The carrier is not required to issue a converted policy if at the time of application the applicant:
(1) (a) has coverage under other disability insurance policies, health service corporation contracts, or self-insured health benefit plans providing similar benefits;
(b) is eligible for coverage under a group policy or contract providing similar benefits;
(c) is provided with similar benefits required by any statute; or
(d) is covered under any national, state, or governmental plan; and
(2) has coverage under subsection (1) that, together with the converted policy, would result in overinsurance according to the carrier's underwriting standards.