You can get life insurance if you have diabetes at affordable rates, especially if your diabetes is under control, if you respond well to treatment and lead a healthy lifestyle. Even if that is not the case, there are still ways to find the coverage you need.
To keep your search for affordable life insurance efficient and your stress low, contact an independent agent in a reputed network, who have working relationships with multiple insurers and can track down harder-to-find insurance options.
You can get life insurance if you have either Type 1 or Type 2 diabetes.
The company where you apply with will be looking specifically at:
* When were you diagnosed
* What was your diagnosis
* Age when you were diagnosed
* What has been the Course of disease
* Your Response to the treatment
* Steps you have taken since your diagnosis
* The degree of control as illustrated by medical records, height/weight and lab test results
* Type of treatment
* Any other medical conditions present
* Whether you are a tobacco user
Preparing for Your Term Life Insurance Application
If you want to get your Life insurance approved at the best rates, follow these important measures to prepare yourself before applying for term life insurance. You will improve your chances of getting approved at the best rating class possible:
* Keep name/address/phone of all your doctors available.
* Ensure your doctor(s) has copies of all records regarding the treatment, pathology reports, and follow up reports.
* Keep a list of all medications and their dosages available.
* Do not miss any follow up visits with your doctor.
You can get life insurance with diabetes if your diabetes has been under control for a period of at least 6 to 12 months.
You can also get life insurance if you are insulin dependent.
However people who have their diabetes under control may or may not be approved for life insurance coverage if they have additional contributing health risks, such as:
* Coronary heart disease
* High blood pressure which is not controlled
If your diabetes is not under control, you will not typically be approved for life insurance.
However you will be able to purchase specialty life insurance options like guaranteed-issue life insurance, but you’ll pay hefty premiums for your coverage.
Does Life Insurance for Diabetics Cost More?
Costs for life insurance for diabetics tend to be higher than for non-diabetic consumers. The premium depends on how the life insurance company rates you and is based on a number of health related and treatment variables such as:
* Age at diagnosis
* Additional health risk factors
* Your family history
* Your age
* Your current height and weight
* Your medical history
* Type of diabetes
* Medication you are currently taking
* Glucose / blood sugar levels
* Control Factor or A1C
Typically, rates for Type 2 diabetes tend to be lower than the rates for Type 1 diabetes, but again it all depends around how well the diabetes is under control.
Rates for people who have contracted diabetes when they are older also tend to be more affordable than those who contracted diabetes in their youth.
The good news about applying for term life insurance when you have diabetes is — yes, you can qualify for coverage!
You can qualify for life insurance cover if you have diabetes.
However the approval and the rating class can be very unpredictable and vary from person to person.
However if you follow the suggestions given by us above and also discuss your situation with your life insurance agent, you can get a favourable deal for your life insurance policy
Further, if you are not happy with the offer you receive, you can always approach another company or put the policy in force and work on improving the rating class through better control and lab results.
The secret to getting life insurance for diabetes is to find an experienced and well connected agent.
Laws regulating life insurance are developed and implemented by state governments. Hence the options for life insurance that exist may vary from state to state.
To learn more about life insurance in your state, you can contact your state insurance department.
Contact information for state insurance departments is available at: www.naic.org/state_web_map.htm