Most diabetics think they are uninsurable, which couldn’t be further from the truth. Just because you have been diagnosed with diabetes, it does not mean that you are ineligible for life insurance.
Type II Diabetics can obtain affordable life insurance rates, especially if they can control their blood sugars well with a diet or oral medication.
Over 9% of adults in the United States have diagnosed diabetes, and this number is constantly increasing. If the current disease rates continue, 1 out of 3Americans will have diabetes by 2020.
Over time, diabetes can lead to significant health complications including kidney failure, hearing impairment, and blindness. Diabetes is a chronic medical condition and can affect the rate of your life insurance premiums.
There are three main forms of diabetes: gestational, Type I, and Type II. Gestational diabetes affects on average 18% pregnant women and generally disappears soon after the child’s birth.
Women with history of gestational diabetes are more prone to develop diabetes type II later in life.
Type I, is an autoimmune disease in which the body attacks the islet cells of the pancreas. Because of this, the body cannot sense glucose and does not produce insulin.
Though it can happen at any time, it usually affects children and young adults. Type I diabetics requires multiple daily insulin injections.
Most common form of diabetes, Type II, does not require insulin because the body is still producing it but does need medication to help the body absorb the glucose.
Until recently, this type of diabetes was seen only in adults but it is now also affecting children.Type II diabetes is often linked to obesity and a sedentary lifestyle. Being overweight can make obtaining life insurance even harder.
Diabetes and Life Insurance
In general the healthier you are, the lower is the cost of your insurance. Remember that Type I and Type II diabetes are very different. Most companies will look for differentiators of the two.
Since Type II diabetes is linked to weight, showing that you are on an exercise and diet routine will go a long way. A solid track of good health, weight loss, and keeping blood sugar levels in check is often enough to place the insured into the standard premium category.
Criteria for Obtaining Life Insurance with Diabetes Type 2
To assess the risk, the company will review your medical history, your family’s health history, and your overall physical condition. The more recent your diagnosis is, the better.
Usually if you were diagnosed with diabetes prior to age 50, the life insurance company might offer higher rates, unless your condition is well under control and can be demonstrated with medical records.
Regular checkups with your doctor can further strengthen your cause. AC1 levels below 7 give you a great chance of getting favorable rates.
If you have any sort of complications related to type 2 diabetes, such as neuropathy, it might be more challenging for you to find an affordable life insurance coverage.
You can always qualify for a final expense life policy which insures people at a small face value with a simple application and no medical exam.
Types of Life Insurance
In general, life insurance comes in two forms with a few subcategories. Term life insurance will only pay out in the event of death during the term of the policy. In other words, it only pays if you die and you are current with your bill.
The amount that you pay, most often in monthly installments, is dependent on your health, age, and the amount that you want paid out at death.
With whole life insurance, you pay a one-time amount based on your age and health. The subcategories of both term and whole life insurance revolve around how much and how often the insurance company is expected to pay benefits.
Life Insurance Premiums
There are four common life insurance categories: super preferred, preferred, standard premium, and substandard. Super preferred is usually reserved for the young and very healthy.
Preferred is for the young and generally healthy. Most of customers fall into the standard grouping. Those with poor health or conditions that can rapidly become fatal fall into the substandard group.
Since standard is the norm, a little extra weight and a diagnosis should not stop you from getting life insurance.
They key to obtaining affordable life insurance with type 2 diabetes is working with the right insurance broker. A qualified, high risk life insurance specialist will know how to properly navigate the carriers with a history of working with diabetics.
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