Getting Life Insurance When You Have Type 1 Diabetes
Are you wondering if getting Life Insurance When You Have Type 1 Diabetes is possible?
If you’re an American with diabetes, you’re far from alone. It is estimated that over 25 million children and adults in the U.S have diabetes, and the numbers just continue to climb with 2 million new cases being diagnosed each year.
To make matters worse, it is believed that millions more are not even aware that they have it.
But even with such large statistics among the general population, diabetes can still be a problem for insurance companies. Once a person is diagnosed, they often find that life insurance policies become unaffordable or even unavailable!
This is especially true with type 1 diabetes. But don’t give up just yet. If you have type 1 diabetes and are concerned about getting approved for life insurance, you can breath a sigh of relief. Keep reading; because this article will cover everything you need to know. Keep in mind that you can even request a quote today using the form right on this page.
What Do Insurance Companies Look At?
So, what do life insurance companies consider when it comes to people with type 1 diabetes? There are a few factors:
1. A1c Level: Your A1c (also written as “A1C”) percentage depends on a variety of factors—age, other health conditions, diet, etc. But as you probably already know, you can also help control it with the proper care. Ideally speaking, insurance companies want to see an A1c of less than 7 percent, which translates to a glucose level of 154 mg/dl, or rather, a well-controlled A1c.
2. Age at Diagnosis: Even though type 1 diabetes is more commonly diagnosed in children and teens, you’ll have an easier time getting approved for life insurance coverage if you were diagnosed after age 40. If you were diagnosed earlier, that doesn’t automatically mean you won’t get covered. Instead, it just means that you may need to explore other options for coverage, like Graded Death Benefit Life Insurance (more information on this in a bit).
3. Insulin Units: Since people with type 1 diabetes require regular insulin shots, insurance companies look at the actual amount you take (even though height and weight can affect this). For example, having an average daily dosage of less than 25 insulin units is considered ideal and will typically result in lower rates. This isn’t to say that you can’t get approved if you’re taking up to, say, 50 insulin units every day, but most insurance companies will charge you higher rates for it.
4. Complications: Health complications alongside (or resulting directly from) type 1 diabetes can also affect life insurance rates, as well as whether or not you will be able to get coverage in the first place. Such complications include vision loss, kidney disease, nervous system disease, and amputations, among other things.
Life Insurance Pricing for Type 1 Diabetics
Actual pricing will of course vary from person to person, but here’s a typical pricing example:
Candidate: A 55-year-old woman applying for $250,000 of 15-year term at a Table 4 Rating
American General: $128.16 Monthly
MetLife: $152.91 Monthly
Will I Get Approved?
Your chances of getting approved for life insurance with type 1 diabetes are excellent if you were diagnosed after age 40, are free of complications, and are following your doctor’s recommendations and keeping your insulin levels under control. In fact, you should be able to get approved for coverage (with a high-quality life insurance companies, no less) at a table rating between 4-8. I’ve had successes with both MetLife and American General.
What Are My Coverage Alternatives?
If you are taking more than 50 insulin units daily and/or have A1c levels, it is still possible for you to get approved for up to $50,000 of coverage, even without a medical exam. However, if you are looking for greater coverage (between $100,000 and $150,000, for example) you may be eligible for a Graded Death Benefit Policy.
Remember how this was mentioned earlier? Now I’ll briefly go over what it is. A Graded Death Benefit policy has a two or three-year initial period in which the death benefit is equal to all premiums paid, plus interest. After this initial period, 100 percent of the death benefit is in place. Still, even if death occurs during the initial period as a result of an accident, the full death benefit will still be paid.
If you are interested in getting a quote for life insurance with type 1 diabetes, please fill out the form on this page. You can also call us at 888-411-1329.
By: Michael Quinn