If you have diabetes, you may think you won’t be able to get life insurance. Luckily, that’s not the case.
You can get approved for term life insurance if you are diabetic—provided you can prove to your potential insurer that you can manage or control your condition. A history of regular medical check-ups, healthy diet, and exercise program can qualify you for lower insurance premiums.
Common Misconceptions about Life Insurance for Diabetes
There are many misconceptions surrounding life insurance for patients with diabetes.
1. Patients with diabetes cannot obtain affordable life insurance
You can get life insurance as long as you have control over your condition and do not have other health risks. The reason why some diabetics might have problems getting approved for term life insurance is because of other health complications such as high blood pressure, kidney disease, and ketoacidosis, among others.
2. Early diagnosis means that you might have problems getting life insurance coverage
Insurance companies offer diverse policies catering to all patients no matter what age bracket they belong to. Early diagnosis might qualify you for higher insurance premiums but it is possible to offset if you can demonstrate an excellent health track record. An experienced, life insurance broker will help you make your case.
3. You don’t need life insurance if you are single
Aside from the rather unpleasant reason of covering burial costs, life insurance provides necessary assistance to single people with kids or aging parents who are still financially dependent on them. Furthermore, it can come in handy if you own a private business or if you have cosigned a debt.
4. Life insurance for diabetics is very expensive
You can obtain affordable life insurance even if you were diagnosed with diabetes. If you have your condition well under control, follow a diet and an exercise regime, and regularly see your doctor, you have a good chance of qualifying for lower rates.
How Do I Get Life Insurance with Diabetes?
You can get life insurance when you have diabetes provided you have met the requirements of your insurer. While there are hundreds to thousands of companies offering life insurance in the United States, most of them ask the same questions before you get approved.
- Is your diabetes under control?
- How old were you when you were diagnosed?
- What type of diabetes do you have?
- Are you under medication?
- What do your latest test results suggest?
- Do you have other health risk factors?
Most well-controlled diabetics face standard rate insurance premiums. A1C levels below 6, superb medical documentation, and a proof of working diet regime can get you a standard plus rate with certain carriers.
If your diabetes is not under control, you might have problems obtaining life insurance. You may qualify for a guaranteed-issue life insurance, which is usually more expensive than the regular, fully underwritten life insurance. It does not require a medical exam and can be arranged fairly quickly.
More recent diagnosis can lead to more favorable rates. If you were diagnosed under the age of 30, you may still be able to obtain an affordable life insurance if you show excellent medical records. Contact your insurance broker for more information.
In general, risk factors for type 1 diabetes include autoimmune, genetic and environmental factors. Type 2 diabetes is associated with older age, obesity, family history of diabetes, prior history of gestational diabetes, impaired glucose tolerance, physical inactivity, and race ethnicity.
The risk factors for gestational diabetes are similar to those for type 2 diabetes. The occurrence of gestational diabetes itself is a risk factor for developing gestational diabetes with future pregnancies, and subsequent development of type 2 diabetes. It may cause some life insurance companies to charge you higher insurance premiums.
If you respond to treatment well and follow a healthy lifestyle, you may be entitled to lower rates.
Underwriters will be interested in your latest test results for glucose or blood sugar levels. With A1C levels below 7, fully underwritten life insurance might be available subject to your full medical file.
Diabetes, even temporary, is a serious medical condition, and can impact your ability to get affordable coverage. We understand the importance of providing financial support in case of premature death, and will work with you to get best possible coverage.
Source: NHANES, National Health and Nutrition Examination Survey
Health Risk Factors
Getting affordable coverage will depend on the absence of additional contributing health risks such as:
- Coronary heart disease
- High blood pressure
- Kidney problems
- Eye disease secondary to diabetes
- Nerve disease secondary to diabetes
- Diabetic ketoacidosis
Do I Need to Take a Medical Exam to Get Life Insurance?
While there may be insurance companies that do not require a medical exam, they will still ask you to complete a questionnaire to fully understand your condition. Usually the insurance without a medical exam means more expensive life insurance premiums.
How Can I Get Affordable Life Insurance?
While diabetes is a serious disease, leading a healthy lifestyle can easily beat the odds. Proving that your condition is well under control can help you obtain affordable life insurance. Regular checkups and up to date medical results show that you are serious about your condition.
The best approach is to w look for life insurance companies that specialize in high risk factors such as diabetes. Underwriters at these companies will have the ability to look at all necessary factors, and determine if the company will accept you as a risk. Working with the right life insurance broker can make all the difference. An experienced agent will help you browse through the top companies, and find the best offer.