There is a disturbing epidemic that has been occurring within the United States over the last decade. Obesity has become a big issue for many reasons, poor diet, lack of exercise, as well as hereditary conditions. As a result of all of these items, diabetes has become a much larger problem within our society.
Majority of people with diabetes are diagnosed as a Type 2 Diabetic. However, there are a large number of people who are also diagnosed as a Type 1 Diabetic. Getting life insurance with any form of diabetes can be difficult, but life insurance for type 1 diabetics is achievable and can be done at an affordable rate.
Getting Life Insurance For Type 1 Diabetics
People with chronic conditions, specifically diabetics, did not ask for this disease, so it is unfortunate that insurance companies look at
them in a different manner.
While we do understand the reason life insurance companies have behind the way they price their policies, it still seems a bit unfair that so many families will go uninsured simply because the breadwinner of the family is a Type 1 Diabetic.
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
Costs of Diabetes
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 insurance underwriters are going to view as a risk and they will price the plan accordingly. There is no way to hide Diabetes from them either – in fact, doing so could even be illegal.
Take Time to Get Healthy
That being said, it is a wise move to make sure you have a handle on your condition before you go in for any kind of physical. Your doctor has probably given you a set of guidelines for you to follow in terms of diet and exercise.
Whether you follow this strictly on a day to day basis or not is not our business, but we can recommend that you get serious about following those guidelines strictly in the time leading up to your physical.
The last thing you want is to go into the physical with your blood sugar levels all over the place, causing you to be seen as a much larger risk than you actually are, in turn giving you a much more expensive policy.
Each Company Quote is Different
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 a respected agent should know a bit more about the different companies and can help you make the right decision.
At Diabetic Life Solutions we specialize in helping diabetics get the best insurance rates.
Since we work mostly with diabetics, 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.
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.
A plan like this can be low cost if you are still young, and a good way to guarantee issuance of a life insurance policy if you are older – yet more expensive. There are many other options like whole life insurance for diabetics, term insurance, and other guaranteed issue plans.
This is another reason why working with an agent to get life insurance for type 1 diabetics can help you find the right match for your needs.
No Medical Exam Policies
Another option for 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.
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
The first advantage to these plans is obvious, that anyone can purchase one of these plans, regardless of health or any pre-existing conditions that you have. It’s important that everyone has the life insurance protection that you have.
Another advantage to a no medical exam you’ll be able to get life insurance protection much quicker than you would with a traditional life insurance plan. With most no medical exam policies, you can get life insurance in a matter of minutes in some cases.
With a traditional life insurance plan, it could take up to a month to get life insurance. If you want to get protection as quickly as possible, a no medical exam is going to be the best option.
Disadvantages of No Medical Exam Policies
Just like with every other type of life insurance coverage, there are going to be some disadvantages to these plans. The biggest pitfall is that they are going to be much 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 insurance. With no medical exam, they don’t get that picture, which means they are going to take on more risk with the insurance policy.
They are going to offset that risk by charging you more in monthly premiums, but you can’t put a price tag on the peace of mind that having a life insurance plan will give you.
Calculating Your 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 life insurance coverage. 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 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.
So, just because you have Type 1 Diabetes doesn’t mean you are uninsurable, you just have to be a bit more creative. Don’t let your family’s future go unprotected for any longer, take out a life insurance policy today.
If you have any questions about getting life insurance as a type 1 diabetic, 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 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. Life insurance is the best safety net that you can buy, don’t wait any longer to get the protection that they deserve.