When you’re looking to get life insurance coverage, there are several different factors that the insurance company is going to look at to determine how much you’ll pay for life insurance protection. They are going to look at everything from your age to your occupation. One of the biggest factors that they will review is your overall health. If you have any pre-existing conditions like diabetes, you may assume that you can’t purchase an affordable life insurance policy, but that couldn’t be further from the truth.
When applying for life insurance for a person with diabetes, being approved could be a challenge. However, if you apply through the right channel, your chances of obtaining the policy that you need can improve substantially.
In most instances, people will typically purchase life insurance through more “traditional” sources such as a regular life insurance agent or company. What many do not realize, though, is that there are insurance agencies and companies that specialize in working with what are referred to as higher risk cases. By going through these entities when applying for coverage, you are more apt to find and secure the life insurance coverage that you need.
We can also help with other specific needs regarding life insurance such as finding the best life insurance rates for smokers, best life insurance rates for pilots or life insurance with no medical exam. We are here to help!
What To Expect When Applying For Coverage
When seeking life insurance for diabetics, you will typically be asked certain question by the life insurance company’s underwriters. This is because the underwriters want to obtain a clear picture of your overall health condition.
They also want to get an idea of how well you are managing your diabetes. This will help them in determining whether or not you will be a good risk for the insurance company to take on by accepting you for life insurance coverage. If you are not sure about managing your diabetes then you can get that information from the American Diabetes Association. Here is one of their videos on having a diet that helps your diabetes.
Factors That Will Affect The Premium Rates
There are several factors that affect the price you will pay for diabetes rated life insurance coverage. This is especially the case with life insurance for diabetics, as there are a number of criteria that can affect your condition.
Some of the primary determinants will include:
- Type of diabetes. One of the most prominent factors that will affect your life insurance premium is whether you have Type One or Type Two diabetes. Those who have Type Two diabetes will typically pay lower life insurance premiums.
- Height and weight. Just as with any other life insurance policy, factors such as your height and weight will also play a role in the premium that you pay for coverage. However, because you also have diabetes, being overweight for your height can become more of an issue. Keep in mind that there are still life insurance policies available for obese individuals.
- Treatment you are receiving – The treatment you are receiving is also an important criteria in determining your life insurance policy rate. Those who take both oral medications and insulin can be successfully insured, provided that they are taking their prescriptions as prescribed.
- The date of your diagnosis – If you have had diabetes for a long period of time, there is a chance that you may have complications. With this in mind, your premium rates may be higher than if you have just recently been diagnosed. Likewise, the age at which you were diagnosed with diabetes will also make a difference. For example, if your diagnosis occurred prior to age 40, it is likely that your premium rate may be higher than if you were diagnosed after the age of 40.
- Average glucose or A1c readings – One of the biggest factors affecting your life insurance premium rate is your average glucose or A1c readings. If your condition is under control – meaning that your average readings are in the range of 130 or below – then you could be eligible for a Standard premium rate. This means that you will pay the same rate as other insureds who are of average health, height, and weight.
In addition to these factors, the life insurance underwriters will also take other criteria into consideration as well, such as whether you have other health conditions, whether or not you smoke or use tobacco products, and what type of potentially risky activities you participate in.
Once all of this information has been compiled, the underwriters will be able to make a determination on acceptance of the policy, and if so, the amount of premium rate to be charged.
How Diabetics can Improve Their Chances of Obtaining Life Insurance Coverage
In order to improve your chances of obtaining life insurance for diabetics, there are several things that you can do. First, it is important to manage your condition. This means taking any medications as prescribed, as well as adhering to a proper diet and exercise regime.
Lowering your A1c levels and keeping your glucose levels in healthy ranges can make a huge impact on your chances of being approved for a life insurance policy, but it can also save your money on your monthly premiums. The healthier you are the less of a risk you’ll pose to the insurance company, which translates into lower monthly fees.
In addition to controlling your diabetes, you should also apply for coverage through an insurance professional that has a focus on working cases of life insurance for diabetics. Such companies will be much more versed in knowing which insurers accept applicants with this particular condition, and what paperwork is required for the application submission.
In working with this type of company, you are also much less likely to run into delays in the underwriting process due to missing documentation – ultimately resulting in getting the life insurance coverage that you need much more quickly.
One final option is to go with a diabetic life insurance policy with no exam. These policies only require that you fill out a medical questionnaire and are a good option if you go through the underwriting process and are denied coverage.
With a no exam policy, you won’t have to take a physical exam, these are excellent options if you can’t get coverage through a traditional policy, but they are going to be much more expensive. These plans should be your last resort.
Additionally, going with a no medical exam policy can limit the amount of coverage you are able to purchase. Most insurance company will only let you purchase around $50,000 worth of life insurance coverage. If you need more life insurance than that, you’ll have to purchase two plans or apply for a traditional life insurance policy.
There are a few advantages with no med exam plans though! First off, you can usually get a plan no matter your current health status, or pre-existing conditions. Which is perfect for those who have started thinking about life insurance after finding out about a diagnosis, or an illness.
Another significant advantage is that you can be approved for a life insurance plan much faster than with a traditional policy. With a traditional life insurance plan, you’ll have to wait for the company to review your medical exam results, which can take several weeks. With a no medical exam policy, you can be approved for life insurance in a matter of days. If you’re looking to get life insurance as quickly as possible, these no medical exam plans are the best option.
Getting the Lowest Life Insurance Rates Possible
Everyone wants to save money, and getting the best rates on your life insurance policy is one way to do that. As a diabetic, you may think that your insurance plan is going to break your bank, but there are plenty of affordable options on the market.
One of the best ways to get lower rates is to compare several companies before you choose. Before you decide which policy to go with, receive quotes from several places first. It’s highly unlikely that the first quote you receive is going to be the lowest.
Aside from shopping around, you can save money by taking several months to focus on your health. Because your health status is going to greatly impact your monthly premiums, it could save you money to wait to apply. Take a few months or a year to start exercising and maintaining a good diet to lower your A1c levels and possibly reduce the number of medications that you take every day.
Life Insurance Options
Your families financial future depends on you making the correct life insurance purchase. As you step into the world of life insurance coverage, be aware that there are multiple types of policies, plans, and riders that can make your decision confusing. However, the two main types of coverage are term life plans and whole life policies. Both of them has different benefits that you should take note of to ensure that you’re getting the best plan.
The most popular options for life insurance protection is a term life insurance plan. These plans are bought with a pre-determined expiration date, and after that date the plan is no longer active, which means that you’ll have to reapply for coverage. Because these plans are going to expire, they are more affordable than other choices for life insurance. If you’re looking for the cheapest life insurance protection, term insurance plans are a great route to take.
The other broad type of life insurance is a whole life plan. These plans are permanent coverage, which means that as long as you continue to pay the premiums for the plan, you’ll have insurance coverage. If you don’t want to worry about having to reapply for life insurance in the future, then whole life plans are a great way to get it.
Taking the Next Step
When you’re ready to move forward with applying for life insurance, the next step entails obtaining life insurance quotes from the appropriate insurers that offer life insurance for diabetics. By filling in the form on this page you can start the process.
If you’ve been denied heal insurance before because of your diabetes, don’t assume that you can’t get affordable coverage. If something tragic were to happen, would your family be able to make it through the difficult times without having to worry about money? Life insurance gives you peace of mind and financial coverage that you and your loved ones deserve. There is nothing more important than planning for your future and knowing your family will have the funds they need to get through that difficult time. Planning for your families life after your death is not a fun or exciting thought, but its key to make sure you do something to protect them.
We are also here to help you with any additional questions or concerns that you may have regarding life insurance and finding a policy that best fits in with your specific coverage needs and premium budget. Because of our experience with people that are classified in the higher risk life insurance categories we are able to make sure you get matched with the insurance companies that will get you the best rates. If you ever have any questions or need advice you can contact us at 888-229-7522 and one of our life insurance specialists will be there to help.
Other Diabetic Articles
- Life Insurance for Type 1 Diabetics
- Life Insurance for Type 2 Diabetics
- No Exam Life Insurance for Diabetics