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Applying For Diabetic Life Insurance
In 2015, over 29 million Americans, or 9.3% of the population, have diabetes, while another 86 million have prediabetes according to the American Diabetes Association.
Another 5.7 million Americans are living with the disease and don’t even know it. Most of people diagnosed with diabetes are classified as non-insulin Type 2 diabetics.
Applicants seeking life insurance with diabetes, should realize that insurance underwriters will want evaluate the details of your total health. So, try to have the following medical information put together for your nurse:
• Have the name, address, and phone number for the doctor treating your diabetes.
• Check with your physician to make sure they have all the documentation for your treatments.
• Keep a current list of all medications and the dosage for each prescription.
Clinical Underwriting considers your overall medical history and your control level when you are applying for life insurance with diabetes.
Insurance companies not using this underwriting philosophy automatically issue a substandard rate to most applicants being treated for diabetes.
Our goals is to find you the best standard rating thus, avoiding the typical 50% increase in cost associated with a substandard rate. Many life insurance agencies do not have the breath of companies to find these rates for you.
So, it is very important to work with a nimble independent agency with knowledge of diabetic underwriting, which is not typically found in big call canters like Select Quote or Matrix Direct.
Life Insurance For Diabetics Tips:
• Apply for a policy with a diabetic life insurance carrier that uses “clinical underwriting”.
• Shop on the internet, by phone, or through referrals to find an agent experienced agent.
• Type 2 diabetes have a better chance for getting a standard rate for diabetic life insurance.
• Type 1 diabetics are controlled through insulin therapy and will benefit from using a guaranteed issue product (no exam).
Diabetes Client Case Studies:
1. LIFE INSURANCE WITH DIABETES WITH EXCELLENT CONTROL
Horace applied for term life insurance with diabetes when he was 62 years old.
• Diagnosed with diabetes at age 55
• A1C level 5.8
• His condition is controlled by diet only (no medication)
• Routine follow up appointments with his doctor
• No other medical history
• Underwriting decision: Approved at a Standard rate class
• Premium: $690 annually
2. LIFE INSURANCE WITH DIABETES WITH MODERATE CONTROL
Tina applied for term life insurance with diabetes when she was 55 years old.
• Diagnosed at age 52
• A1C level 7.5
• Diabetes kept in check with medication
• Routine follow up appointments with his doctor</p style>
• No other medical history
• Underwriting decision: Approved at a Sat a Table 2 rate class
• Premium: $1,229 annually
Types of Life Insurance for Diabetics
Obtaining life insurance with diabetes is not that difficult, but may tale a bit more time.Once you are approved, we always recommend locking in your rate for as long as possible. This differs dramatically from how life insurance underwriters view for high blood pressure or how they classify cholesterol treatment.
This is because obtaining life insurance for diabetics become more expensive or even impossible if you ever become insulin dependent.
There are a few different types of life insurance policies to consider:
Term life offers guaranteed death benefits and level premiums for an initial period such as 10, 15, 20, or even 30 years. Term life insurance for diabetics provides the largest amount of insurance at the cheapest cost.
This is a form of permanent life insurance with a guaranteed premium and death benefit guaranteed to any age. Universal life insurance has a cash accumulation component which has tax deferred growth along with lifetime coverage.
Regardless of your health!
If you are looking for life insurance with diabetes, be sure that you work with an agency using clinical underwriting.
We specialize in diabetic life insurance and evaluate your overall medical history and your control level when you are applying for life insurance with diabetes.
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