Life insurance is one of the most important investments that you’ll ever make for the future of your family. It’s the best way to ensure that your loved ones have the money that they need, regardless of what happens to you.
When you apply for life insurance, the company is going to look at dozens of different factors to decide how much of a risk you are to insure with a policy. They are going to review everything from your age to all of your hobbies. The higher risk that you are, the more that you’re going to pay for life insurance. The biggest factor that the insurance company is going to review is your health. If you have any pre-existing conditions, then you could pay a lot more for your insurance coverage, or even have your application declined.
One of the most common pre-existing conditions that applicants face is diabetes. It’s one of the most prevalent illnesses in America, and thousands of people with diabetes are looking to get affordable life insurance coverage ever year.
Life Insurance for Diabetics can be a challenge but is not impossible. I have personally helped many people, with Diabetes, obtain life insurance policies. My goal is to find the best and hopefully affordable Life insurance for diabetics.
What Type Of Diabetes Do You Work With?
What Information Is Needed?
The key to success is “Control”. This is what carriers are looking for. You must know your current A1C reading . Also, having a good overall history of your A1C readings is very helpful. Other important factors are your Height and Weight, age you were diagnosed , smoker or no smoker, medication taken etc.
If you want to make the process as quick and simple as possible, you’ll want to make sure that you have all of the paperwork together when you start applying. This will also make sure that you don’t make any errors on the application, which could cause the process to drag on either longer.
What Can I Apply For?
We have both Term and Whole Life insurance for diabetics. To get the best rate it is always good to consider doing a full medically underwritten plan. However, depending on your current known health status, we may be able to apply through a carrier who may not require a medical exam. However going with a no medical exam is going to make the premiums more expensive. Read more about No Medical Exam Polices.
I also have carriers that offer simplified issue ( Whole Life for Type 1 Diabetics) policies that simply require answer Yes and No to some questions. All carriers will check the Medical Information Data Base ( MIB) along with a Pharmacy and DMV report.
What Type Of Questions Will They Ask Me?
Here is an overview:
Date of Diagnosis
Height / Weight
Weight one year ago
Dr’s name who supervises your Diabetes
How often do you visit the Dr
Date of last visit
Do you follow a strict diet
Insulin use ( They may be able to work with Type 1 Diabetics)
Do you take oral tablets – will need names and dosage amounts
Any treatment change in the past 2 years
How often do you check you blood sugar level
Last Blood Sugar Reading and the Date the reading was taken
Usual Blood Sugar reading and the date of this reading
Last A1C reading and the date it was taken
Have you experienced a Diabetic Coma , acidosis so severe that it required hospitalization
Ever had insulin shock
Missed any work do to diabetes or associated conditions
They will ask if you have any other problems: Elevated Blood pressure, Heart Trouble etc.
Getting the Most Affordable Life Insurance as a Diabetic
Your diabetes diagnosis is just one factor that the insurance company is going to look at. Before they accept your application, they are going to require that you take a medical exam, which is going to play a huge role in how much you pay for your policy, or if you even get accepted for coverage. There are several ways that you can secure lower premiums from the insurance company and keep more money in your pocket.
The first thing that you should do is start getting exercise and stick to a healthy diet. This can help you lose weight, lower your blood pressure, lower your cholesterol, and help drastically reduce your risk of health complications like diabetes and heart problems. All of these are going to help you get better premiums from the insurance company. You don’t have to be a marathon runner to get better rates from the insurance company.
Additionally, both exercise and diet are going to help you control your diabetes and keep your glucose levels managed. For a diabetic, either type 1 or type 2, both of these are one of the best things that you can do for both your health and your life insurance premiums.
The next thing that you should do to lower your insurance premiums is to eliminate any tobacco that you currently you. If you’re listed as a smoker on your life insurance application, you can expect to pay much higher rates. In fact, smokers are going to pay twice as much for their life insurance coverage versus what a non-smoker is going to pay for the same amount of protection. Especially as a diabetic, also being listed as a smoker could cause you to be declined for coverage.
The best way to ensure that you’re getting the lowest insurance premiums is to work with an independent insurance agent. Unlike traditional insurance agent, our independent insurance agents don’t only work with one single company. Instead, we work with dozens of highly rated companies.
Every insurance company is different, and all of them have different guidelines for their medical underwriting. That means that you could receive drastically different rates depending on which company you get the quotes from. Finding the right company could be the difference between finding an affordable life insurance plan or getting declined for life insurance protection.
While it can be difficult to get life insurance as either a type 1 diabetic or a type 2 diabetic, there are dozens of different companies out there that specialize in working with high-risk applicants. These companies have years of experience working with applicants with diabetes and they will offer you affordable premiums for your life insurance coverage.
How much life insurance do you need?
Aside from getting life insurance, it’s vital that you give your family enough protection, in case something were to happen to you. There are several different factors that you’ll need to account for when determining what your life insurance needs are.
The two biggest factors that you’ll need to consider are your debts and your paycheck. The primary goal of your plan is to give your loved ones the money that they need to pay off your debts and any final expenses that you would leave behind to your loved ones. If you were to pass away, they would be responsible for your mortgage, car payments, and much more. That can make an already difficult situation a thousand times worse.
The next number to look at is your paycheck. The secondary goal of your plan is to replace your source of income for your family. If they rely on your income to pay for any expenses, they would struggle if they no longer had that money, but that’s where your life insurance comes in. When you’re looking to apply for coverage, you should look to get seven to ten times your annual income.
How Do I Start The Process?
Contact me for a completely free , no hassle, no pressure consultation in regards to Life Insurance for Diabetics. I know that finding the perfect insurance plan can be a long and difficult process, but it doesn’t have to be. I can help make the process as quick and simple as possible. Don’t wait any longer to get the life insurance protection that your family deserves.
I am asked this question almost every day “Can you get life insurance if you have diabetes” and I think, in most cases we can provide some type of coverage!
Even if you’re been declined for life insurance in the past, don’t assume that you can’t get the protection that your family deserves. There are plenty of quality options for you. Not having life insurance is one of the worst mistakes that you can ever make for your loved ones.
If you have any questions about getting life insurance as a person with diabetes, please contact me today. We would be happy to ensure that you’re getting the best plan to meet your needs. There are dozens of different kinds of plans that you can choose from, all of them have different advantages and disadvantages that you’ll need to consider. Fill out my contact form or give me a call. My number is 512-963-5000