Original Post: September 25, 2014
For anyone who has an adverse health condition, qualifying for a life insurance policy can become more difficult. Especially for a person with Diabetes.
This is because anything that has an effect on life expectancy can be considered as an increased risk to the insurance company, and in turn, a potential for an increased risk of claim. Therefore, oftentimes applicants who have various health issues are either turned down or coverage, or they are rated as Substandard and required to pay an additional amount of premium in order to compensate for the increased risk to the insurer. Glucose levels impact your life insurance premiums, so if you’re a diabetic, let us help you find the best life insurance for diabetics.
Those who have either Type 1 or Type 2 diabetes may oftentimes find that their glucose levels will have an effect on the amount of premium that they are charged for their life insurance coverage. In fact, of the many criteria that go into pricing life insurance coverage for someone with diabetes, glucose level is considered to be the most important. This is because this particular level indicates to the insurer how well the individual is controlling his or her condition.
What Does A Glucose Reading Indicate?
The amount of glucose, or “sugar,” measured in the human body’s blood will change throughout the day and night. These changes will typically depend upon what, when, and how much a person has eaten, as well as whether or not the person has exercised.
A “normal” fasting blood sugar level is typically between 70 and 99 mg/dL. However, those who have diabetes will have difficulty keeping their blood sugar at normal levels and will need to frequently monitor it in order to ensure that they take the proper amount of insulin or other medications for diabetes in order to regulate it.
An individual who has diabetes should ideally have an average fasting glucose reading of less than 130 or 140 mg/dL. (A “fasting” glucose reading means a reading that is taken before the individual has eaten breakfast or has food within his or her system for the day). The very best readings for these individuals are typically in the range of between 100 to 120.
Other Important Testing For Those Who Have Diabetes
For individuals who have diabetes, there is other important testing that will likely be performed. For example, doctors will typically perform a test called the A1C in diabetics. This test will tell what the individual’s average blood glucose levels are over a long period of time, such as two or three months.
The A1C test can be a good test to have performed because oftentimes, a blood glucose test may not always be accurate, whereas the A1C can provide a more “averaged out” reading for a person.
As you know, everyone who has Diabetes, has various degrees of control, with their A1C. Sadly, lots of life insurance companies view a person’s A1C reading as the main determining factor into the rates they will offer. Meaning a person could be doing everything possible from eating, to exercising, to taking medications regularly, and their body just won’t respond the way it should.
Good news is, we know of multiple companies that will review your COMPLETE health profile, and not necessarily use a higher A1C reading against you. This is what separates us, from other agencies!!!
Diabetic Tests And Life Insurance Premium Rates
When coming up with premium rates for life insurance coverage, the underwriters will review the results of various tests that are performed. Those who obtain a reading that is lower than 7.7 on their A1C test will typically be able to obtain the best rates on life insurance coverage. In these cases, a Standard rating is usually possible – and in some cases even a Preferred rating is possible, provided that health is excellent in all other aspects.
Those who are fall into the range of 7.8 to 8.5 on their A1C test may also be able to obtain Standard rates on life insurance coverage. Depending on your overall health profile, we know of a few companies who may offer rates, without any extra premiums due to your Diabetes.
However, those who fall in the range of 8.5 and over usually can still obtain coverage. However, depending on the various companies who offer coverage, you may be accessed extra premiums, for not having optimal control of your Diabetes. In these cases, the applicant is likely to be paying extra premiums compared to what a Standard insured would be charged for the same amount of life insurance coverage.
In some cases, it may make sense to apply for a guaranteed issue policy where there is no medical exam required, and there are very fewer questions required to be answered on the application for coverage. Don’t let this all be confusing, as we are here to help. Visit with us, and we can let you know if a non medical exam life insurance policy is your best, or only option available to you.
If not wanting to do a medical exam, you’d still have options such as Term Life Insurance, and Whole Life Insurance available to you. The key is to speak with an agent, share your health profile, and let them provide to you your life insurance options.
What Else Do The Underwriters Want To Know?
In addition to information about glucose levels and A1C readings, the life insurance underwriters will also review information regarding your:
– Weight (as it pertains to your height)
– Smoking status and / or tobacco usage
– Alcohol usage
– Marital status
– Occupation and income (if applicable)
– Lifestyle (participation in dangerous hobbies or habits)
– Foreign travel
– Overall health history
– Family health history
The applicant will also typically be required to take a medical examination as a part of the overall underwriting process. This will usually entail meeting with a paramedical professional who will take a blood pressure and heart rate reading. It will also require the submission of a blood and urine sample. These samples will be tested for particular health conditions that may pose a risk of claim to the life insurance company.
In addition to reviewing your lab results, and answers to basic health questions, most companies will review the last three to 5 years of your medical and Diabetes records.
Once all of the information and samples have been reviewed by the life insurance underwriters, a decision regarding coverage can be made. At that time, a decision regarding the amount of premium to be charged can also be made.
From start to finish, it may take anywhere from three to six weeks, for insurance companies to make a decision. While applying, you are not locked into any company, term length, amount of coverage, or any type of policy. Once the various offers are made, and agent can present to you all of your options.
Where To Obtain Life Insurance Coverage For Those With Type 1 And Type 2 Diabetes
When seeking life insurance coverage with Type 1 Diabetes or Type 2 diabetes, it is usually best to work with a company or agency that has access to multiple insurance companies This way, you will be able to make comparisons among many different policies, as well as policy premium quotes. You’ll also want to work with an agent, who specializes in working with the Diabetes community.
You need to avoid agencies who claim they specialize in many different types of health conditions. If they claim to specialize in every type of health condition, that agency would be a “generalist” type of agency, as compared to a Specialty insurance agency such as Diabetes Life Solutions.
In many cases, life insurance companies do not use the very same underwriting criteria. This means that while a person may be declined for coverage by one insurer, they may be accepted by another. If you apply with only one insurer, you are bound by only one set of underwriting rules. However, by working with a company that has access to many insurers, you can increase your chances of approval exponentially, and improve your chances of getting the best possible life insurance rates.
When shopping for life insurance coverage, we can help. We work with many of the top rated life insurance companies in the industry today. We can help you to compare policies and premiums quickly and easily. In order to get the process started, just fill out the form on this page.
Applying for life insurance with Diabetes doesn’t have to be hard. The process is probably easier then you can imagine. If you choose to apply for policies that require a review of medical records, and a blood and urine test, those results can be used to show the multiple life insurance companies your complete health profile. There’s no need to fill out several applications, or undergo multiple examinations.
Should you have any questions regarding how glucose levels affect your life insurance premiums, how to obtain life insurance coverage with diabetes, or simply about life insurance coverage in general, please feel free to call us, toll-free, at 888-629-3064. We’re here to help. Being a part of the Diabetes community , we understand the process that people with Diabetes must complete, when seeking life insurance coverage.