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, gender, height and weight, marital status, smoking and / 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.
Every insurance company is different, and some companies have more experience working with applicants diagnosed with type 1 diabetes. It’s vital that you connect with one of those companies. Finding the perfect company could be the different in getting an affordable plan or being declined for insurance coverage. It’s important that you get dozens of quotes before you decide which plan is going to work best for you. Instead of wasting your time calling all of those companies yourself, let one of our agents do all of the hard work for you.
Guaranteed Acceptance Life Insurance
If you’ve been declined for life insurance in the past, don’t assume that you won’t be able to get quality insurance coverage. There are still several option available to you. One excellent option is to buy a guaranteed acceptance life insurance plan, which doesn’t require a medical exam or health questions. These policies allow anyone to buy the coverage that their family will need.
There are several pitfalls of these plans that you should be aware of when you’re shopping for coverage, the most notable one is that these policies are going to be much more expensive than a traditional plan. If you’re looking to get the cheapest life insurance, you’ll need to find a company that will accept you for a traditional plan.
Another disadvantage to these policies is that you’ll be limited on how much coverage that you can buy for your family. Most insurance companies are going to drastically restrict on much insurance coverage you can buy with one of these plans. Not having enough life insurance is one of the worst mistakes that you could make for your loved ones. If you need more coverage than these plans offer, then you can buy two of these plans or you’ll need to apply for a traditional plan.
How to Apply for Life Insurance Coverage
If you’ve ever been told that you can be approved for life insurance coverage because of your type 1 diabetes, don’t believe it. Regardless of your health or any complications, there are options that you can choose from to get insurance protection for your loved ones.
The best way to increase your chances of getting affordable coverage are to work with an independent insurance broker. Unlike a traditional agent, our independent insurance brokers work with dozens of highly rated companies across the nation, which means that we can bring all of the best insurance rates directly to you. Our independent agents can help save you both time and money on your 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.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get quality life insurance coverage for your loved ones. If something tragic were to happen, your family could be left with a massive amount of debt and other final expenses. A life insurance plan will give your family the money that they need to pay off those bills. Don’t wait any longer to get the coverage that your loved ones deserve.