Life insurance is a crucial safety net for your loved ones, providing financial security during tough times. If you have diabetes, you might worry that getting life insurance is out of reach or too expensive. However, this is a common misconception. With the right approach, you can find an affordable and suitable life insurance policy.
Can I Get Life Insurance If I Have Diabetes?
Yes, you can get life insurance if you have diabetes. There are many myths about diabetes and life insurance that often prevent people from applying. These myths include beliefs that premiums will be unaffordable or that applications will be automatically denied. The truth is that many people with diabetes secure term life insurance, indexed universal life insurance and whole life insurance policies every day. The key is understanding how diabetes affects your application and finding the right insurer.
Understanding Diabetes and Its Impact on Life Insurance
Diabetes is a condition that affects how your body processes blood sugar. There are two main types: Type 1 and Type 2 diabetes. Type 1 diabetes is usually diagnosed in childhood and requires insulin injections. Type 2 diabetes is more common and often develops in adulthood, often managed with diet, exercise, and medication.
Insurance companies consider several factors when evaluating applications from diabetics:
- Type of diabetes
- Age at diagnosis
- How well the condition is managed
- Overall health and lifestyle
Effective management of diabetes plays a significant role in securing a favorable insurance rate. Regular monitoring, healthy lifestyle choices, and adherence to medical advice can all positively influence your application.
Early Signs of Diabetes
If you haven’t been diagnosed but are experiencing the following symptoms, it’s essential to see a doctor:
- Constant thirst
- Frequent urination
- Unexplained weight loss
- Persistent hunger
- Fatigue
- Blurred vision
- Slow-healing sores
- Frequent infections
Recognizing these signs early and seeking medical advice can help manage the condition effectively and improve your chances of getting life insurance at a reasonable rate.
Testing for Diabetes
You can test for diabetes using a blood glucose meter, which measures your blood sugar levels. It’s recommended to also have regular checkups with your doctor for a professional diagnosis and management plan. Blood glucose meters are available at most pharmacies and can provide quick insights into your blood sugar levels.
Diabetes and Life Insurance Rates
Diabetes can influence your life insurance premiums. Life insurance for Type 1 diabetes is generally the most affected, but Type 2 diabetics will also face strict underwriting. Factors such as the type of diabetes, how well it’s managed, and your overall health will be considered by insurers. Some companies are better to work with than others, and working with a knowledgeable broker can help you find the best rates.
Tips for Getting Affordable Life Insurance
- Maintain a Healthy Lifestyle: Regular exercise, a balanced diet, and avoiding tobacco can improve your health and lower your premiums.
- Regular Medical Checkups: Keeping your condition under control with regular checkups can positively impact your insurance rates.
- Work with an Independent Broker: Brokers can compare rates from multiple insurers to find the best policy for your situation.
Types of Life Insurance Policies for Diabetics
- Term Life Insurance: Provides coverage for a specific period and is generally more affordable.
- Whole Life Insurance: Offers lifetime coverage and builds cash value but is more expensive.
- Guaranteed Issue Policies: No medical exam required, suitable for those with more severe conditions but typically more expensive.
Case Studies: Real-Life Examples
Luke’s Story
Luke applied for term life insurance at 56 and was diagnosed with diabetes at 50. His A1C level is 6, and he manages his condition with a healthy diet and exercise. With no other medical conditions, Luke was approved at a standard rating class, with a yearly premium of around $900 for a $250,000 policy. His effective management of diabetes played a key role in securing this rate.
Leah’s Story
Leah, diagnosed with diabetes at 42, applied for term life insurance at 45. Her A1C level is 7, and she manages her condition with medication. Despite no other medical conditions, Leah’s policy received a table rating, costing 50% more than the standard rate. This highlights the impact of medication and management on insurance premiums.
Don’s Story
Don, diagnosed with diabetes at 24, applied for life insurance at 60 with an A1C level of 10. With poorly managed diabetes and no regular medical checkups, Don was declined for coverage. However, he qualified for a final expense life insurance policy to cover burial costs. This case shows the challenges of securing life insurance with poorly managed diabetes.
We Have Life Insurance For Diabetics
Type 2 diabetics often qualify for standard rates, provided they control their condition and work with the right insurance company. Knowing the facts about diabetes and diabetic life insurance will help you understand your condition and how it will affect your plans for life insurance coverage.
Conclusion
Life insurance is one of the most important safety nets you can provide for your loved ones. While having diabetes can present unique challenges, it does not mean that affordable and quality life insurance is out of reach. By understanding how diabetes affects life insurance and working with knowledgeable professionals, you can secure the coverage you need. If you have any questions or need assistance in finding the right policy, contact Ogletree Financial Services today for expert advice and support.
Frequently Asked Questions
Will my life insurance premium be higher if I have diabetes?
Diabetes does have a direct influence on your life insurance rates. Type 1 diabetes typically has a larger effect on premiums compared to Type 2. However, working with an experienced insurance broker can help you find the best rates.
How can I get the lowest life insurance premiums if I am a diabetic?
If you are a diabetic, the best way to ensure that you’re getting the lowest premiums is by using an independent insurance broker. Unlike a traditional insurance agent, independent brokers work with dozens of highly rated life insurance companies across the nation, and Ogletree Financial Services can bring all of the best insurance rates directly to you.
My diabetes is not well-managed, can I get life insurance?
Luckily, even people with more severe and less well-managed diabetes can get life insurance. There are guaranteed issue policies and no health exam policies that cater to clients in this position. These policies can be a little more expensive and offer less coverage but with something as important as life insurance, that is sometimes the choice you must make.
What are the best life insurance companies for diabetics?
There is no single best company for diabetics, as the best choice will depend on individual circumstances. Working with an independent broker can help you find the right insurer for your specific situation.
Can I improve my chances of getting approved for life insurance with diabetes?
Yes, by effectively managing your diabetes, maintaining a healthy lifestyle, and providing detailed information to the underwriter, you can improve your chances of getting approved for life insurance at a better rate.
