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Getting Life Insurance If You Have Diabetes Type 1

If you are thinking of ways to protect your family from future financial issues then buying life insurance is the perfect product for your needs. Realizing the amount of debt your family could be left with without your income around can be a sobering thought. Let us explain how you, as a type 1 diabetic, can sure up those loose ends with life insurance.

Searching for life insurance when you have a health condition can often be a difficult task. This can be especially daunting when you have a diagnosis such as Type 1 diabetes. In many instances, insurance companies will consider certain types of health issues as “high risk” and automatically decline the application for coverage. This is unfortunate, as the underlying financial protection is still needed.

If you have Type 1 diabetes and haven’t had great success finding life insurance in the past, don’t give up yet. Carriers have evolved and new players have come into the market that make getting life insurance a possibility. 

Tips For Getting Life Insurance For Type 1 Diabetics

Life Insurance for Type 1 DiabeticsToday, there are millions of Americans who have been diagnosed with diabetes – and, while this condition may make it more difficult to qualify for life insurance, there are still ways that you can obtain the coverage that you need. In doing so, however, there is some condition related information that you will need to provide the life insurance underwriters with in order to give them a more clear picture of your overall condition.

These questions could be some of the following:

  • When were you initially diagnosed with your condition? Your age at your initial diagnosis will make a difference to the life insurance underwriters in terms of how they will view your application for coverage. With Type 1 diabetes, those who are diagnosed after the age of 40 will actually have a better chance of being approved for coverage. If, however, you were diagnosed at a younger age and are unable to qualify for a traditionally underwritten policy, you may still opt for a no medical exam policy or a guaranteed issue policy. Here, while the premium that you pay will be higher, it could be well worth it to secure the coverage that you need.
  • What is your average blood glucose reading? Another key criteria in the underwriters’ decision is the amount of insulin that you need on a daily basis. Therefore, the life insurance underwriters will want to know what your average blood glucose reading is, as well as the amount of insulin that you require on a daily basis. Your blood glucose reading, and the resulting amount of needed insulin will make a difference.
  • Do you have any other health conditions? Diabetes can be associated with other health conditions such as circulatory issues. Therefore, the underwriters reviewing your application for coverage will want to know more about any other health conditions that you may have. They will take all of this into consideration when making their decision.

In addition to your Type 1 diabetes information, the life insurance underwriters will also review the information that you included on your application for coverage. This will consist of data such as your age (life insurance for juvenile diabetics has special considerations), gender, height and weight, marital status, smoking or tobacco usage, occupation and income (if applicable), overall health history, and if your hobbies include anything dangerous.

There’s a high percentage chance the carrier will ask you to go through a medical exam, to help them evaluate how much of a risk you are to them. This is normal, even for healthy people so there’s no need to be alarmed. The exam is short, and consists of basic tests, and a blood and urine sample.

After the review of your exam and samples has been completed, the insurance company has a better idea on how to determine you class rating in regards to your premium.

How Much Will Your Life Insurance Policy Cost?

When shopping for life insurance for Type 1 diabetics, it’s vital to find an agency who will give a quote from multiple carrier, and the reason is that all carriers don’t rate the same way. What constitutes a decline for one insurer may be an acceptable amount of risk for another. Therefore, it is important to never stop trying.

While the actual underwriting criteria may differ, most life insurance companies will have similar categories or underwriting classifications. These include the following:

  • Preferred – Those who are accepted as a Preferred are considered to be in excellent health, and have a family history of excellent health as well. Because of their excellent health – and low risk that is posed to the insurance company – the insureds in this category will pay a lower amount of premium than the average policy holder. Most, if not all, Type 1 diabetics will not qualify for the Preferred underwriting category.
  • Standard – The Standard underwriting class is where most policy holders who are of “average” health, height, and weight will fall. In most instances, those who have Type 1 diabetes will not fall into the Standard category.
  • Substandard – Those who have certain health conditions, yet who are not in poor enough health to be declined, will fall into the Substandard rating category. In most instances, life insurance policies for Type 1 diabetics will be approved in the Substandard rating category. Here, you will be required to pay a higher amount of premium than the average policy holder in order to compensate for the higher amount of risk that the insurer is taking on.

Working With An Independent Insurance Agent As A Type 1 Diabetic

Every insurance company is different, and all of them have different medical underwriting and experience insuring applicants with diabetes. There are dozens of different companies that specialize in working with applicants with type 1 diabetes. Our agents know which companies these are and they will work quickly to find quotes that fit you best.

As an applicant with type 1 diabetes, you might assume that you won’t be able to get affordable life insurance coverage. That simply isn’t true. Regardless if you have Type 1 diabetes, don’t let your health prevent you from getting the insurance coverage that you and your family deserves.

Guaranteed Acceptance Life Insurance Plan

If you’ve been declined for life insurance in the past, don’t assume that you can get a quality insurance plan to protect your family. One excellent option is to buy a no medical exam policy. These policies will allow you to be accepted for coverage without being required to take a medical exam.

These plans are an excellent option for type 1 diabetics that are not in the best health. Everyone deserves to have insurance protection, and your health shouldn’t prevent you from getting it. These plans will allow you to get insurance coverage without worrying about having your application rejected.

There are several disadvantages to no medical exam policies, and it mainly boils down to cost. Since the insurer is taking on a higher risk for you, you will be charged a higher premium.

Additionally, there is going to be a low limit on how much insurance you can buy through one of these plans. In most cases, an insurance company will not sell you enough protection for you and your family. Not having enough life insurance could leave your family with additional debts and expenses.

With most of these plans, you’ll only be able to purchase $250,000 worth of coverage, or even less than that. For most families, that won’t be nearly enough life insurance. One of the alternatives is to purchase a no exam plan. These plans don’t require a medical exam, but they will have health questions. There are no exam plans that will give you $500,000 worth of coverage.

Before you purchase any life insurance plan, it’s vital that you calculate how much coverage that your loved ones will need if something tragic were to happen to you. If you need any help deciding how much life insurance you should buy, our agents would love to walk you through the calculation process.

How To Apply For Life Insurance Coverage

If you believe you are ready to start the application process we are ready to assist. Our strength has always been our relationships with the highest rated carriers in the industry, and we’ll work hard to find the best companies for diabetic life insurance. To get the process started, just use the form on this page.

 

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