If you suffer from type I or type II diabetes choosing a life insurance carrier is not a simple task.
Selecting the best life insurance company to provide you with premium coverage at an affordable price requires a few essential ingredients.
We’re here to guide you in the right direction. We will walk you through the policies, necessary know-how, and all other factors that will shape the final outcome of your life insurance search.
The best approach is to work with a life insurance broker who knows your unique needs and worked with diabetics before.
What Are The Characteristics of A Good Life Insurance Company For Diabetics?
In the U.S. alone, there are over 800 life insurance companies looking to sell their policies to you and your family. When evaluating life insurance companies, sometimes size matters.
Let’s take a look at some of the largest life insurance companies in the United States by market capitalization.
Faced with tight competition, the companies conduct aggressive advertising campaigns to attract customers. To help you choose, here are the characteristics of a good life insurance company:
- Legitimate license
Every insurance company needs a license to operate in a specific state. In the United States, each state has their own insurance department responsible for issuing a license to an insurer.
- Reliable products and services
Companies vary in terms of policies they offer, and the services and features they are capable of providing. Your insurance broker will help you choose company with a policy that meets your needs and expectations.
- Financial stability
Since you are looking for a policy that can cover you for a lifetime, or for a specific duration of time, you need to make sure that your preferred life insurance company is financially stable. Your insurance broker will help you assess financial stability of the chosen life insurance company.
Impressive record of paying claims
The end goal of a life insurance is to offer assistance and free the beneficiary from financial burden following your death. Delays in claim payments may cause unnecessary distress for your family.
Your insurance broker will help you find a life insurance company with an impeccable track record of paying claims on time.
- Reasonable premiums
Premiums may vary greatly among life insurance companies depending on the features or coverage they provide. While some charge reasonable premiums, others take advantage by charging more. Your life insurance broker will review life insurance plans of several companies and present you with the best option, uniquely positioned to help diabetics.
Factors To Take Into Account When Applying for Life Insurance
Before applying for life insurance, you and your insurance broker should take a look at the considerations involving your condition as a diabetic. Below is a checklist that you should review:
- Insulin dependence
All things being equal, an insulin-dependent diabetes patient will very likely pay higher premiums that those not dependent on insulin. Ensure that you clearly communicate this with your agent to get the best pricing possible for your life insurance policy.
The age when you were diagnosed with diabetes might affect the rate of your life insurance premiums. Younger patients are typically underwritten higher than older people.
In some instances, a diabetic who is already sixty years old but does not have other health risks can still purchase affordable standard insurance similar to that of a non-diabetic.
- Duration of diabetes
Even if you were diagnosed with diabetes early in life, you may qualify for more favorable rates if you have a good control over your condition.
- Renal damage and other health risks
Insurers are very particular when it comes to a potential policy buyer’s overall health. Renal damage or other health risks and complications make it more challenging to obtain affordable life insurance.
An experienced life insurance broker can help you evaluate your options, and make your case.
The body mass index (BMI) also affects how underwriters approve or disapprove policies for diabetics. Obesity increases the risk of multiple complications.
Excellent medical records, diet plan, and an exercise regime can help you get more favorable rates.
Process of choosing the best life insurance company when you have diabetes can be gruelling and at times intimidating. We’ve helped thousands of clients secure the right life insurance and can help you to make the right decision.
We are Just Like You
We are not like other life insurance agents. We know the hardships of securing life insurance at a reasonable price when you have diabetes. We’ll listen to your needs, get a better understanding of your situation, and formulate a plan to get you the best life insurance policy.