Life Insurance Options for Diabetics

Life Insurance Options for Diabetics
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    Finding life insurance with diabetes is possible, but you will definitely want to shop around to find the best policy at the best price when you have a pre-existing condition like diabetes. With the right life insurance company, you can have access to affordable, comprehensive life insurance. The first step is to compare rates and coverage using a reliable insurance broker or agent.

    Can Diabetics Get Life Insurance?

    It’s possible to buy life insurance with either Type 1 or Type 2 diabetes. The most important factor is that your diabetes is under control and has been for at least 6 months to 1 year. What if you are insulin dependent? It’s possible.

    What if your diabetes is NOT under control? You need to understand that if your diabetes is not under control you may not get approved for life insurance.

    If your diabetes is under control, but you also have additional health issues, such as:

    • Heart disease
    • Tobacco Use
    • Overweight
    • High blood pressure 

    These additional health risks may cause you to not be insurable with traditional coverage.

    Here’s the good news…

    You still may be able to buy a life insurance policy such as guaranteed issue life insurance. Just know that this option will cost you more compared to fully underwritten life insurance. 

    Finding a Life Policy for Diabetes

    It is important to use an independent life insurance agent when you are looking for life insurance for diabetics. An independent agent will compare the policy coverage and pricing offered by several different companies in order to give you the best option for coverage.

    You should expect to share some basic information about your condition, including the type of diabetes you have and whether you have any other health conditions. Life insurance for type 1 diabetics is slightly different than insurance for type two diabetics.

    Does Diabetic Life Insurance Cost More?

    The price for diabetic life insurance will be more compared to the average shopper. The cost that you end up paying will be based on how life insurance companies rate you. Each company is different in how they determine your health rating. It’s based on their specific underwriting guidelines, but most companies look at things such as: 

    We usually see that premiums that Type 2 diabetics pay are cheaper than the rates for Type 1 diabetics.  Usually and not always…remember, it all depends on how well you’re controlling your diabetes. Premiums for anyone who got diabetes at an older age is usually less expensive.

    Finding the most affordable life insurance for diabetics

    The agent you choose can save you thousands of dollars over the lifetime of your policy. It all starts with using an independent agent who can shop multiple carriers.

    Your agent will gather all the details that insurance companies will be looking at before they offer you a policy. You’ll want to provide your agent your current a1c levels and the types of medications that you take.

    Diabetics with well-controlled blood glucose levels may be able to receive lower premiums on insurance rates than others with diabetes.

    Having your recent a1c results and any medications you take will help an agent to provide you with an accurate quote. Type 1 diabetics need to be ready to provide how many units of insulin are taken per day. Your type 1 diagnosis date will allow your agent to asses your situation more accurately and provide options for coverage.

    Other factors, such as your height, weight and the age at which you were diagnosed with diabetes will be used to determine your insurance rates.

    Let your agent do the work!

    Do you want to spend hours trying to do this on your own?

    Hint hint…Even if you do, you’re still not going to know how much you’ll actually pay.

    Here’s the deal: Consumers don’t have access to underwriting guides and you’re just guessing without them. A professional insurance agent who works with high risk clients is the best option when you need to look at several health variables to obtain an affordable insurance premium.

    Life insurance for type 2 diabetics can be more affordable if you were diagnosed later in life. People diagnosed with type 2 diabetes before the age of fifty may pay higher premiums than those diagnosed after age 50.

    Life Insurance with Diabetes

    Let’s go over the steps needed to secure coverage with diabetes: 

    How to buy life Insurance with a Medical Condition

    Here are 7 steps you should follow if you're wanting to get approved for coverage.
    Total Time Needed: 30 minutes

    Required Tools:

    - Computer.
    - Phone.

    Things Needed?

    - Independent licensed agent

    Steps to get approved

    Step 1: Work with an independent agent
    With Diabetes, make sure to use an independent life insurance agent that has access to multiple companies.
    Step 2: Communication
    Your agent will listen about your Diabetes as well as your goals for coverage. They will also ask you the questions that a life insurance company underwriters will want to know about your Diabetes.
    Step 3: Shopping the competition
    Your agent is like your personal shopper. They will find the best life insurance company that will approve you and give you the best deal for Diabetes.
    Step 4: Choose your company and policy
    Once the bests companies have been found, you can choose the policy that meets your specific needs, goals and budget.
    Step 5: Apply
    Your agent will help you apply quickly and easily online or over the phone. Most companies provide e-signatures and e-delivery so you can submit your application as quickly as possible.
    Step 6: Underwriting
    After submitting the application you will begin the underwriting process. Once that has been completed you will know if you’ve been approved.
    Step 6: Purchase your policy
    Once your application is approved you may purchase your life insurance policy and put it in force.

    Get Involved

    If you are turned down for insurance because of diabetes, it is important to keep working with your high risk insurance agent to find a policy that fits your budget. Many companies are willing to work with people who have pre-existing conditions provided that the disease is managed properly.

    Following your doctors orders and taking medications on schedule can help you save more on life insurance and also benefits your health.

    Compare the quotes that you are offered to find the right price, but also read the fine print on the insurance policy to ensure it meets your needs for coverage. Some Insurance companies such as Banner life or American General have better underwriting guidelines when it comes to diabetes.

    Life Insurance Options for Diabetics

    Getting approved for life insurance and securing the best rate depends on a variety of factors. Make sure you use an independent agent who is an expert at impaired risk conditions like Diabetes. Life insurance with diabetes can be possible. Your personal agent at Life Insurance Blog will help you from start to finish and answer all of your questions.

    Contact us today if you need to discuss your specific situation and we can help you get approved for life insurance with diabetes.

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    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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