Original Post: February 7, 2017 | Updated Post: November 6th, 2019
Over the last decade or so, there has seemed to be an epidemic occurring in the United states, and other parts of the world. Diabetes is becoming more and more common.
As a result, more and more people are being diagnosed with type 2 diabetes or pre-diabetes. It seems that Type 1 Diabetes doesn’t get talked about as much, outside of the headlines discussing the pricing of insulin.
According to the American Diabetes Association, there are nearly 1.25 million people in the United States alone, who have Type 1 Diabetes.
Getting life insurance with any form of diabetes can be difficult, but life insurance for Type 1 Diabetics can still be affordable, and easily obtained. You just need to work with Diabetes Life Insurance specialists such as Diabetes Life Solutions.
Getting Life Insurance for Type 1 Diabetics
People with chronic conditions, specifically Type 1 Diabetes, did not ask for this disease, so it is unfortunate that life insurance companies look at
them in a different manner. Life insurance companies will always view a person with Type 1 diabetes as a higher risk compared to a person with Type 2 Diabetes. However, life insurance companies have made improvements to their underwriting guidelines over time, and rates for people with Type 1 Diabetes are at all time lows.
Fortunately, there are quite a few solutions out there when it comes to finding the best life insurance for type 1 diabetics, it just takes a little more work than it would for the average person. You don’t have to do this alone, or over complicate the matter. Diabetes Life Solutions was founded to help the Diabetes community obtain life insurance coverage. Contact us or even call 888-629-3064 and have an agent help you and your family.
How are Premiums Priced for Type 1 Diabetic Life Insurance
The first and most important thing to understand, is that life insurance for type 1 diabetics is going to be more expensive than life insurance for non-Diabetics. There is simply no getting around this fact – diabetes is a disease that the life insurance underwriters are going to view as a risk and they adjust premiums accordingly. There is no way to hide the Type 1 Diabetes from them either, as you’ll have to provide details to your Diabetes treatment and history on the application.
For most people who have Type 1 Diabetes, your policy will be ‘Table Rated’ or rated Sub Standard. This means that your life insurance policy will be more expensive, compared to a person without Diabetes.
Generally, every table rating applied to a policy, increases the premium by 25%. Majority of people with Type 1 Diabetes will have a policy issued with a table rating of C,D or higher. Everyone’s health profile, and diabetes history is different. For an accurate quote, you’ll need to complete a brief diabetes questionnaire, or contact us.
Life insurance companies are going to based your premium off of four main criteria:
- Age of Type 1 Diabetes onset
- Control of your Type 1 Diabetes
- Other Significant Health issues
- Usage of Tobacco Products
INSIDER’S TIP: Less than 5 percent of all policies applied for by Type 1 diabetics will be STANDARD. Majority of applicants will be Table Rated. Unfortunately, certain websites and agents try and trick the Diabetes community. If an agent emails you a quote using Standard or better ratings, they are intentionally misleading you, to trick you into applying with them.
Also, if an agent quotes you Banner Life or Prudential, and indicates they have the lowest rates possible, 99% this in fact FALSE. While both carriers are excellent life insurance companies, there are generally better priced options. Only agents who are not properly trained in working with the Diabetes community, quote these companies.
Although you have Type 1 Diabetes, we do have a few tips on how you can obtain better life insurance rates, and discounted life insurance premiums.
Take Time to Get Healthy
Life insurance companies will take in account your complete health profile. In addition to reviewing your Type 1 Diabetes history, they’ll also want to know about your lifestyle, and other health issues.
One way to make a good impression on a life insurance underwriter, is showing them you have a ‘healthly’ lifestyle. Meaning being compliant with Dr.’s orders, eating right, and having an exercise program. If you have a Diabetes related complication, this may lead to higher premiums, depending on the severity.
Certain companies will offer ‘healthly’ lifestyle credits if you maintain a proper Height/Weight and exercise regularly. This may lead to a life insurance premium that’s 25% lower than an individual with Type 1 Diabetes who doesn’t.
There are several websites who provide health tips, and lifestyle guidance to the Type 1 Diabetes community. Following a site such as Beyond Type 1, will assist you in learning how to live healthy, with Type 1 Diabetes.
See an Endocrinologist
One way to show an insurance company you are serious about controlling your Type 1 Diabetes is by seeing an endocrinologist. Seeing a specialist, that only works with Diabetes patients tends to help control your A1C, keep you on a strict diet, and overall help you maintain a healthy lifestyle.
Any little thing we can help show an underwriter, in regards to ‘positives’ about your health profile, will help keep your table ratings at a minimum.
Diabetes and technology seem to go ‘hand and hand’ at the current moment. And certain life insurance companies are taking notice.
Showing certain companies that you are using an insulin pump, or a Controlled Glucose Monitoring device, may lead to discounts on your policy. If you aren’t using these forms of Diabetes, don’t be discouraged. You’ll have another chance to utilize technology for discounts on your Type 1 Diabetes life insurance.
Many of us are using activity trackers such as Apple Health or FitBit devices. But did you know that if you are willing to share your ‘data’ and ‘activity’ with certain companies, you may be in line for a discount? Here at Diabetes Life Solutions, we have partnered with specific life insurance carriers who review this information, as well as your complete health profile, and possibly offer discounted rates on Type 1 Diabetes life insurance. This additional information will give an underwriter more insight into your overall lifestyle.
To some, sharing your data isn’t worth the discounted rates. We understand this. This is simply an option that may be worth discussing.
Maintain a ‘Low A1C’
Generally speaking, the lower your A1C reading is, the better your life insurance rating may be. Life insurance in companies are going to want to see that your A1C reading is not elevated ( above 9.5) and that your Diabetes is not uncontrolled. Having an A1C of 7.3 or lower may yield a 25% lower price compared to an applicant who’s A1C reading is higher.
We also understand that NOT everyone can maintain a LOW A1C reading, for one reason or another. If that’s the case, don’t sweat it. Certain companies will review your entire health history. IF everything looks good, and you still have an elevated A1C, they may be able to make exceptions, and offer healthy lifestyle credits to your policy.
Remember, all Life Insurance Companies Will View You Differently
Rates on life insurance for type 1 diabetics can also vary wildly from company to company. This is because every life insurance provider assesses risk in a different way. While one might see Diabetes to be a huge risk, another may have many customers who are Diabetic and as a result is able to offer lower rates to Diabetics.
There is no “super list” out there that breaks down which companies you should apply with depending on your condition – however, depending on what type of policy you are looking for, we most certainly have some knowledge as to WHAT companies would work best for you!!
At Diabetes Life Solutions we specialize in helping type 1 diabetics get the best insurance rates. We only work with the Diabetes community. This is all we do, every day of the year.
Since we are only working with the Diabetes community, we are familiar with the companies that will treat your condition the most favorably and how to set yourself up for success in getting the best life insurance rates. We will work with you to get the best life insurance for your needs.
Once company may rate you higher due to past medical history, Height / Weight, or current control of your Type 1 Diabetes, while another company may not have any problems with this. Or maybe you have a form of Diabetes complication that would make you uninsuranble with one company, where another one would approve you. That’s why it’s imperative to work with an agent who only works with the Diabetes community. One that’s trained properly, to know all the ins and outs of various life insurance companies.
To begin determining what options you may have, simply reach out to us. Complete the quote request, or call us at 888-629-3064. A quick 5 minute phone call is all it usually takes.
It is also worth noting that there are other forms of life insurance which are available and can even be dead simple for diabetics to obtain. One example of this is what they call burial insurance – a life insurance policy that doesn’t care about your health and pays out a fixed amount in the event of your death. Policies like these are perfect for individuals who only need a small amount of insurance, to address final expenses and funeral costs.
There are many other options like whole life insurance for diabetics, term insurance, and other guaranteed issue plans. If unsure of what type of life insurance you need, just reach out to us. An agent can review your situation, and make suitable recommendations. Most individuals with Type 1 Diabetes can obtain any type of life insurance that’s on the marketplace. Rarely will the diabetes prevent you from qualifying for one type of policy or another.
This is another reason why working with an agent to get life insurance for type 1 diabetes can help you find the right match for your needs. Here at Diabetes Life Solutions, we willl only provide REAL and ACCURATE information to you. NO fake quotes will be provided, unlike other online websites.
What is the Application Process with Type 1 Diabetes?
For about 75% of applicants who have Type 1 Diabetes, you’ll need to complete a fully underwritten life insurance policy. This means that you’ll need to complete a basic application, complete a paramedical exam, and also allow underwriters to review your most recent medical records.
When applying, you simply would complete an initial application. Complete a blood/urine exam, and then have your agent order your most recent medical records. Once the health records are received, along with your lab results, life insurance underwriters can review your complete health profile. All this information will be used for companies to make an offer.
While applying, you are NOT locked into any term length, or amount of life insurance. Since nobody can determine what final rates you may qualify for, you can make final decisions with the final offers. When applying thru Diabetes Life Solutions, there’s no need to complete multiple exams, or have your doctor office make multiple copies of records. Your agent will handle all of this on your behalf.
No Medical Exam Policies
Another option for Type 1 Diabetes life insurance coverage is to purchase a no medical exam policy, which could be a great option for some type 1 diabetics. These plans are going to give you the life insurance protection that you need, without being required to take the medical exam.
Truthfully, there are not alot of no medical exam options, for people with Type 1 Diabetes. However if you’d like to discuss what options you have available, simply contact us, and speak with an agent. It will be a little tricky to qualify.
If you qualify for a no medical exam policy, here is how companies will determine your eligibility:
- Results of a Medical Information Bureau review
- Prescription drug background check
- Answers to basic health and Diabetes questions
- Additional lifestyle information provided by your agent
There are several advantages and disadvantages to these plans that you should be aware of when looking to get life insurance.
Advantages of No Medical Exam Policies
One main advantage of policies like these, is they can be approved in a matter of days. For people who need life insurance for a SBA Loan, or Divorce obligation, these policies may be a good fit. If needing coverage in matter of days, this would be your only option.
Another advantage is certain companies don’t ask about A1C readings, and may have more liberal Height and Weight chart. Often times a no medical exam policy could come back at a lower price, compared to a fully underwritten policy.
If you aren’t too fond of a company going thru your medical records, or reviewing your results from blood work, non medical exam policies would be your best bet.
Disadvantages of No Medical Exam Policies
Just like with every other type of life insurance coverage, there are going to be some disadvantages to type 1 diabetic life insurance plans. The biggest pitfall is that they may be more expensive.
With a traditional plan that requires a medical exam, the insurance company gets an idea of what your health is, which means they can calculate how much risk you are to insure. With no medical exam plans, they don’t get that complete picture, which means they are going to take on more risk with the insurance policy. Companies can only collect so much information, using MIB and prescription background checks.
Another disadvantage is that non medical exam policies are not available to everyone. Depending on your age of Diabetes onset, your options may be rather limited. Simply contact us, to discuss your options.
Calculating Your Type 1 Diabetic Life Insurance Needs
There are dozens of different factors that you’ll need to consider when you’re calculating your life insurance needs before you apply for the best life insurance for type 1 diabetics. It’s vital that you get the right amount of coverage for your loved ones, in case something tragic were to happen to you. Not having enough life insurance can leave you family with additional expenses that they don’t have money to pay for.
The first thing that you should look at is any debts or final expenses that your family would be responsible for if you passed away. If something tragic were to happen, your loved ones would have to pay your mortgage payments, student loans, car payments, and much more.
All of those expenses could easily add up to hundreds of thousands of dollars, which can make an emotional taxing situation a thousand times worse.
The next factor that you should consider is your annual salary. The secondary goal of your life insurance plan is to replace your salary if something tragic were to happen to you, especially if you’re one of the main income earners in your household.
Having a quality diabetes life insurance plan will give your family members the money that they need to pay for any necessary expenses without sacrificing their standard of living. When you’re looking for a life insurance policy, consider buying seven to ten times your annual income as a minimum.
Comparison of Type 1 and Type 2 Diabetes
|Feauture||Type 1 Diabetes||Type 2 Diabetes|
|Age At Onset||Any Age (Mostly Young)||Mostly in Adults|
|Body Habitus||Thin or Normal||Often Obese|
|Endogenous Insulin||Low or Absent||Normal, Decreased or Increased|
|Prevalence||Less Prevalent||More prevalent – 90 to 95% of US Diabetics|
How To Proceed and Determine Final Rates
Due to having Type 1 Diabetes, you will NOT know what final rates and offers you’ll qualify for, until you actually apply for coverage. You’ll need to speak and communicate with an agent, to begin the application process. To begin, simply complete a quote request on this page.
After speaking with an agent, they’ll be able to recommend a non medical exam policy, or a fully underwritten policy. From there, they can begin the application process with you.
Once final offers are determined, your agent will present them to you. At that point you can decide what insurance company, and amount of life insurance to move forward with. When working with Diabetes Life Solutions, you are not locked into any policy or amount while applying for life insurance.
Diabetes Life Solutions was founded to help the Diabetes community with their life insurance needs. We’ve helped thousands of individuals with Type 1 Diabetes secure life insurance. Use our expertise and services to secure the best policy for your family.
So, just because you have type 1 diabetes doesn’t mean you are uninsurable, it just means you just have to work with the right agency, such as Diabetes Life Solutions.. Don’t let your family’s future go unprotected for any longer, take out a life insurance policy today with Diabetes Life Solutions.
If you have any questions about getting type 1 diabetes life insurance, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs at an affordable rate.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Not having diabetic life insurance is one of the worst mistakes that you could make.
We know that getting life insurance as a type 1 diabetic and be a stressful and difficult process, but it doesn’t have to be. Our agents are here to make the process as quick and simple as possible.
Our agents have years of experience working with type 1 diabetics and can give you the lowest insurance rates for quality policies. When you work with us, you’re only going to receive honest, and accurate information from us. You won’t get the ‘bait and switch’ tactics other agent employ. Call us at 888-629-3064.