original post January 2014, updated February 2019
Just when I think life (insurance underwriting) couldn’t get any better, well, it goes right on ahead and gets better. For about three years now we have seen significant strides in a lot of areas and one of the most progressive has been in the area of adults, with both adult and juvenile onset type 1 diabetes. As always, it still doesn’t solve the life insurance equation for everyone, but for many it has finally opened the door to affordable approvals for their life insurance needs.
Life Insurance Approvals for Type 1 Diabetes: The Past
A few years ago I wrote about how there seemed to be a roadblock for life insurance approvals for adults with juvenile onset diabetes in two areas. The first was that virtually all companies didn’t want to consider anyone that was diagnosed prior to age 5. The other was current age needed to be 30 or over. This became bold letter print clear when I was working with a client who was a poster child (adult) for type 1 diabetes. They were healthy in all aspects including the daily maintenance of their diabetes. They were compliant with treatment since diagnosis (of course thanks to their parents in the early years). With A1c’s that ran between 6.5 and 6.8 and absolutely no collateral health issues, I was dismayed when I couldn’t find any companies that would quote because her age of onset was 4.
This made no sense to me since the same client with a diagnosis on their 5th birthday would have had several good offers. I went a little crazy over the lack of logic to that line in the sand and finally got an underwriter who said she would make an exception as long as everything else proved out as I had presented it. It did and she was approved for life insurance, but the underwriter made it clear that it was an exception, as in don’t ask again at least for a while.
Life Insurance Approvals for Type 1 Diabetes: The Present
Well, recently I shopped a life insurance case of juvenile onset adult diabetes where onset was age 3. I disclaimed the effort with what I had run into in the past, but was wonderfully surprised when three companies came back with offers, all of them very fair rates. I also now have companies who have backed off of the under age 30 roadblock, so really, except for juvenile onset juveniles, we’ve made huge life insurance progress in just about every area of type 1 diabetes.
The Bottom Line
This maturing of the underwriting process is exciting to see and exciting to be able to help clients get life insurance approvals for Type 1 Diabetes. Not unlike finally getting life insurance approvals for HIV positive clients, it all has to do with advances in earlier detection, better monitoring methods and better treatment.
If you have any questions, please call or email me directly. My name is Ed Hinerman. Let’s talk.