It is very possible to get life insurance if you have diabetes. Affordable life insurance is very likely available to you, especially if your diabetes is under control; you can usually get affordable rates 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 the Trusted Choice® network. Trusted Choice member agents have working relationships with multiple insurers and can track down harder-to-find insurance options. Contact one of these agents today to get several competitive quotes on life insurance for diabetes.
You can get life insurance if you have either Type 1 or Type 2 diabetes, providing 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. Diabetics 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:
You will not typically be approved for life insurance policies if your diabetes is not under control. You may be able to purchase specialty life insurance options like guaranteed-issue life insurance, but you’ll pay hefty premiums for your coverage.
You can get life insurance without a medical exam, but you will likely have to complete a diabetic questionnaire. Typically, if you have Type 2 diabetes you’ll have an easier time finding this no-exam option. Keep in mind that any life insurance policy that doesn’t require a medical exam is always more expensive than a life insurance policy that requires one. The premiums will be pricier because the insurance company is not able to measure your risk factors accurately.
Being truthful on your medical exam and giving accurate information about your diabetes to your insurance company is important. Life insurance is subject to a two-year contestability period. The life insurance company can perform an investigation into your medical and health history and can cancel your policy if have falsified answers on your application.
Similarly, if you were to die during this contestability period and the life insurance company discovered you were deceitful about your diabetes during the application process, the insurance company may deny the payment of benefits to your beneficiary.
Costs for life insurance for diabetics tend to be higher than for average consumers. The premium you will pay depends on how the life insurance company rates you. This determination is based on a number of health related and treatment variables such as:
Typically, rates for Type 2 diabetes tend to be more affordable than the rates for Type 1 diabetes, but again it all centers 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 best approach is to find life insurance carriers that specialize in high risk health or special risk factors such as diabetes. You may also wish to look for insurance carriers that offer “clinical underwriting,” which is an evaluation process that will look at your overall health and not just specific health risk factors.
The most affordable life insurance policy will be available to you if your diabetes is under control. If you have a lower A1C levels as well as low glucose levels, and you lead a healthy lifestyle, your rates will be more affordable. It also helps if you regularly visit the doctor, take your medication as prescribed, keep a healthy body weight, and have regular eye exams.
Shop around and use an independent agent in the Trusted Choice network who can access multiple life insurance companies and can find competitive rates for your particular health status.
When you look for life insurance for diabetics, consider your needs first. The best life insurance is going to protect you financially, fit within your budget, and support your long-term goals. You have some options to choose from, such as the following.
If you need some form of life insurance coverage immediately and your diabetes is not under control, you can apply for guaranteed-issue life insurance. A guaranteed-issue policy is typically an expensive choice. However, it does not typically require a medical exam, as the insurance company automatically assumes you’re a risky candidate to insure.
Life insurance for diabetics is available, but some life insurance carriers are more lenient in how they underwrite diabetics, and some have specialized coverage for diabetic applicants.
The best approach for getting life insurance for diabetes is to find an independent agent in the Trusted Choice network with access to several life insurance companies that can provide the coverage you need. These agents can do the comparison shopping for you, and can find the best rates and policies for your unique needs. Contact a member agent today to secure your future plans and finances.