What is Affordable Life Insurance for Diabetics?
According to studies, more than 8% of the United States population has a certain type of diabetes. And, the majority of them think that they cannot get Life Insurance, which is not true. The majority of insurance companies will offer you an affordable Life Insurance plan; however, they will do this based on your medical history and your present diabetic condition.
It is not that easy to get a cheap Life Insurance for diabetics, however, lodging a well prepared application will definitely help you get a good rate. On the other hand, if you get a diagnosis at the age 50 – 65 +, you will surely end up with an affordable coverage.
Which Diabetic Can Get An Affordable Life Insurance?
- Applicants who take care of their blood sugar levels. These applicants are very careful and know the impact of high blood sugar levels in their system. So, if the insurer sees you as a cautious applicant, the chances of getting an affordable Insurance rate is very good.
- If your A1C numbers are within the range of 5.7 to 6.4 percent, you will also stand a good chance of getting an affordable policy. If your A1C is below 5.7 percent, there is nothing for you to worry about. Normal A1C levels is below 5.7 percent; 6.5 percent or above indicates diabetes; 5.7 to 6.4 percent is prediabetes.
Please Note: Those with diabetes and in need of an affordable Life Insurance coverage, should work with a licensed Life Insurance agent who will help you compare different companies and also help you make the right choice based on your present & past health conditions. Before calling your agent or going to their office, prepare all necessary documentation, because you will need to answer all questions asked by the agent and the information you give them will be used to prepare a quote for you accordingly.
Why Diabetic Applicants Pay More Than Non-Diabetic Applicants for Life Insurance?
Life insurance is, for Insurance companies a business and, for you, a long Term investment. With that in mind, insuring a diabetic person is expensive because any time they get an attack, their Insurance policy will kick in to provide the coverage as per the Terms and conditions.
However, when the applicant is healthy, chances are high that his or her policy will be dormant for a long period of time. This is a great benefit to the insurer, hence, they are prepared to give you an affordable / low-cost Insurance rate. To sum this all up, once you have a health condition like diabetes, the risks of accommodating / covering you are high, and this has a direct impact on the pricing of your Life Insurance policy.
Common Questions On Life Insurance For Diabetics
Q1: Can A Diabetic Get Life Insurance?
A1: Yes. Anyone with a diabetic disease can get Life Insurance; however, the process might not be as smooth as you might think. If you have diabetes, the Insurance Company with whom you have placed your application with will be concerned about the following:
(a) Treatment: You have to be under prescribed medication and receiving treatment. This is a precaution all Insurance companies take.
(b) Medical History: You need to present your medical history from a well-known medical specialist or Health Care Center. These records will show the status of your health. In this case, you are advised to visit a physician to get regular checkups. It is also very important to keep your blood sugar levels under control.
Q2: What Do Life Insurance Companies Typically Look For When Evaluating A Diabetic Applicant?
A2: They are looking for all of the following, including:
- Age when you were diagnosed
- The time you have been living with diabetes
- How do you control your diabetic condition
- Your blood sugar levels
- Do you have any other medical conditions? (In most cases, people with diabetic conditions are more prone to getting other diseases such as kidney failure, heart issues, vision problems, high blood pressure and more).
Q3: Since I’m A Diabetic, Will I Pay A Lot More For Life Insurance?
A3: Pinpointing an exact dollar figure on what a Life Insurance premium will cost is almost impossible. There are far too many factors that all play a huge role in deTermining what your premium will be, or if you will be offered a policy at all. However, depending on certain data in your medical history such as family history, your current condition and age, a person with diabetes could actually be offered rates similar to that of a preferred smokers’ rate. This would be a win for you.
Q4: If An Insurance Company Says They Charge A Flat Rate Extra Premium, What does That Mean?
A4: If you have been told this, the Insurance Company is basically hedging their risk by taking you on as a policyholder and charging an extra amount of money you need to pay. A flat extra premium is an additional charge per $1,000 of the total death benefit. The death benefit is the money the Life Insurance policy will payout to your family when you have passed on.
Q5: Is It Possible To Get An Accurate Online Instant Quote For Covergae As A Diabetic?
A5: The short answer is No. So many people are used to getting instant Insurance quotes for their Auto Insurance Policy and think that getting a Life Insurance policy, especially as a diabetic, would work the same. Getting an instant quote for your Auto Insurance and getting an instant quote for Life Insurance as a diabetic are two different ball games.
When you are in the process of getting Life Insurance, you will be given a case manager (this is the case for everyone who applies for a Life Insurance no matter which Company you choose). This person will be your main point of contact all the way through the underwriting process to get that “Yes” answer you want to hear. On the first day of meeting with your case manager, they will ask you a series of questions, especially about your diabetes. Only about a quarter of those same questions are on an online instant Life Insurance quote. So you see, there’s no way to get an accurate quote for Life Insurance with an application that took 30 seconds to complete.
Q6: If My Diabetes Is Under Control Now And I Already Have a Life Insurance Policy, Can I Get A Lower Rate?
A6: There’re no rules saying that you cannot ask your Life Insurance Company for a “re-evaluation.” This is common in the Auto Insurance world for drivers with bad driving records. Every five years, a moving violation drops from their record. The only difference here is usually that the Insurer will adjust the driver’s insurance rates on their own when they see the improved driving record when they check it at renewal time. Sometimes, they do not do this automatically. Then the drivers have to call and ask for a re-evaluation or a re-rating of the classification. A person whose diabetes is under control and can support this with tests from a physician might have a good shot at getting re-rated under a better classification. However, remember, despite all the effort you put in to try to convince the Insurance Company otherwise, they still reserve the right to say no.
Q7: Can People With Type 1 & 2 Diabetes Qualify For Other Life Insurance Types?
A7: Yes they can. Although Term Life Insurance is the most common Life policy marketed to people with and without diabetes because of its flexibility and ease, there are types of Life Insurances out there. There is Whole Life, Universal Life, Variable Life, Survivorship Life, Guaranteed Issue Life and Simplified Issue Life Insurance.
If you have more questions on Life Insurance for Type 1 and Type 2 Diabetics, please read our following articles:
- Life Insurance for Type 1 Frequently Asked Questions
- Life Insurance for Type 2 Frequently Asked Questions
Q8: If I Have Diabetes, Can I Still Get A Whole-Life Policy?
A8: Absolutely Yes. If you have already qualified for Life Insurance with a Company, you will have access to most of the policies they have. Also, at this point of the qualification process, you would have already been quoted on a particular Life Insurance product. So if you were approved for a 10 year Term Insurance policy, and in the middle of the Term, you changed your mind and wanted a Whole-Life / Permanent Life policy, you could ask to have your Term policy “converted” into a Whole-Life policy.
Preparing For A Life Insurance Application When You Have Diabetes
Insurance agents will always advise you to take some measures prior to applying for a Life Insurance policy. Even those who plan to apply for a No Exam Life Insurance, be prepared as you might need to answer a few health related questions during the application. Once you have gathered all essential details about your health, the process of reviewing your application will be relatively short. With that in mind, I suggest, you follow these tips:
- Get regular medical checkups: I recommend using one particular physician. Whenever you switch physicians, your records may not be consistent and not that accurate anymore. You might even find it difficult to find your records when the need arises.
- Follow what your doctor tells you: During these regular visits, the doctor will advise you on “how to control your diabetic condition to avoid getting attacks” For example, you might be advised to reduce your sugar intake, exercise regularly and drink plenty of fresh water. By following your doctor’s advice, your diabetic condition should in most cases be under control. Therefore, by the time you apply for Life Insurance, you should be able to obtain an Affordable Diabetic Life Insurance.
- Keep up-to-date medical records: This is a very important thing to note. WHY? Because the insurer will use the data you have provided to rate your application. So, if your records are not updated, you might either end up paying a very high premium for your Life Insurance Policy or in the worst case, be refused one altogether.
- Keep other health condition under control: If you have been smoking, it is time to quit, because tobacco will put you at a great risk of getting lung cancer, i.e. you do not want other health related issues to complicate your diabetic condition.
Collected Facts For Term Life Insurance For Diabetics
With detailed research, one can find the following facts with in regards to applying for Term Life Insurance if you have diabetics:
- In most cases, premiums tend to be lower especially for old-aged people with diabetes. On the other hand, younger people who have been diagnosed with diabetic conditions are more likely to pay expensive premiums.
- If you keep your body in good health generally and get rid of bad habits, for example smoking, you will easily get the best Life Insurance rate. This is simply because you will be rated as a less risky applicant by the Insurer.
- Pre-existing Life Insurance policy. If you purchased Life Insurance while in a healthy condition and later on, you got diagnosed with diabetes, that particular Life Insurance policy would cover you if other health factors remained the same.
- Since there are different types of diabetes and these include Type 1 & 2, in general, the insurance premium for Type 2 diabetes is higher than the premium for Type 1 diabetes.
Who Provides A No Medical Exam Life Insurance For Diabetics?
Many applicants prefer no medical exam Life Insurance package. However, when you call some insurance agents, they will tell you that it’s impossible to get one. And they recommend that you sign up for a ”graded death policy” which has a two-year wait period and comes at a high price.
Do not be disheartened by this, as truth is that, the agent might be correct because not every Life Insurance Company accepts no medical exam for diabetic applicants. However, they are other well-known Life Insurance companies who will happily take you on board. These companies write policies for people with either Type 1 or Type 2 diabetes without any medical exam.
Let’s Look At The Life Insurance Companies For Diabetics:
Although you do not have to go through any sort of medical exam, Americo still has to gather some basic information about you. You will be handed a simple Insurance questionnaire which you have to fill out. After submitting the application, you will have to wait for at least two weeks to get feedback from them.
Pricing: Life Insurance Type 2 diabetes applicants will get a Whole-Life Insurance policy of up to $50,000. Please note that this figure may be subject to change and may not be accurate at the time you read this article, so, it is suggested you contact Americo via their website for the latest update.
American National is commonly known as ANICO and you can sign up for up to $250,000 worth of Life Insurance coverage with them without any medical exam. However, on the other hand, ANICO will review all your previous medical records to check your health status. Therefore, you have to make this paperwork available to them. When it comes to wait time, any approvals can take from 4 to 6 weeks.
We hope the information presented above on Life Insurance for Diabetics has been helpful to you.