When you have any type of adverse health condition, obtaining approval for life insurance can be difficult. There are some insurance carriers that will reject applicants if they feel that the individual presents too high of a risk for claim. This can often be the case for those who have diabetes.
Getting approval on life insurance for those who have Type 2 diabetes can depend on many factors. However, the good news is that, even if you have been declined for life insurance coverage in the past, we can help you to find the protection that you need at an affordable premium price. We work with many of the best life insurance carriers in the market today – and we can help you to find the coverage that’s right for you – even with Type 2 diabetes.
Life insurance is the most important thing that you’ll ever buy for your family, but if you’ve been diagnosed with type 2 diabetes, you may assume that you can’t get affordable coverage. In most cases, that couldn’t be further from the truth. There are several options for quality insurance coverage at an affordable price.
Information that is Needed By the Life Insurance Underwriter
When applying for life insurance as a Type 2 diabetic, the underwriters will need to know more specific information about your health condition. This will help them to get a more clear picture of your overall health, as well as how you are managing your diabetes. Some of the condition specific questions that you will be asked are likely to include the following:
- When were you initially diagnosed with Type 2 diabetes?
- What are your average daily glucose / blood sugar level readings?
- What, if any, medications are you currently taking for your condition?
- Do you have any other health issues?
The underwriters will also be reviewing the information that you provided on the application for life insurance coverage. This data includes the specifics regarding your:
- Weight (in relation to your height)
- Marital status
- Smoking status (and / or tobacco usage)
- Alcohol consumption
- Occupation / income
- Overall health history
- Family health history
- Any dangerous or risky hobbies
- Foreign travel
In addition, you will likely be required to undergo a medical examination as a part of the overall life insurance application process. This exam typically will entail meeting with a paramedical professional (a paramed) who will take various readings such as heart rate and blood pressure. He or she will also discuss with you more in-depth information regarding your health history.
As a part of the medical exam, you will also be required to submit a blood and urine sample, These samples will be reviewed by the life insurance company for specific health conditions that could pose a threat of potential claim.
After all of your information has been received by the life insurance company’s underwriters, a more informed decision can be made regarding your application and coverage. In doing so, a premium cost for your policy can also be determined.
Does Life Insurance for Type2 Diabetics Cost More?
The premium that you will pay for life insurance will depend on a variety of different factors. While life insurance for Type 2 diabetics may cost more than a comparable policy for someone who is in optimal health, coverage is typically more affordable than for someone who has Type 1 diabetes.
Ultimately, however, the premium will be dependent on how you are rated by the life insurance company’s underwriters. While all insurance companies will rate their applicants somewhat differently, these companies will typically have similar broad rating classifications. These include the following:
- Preferred – Those who qualify for a Preferred policy classification are considered to be in excellent health. These individuals will typically also have an excellent family health history as well. Because those in the Preferred category pose a lower risk of claim to the life insurance company, they are charged a lower than average premium rate for their coverage. It is not likely that someone who has Type 2 diabetes will be able to qualify for a Preferred life insurance policy rating.
- Standard – Policy holders who are Standard are considered to be of “average” health, height and weight. Because of this, they will pay an average amount of premium for their life insurance coverage, as they are expected to live for the “average” life expectancy for a person of their current age and gender. There are many Type 2 diabetics who may be able to qualify for a Standard policy classification, provided that they are otherwise in good health.
- Substandard – An individual who is considered to be in below average health – yet not in poor enough health to decline for life insurance coverage – will be considered a Substandard. These policy holders are considered to be a higher risk than those who are Standard, and will therefore be charged a higher amount of premium in order to compensate for the higher risk to the insurer. Those who have Type 2 diabetes may oftentimes be placed in the Substandard policy class.
If your policy does not qualify even for a Substandard classification, there are other options, such as a no medical exam policy, or a guaranteed issue policy. Although the premiums for these plans will be higher, they can provide you with the option to obtain the coverage that you need.
Getting Affordable Life Insurance with Type 2 Diabetes
If you have a pre-existing condition like type 2 diabetes, the insurance company is going to charge you more for your life insurance plan, but that doesn’t mean that you have to have a plan that breaks your bank every month. Even if you’re diagnosed with type 2 diabetes, there are several ways that you can secure better premium rates from the insurance company. Making a few simple changes could help save you hundreds of dollars on your insurance plan.
The first thing that you should do is eliminate any tobacco that you currently use. If you’re listed as a tobacco user on your insurance application, you’re going to face much higher premiums. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same sized plan. If you’re wanting to get the most affordable coverage, you’ll need to kick those cigarettes to the curb.
The next thing that you should do is improve your health. Before the insurance company approves your application, they’re going to require that you take a medical exam. The results of the medical exam are going to have a major impact on how much you pay for your life insurance plan. The better the results, the more money that you’re going to save. Improving your overall health can secure you much better premiums.
If you want to get better results from the exam, you’ll need to start hitting the gym and sticking to a healthy diet. Regular exercise and cutting out the junk food can work wonders on your health. Both of these can help you lose weight, lower your blood pressure, lower your cholesterol, and help manage your glucose levels. If you’re wanting to save hundreds, it’s time to skip the junk food and lace up the running shoes.
The best way to ensure that you’re getting the most affordable plan is to work with an independent insurance agent. Unlike a traditional agent, independent brokers work with dozens of highly rated companies across the nation, which means that they can bring all of the lowest insurance rates directly to you.
Our agents know that finding affordable insurance coverage can be a difficult task, especially as a type 2 diabetic. Because we work with so many companies, we can bring all of the best rates directly to you, and we can also help you decide which type of policy is going to meet your needs.
How to Purchase the Coverage That You Need
When you are ready to take the next step and purchase the life insurance coverage that you need, we are here to help. We can help you to compare the policies and the premiums of many of the top rated insurance carriers – and we have years of experience in securing the best policies for diabetics so we know which carriers will treat you the most favorably. When you’re ready to get the process started, all you need to do is just fill in the form on this page.
If you have any questions at all about how to obtain life insurance for Type 2 diabetics, how to compare premium quotes, or even about life insurance in general, please feel free to contact us directly, toll-free, at 888-229-7522. We understand that the purchase of life insurance can be a big decision, and we want to ensure that you have all of the pertinent information that you need before moving forward with this important step.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family will deserve. If something were to happen to you, and you didn’t have insurance coverage, your family would be responsible for a massive amount of debt and other final expenses. Losing a loved one is never easy, but being left with a mountain of debt is going to make the situation a thousand times worse.