When you’re diagnosed with a serious health complication, like diabetes, it’s going to change a lot of parts of your life. Diabetes can change the way you live your day-to-day life. It’s going to (hopefully) change your diet, exercise, and even your work.
When people are diagnosed with health problems, a lot of people tend to start thinking about the future. When anyone receives news like this, they start thinking about possible situations and how they can protect their future.
Life insurance will protect your family and those you love by giving them enough money to get through the emotional situation of losing you. Having a family member you love passing away
Getting life insurance with type 2 diabetes can present a few more challenges. It’s not as simple as answer a few questions and then being accepted. You need to do some groundwork before you buy a plan. Doing a little homework before you start buying plans can save you time and money.
Information that is Needed By the Life Insurance Underwriter
If you know what they are going to ask beforehand, you can have all of the information you need. Having everything together can make it quicker and smoother.
- What is the diagnosis date?
- What are your average daily glucose/blood sugar level readings?
- What prescriptions do you take?
- Do you have any other health issues?
- Weight (in relation to your height)
- Marital status
- Smoking status (and/or tobacco usage)
- Alcohol consumption
- Health history
- Family history
- Any dangerous or risky hobbies
- Foreign travel
These are some of the questions you’ll face. When you go through the health question portion, you’re going to be on the phone for a while.
After you’ve answered all those questions, you’re going to go to the next part of the application, the dreaded medical exam. A nurse is going to come out to your home or office and do some simple medical exam test.
What does this mean? It means you’re going to get your blood pressure taken, your weigh taken, they are going to measure your height, and they are also going to take some blood and urine samples.
Once they’ve asked all the questions and gotten all the samples, then everything is going to the underwriters. They will take all this information and decide if they will accept you for insurance and how much they are going to charge you.
Does Life Insurance for Type 2 Diabetics Cost More?
The premium that you will pay for life insurance will depend on a variety of different factors. While life insurance for Type 2 diabetics may cost more than a comparable policy for someone who is in optimal health, coverage is typically more affordable than for someone who has Type 1 diabetes.
Ultimately, however, the premium will be dependent on how you are rated by the life insurance company’s underwriters. While all insurance companies will rate their applicants somewhat differently, these companies will typically have similar broad rating classifications. These include the following:
- Preferred – Those who qualify for a Preferred policy classification are considered to be in excellent health. These individuals will typically also have an excellent family health history as well. Because those in the Preferred category pose a lower risk, they are charged a lower than average premium rate for their coverage. People with type 2 diabetes probably won’t be accepted as a preferred applicant.
- Standard – This is a common rating for applicants with type 2. These are people who are in decent health, aside from the type 2 diabetes. The premiums aren’t the cheapest, but they aren’t sky high either.
- Substandard – An individual who is considered to be in below average health, but not bad enough to be rejected. The rates are going to be the worst you can get, but in most cases, are still affordable.
If your policy does not qualify even for a Substandard classification, there are other options, such as a no medical exam policy, or a guaranteed issue policy. These have easier qualifications, but several downsides. You aren’t able to buy as much insurance and it’s more expensive.
Working with an Independent Insurance Agent
The key to finding affordable insurance for those with type 2 is to locate a qualified company. Not every company accepts applicants with diabetes. You need a carrier who will not only offer you coverage but one who will give you an affordable policy.
Because there are hundreds of companies, you could spend hours on the phone waiting on hold. Don’t torture yourself listening to the terrible music, let us do the work for you.
As independent agents, we can be personal insurance shoppers. We will do the comparing and quote pulling for you. We will save you from having to talk to dozens of pushy agents.
How to Purchase the Coverage That You Need
Wondering what your next steps should be? We recommend calling one of our independent agents.
We will answer any questions you have, and bring you the plans to meet all of your insurance needs. Working with a single agent saves you the frustrating of calling around and trying to compare the plans. We help you put all the plans side-by-side.