Since Type 2 Diabetes is now more common among younger people than it used to be, it is no longer referred to as “adult onset diabetes”. The disease is much more responsive to exercise and diet than Type 1 Diabetes and typically remains under control with a combination of diet, exercise and medication. Although insurance companies have become more liberal when insuring a diabetic, there remains many questions from potential applicants about Type 2 Diabetes and Life Insurance:
Q1: Can people with Type 2 diabetes get standard rates for Life Insurance?
A1: Insurance underwriters that receive proof of your controlled disease are more than likely to issue Life Insurance at standard rates if the controlled status is for 6 months or more. The Life Insurance rates for Type 2 Diabetes are more affordable because they are not table rated compared to the insurance rates for Type 1 Diabetes who are normally rated, if issued at all.
Q2: What happens when I answer “yes” to the diabetes question?
A2: The Life Insurance underwriter is going to look at your overall health and medical history with other risk factors to determine the final rate to cover the risk of issuing a policy:
- Your type of diabetes
- Date of diagnosis
- Current blood sugar levels
- Control factor
- Current medications
- Additional risk factors
- Medical history
- Family medical history
- Current age, height and weight
Q3: How long does my diabetes need to be under control to get a normal Life Insurance rate?
A3: If a Type 2 Diabetic person can offer proof that the disease has been under control for at least six months, the chances of receiving a “standard” rating are very good. If however, you have had a difficult time keeping the disease under control and have not made the lifestyle changes recommended by your doctor, you will more than likely receive an unfavorable table rating and pay higher premiums as a result.
Q4: What is the best way for Diabetics to shop for Life Insurance?
A4: Always first things first. What I mean by that is that, before beginning to shop around for Life Insurance, make sure that you’re in the best health you can be and have had your diabetes under control for at least six months. For example:
- Offer some type of proof that you are on a healthy diet
- Get your weight under control for you height and age group
- Be ready to offer evidence that you are taking your medication as prescribed
- Make and keep regular doctor visits
- Have routine eye exams
- Achieve A1C level below 7
I would suggest that you start out by shopping for a company that performs clinical underwriting. This is in order for you to achieve the most favorable rates. These companies will ask for much more information but it will prove to be worthwhile if you seriously have control of the condition. They will also take into consideration the lifestyle changes you’ve made and your willingness to listen and implement all of the advice provided by your healthcare provider.
You may also apply with a company that specializes in insuring Diabetics as they will have more experience underwriting applicants with this particular condition. You will also have an advantage if you take advice from an experienced and reputable broker that has access to multiple companies, in particular companies that have experience with impaired risks. An experienced broker is going to do everything possible to help you find a company that will issue your policy at the benefit level you require and at an affordable rate. Using an insurance agent who represents only one company can prove to be a waste of time because of limited plans available to you.
Once you have applied to the insurance company, the assigned underwriter is going to order “Attending Physician Statements” and “Prescription Database” information from all the healthcare providers you list on your application. They will also order certain exam and blood tests to get a current picture of what is going on with you healthwise. All of this data is going to take time to collect and examine. If your healthcare provider appears to be dragging their feet submitting information to the underwriter, a call or visit to the office will certainly help to speed up the process.
Once all the information has been collected and examined, the underwriter will typically do one of three things:
- Offer a policy at the rate applied for
- Offer a policy at a rate higher than applied for
- Decline to offer a policy at any rate
Your broker will certainly call you and arrange a meeting when the results are in. The broker will offer you advice on which company has the better plan and most affordable rate and what you can expect going forward with the policy process. If you receive an offer at an affordable rate, just take it up; sign the application and pay the premium. If you receive an offer that is unaffordable, your broker will most likely offer alternative plans that will be as close to your requirements as possible.
You can find out more information from How to Get Affordable Life Insurance for People with Diabetes.
If we haven’t answered all your questions on Life Insurance and Type 2 Diabetes, please contact us.
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