Writing life insurance in New York is challenging on a good day. New York has only recently stepped into the last century as far as insurance law and available products. With the challenges in underwriting life insurance for diabetics, it would behoove someone to drag the state insurance regulators into this century so they can be on a level playing field with the rest of country.
A New York Daily News article from Wednesday paints a picture of an amazing rise in the occurrence of type 2 diabetes in New York City. Between 1990 and 2003 deaths caused by diabetes went up 71%.
Remember that life insurance underwriters are not only concerned with how well controlled your diabetes is, but with the associated risk factors such as heart disease. There is no doubt that a large percentage of the increased deaths are attributable to collateral risk factors.
There are a couple of things that New York residents should know. First, you don’t have nearly as many options for life insurance companies as every other state. Second, the New York regulators are trying to make it impossible for you to cross the state line to take advantage of better underwriting and therefore better prices.
Bottom line. With limited options, an independent life insurance agent licensed in all states is a good choice. If you have diabetes, be prepared with your most recent lab results and for a candid discussion of any other medical history. Good rates can still be found.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.