Life insurance can be an essential component for your overall financial planning needs. This is because the proceeds from a life insurance policy can be used for any number of things by your loved ones and survivors.
For instance, these funds can provide the financial source that is needed for your survivors to go on paying their day to day living expenses. Policy proceeds can also be used for paying off large debts, and / or for ensuring that all of an insured’s funeral and final expenses are taken care of.
Getting the life insurance that you need, however, may not always be an easy task. This is particularly the case if you have certain health issues like diabetes. Because life insurance is underwritten based on anticipated life expectancy, those who have, serious conditions can often be seen as a higher risk to the insurance carrier.
Can You Qualify for Life Insurance with Diabetes?
While it can be more of a challenge, the good news is that you can still qualify for life insurance if you have diabetes. Doing so, however, may take the assistance of an independent life insurance brokerage that has access to many insurance companies and that can work with you in determining which may offer the best coverage and premium rate for you.
There are a number of different factors that a life insurance company will review to determine whether or not you qualify for coverage – and if so, what the appropriate amount of premium will be.
However, if you have diabetes, the underwriters at the life insurance company will look at your condition related factors, as well as your health condition overall. And, if you are otherwise in very good health, it is possible that you may qualify for a Standard premium rating on a traditional, medically underwritten life insurance policy.
This means that you would be charged a premium amount that is in line with other policyholders who are considered to be in “average” health, and who are also your same gender and age.
If, however, the underwriters see your condition as posing more of a risk, then they may either decline the application for coverage or approve it on a Sub-standard level. This means that you may be required to pay more for your life insurance policy.
Generally, the premium that is charged for those who have Type 2 diabetes will be more affordable than for those who have Type 1. This, however, will depend in large part on how well your condition is being controlled and managed, as well as on your age at the onset of your diabetes. This is because often, those who have contracted this health condition when they are older can often get lower life insurance rates than those who have had diabetes for many years.
Maybe you’re concerned because you have another health condition. Perhaps you are searching for life insurance after having a stroke. Our professionals can answer your questions and get you the coverage you deserve.
How Can Blood Sugar Affect the Cost of Your Life Insurance Coverage?
If you have Type 1 or Type 2 diabetes, you may find that your glucose, or blood sugar, levels can have an effect on the amount of premium that you are charged for your life insurance coverage. While having diabetes will usually cause the insurance company’s underwriters to take a look at some issues, often your blood sugar level will be one of the most important.
One reason for this is because your blood sugar level can indicate to the insurance carrier how – and how well – you may be managing and controlling your health condition. Therefore, there are likely several questions that you will be asked regarding your diabetes and your blood sugar in addition to those that are on the basic application for coverage.
What Will the Life Insurance Underwriters Want to Know?
In addition to basic information such as your birth date, gender, height, weight, and smoking status, there are likely to be some additional questions that the underwriters will ask you if you are applying for life insurance with diabetes. These may include some or all of the following:
- When were you initially diagnosed with diabetes?
- Which type of diabetes do you have (Type 1 or Type 2)?
- Does diabetes run in your family? (And if so, which of your relatives has also been diagnosed with this condition?)
- Are you currently taking insulin for your diabetes – and if so, what is the amount that you currently take, and has your dosage changed over time?
- In what other ways are you working to manage and / or control your diabetes (i.e., such as through diet and / or exercise)?
- What is your control factor or A1C level?
- What was your last blood glucose level?
- Do you have any other serious health conditions?
It is also likely that you will be required to undergo a medical examination to be considered for a traditional life insurance policy. This exam will take place either in your home, or in another convenient location, and it will take approximately 30 minutes to complete.
The paramedical professional (or “paramed”) who conducts the medical exam will usually ask you for some additional health-related information. They will also take a heart rate and a blood pressure reading from you, and a blood and urine sample. These samples will be tested by the insurance company for various risk factors. Do no worry though, if you feel your health will not allow you to qualify for a medically underwritten life insurance policy, there are other options out there that we can explore, such as a no medical exam life insurance policy.
In some cases, it may also be necessary for the insurance underwriters to review a copy of your medical records. The underwriters may request these from your primary care doctor and / or from a medical specialist that you see for your diabetes – or possibly even from both.
Once all of your information has been received by the insurance company, the underwriters will be in a better position to make a decision about your life insurance coverage, as well as on how much to be charged for the premium.
What If Your Application for Coverage is Declined?
If your application for medically underwritten life insurance coverage happens to be declined, do not panic. This does not mean that you will have to go without any life insurance coverage at all. In fact, even those who have serious health-related issues can still obtain a life insurance policy by applying for guaranteed issue coverage.
As the name implies, a guaranteed issue life insurance policy is one in which you cannot be turned down, even if you have an adverse health condition. And, while the premium that is charged for this type of coverage will oftentimes be more than that of a comparable traditional life insurance policy, it can provide you with the protection and the peace of mind that you deserve.
Guaranteed issue life insurance policies are usually a type of permanent protection that is known as whole life. Because of that, the amount of the death benefit, as well as the premium cost, will often be guaranteed.
Where to Find the Best Rates on Life Insurance with High Blood Sugar
If you are experiencing issues with your blood sugar levels and you are in need of life insurance coverage, we can help. We work in conjunction with many of the top life insurance carriers in the industry today, and we can assist you with getting all of the details that you need for finding the best policy and premium rate.
We can do so for you quickly and conveniently – and without having to meet with a life insurance agent in person. If you are ready to move forward and see the options for protection that are available to you, then just take a few moments to fill out the quote form on this page.
If you discover that you still have any additional, more in-depth questions or concerns regarding life insurance coverage for those with diabetes or issues with blood sugar levels, or even if you just have a question about life insurance in general, please feel free to call us directly. Our experts can be reached via phone, toll-free, at 888-229-7522.
We understand that the purchase of life insurance when you have varying blood sugar levels can at first seem a bit challenging. There are many different ways in which an insurance company may underwrite the policy – which in turn, can have an impact on the premium that you’re charged. But, we can help you to narrow down the carriers and the coverage that is right for you and your specific requirements. So, contact us today – we’re here to help.