Applying for life insurance can be a long and tricky process. The insurance company is going to look at dozens and dozens of factors when they are determining how much they are going to charge you for insurance protection. They’re going to review everything from your job to your overall health. One of the biggest factors that they are going to consider is if you have any pre-existing condition.
When you have any type of adverse health condition, obtaining approval for life insurance can be difficult. There are some insurance carriers that will reject applicants if they feel that the individual presents too high of a risk for claim. This can often be the case for those who have diabetes.
Getting approval on life insurance for those who have Type 2 diabetes can depend on many factors. However, the good news is that, even if you have been declined for life insurance coverage in the past, we can help you to find the protection that you need at an affordable premium price. We work with many of the best life insurance carriers in the market today – and we can help you to find the coverage that’s right for you – even with Type 2 diabetes.
You may think that you can’t get affordable life insurance if you have type 2 diabetes, but that couldn’t be further from the truth. Regardless of your health, we can help you get affordable life insurance protection for you and your family. This article is going to look at the different ways that you can get life insurance if you have type 2 diabetes and ways that you can secure lower premiums.
Information that is Needed By the Life Insurance Underwriter
When applying for life insurance as a Type 2 diabetic, the underwriters will need to know more specific information about your health condition. This will help them to get a more clear picture of your overall health, as well as how you are managing your diabetes. Some of the condition specific questions that you will be asked are likely to include the following:
- When were you initially diagnosed with Type 2 diabetes?
- What are your average daily glucose / blood sugar level readings?
- What, if any, medications are you currently taking for your condition?
- Do you have any other health issues?
The underwriters will also be reviewing the information that you provided on the application for life insurance coverage. This data includes the specifics regarding your:
- Weight (in relation to your height)
- Marital status
- Smoking status (and / or tobacco usage)
- Alcohol consumption
- Occupation / income
- Overall health history
- Family health history
- Any dangerous or risky hobbies
- Foreign travel
In addition, you will likely be required to undergo a medical examination as a part of the overall life insurance application process. This exam typically will entail meeting with a paramedical professional (a paramed) who will take various readings such as heart rate and blood pressure. He or she will also discuss with you more in-depth information regarding your health history.
As a part of the medical exam, you will also be required to submit a blood and urine sample, These samples will be reviewed by the life insurance company for specific health conditions that could pose a threat of potential claim.
After all of your information has been received by the life insurance company’s underwriters, a more informed decision can be made regarding your application and coverage. In doing so, a premium cost for your policy can also be determined.
The insurance company is going to use all of this information to decide how much risk that you are to accept for life insurance coverage. The more risk that you are, the more that you’re going to pay for your protection. There are several ways that you can secure better rates for your life insurance plan. Quitting smoking and losing weight can save you thousands and thousands of dollars every year on your life insurance plan. In fact, if you’re a smoker, then you’re going to pay at least twice as much for your life insurance versus what a non-smoker would pay for the same sized plan.
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 of claim to the life insurance company, they are charged a lower than average premium rate for their coverage. It is not likely that someone who has Type 2 diabetes will be able to qualify for a Preferred life insurance policy rating.
- Standard – Policy holders who are Standard are considered to be of “average” health, height and weight. Because of this, they will pay an average amount of premium for their life insurance coverage, as they are expected to live for the “average” life expectancy for a person of their current age and gender. There are many Type 2 diabetics who may be able to qualify for a Standard policy classification, provided that they are otherwise in good health.
- Substandard – An individual who is considered to be in below average health – yet not in poor enough health to decline for life insurance coverage – will be considered a Substandard. These policy holders are considered to be a higher risk than those who are Standard, and will therefore be charged a higher amount of premium in order to compensate for the higher risk to the insurer. Those who have Type 2 diabetes may oftentimes be placed in the Substandard policy class.
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. Although the premiums for these plans will be higher, they can provide you with the option to obtain the coverage that you need.
Working with an Independent Insurance Agent
One of the best ways to ensure that you’re getting the lowest premiums is to work with an independent insurance agent. Every insurance company is different, and all of them are going to offer you different rates depending on their medical underwriting and rating systems. Some insurance companies are going to offer better rates for type 2 diabetics versus what other companies are going to give you. Finding the perfect company is the difference in getting a cheap policy or getting one that breaks your bank every month.
Instead of wasting hours and hours calling different insurance, let one of our independent insurance brokers do all of the hard work for you. Unlike a traditional insurance agent, our independent agents work with dozens and dozens of highly rated companies across the nation. Working with one of our agents can save you both time and money on your life insurance search.
How to Purchase the Coverage That You Need
When you are ready to take the next step and purchase the life insurance coverage that you need, we are here to help. We can help you to compare the policies and the premiums of many of the top rated insurance carriers – and we have years of experience in securing the best policies for diabetics so we know which carriers will treat you the most favorably. When you’re ready to get the process started, all you need to do is just fill in the form on this page.
If you have any questions at all about how to obtain life insurance for Type 2 diabetics, how to compare premium quotes, or even about life insurance in general, please feel free to contact us directly, toll-free, at 888-229-7522. We understand that the purchase of life insurance can be a big decision, and we want to ensure that you have all of the pertinent information that you need before moving forward with this important step.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get any longer to get the life insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with a massive amount of debt and other final expenses. Losing someone that you love is never going to be easy, but being left with a massive amount of debt is going to make the whole situation that much worse.