If you have diabetes, chances are you will spend a lot of time and money on checkups, medication, and professional healthcare services. While the first round of medical intervention may not lead you to go strapped for cash, long-term payment for healthcare services may eventually prove to be quite strenuous. This is where the life insurance comes in.
It is important to remember that not all life insurance plans are the same. An experienced life insurance broker can help you find the most affordable option.
Factors to Take Into Account When Shopping for Life Insurance
Diabetes affects 9% of the American population. A new case of diabetes is diagnosed every 30 seconds, and more than 1.9 million people are diagnosed every year.
If you are one of them, it is never too late to get an affordable life insurance. There are certain conditions such as type of diabetes, your age, course of treatment, and other health factors that you need to review before applying for life insurance.
Type of diabetes, your medical condition, lifestyle, and other relevant factors will decide your insurance quote.
Type 1 and type 2 diabetics can obtain life insurance providing that you have had your diabetes under control for a period of at least 6 to 12 months. It is also possible to get life insurance if you are insulin dependent.
In general, life insurance companies tend to be more lenient towards clients with type 2 diabetes. Most well controlled diabetics face standard rate insurance premiums.
Usually the older you are at the time of diagnosis, the easier it is to obtain more favorable rates. If you were diagnosed at a young age, you might face higher life insurance premiums. Patients diagnosed at 65 and above might be able to qualify for the preferred plus category.
Another important factor to keep in mind is your body mass index (BMI). Being significantly overweight puts too much stress on the human body, leading to insulin resistance.
Keeping your weight in check, following a diet and an exercise regime can help you obtain more favorable rates.
Can Medical Treatment Influence My Life Insurance Options?
When applying for life insurance, you will need to provide a detailed review of your condition. The carrier will need to know what kind of medications you are taking, the results of your most recent tests, and whether you are contracted any other complications.
Medical treatment covers three variables: medical history, glucose or blood sugar levels, and A1C. History of frequent hospitalizations, unstable glucose or blood sugar levels, high A1C or glycated haemoglobin might qualify you for a plan with more costly premiums.
With A1C levels below 8, a fully underwritten life insurance might be available subject to your full medical file.
One of the main concerns of the life insurance carriers is how well you are managing your disease. A history of regular medical check-ups can qualify you for lower insurance premiums.
Health Risk Factors That Can Impact Your Life Insurance Premiums
Several health risk factors may affect your ability to get an affordable life insurance.
You should ask your insurance broker for advice in case of additional contributing health risks such as:
- Coronary heart disease
- High blood pressure that’s not under control
- Diabetic ketoacidosis
- Nerve disease
- Eye disease
- Kidney failure>
If you contracted any complications such as kidney disease, neuropathy, or retinopathy, you might need to consider getting burial life insurance instead.
Burial life insurance typically means a final expense insurance policy ranging from $3000 to $50,000. Ask your insurance broker for the best course of action.
The key to obtaining an affordable life insurance is working with an experienced insurance broker. Broker who knows unique needs of diabetics will help you shop for the right company and pick the best offer.
In case the traditional life insurance is unobtainable, he will work with you on alternative solutions.
Do you have any questions about getting life insurance with diabetes? Call us now.