Life Insurance For Diabetics.

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Last updated: February 25, 2016 at 20:24 pm

Life Insurance If You Have Diabetes

If you have diabetes, as with most other pre-existing conditions, it may be somewhat more difficult and/or costly for you to purchase life insurance than for the average applicant.

However, finding and getting approved for the policy you want is not at all impossible. Thousands of diabetics search for and secure good, solid insurance policies that cover someone with diabetes every single year. It is just a matter of knowing where to look and what to expect.

How to Find Life Insurance for Diabetics

Many agencies that help diabetics find insurance will have not only an informative website but also a short form that allows you to get an idea of how much your insurance will cost.

To get a quick quote, you will probably have to enter some contact information, a basic description of what kind of coverage you are looking for, and a few health details, such as blood sugar level, weight, smoker/non-smoker, age diagnosed with diabetes, and control method (diet, oral medicine, or insulin).

There are several ways to look for life insurance as a diabetic:

  • Search Online for insurers that specialize in covering diabetics, for example, many insurance companies have a particular specialty or “niche” in the market.
  • Or, you could call your state’s insurance department for information on who insures diabetics within state lines.
  • You could even look in a phone book
  • ask your doctor, ask a diabetic support group
  • Or get feedback from friends and relatives who also suffer from diabetes.

However, one of the best, easiest, and fastest ways to find the life insurance company covering diabetics that is right for you is the “indirect approach.” That is, you can use a company with contacts and detailed data on dozens of different insurers.

Let them sort through the hay stack and present you with the best companies narrowed down to a few options that fit your needs and budget. An agent with deep experience in the diabetics’ insurance market can guide you through the process, and you can get a quick quote in a matter of minutes.

What is the best life insurance policy for someone with diabetes?  Call 

How Insurance Companies Handle Diabetes

Diabetes, both Type 1 and Type 2, create added risk for insurers, which will affect whether coverage is extended to you and how high your premium will be. There are two types of diabetes, Type 1 and Type 2. With either condition, there will be a higher than average blood sugar level, but there are important differences between the two types.

Type 1 diabetes is relatively rare (80% to 90% of diabetics have Type 2) but generally considered higher risk. Type 1 is usually diagnosed during childhood and cannot be controlled without the aid of insulin. Type 2 diabetes is normally diagnosed after age 30 and is associated with weight gain, hypertension, and high cholesterol. It can be controlled via tablets or even just by keeping a strict diet.

diabetes and life insurance companies

Insurers assess risk within the diabetics’ pool largely based on how well the condition is controlled. Both Type 1 and Type 2 diabetes can lead to serious health problems or even death if they get out of control.

Risks include heart disease, nerve damage, eye problems, kidney disorders, and poor blood circulation, which can prevent hand and foot injuries from properly healing. Insurers will want to know you are doing everything possible to minimize these risks.

Do not be tempted to give out false or incomplete information in order to get accepted on an insurance application or in order to get a lower premium. This could lead to claims being refused later on.

On the other hand, do not be too quick to submit an application until your agent assures that you are likely to be accepted since it is more difficult (though not impossible) to get approved later on after a previous application has been turned down.

If you already had life insurance coverage before you discovered you had diabetes, you can keep your existing policy without any changes due to your condition. If you are insured through your employer, and cannot keep the same policy when switching jobs, you may have to seek a new policy as one with a preexisting condition.

However, group policies do not always result in higher premiums for individuals based on their circumstances—so you may still be able to get a lower premium with a new employer-based insurance scheme.

What Insurers Will Want to Know About Your Diabetes

Diabetics seeking a new life insurance policy will, of course, have to pass all of the usual requirements and answer all the questions that all applicants are asked, such as: age, gender, height, weight, smoker/non-smoker, frequency of alcohol use, place of employment, income level, family and personal medical history, and the like.

You should also expect to provide information any other medical conditions you suffer from and be prepared to take a medical exam during the application process.

  • You should expect to give blood and urine samples,
  • blood sugar readings,
  • heart rate counts, and
  • blood pressure measurements.

You can get insurance for diabetes without a medical exam, but it will likely cost quite a bit more.

They will also, however, have to answer some additional questions. You should be prepared with answers and documentation concerning:

  • Your typical blood sugar and hemoglobin test results
  • Age at which you were diagnosed with diabetes
  • Type of diabetes you have (Type 1 or Type 2)
  • How and how well you are controlling your condition
  • All medications you are taking for diabetes
  • Your medical history in relation to diabetes

How Much Does Diabetic Insurance Coverage Cost?

Finding affordable life insurance for diabetics is not always easy, but it can be done. The cost will vary based on the provider, your overall health, which Type of diabetes you have, and how well your diabetes is being controlled.

If you can show that your condition is being well managed, you may not have to pay all that much more than anybody else.

Insurers use four health categories to class applicants, and where you fall in this spectrum will affect how high your premiums are. The four classes are as follows:

  1. Preferred Plus: This is the “healthiest” category of all. It is very low risk and has the lowest premiums.
  2. Preferred: Preferred status falls to those with less than “excellent” but still “above average” health.
  3. Standard: This is the “average” slot, where most people qualify. People with Type 2 diabetes could qualify as standard if their condition is well controlled and they are not excessively overweight. In that case, they would pay about the same as the average policy holder.
  4. Substandard: This is the category for those with some kind of preexisting health condition. There are numerous different levels of “substandard” health based on the severity of the condition and the risk level for the insurer. If you have Type 1 diabetes or if your Type 2 diabetes is not optimally under control, you will likely qualify for this category. You will have to pay at least a little more than average but will probably still be able to get the coverage you need.

You Can Still Find Affordable Coverage If You Are Diabetic

Those with Type 1 or Type 2 diabetes sometimes despair of finding life insurance, but with a little diligence and the help of an agent, almost everyone can obtain their needed coverage.

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The best way to find the right policy if you are a diabetic is to compare multiple companies. This includes their quotations and the policy itself.

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