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Lots of individuals think that there is no life insurance for diabetics. But they couldn’t have been further from the truth. Factually, about 34.2 million diabetic Americans have access to various options of life insurance.
Although diabetes is still a challenging health condition, diabetics can get decent life insurance.
Given this, let’s take a look at some essential things to note about how diabetics can get life insurance.
Insurers focus on several factors
Apart from understanding that you are a diabetic, a life insurance company may also inquire about some vital things which include:
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The type of diabetes you have – Type 1 or Type 2 diabetes?
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Your current medications
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The levels of your glucose
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The age at the diagnosis of the condition
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Your control over the condition
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Your weight and height
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If you are a smoker
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If you suffer from other health issues such as high blood pressure and/or heart disease
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Your family history
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Your overall medical history
You can get “clinical underwriting” from a few life insurance companies. In this situation, underwriting refers to when an insurer accesses you for coverage. With the help of this underwriting, the insurance company will have a holistic view of your health condition rather than focusing on some risk factors. You should consider talking to an insurance professional to find insurers that provide clinical underwriting.
Different insurers provide various life insurance for diabetics’ underwritings
As a licensed insurance agent and lead of Diabetes Life Solutions, Matt Schmidt has an impeccable understanding of how diabetics can get life insurance. He has dedicated his time and effort to assisting diabetics to obtain the best life insurance possible. According to this Matt Schmidt “each insurance company has various underwriting guidelines for life insurance for individuals with diabetes. Because of this, it’s extremely important for a person with diabetes to work with an agent who’s proficient in the diabetes life insurance marketplace. Life insurance for diabetics can be challenging, but not impossible to obtain.”
Despite this, this insurance expert notes that the majority of the insurance companies still want to know your age when you were diagnosed with diabetes. This is because people that have been diagnosed with diabetes earlier in life have lots of time to experience more related complications of this health condition. Resultantly, such individuals may struggle with obtaining insurance coverage.
Besides, the majority of the insurance companies will like to know about any severe complications of diabetes that you have. They often focus on three big issues which are a diabetic coma, a hospitalization, and an amputation. However, you should note that having any of these three big issues doesn’t necessarily mean that you cannot get life insurance as a diabetic.
Conclusively, individuals with Type 2 diabetes will likely find it easier to get life insurance than those with Type 1 diabetes. This is because of the difference in the severity of these two types of diabetes.
Life insurance for diabetics is usually (but not always) costlier
Healthy, non-smokers usually enjoy better life insurance rates than smokers with existing health problems. However, lots of diabetics have gotten preferred insurance rates. Notably, preferred is the best life insurance category that anyone can get.
Diabetics can also choose non-traditional plans
Graded life insurance is one of the nontraditional options that diabetics can consider. This option enables your beneficiaries to only get a percentage of the complete life insurance payout if you die before a predetermined waiting period. In most cases, the waiting period is two years.
Guaranteed issue life insurance is an alternative you can go for. This allows you to receive a particular amount of coverage immediately. No medical exam or inquires will be conducted before getting this insurance coverage. However, you must understand that the coverage amount is usually limited. Also, you may need to deal with a high rate. Like the graded life insurance, guaranteed issue life insurance also comes with a waiting period.
Controlling your diabetes can be instrumental in getting better coverage
Life insurance companies favor diabetics that are in control of their health condition. Managing your diabetics could mean that you take your medications as prescribed, visit your doctor regularly, have lower levels of glucose and AC1, and maintain a healthy weight.
Besides, if you can manage your condition effectively, you may enjoy a better insurance rate. This is particularly the case if it has been a long time that you were hospitalized because of diabetes (but they may still keep the information on your health record, so it will determine your rate.)
Working with a licensed insurance agent is highly recommended for you
Basically, you have to work with an independent agent who knows a lot of life insurers. Through this agent, it will easier for you to look around for the best deal on your life insurance. In addition, if a life insurance company turns down your application, you can have access to a pool of other carriers that will help you.
Besides, you may want to hire the services of an agent that are known for assisting high-risk applicants. These types are agents are particularly skilled and versatile in helping diabetics to find life insurance companies that will probably provide the best policy.
So, are you ready to find a licensed insurance professional that will ease the process of finding life insurance for diabetics? If yes, get started today by learning how you can select a qualified insurance agent. Don’t forget to search for a licensed and experienced insurance professional that is within your local environment.
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