Having life insurance coverage can be one of the very best gifts that you can give to your loved ones. That is because the proceeds that are received from life insurance can be used for continuing to pay living expenses, paying off large debts such as a home mortgage, and even for paying the funeral and final expenses of the insured.
Qualifying for the life insurance policy that you need, however, may not always be easy. This is especially the case if you have various health conditions such as diabetes that may be looked upon by the underwriters as being a higher risk.
Will You Qualify for Life Insurance with Adult Onset Diabetes?
While it may seem like a challenge, the truth is that many people who have adult onset diabetes can get life insurance. And often, they will qualify for a traditional, medically underwritten life insurance policy.
However, in doing so, it may take working in conjunction with a life insurance specialist that has access to multiple life insurance carriers, and who can find the best coverage, insurance company, and premium price for you and your specific needs.
How Diabetes Can Affect Your Life Insurance Application
Because one of the key factors in a person’s approval for life insurance relates to health and life expectancy, the underwriters at a life insurance company will typically want to know more details about your condition. That way, they can make the best decision possible regarding your coverage, as well as the potential risk that an applicant poses to the insurance carrier regarding possibly have to pay out a claim. This is typically the case when you have adult onset diabetes.
Diabetes can affect the way in which your body processes glucose – which is a kind of sugar that is located in the blood. When diabetes initially comes on, your pancreas will manufacture additional insulin to get the glucose into the cells. However, over time, it will have difficulty in keeping up, and in turn, sugar will build up in your bloodstream.
There are two types of diabetes. With Type 1, the body does not produce insulin – a hormone in the body that is required for getting glucose from the bloodstream into the body’s cells. Type 1 diabetes is typically diagnosed in children and young adults. Because of this, Type 1 diabetes may also be referred to as juvenile diabetes.
Type 2 diabetes is usually diagnosed in adults. In fact, the majority of those who have diabetes have Type 2. There are several things that may cause Type 2 diabetes, such as:
- Being overweight
- Metabolic syndrome
- Broken or damaged beta cells
- Poor communication between cells
- Too much glucose in the liver
There are a variety of symptoms that may be present if someone has Type 2 diabetes. These can include some or all of the following:
- Excessive thirst
- Wounds that do not heal
- Numbness and / or tingling in the feet and hands
- Blurred vision
- Frequent urination
While there are several ways that diabetes may be managed or controlled – such as proper diet and exercise, as well as medication – if this condition goes untreated, it can cause some much more serious effects. These can include:
- Heart conditions
- Kidney failure
- Nerve damage
Due to the potential seriousness of diabetes, life insurance companies will want to know much more about your condition before making a decision about their approval for coverage.
What Will the Life Insurance Underwriters Want to Know?
When applying for life insurance, you will initially need to fill out an application for coverage. This will ask you questions regarding yourself and your health – including your health history and your family health history.
When you are applying for life insurance with adult onset diabetes, the insurance company will also likely ask you some or all of the following questions to get a clearer picture of your health condition:
- When were you initially diagnosed with diabetes? This is important for the insurance company to know because the older that you are when you are diagnosed with Type 2 diabetes, the better it will be regarding qualifying for life insurance coverage.
- How are you working to manage and / or control your condition? If you are engaging in regular exercise and eating a healthy diet, this will be a positive sign in the eyes of the underwriters.
- Are you taking any medication for your adult onset diabetes, and if so, what do you take and what is the dosage(s)? There are many people who have adult onset diabetes who are able to manage or control their condition without medication. However, there are also those who may need to take insulin on a regular basis. It is important to let the underwriters know the medication that you are taking, how much you take, and whether or not the dosage has changed over time.
- What is your typical fasting blood sugar level? Typically, a blood sugar level that is 140 or below is considered to be very good.
- What is your A1C level? To most life insurance companies, an A1C level that is 7.5 or lower is considered to be good.
- Do you see your doctor on a regular basis for your diabetic condition? Seeing your doctor on a regular basis for your diabetic condition can be a positive sign, as it shows that you are working to control and manage your condition.
It is also likely that you will need to take a medical examination as a part of the underwriting process. This typically requires that you provide a blood and a urine sample for testing purposes.
How Much Does Life Insurance with Adult Onset Diabetes Cost?
If you have adult-onset diabetes, the cost of your life insurance coverage can vary, based on several different criteria. Certainly, the type and amount of coverage you are applying for will be key factors, as is your age and gender.
The life insurance underwriters will also include other factors, too, such as your overall health condition, as well as how – and how well – you may be managing your condition. If aside from your diabetes, you are in very good health, you may be able to get a Standard rating on your policy. In this case, the cost would be in line with other policyholders who are of your same gender and age, and who are considered to be in average health.
If, however, your condition is more severe, then you may obtain a Substandard policy rating. In this case, your premium would be higher than the average insured who is of your same gender and age.
What If You Don’t Qualify for Coverage?
If you are unable to qualify for medically underwritten coverage, it doesn’t mean that you have to forgo getting life insurance completely. You could instead apply for either a no medical exam life insurance policy or a guaranteed issue life insurance policy.
As the name suggests, a no medical exam life insurance policy will not require you to undergo a medical examination as a part of the underwriting process. This means that there will be no blood or urine sample necessary. There are, however, typically some health questions that you will need to answer.
With a guaranteed issue policy, you cannot be turned down for life insurance – as long as your make the required premium payment. And, while you may not be able to obtain a large amount of life insurance face amount, you will still be able to get a certain amount of financial protection for your loved ones.
Because there are no medical underwriting processes necessary for this type of coverage, your policy can usually be approved and issued within a relatively short period – in some cases, even on the same day that you apply for it.
Where to Get the Best Life Insurance Premium Rates If You Have Adult Onset Diabetes
If you are seeking life insurance protection and you have adult onset diabetes, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you with obtaining all of the pertinent details that you may need for making a well-informed life insurance buying decision.
We can do so for you very quickly, easily, and conveniently – all directly from your computer – and without you needing to meet in person with a life insurance agent. When you are ready to begin the process of finding the best plan for you, then just simply fill out the quote form on this page.
Should you find that you still have any additional questions about qualifying for life insurance with adult onset diabetes – or, even if you just happen to have a question about life insurance coverage in general – please feel free to call us. Our experts can be reached via phone, toll-free, by dialing 888-229-7522 .
We understand that living with adult onset diabetes can be challenging – but qualifying for the life insurance coverage that you need doesn’t have to be. So, contact us today – we are here to help.