Buying a life insurance policy is critical to ensure you’re checking all the boxes of financial planning. This is because the proceeds from a life insurance policy can help in replacing income, pay off debt, or cover the high cost of estate taxes that you might owe – which can relieve this substantial burden from your loved ones’ shoulders.
Life insurance can also help you to keep your promises, such as ensuring that a child or grandchild goes to college, or that a loved one has a down payment for his or her first home. But getting life insurance isn’t always easy, especially if you have certain health issues such as diabetes or trying to get life insurance with COPD.
Depending on the type of diabetes that you have (Type 1 or Type 2), as well as the severity of your condition – and how well you are managing it – life insurance could be very costly. Or, you may not qualify at all if you work with an insurance agent who does not know how and where to locate the insurance carriers that are more likely to cover someone who has this condition.
The great part is that there are some independent insurance agencies that specialize in “higher risk” applicants who have health conditions like diabetes. When working with such a specialist, you will save countless hours of time during the life insurance application process because you will be able to learn which carriers are more likely to issue life insurance policies to people with diabetes.
If you still are unable to qualify for traditional life insurance protection, there are other avenues for you to pursue for obtaining the coverage that you need. One of those is no exam life insurance. We can assist you with obtaining this type of life insurance. There are also those more specific needs out there such as needing cheap life insurance for smokers or cheap life insurance for pilots, we offer many company reviews to help guide you in the right direction and we can help you with your needs!
What is No Exam Life Insurance?
No exam life insurance – which can also be referred to as no medical exam life insurance – is a form of life insurance that does not base risk to the carrier off of a medical exam.
Typically, when applying for a medically underwritten life insurance policy, most individuals will be required to take a medical exam, in addition to completing an application for coverage. The underwriters will typically want to know a great deal of health-related information, such as:
- When did your diabetes diagnosis occur?
- What type of diabetes do you have – Type 1 or Type 2?
- Do you take any prescription medication for your diabetes? If so, what type of medication do you take, and what is / are the dosage(s)?
- Do you manage and / or control your diabetes in any other manner such as via diet and exercise?
- Do you regularly visit your doctor or other medical professional regularly due to your diabetes?
- What are your current blood glucose levels?
- Current A1C levels?
- Do you have any other health issues due to your diabetes, such as kidney issues and / or neuropathy?
- Do you have a family history of diabetes?
- Have you had any complications from your diabetes within the past six months?
- Have you had any relevant lab or diagnostic testing performed within the past 12 months?
For the medical exam, the applicant will meet with a paramedical professional – either at their home, place of employment or other convenient location. The exam includes you answering health questions, giving blood and urine samples and your height and weight. These samples will usually then be tested for various health / risk factors by the life insurance carrier, and from there, a determination will be made regarding the person’s insurance policy rating, and they’ll also issue your final premium.
There are chances that some could get the Standard rating, provided that they are in otherwise very good health. In other cases, a substandard policy may be offered. This means that coverage can be obtained, but just at a higher rate than the average policyholder. A Substandard life insurance policy can vary a great deal in premium cost, depending on the severity of the person’s condition and age, as well as type of diabetes. There are also options if you are interested in getting life insurance while pregnant. Let us help guide you in obtaining the coverage you deserve.
If the applicant has various health issues such as diabetes, the medical exam can often be an issue. This is because it could cause the underwriters to “rate” the policy as a Substandard – or even to decline the coverage altogether. Also, going through these medical samples and other requirements can often take several weeks – or even longer – thus delaying the approval of the life insurance coverage.
How Does No Exam Life Insurance Work
With no medical exam life insurance coverage, because there is no medical exam to contend with, those who have diabetes and other health conditions, are often much more likely to qualify for life insurance protection. This is because there is usually just a few health questions to answer on the application, depending on the type of no medical exam coverage being applied for. In some cases, there may not even be any health questions that are asked on the application. In this case, the applicant will be guaranteed for coverage – as long as he or she continues to pay the policy premiums.
In many ways, a no medical exam life insurance policy for a diabetic will work the same as a traditional life insurance policy in that coverage will go in force in exchange for a paid in premium. This type of coverage can either be term or permanent, just as with traditionally underwritten life insurance coverage.
However, there will also be some differences. For example, certainly one big difference is in how the no exam life insurance is applied for. Because there are no medical underwriting requirements to approve, these policies can often be issued within just a few days – or sooner. This means that the coverage can be in force right away.
There can also be differences in the way that the death benefits are paid out with no exam life insurance. For example, some no medical exam policies will have benefits that pay out 100% of the stated amount, regardless of when the insured passes away.
However, in other instances, the death benefit may be “graded.” This means that only a certain percentage of the total death benefit may be paid out if the insured passes away during the first year or two of owning the life insurance policy. With this type of plan, however, if the insured dies after the second year, for instance, then 100% of the benefits will be paid out to the policy’s beneficiary.
Does No Exam Life Insurance Cost More
When applying for no exam life insurance for diabetics, it is also important to know the type of premium cost that you may be facing. On average, you will find that no exam plans will cost more than the policies that require medical exams.
One of the biggest reasons for this is because the applicant on a no medical life insurance policy will be considered as riskier than someone who is in good health and qualifies for a traditional life insurance plan. In many cases, the premium cost on no medical exam life insurance can be in the range of two to three times more than a comparable medically underwritten life insurance policy. However, this type of insurance could be the only option that some individuals have for obtaining the important financial protection that they need to ensure that loved ones will have peace of mind.
What to Look for in the Best No Exam Policy
When seeking the best no exam life insurance policy for a diabetic, there are several key items to look for before moving forward. These should include the following:
- Benefits – In looking at no exam life insurance policies, you will want to ensure that the benefits will be enough to cover what your loved ones will need. For example, will they be required to pay off a certain amount of debt, continue to pay living expenses, and / or pay for funeral and other final expenses? With this in mind, you will need to determine an approximate figure as to how much coverage you will need.
- Payout Method – You will also need to inquire as to how the death benefits are paid out upon the death of the insured. Will 100% of the stated amount be paid, regardless of when the insured passes away, or will only a certain percentage of the benefits be paid out if the insured passes away during the first few years of policy ownership.
- Premiums – The amount of the premium that is charged for no exam life insurance for diabetics can vary substantially, depending on the policy, as well as the carrier that is chosen – even for the very same amount of benefits. While many people do not realize it, different insurance carriers charge different rates for policies, so it is important to shop around, as the amount you pay in premium can make a big difference. This is especially the case if you own the policy for many years.
- Insurance Carrier – The actual insurance carrier that you purchase the no exam life insurance policy through can also make a big difference. There are some carriers that focus more on no medical exam life insurance for diabetics and those with other health conditions. Therefore, it is important to review the carrier before moving forward. Also, the financial strength and stability of the insurance company is also important. This is because you will want the carrier to be there if or when the time comes for paying out a claim. Insurance companies are provided with letter ratings – similar to a report card – by rating agencies such as A.M. Best, Standard & Poor’s, Fitch, and Mood’s. With that in mind, it is a good idea to take a look at the rating of the insurance company before purchasing a no medical exam policy.
In order to find the best policy and premium on no medical exam life insurance for diabetics, you will need to seek out an independent insurance agency. These agencies can help because their agents have multiple carries they can offer you quotes from!
How and Where Can You Apply for No Exam Life Insurance for Diabetics
If you need life insurance coverage as a diabetic type 2 or type 1, then we can help and we can do so for you quickly and easily. Our agency is linked to many of the highly rated carriers in the life insurance space and right from your house – we can offer you quotes from all the companies we work with.
We understand that finding no exam life insurance for diabetics may seem like a challenge. But the reality is that there are many options available to you today – it helps if you have an expert on your side to walk you through the process. Should there be more help you need or want, or other questions you’d like answered – please reach out at 888-229-7522.