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On occasion a life insurance company will pick a place to make a stand and leave the rest of the industry behind. Companies like Prudential come to mind when they approve tobacco use, other than cigarettes, at non smoking rates even with daily use. So, while many companies will allow very occasional cigar smoking at non smoking rates, Pru is there for the prolific cigar smoker or tobacco chewer.

Recently a major player in the term insurance market made an even bolder move, in my mind, for people over 60 with type 2 diabetes. It was one of those announcements that at first left me looking for the catch, but several approvals later it truly appears they are serious about serving this market.

Criteria are over age 60 with type 2 diabetes 5 years or less, an A1c under 7 and no other risk factors. Given that scenario this company is willing to go preferred plus rates. Unheard of!! With any other company the best possible result would be standard plus, but really more likely standard to table 2. In spendable numbers that means a policy that will cost less than half of what the next best possible rate might be.

I had some concern over the “no other risk factors” part of the equation, but they are actually very fair on that as well. If any other risk factor would result in a standard or better rate then the client would qualify for the rate class dictated by that factor. For instance, a client I am currently working with also is treated for high blood pressure which with this company would bring a preferred, no preferred plus rate. This client will qualify for preferred, still far better than the competition.

Bottom line. Call it a loophole. Call it brilliant underwriting. But if you fit the criteria make sure you contact an independent agent today and see what kind of savings you might qualify for.