Last Updated on July 18, 2021
It’s no news that purchasing life insurance can be difficult for people who have pre-existing medical conditions, like diabetes, but did you know that the prescriptions you use to manage your condition might influence whether or not you’re approved for the purchase of a life insurance policy too?
It’s true; medicines commonly prescribed to treat your diabetes may influence premium quotes as well as eligibility.
Let’s take a look at one of them.
What is Welchol?
When diet, exercise, and lifestyle modification alone aren’t enough to manage your diabetes, your doctor may prescribe medication intended to help better regulate your glucose levels. These prescribed medications can also be an attempt to remedy secondary health conditions that you’ve developed as a result of diabetes complications. Welchol, generically known as Colesevelam HCL, is often prescribed to lower LDL cholesterol and to help lower a diabetic’s A1C level. Used alone or in combination with other medications, Welchol serves as an effective way to help treat type 2 diabetes.
How Does Welchol Affect Your Consideration for Life Insurance?
If you are taking prescriptions medications like Welchol to manage your diabetes, the underwriters considering your approval for life insurance will often ask for more in depth information regarding your health status. You will be asked to complete a physical where you will provide urine and blood samples that will be used to assess how well your treatment is controlling your diabetes. If you are in primarily good health aside from your diabetes, you are likely to be approved for a policy.
Generally, your efforts to obtain treatment and maintain a general good health standing is considered in producing a quote. You may have to undergo a more detailed screening process, as the use of prescription medications are often seen as a suggestion that additional health conditions may be present. This could lead underwriters to proceed with caution in considering your application. As with any medication, there are side effects that have the potential to pose a risk to your health – this will be considered by the underwriters.
Tips for Purchasing Life Insurance with Diabetes
If all goes well, the underwriters will approve your application to obtain a life insurance policy and provide you a premium quote. However, in the event that your application is denied because your health status is deemed to be too much of a claims liability to the insurance company, you have the option to obtain a life insurance policy that does not require a physical health exam, known as a no medical exam life insurance policy.
While premiums for no medical exam policies tend to be higher, securing life insurance for financial security is a smart choice for people living with type II diabetes that find themselves in poor health. The peace of mind that accompanies knowing that your loved ones will be cared for in the event of your passing often far exceeds the burden of a monthly premium. Applying before your health begins to deteriorate as you age is most recommended if you wish to be approved for the best possible policies.