If you have diabetes and you’ve been turned down for life insurance coverage in the past, you may feel like getting the protection that you need is impossible. But, the good news is that you can still obtain life insurance – you just need to know how and where to look. Being prepared when submitting your life insurance application for coverage is also important – and we can help you to do so.
What the Life Insurance Underwriters Will Need to Know About Your Condition
While life insurance for diabetics may be a bit more difficult to obtain, it is not impossible, provided that you are prepared with the information that the insurance underwriters will want to know from you.
Overall, life insurers are concerned with how risky an applicant will be in terms of potentially having to pay out a costly claim should the company accept the person for coverage. With that in mind, a carrier will need to know how, and how well, your body responds to any of the treatments that you receive for your diabetes.
According to the National Diabetes Information Clearinghouse, Type 2 diabetes affects approximately 90 to 95 percent of those who have diabetes in the United States. Over the past several years, this disease has actually become much more common than it was in the past.
However, Type 2 diabetes is also more responsive to both diet and exercise than Type 1 diabetes. In addition, this type of diabetes is also more responsive to oral medication and insulin. Therefore, there are a number of questions that the life insurance underwriters will ask you regarding your treatment.
Questions to Ask
Some of the questions about your disease that you will likely be asked will include the following:
- At what age were you diagnosed with diabetes?
- What type of diabetes do you have (Type 1 or Type 2)?
- What are your current glucose / blood sugar level readings?
- What, if any, medications have you been prescribed for your condition?
- Do you possess any additional risk factors?
In addition to specific disease related questions, the underwriters will also review the information on the life insurance application for coverage. This will include basic information regarding your:
- Height and weight
- Smoking status / tobacco usage
- Marital status
- Occupation and income
- Overall health and medical history
- Family health and medical history
You will also typically be required to take a medical exam as a part of the application process. This will entail you meeting with a paramedical professional who will take a heart rate and blood pressure reading. They will also obtain more in depth health information.
There will also be a blood and urine sample taken. These will be analyzed for additional types of health conditions that could pose other types of risk to the life insurance company. Once all of the information has been received by the underwriters, a decision can be made regarding coverage acceptance, as well as premium cost.
How Much Will Your Coverage Cost?
In many cases, life insurance for diabetics will cost more than that of an average policy holder who is in good health. However, the actual cost of your policy will ultimately depend on your overall health condition.
With most insurance companies, there are four primary rating classifications for policy holders. These classifications – or classes – will also have a bearing on the amount of premium that is paid by the policy holder. These include:
- Preferred Plus – Those who obtain a preferred plus rating are considered to be the healthiest. These policy holders are in excellent health, and will therefore pay the lowest amount of premium, as they pose the least amount of risk to the insurer.
- Preferred – Those who obtain a preferred rating are also considered to be very healthy, and will therefore also pay a low amount of premium. While they are not considered to be in as “excellent” of health as those in the Preferred Plus category, they are still considered to be above average.
- Standard – Standard policy holders are typically those who are considered to be of “average” health, height, and weight.
- Substandard – Those who fall into the Substandard classification usually have some type of adverse health condition. Because of this, they are considered to pose more risk to the insurer, and in order to compensate for that risk, they are charged a higher amount of premium. There are typically several levels of Substandard, depending on the severity of the condition or the amount of risk that the policy holder poses to the insurer.
For those who have diabetes, it is possible that if you have Type 2 diabetes that is well controlled, you could fall into the Standard rating category and therefore, pay an average amount of premium for your coverage. Those who have Type 1 diabetes, or those with Type 2 diabetes along with minor complications are more likely to fall into one of the Substandard categories.
If you are unable to qualify, even for any of the Substandard categories, in a traditionally underwritten policy, there are still options available to you. One such option is to look for a no medical exam life insurance policy. This type of coverage will not require you to undergo a medical examination in order to qualify. And, while the premium on this type of coverage is usually quite a bit more than for traditional coverage, it will allow you to obtain the protection that you need.
Tips for Locating Quality and Affordable Coverage
Those who are seeking coverage for diabetics can’t always depend on going to just one insurer and getting the best deal – or even being accepted for a policy. That is why it is typically your best course of action to work with a company that has access to a number of different insurers. That way, your choice of carriers – and premiums – will be expanded exponentially.
The truth is that not all life insurance carriers underwrite policies in the same way. What may constitute a decline for one insurance company may be acceptable to another. For this reason, it definitely pays to shop around and that is why we are so effective here at Diabetes Life Solutions at getting the best rates for diabetic life insurance.
Preparing for when you Apply for Life Insurance
When you have diabetes, the underwriters will take extra time to see the extent of your condition. Whether you have type II diabetes or are a type I diabetic, getting all your medical information in order ahead of time will make a big difference in how quickly and how affordably you can get your term life insurance policy in place. Since anyone who has any type of health condition is going to be rated on a case-by-case basis you should follow these tips:
- Have the name, address, and phone number for all your doctors.
- Check with your physician to make sure they have all the documentation for your treatments, as well as any follow-up reports.
- Keep a current list of all medications and the dosage for each one.
- Be careful not to skip any doctors appointments leading up to the application for your life insurance plan.
Having all of these items up to date and in line will make finding affordable life insurance with diabetes much simpler.
Where to Find the Best Policy
When searching for the best life insurance for diabetics, we can help. We work with many of the top rated life insurance companies in the marketplace today – and we can work with you in comparing policy benefits and premium prices so that you can find the coverage that best fits in with your specific needs and budget.
It’s easy to obtain all of the important information that you need – right from the comfort and convenience of your computer – without ever having to meet in person with an insurance agent. And, you can have the details that you require within seconds, not days or weeks. In order to get the process started, all you need to do is just simply use the form on this page.
If you do happen to have any questions at all about how to go about finding the best life insurance coverage for diabetics, or about how to compare premium prices, please feel free to contact us. We have experts who can answer any of your questions or concerns so that you feel comfortable moving forward. You can reach us toll-free by calling 1 (888) 629-3064.
The purchase of life insurance is a big decision. Yet, not having this coverage can leave those you love without essential financial protection in the event of the unexpected. Don’t leave your loved ones vulnerable – obtaining the coverage you need is possible, and more affordable than you may think.
Thanks again for all your help, this policy will save me a lot of money over the term. Your Non Medical exam plan got me the coverage I needed, in a timely manner.
Diabetes Life Solutions was truly a blessing for my family! After speaking with several other agents who told me I could not get coverage for my Type 1 Diabetic son, they delivered. Not only did we get the coverage we wanted, but it was very affordable. The process went smoothly, and I could not be happier!
Diabetes Life Insurance Solutions was able to obtain my spouse coverage. Other companies like New York Life, State Farm and Select Quote told us he was uninsurable. Well, Diabetes Life Solutions disproved that myth.
We appreciate the easy process and the fact that they found us a company who could cover him.
Diabetes Life Solutions did an outstanding job finding my husband a life insurance plan. I really appreciated the time they put in. Now I can rest assured that my husband will be taken care of when that time comes. Again I am thankful for the help in finding him a policy we can afford.
I would like to thank Diabetes Life Solutions for making my search for affordable term life insurance so smooth. Being Type 1 Diabetic, I was doubtful that I would be able to obtain insurance coverage to adequately protect my family if something were to happen to me. Diabetes Life Insurance assured me that it would be possible to find coverage, and they advocated for me with the insurance company underwriters to ensure my case would be treated fairly. They even suggested different laddering options to provide differing amounts of insurance as I grow older and my need for insurance decreases. Overall I was very impressed with Diabetes Life Solutions’ level of service and all that he has done to give peace of mind to me and my family.