From a life insurance standpoint type 1 and type 2 diabetics used to be thrown in the same underwriting bucket as people who had coronary artery disease or even some types of cancer. Life insurance quotes coming from major companies these days would point to two good things happening that have retrieved people with diabetes from that bucket.
First and foremost is earlier diagnosis and better treatment than we have seen in the past. When diabetes is recognized before it causes any collateral damage and a patient is educated in all of the aspects of good control, the chances are that a person can live their life with minimal impact. Doctors and life insurance underwriters understand that managing build (weight), hypertension, and glucose levels, along with consistently taking the prescribed medication, and getting regular checkups can lead to a long healthy life and, in the case of life insurance, lower life insurance quotes.
Key to low life insurance quotes and approved rates, is the A1C level that your doctor tests each time you see him. Unlike a glucose reading, a snapshot of the moment, an A1C tells you what your glucose average has been over the past 3 months or so. This is important, as there are diabetics that will fool themselves into believing they have good control because when they check their glucose every morning it is good and low. The A1C changes the snapshot to a photo album of the past three months and catches all of the good readings and all of the readings you might not take.
If you don’t know, ask your doctor today what your A1C is. If it is below 7, congratulations, good life insurance rates, whether you want term insurance, universal life or whole life, are within your grasp. Below 6.5 is better yet and below 6 is awesome. Above 7 is still very doable as long as you remember that the other risk factors need to be just as well controlled. So, bottom line is if you are diabetic and you take it seriously and take care of yourself, an independent life insurance agent is going to be able to get you good quotes that you earned through your hard work.
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.
My 20 years of experience give me the knowledge and leverage to find reasonably-priced life insurance for people who have been declined or are paying more than they need to.
Question:
I have a potential client who was diagnosed with type 1 diabetes. He wants life insurance (duh) and he told me he wanted to wait to take the medical for 2 more months bc he knows about the 3 month photo snapshop produced by the A1c test. Lilttle did I know; I knew nothing about such a test.
MInd you, before you go off saying I should have…he is my first prospect. Well here is the question: his waiting 2 months so the A1c result is favorable…along with other diabetic favorable results…will this show, in the underwriters eyes..that he is NOT diabetic?
Thanks
You picked a good first client. You are about to gain knowledge that many agents don’t have after 10 or 20 years in the business. They just call diabetes uninsurable and go on to the next prospect.
Let me first be clear about your client’s a1c. Even if he get’s it down to 6 or below, which without the diagnosis, would be pre diabetic or non diabetic, the fact that he/she has already been diagnosed with diabetes will keep your client in that category. The upside is that an underwriter will view them as a well controlled diabetic.
You don’t indicate what your client’s a1c was the last time it was checked. Unless it is at an uninsurable level, you should encourage your client to apply and put something in force with the idea of replacing it with a better rate down the road. Waiting for a condition to improve before applying for life insurance is gambling with their family’s future.
You also don’t indicate whether your client has any other risk factors that a type 1 diabetic might see, such as out of normal kidney functions, or eyesight problems.
Are you an independent agent? If you only write for one company, whch one is it? Can you actually shop this to the companies that will treat it fairly when your client is ready to move ahead?
Not hard to get my phone number. Call me!
Here is the thing. I called Underwriting. I told them without giving them my name etc about his case. He has told me has no other health problems. He has blood work done recently and that’s how he found out about his High blood sugar. I highly doubt is I ask him for his A1C level he would be able to tell me. I know you say every diabetic should know, but I doubt he does since he didn’t even know the name of the test he was referring to ( the 2 month waiting period tests or the A1C test).
I basically called underwriting and they told me that the best they could give a diabetic like him is select standard. Actually, I also told underwriting that his intention was to fool their medical by waiting a few months until his A1C is down. What you suggest, underwriting didn’t like that too much and told me to stay away from him ( bc he is a risk) for obvious reasons.
I also made sure with underwriting that if he takes the medical now, and his A1C indicates diabetes, then in a year from now would they give him a new medical and lower the premium. It turns out once he is labeled a diabetic in underwriting’s eyes it’s a done deal and there is no turning back. The 1 yr re-medical is for certain people, aka smokers who quit after a year.
You state that even though he keeps his A1C low he will still be classified a diabetic. How will they know? Through an APS right? But what if he doesn’t have a doctor and goes to a medical clinic. The man has no health insurance, so it may be a problem. I guess he wants to wait and appear as a well controlled diabetic. I can’t blame him but I told him that he is seriously gambling his familiy’s protection for a few months and some money of saved premium. The next best thing: write his healthy wife and wait for him to turn.
I work for a company, yes , in NY state and that’s all I will say. Your blog reeps of benefits of an independent agent. However, after 3 years with my company I can sell to whoever and wherever I like. I need to get into the door first. This being my first case would have been a big case…but oh well…
Do you have a post on prospecting…bc I really need all the help I can get!
It sounds like you are stuck with a company that is somewhat conservative in their views.
Two things. If your client doesn’t know their A1C, it’s time for them to call their doctor and find out. You can’t accurately guess what it is based on glucose readings your client takes. Sometimes clients have to be willing to do a little work if they want the best rates.
Next, if this insurance is important to your client, and you’ve already expressed that this is something of a critical case to you, contact me. I may be able to help you and your client. I am licensed in all 50 states and represent several companies in NY that should be able to help.
If you do want to help your client, my name is Ed, toll free 866-539-7914 or [email protected].