Last Updated on January 13, 2020 by Matt Schmidt
Life insurance is hands down one of the most important decisions you will make in your lifetime. It will single handedly help to provide for your family’s financial future in the scenario that you’re no longer there to help support them.
The problem with obtaining life insurance with Diabetes is there’s a lot of bad information out there on the internet, or over your TV and Radio airwaves. Every commercial or website advertises rates that seem too good to be true, when it comes to diabetic life insurance. Truth is, the rates you hear about, and see are not accurate, and are not reflective of accurate rates, a diabetic will receive for their life insurance coverage.
Also, there seems to be several options for types of life insurance policies, available to the Diabetes community. Which policy is best for you? Term Life Insurance, or Whole LIfe Insurance? Do I need both?
On top of life insurance being a challenge to obtain the right kind that suits your lifestyle, having a preexisting health condition such as Diabetes makes things even more difficult.
What makes matters more difficult is that if you are unable to control your type of diabetes with proper diet or exercise it can lead to other serious matters like kidney failure, stroke or heart attack. This would then put you at a higher risk tier for life insurance, or possibly cause you to only be approved for ‘guaranteed acceptance’ policies. Often times using a prescription medication such as SGLT2 inhibitors can help!
How Inhibitors Affect Life Insurance Coverage
Some people haven’t heard of SGLT2 inhibitors. They are a relatively new type of medicine that is used to help individuals with Type 2 Diabetes. Also known as sodium-glucose co-transporter 2, these inhibitors when used with the proper diet and exercise can help significantly improve the individual’s glycemic control. SGLT2 is a protein in humans that facilitates glucose reabsorption in the kidney. SGLT2 inhibitors block the reabsorption of glucose in the kidney; increase glucose excretion, and lower blood glucose levels.
This new type of drug offers even better glucose control by allowing increased insulin sensitivity and uptake of glucose in the muscle cells, decreased gluconeogenesis and improved first phase insulin release from the beta cells.
When applying for life insurance for diabetics, it is extremely important to let your insurance underwriters know what type of inhibitors you use. This will allow them to better assess your health and lifestyle to adequately provide you the correct type of coverage and premium price.
Certain companies will provide a better offer, when taking these types of medications. And in turn, can save your family hundreds to thousands of dollars over the lifetime of the policy. One life insurance company may not rate you higher for taking these oral medications, while another could charge you 25% to 40% higher.
We don’t expect you to know what companies are best for your given health profile. That’s where WE come into play. We’ll run your profile past several companies, obtain various offers, and let you ultimately choose what life insurance carrier is best for you. A quick phone call or online inquiry is all that it takes to begin receiving information. Our agents ONLY work with people with Diabetes, so we know the underwriting guidelines to various companies, like the back of our hands!
Types of Questions That Will Need Answers
When applying for life insurance with diabetes you will have to provide details to your diabetes history. Due to you condition you will have to answer some extra personal and health history questions to better inform the company of your diabetes history and current control.
Here are the types of Diabetes questions, companies will ask about:
- Age of Diabetes diagnosis
- Current A1C reading
- Medications taking for your Diabetes
- Any Diabetes related complications?
- How often do you see your Doctor for Diabetes checkups?
- Do you test your blood sugar daily?
- Do you exercise and watch your Diet?
You’ll have a choice to do a NON Medical Exam policy, or go with a company that requires a Blood/Urine test. Also, depending on what type of policy, and company you choose, they may require a review of your most recent medical records. But before you make this type of decision, we encourage you to speak with our agents and discuss which plan is best for you!!!
Now you may be wondering why a life insurance company wants to review your medical records, and complete medical history. It’s because the companies actually want to offer you the best rates possible. By allowing them to see what risk type of candidate you are for life insurance, you will generally be rewarded with a lower premium. The more information you provide, the better offer a company may make.
In some cases, if you aren’t seeing a doctor regularly, or your Diabetes isn’t under the best control, you’ll want to avoid companies who require blood/urine tests and review of medical records. You would want to explore non medical exam options.
As with most things and life, the higher risk you are to a company the more of a premium you will have to pay. We have seen companies even pull DMV records to see if you have had any recent accidents or moving violations.
The key is to find the best diabetes life insurance company out there that works with your lifestyle while maintaining low premiums regardless of your diabetes.
How Much Will Life Insurance Cost?
Everyone’s a little different when it comes down to cost. Based upon the answers you gave above will factor into the underwriters final estimate for your coverage. If they find you in great health even with your preexisting condition then you will be able to qualify for a great premium rate.
Not to mention, permanent life insurance is more expensive, compared to term life insurance for Diabetics. It’s best to contact us, discuss your situation, and financial objectives, and let us provide some accurate quotes.
Sample Rates for Male (non-tobacco users)
However, if you fall in the category of not being able to pass with flying colors and your application is denied… DO NOT WORRY. We can still work with you to get a policy that doesn’t require a medical exam so you are still able to qualify for insurance. Guarantee acceptance policies are an option for diabetics. Although due to being a higher risk, you will be paying more for the policy.
Improving Your Health Can Lower Your Rates
Some people don’t realize it is as simple as that. It’s just like having a test you know you have to pass. You don’t just show, you study and practice so when it’s time for the test you ace it! As a diabetic, before you apply for life insurance make sure you are going to pass the medical exam.
With the combination of eating better and exercise you will be able to increase your chances of passing and getting a lower rate. Cutting tobacco from your list of bad habits will also increase your chances of getting a lower premium and better coverage. A few small life tweaks will help you in the long run.
Losing a few pounds before applying may be a good idea. Not to mention if we can sow Underwriters that you have made some positive changes to your lifestyle, they tend to offer better rates.
How We Can Help You!
So, how does diabetes affect your life insurance? Let’s just say that just because you find yourself with a diabetes diagnosis does not mean you will find yourself having to pay more for life insurance. In fact, you can find insurance that will give you immediate coverage – without overpaying due to having diabetes! The key is to know how to find the best policy. That is where we come in!
Our experience and knowledge can help put you in touch with the insurance companies that are most friendly to diabetics and offer non-diabetic rates. You are already dealing with a life altering health issue – you definitely don’t need high life insurance rates, too. Let us help you find the best policy to meet your needs and at the lowest rate.
At Diabetes Life Solutions, we have knowledge of diabetes and how it relates in the life insurance world. We know the ins and outs of these companies, including those who may or may not approve you for a reasonably priced policy. Why waste time and energy seeking policies from companies who will just decline you or ask you to pay a ridiculously high policy rate?
Our knowledge of your diagnosis allows us to understand how each company works and which would be the best for you!