Diabetes Life Insurance
Diabetes Life Insurance
According to the Centers for Disease Control and Prevention, around 1 in 10 American adults live with diabetes. While life insurance for people with diabetes is generally obtainable, finding the right company is paramount. The good news is that, if your diabetes is well-managed and under control, you may qualify for the policy you need at good rates.
Application Process for Diabetes Life Insurance
Similar to other pre-existing conditions, diabetes makes you a higher-risk candidate to many insurers. With this in mind, finding an agent with experience in helping those with diabetes and knows which companies to work with is important. When you apply for life insurance coverage, insurers will closely review your diabetes medical history, overall health, and other factors. This information helps them to decide how favorably they can price your policy.
The most important factors insurers look for include:
- Your age
- Age of initial diabetes diagnosis
- Type of diabetes (type 1, 2, or gestational)
- How well you control your diabetes (measure by your A1c
- Treatments and how you manage your diabetes
- General health history
- Family medical history
- Alcohol and tobacco use
Diabetes Life Insurance Tip:
Life insurance for type 1 diabetics is not the same as life insurance for type 2 diabetics. It’s important to know that type 1 diabetes can’t be approved for life insurance until in your 30’s with juvenile diabetes, as early as 25 if diagnosed in your teens and whatever your current age is if you were diagnosed as an adult. Underwriting factors that play into the decision are control as shown by your A1c, whether you self monitor or use a pump, and of course if there are any collateral health issues.
Life Insurance Options for Diabetics
The right policy for you ultimately depends on your budget. Remember that something is always better than nothing for your beneficiaries.
- Term Life Insurance: These policies have the lowest rates and last for a set number of years, such as 10, 15, 20, 30 or even up to 40 years. To qualify, you’ll need to complete a health questionnaire and undergo a medical exam. This is a good option for individuals who have their diabetes under control.
- Whole Life Insurance: These policies offer lifelong coverage, and a portion of your premium is invested monthly to give your policy a cash value. However, whole life insurance is typically more expensive than term life and usually requires a medical exam.
- Guaranteed Issue Life Insurance: This may be a good option if your diabetes is not well controlled. It does not require a medical exam or health questions. We have policies from age 18-70 with amounts up to $100,000.
Find Affordable Diabetes Life Insurance
The Hinerman Group has been very successful in finding affordable rates for individuals with diabetes. Reach out and let us help you find the best life insurance policy to fit your needs.
More Questions? Check Out Our Blog!
The Hinerman Group knows that every situation is unique and it can be difficult finding the best answers. Be sure to check out our blog where you will find a comprehensive bank of topics covered regarding Life Insurance. The background covered in The Hinerman Group blog will point you in the right direction and help you get your family the coverage you need.
Want to talk? Call Ed directly at (719) 539-7914 for a FREE CONSULTATION. *Ed released the fish and it went on to have a full life.