Metformin Works
The active ingredient in Metformin, hydrochloride (hcl), helps the person’s body better accept and use the insulin their body is creating.
By helping a person’s blood react normally to the levels of insulin being produced, Metformin helps to ensure that people’s blood sugar can stay more consistent.
In addition to treating Type 2 Diabetes, Metformin is sometimes used to treat PCOS, or Polycystic Ovary Syndrome, especially in women with a glucose-intolerance. Likewise, it is used to treat and manage gestational diabetes.
Potential side effects of Metformin include gastrointestinal issues commonly associated with medications, like nausea, heartburn, flatulence, diarrhea, stomach pain, and irritation.
While less likely than the symptoms mentioned above, Metformin can lead to dizziness, chills, physical weakness, and hypoglycemia.
Overall, Metformin has been found to improve the lives of people suffering from Type 2 diabetes and prevent them from having to take insulin injections.
Other Names For Metformin
Metformin is the INN, USAN, and BAN name for this diabetic drug, but it may also go by several other names.
You may not know Metformin by its true name, but here are some others you might recognize:
There may be other generic or brand names for Metformin, but these are the most popular ones you will see.
Why Metformin Affects Life Insurance
Taking the drug means you’re working to control or moderate your diabetes, and diabetes is a serious condition for life insurance underwriters.
How much diabetes impacts your access to affordable life insurance depends on the extent of your diabetes, the medications you take to treat it and any other conditions, and your overall health.
Adverse health conditions equate to liability for insurance companies, which can result in higher premiums for you or limited access to adequate coverage.
In addition, someone who takes Metformin may also be taking another prescription, like insulin, to help control high blood glucose.
The combination, over a long period of time, can be harmful to the body, especially the kidneys.
Any time a person requires a long-term medication, like Metformin, there are potential health drawbacks.
During the underwriting process, the insurance company will be focused on finding out what condition your health is in and how you are managing your illness.
How Metformin Affects Your Approval Rating
To get a better idea, here is what the life insurance company needs to know:
- How long have you been on Metformin?
- What is your current dosage and frequency of the medication?
- When is the last time you had to change the dosage or frequency?
- What symptoms are you experiencing while taking Metformin? (polyuria, polydipsia, polyphagia, etc.)
- Are you taking insulin, as well?
- How stable is your diabetes, and how long have you been stable for?
- Have you taken any other prescription besides Metformin for your diabetes?
- These are just a few examples of what questions will be asked to help provide a clear picture of stability and control.
Stability and control of diabetes are the number one factors affecting your premiums, period.
Along those lines, there are some specific factors associated with your diabetes which will affect the premium rates you receive.
Let’s take a look at a few of the main aspects of diabetes that determine the cost of coverage:
- Which type of diabetes you have: If you have Type 2 diabetes, the type Metformin is commonly used to treat, you should have an easier time finding coverage because Type 1 diabetics are more susceptible to life-threatening complications.
- Your Metformin dosage: How much Metformin your doctor has prescribed you and how often you take it paint a picture of how severe your Type 2 diabetes is.
- Your weight: Whether you have diabetes or not, your weight is a major determinant for your insurance premiums as obesity is linked to dangerous cardiovascular conditions which increase liability.
- Length of your condition: Generally speaking, the younger you were when diagnosed with Type 2 diabetes, the higher your rates will be as you are at an increased risk of complications over time.
- Your glucose levels: The best way to show the management of your condition over time is your glucose readings. If they fall into a stable range as determined by your insurance company, your chances of making a higher rate class improve.
Life insurance is determined by your age, health, family history, and conditions like diabetes.
While there are slight variations from company to company, premium rates for life insurance coverage fall into fairly similar categories across the board, ranging from Preferred Plus to Standard to Sub-Standard.
The outcome of your life insurance company’s inquiries will be determined by some of the variables mentioned above.
Your pre-existing conditions, diabetes, weight, blood pressure, and other factors, paired with your dosage of Metformin and other medications, will dictate what rating class you fall into.
Assuming your diabetes is under control and there are no other health factors or pre-existing conditions to consider, you can receive as high as a Standard rating from several different life insurance companies.
The key, once again, is demonstrating stability and control of your condition.
A few insurers may only go as high as Sub-Standard Table 2, but we’ll help you to navigate away from them.
If you’re not under control, you’re having problems with your weight, or have other significant health conditions which would otherwise be a concern, expect no better than a Sub-Standard rating, meaning you’ll pay more.
In some cases, if control is not prevalent, or the dosage and frequency with which you take Metformin are very high, you could be declined.
What We Can Do For You
Finding life insurance coverage with diabetes can be challenging in and of itself. And getting insured with reasonable rates might seem impossible.
Getting the right life insurance with Type 2 diabetes involves exploring more that one or two insurance providers.
That’s where we come in.
We’re independent, meaning we don’t work for just one life insurance company. In fact, we can work with whichever life insurance company is the best fit to you and your situation.
We have worked with many, many people to find affordable life insurance with diabetes, and we can help you, too.
We highly recommend you avoid using your property & casualty agent, the person who helps you with your car insurance or homeowner’s insurance. While they may have your best interests at heart, they don’t know the complexity of the concern.
Many agents might be able to get you insured, but we get you the best life insurance rates, period.