Life insurance is one of the most important investments that you’ll ever make for the future security of your family. If something tragic were to happen to you, your family would be responsible for a massive amount of debts and other expensive. A life insurance policy will give your family the money that they need, regardless of what happens to you.
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 you have been turned down for life insurance coverage in the past, there is good news. There are options available to you for obtaining the policy that you need – and we can help you in securing it.
Tips For Getting Life Insurance For Type 1 Diabetics
Today, 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.
Some of the questions you will be asked regarding your Type 1 diabetes will include 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 whether or not your participate in any dangerous or risky hobbies.
It is also likely that you will be required to undergo a medical exam as part of the overall underwriting process. This will consist of a paramedical professional taking a heart and blood pressure reading, as well as going into more detail regarding your health history. You will also be required to submit a blood and urine sample. These samples will be analyzed for other specific health conditions that could pose the risk of claim to the insurance company.
Once all of your information has been submitted, the underwriters will be able to make a much more clear determination regarding your application, as well as the amount to charge for your policy’s premium.
How Much Will Your Life Insurance Policy Cost?
When shopping for life insurance for Type 1 diabetics, it will be important that you work with a company that has access to more than just one insurer. This is because not all insurance companies underwrite their policies in the same manner. 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. These companies are going to give you a much better chance of getting approved for an affordable life insurance plan. Because there are so many companies on the market, you could spend weeks trying to get the best plan to meet your needs, or you can let one of our independent agents do all of the hard work for you. We work with dozens of companies on the market, and we can bring all of the best options directly to you. Our agents can help save you both time and money on your insurance plan.
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 of your health or any pre-existing conditions that you have, like type 1 diabetes, it’s possible to get affordable life insurance protection. 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 these policies that you should be aware of when you’re shopping for life insurance coverage. The most notable pitfall of these plans is that they are going to be much more expensive than a traditional life insurance policy. If you’re looking to get the most affordable life insurance, you’ll need to apply for a traditional term insurance plan.
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
When you’re ready to take the next step and apply for coverage, we are ready to help. We work with many of the top rated life insurance carriers in the market today, and we can work with you in finding the best companies for diabetic life insurance. To get the process started, just use the form on this page.
Should you have any questions as you go through the process, our experts are here to assist you. Please feel free to contact us directly, toll-free, by calling 888-229-7522 and we will be sure that you obtain the answers and the information that you need.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family will need. Please contact us today and we can get the process started. It’s our mission to ensure that you’re getting the best plan at an affordable rate.