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Insurance for Diabetics
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Term Life Insurance for Diabetics
If you have a medical history of type 1 or type 2 diabetes, the good news is that obtaining affordable life insurance is easier than you may think.
If you have faced the frustration of high risk life insurance rates or the fear of declines, you no longer have to worry!
How to pass your life insurance medical exam?
The first step to obtaining insurance is to pass a medical exam! If that makes you nervous, don’t worry! Life insurance medical exams are not as scary as you think – particularly if you are taking proactive measures to improve your health and manage your diabetes.
Our Gold Coast agents pride themselves on finding the most competitive coverage options for high risk clients, no matter if they have a high risk disease, are involved in a high risk hobby or have a career that is considered high risk!
In order to provide your agent and underwriter with an accurate picture of your diabetes, you will need to provide detailed information on the following:
1. What type of diabetes do you have? Type 1 or Type 2?
2. At what age were you diagnosed with diabetes?
3. What medications are you taking? How often and what doses? If you are taking insulin, you may be a higher risk than someone managing their diabetes with oral medications.
4. Your height
5. Your current weight
6. Your hemoglobin a1c levels
7. Additional health issues, including: heart diseases, high blood pressure and high cholesterol or complications associated with your diabetes such as kidney issues.
8. Your current treatment program (including diet, exercise programs and stress management).
Every carrier assesses risk differently, and each will take these factors into consideration when underwriting your risk for life insurance for diabetic’s type 1 and 2.
Armed with this information, our agents will be able to accurately research to market and find you the best term life insurance for diabetic’s options available.
If you were diagnosed with diabetes later in life (over the age of 50) and it is well-controlled – as in your glucose levels are meeting your prescribed target, you exercise regularly and you are eating a balanced diet – you will obtain the best coverage ratings.
Typically, individuals over the age of 60 with well-controlled diabetes who work with our agents can obtain standard or even preferred ratings!
If you have recently been diagnosed with diabetes, your carrier may initially rate you higher and require two-to-three follow-up doctor visits with updates to show that your diabetes is under control before granting life insurance for diabetic’s type 2.
If you are overweight, a smoker or have diabetes-related diseases (such as high cholesterol), you will almost always find yourself paying more expensive rates and it may be difficult to obtain affordable life insurance for diabetics.
As always: The healthier you are, the better your rating and the lower your insurance premiums will be.
If you are a diabetic who has a “fasting” blood sugar level of under 100, has late onset diabetes, can control your diabetes through diet or limited use or oral medications and have hemoglobin a1c levels in the 6 range or less (4.5-6 are normal levels) then you should have no problem qualifying for preferred premium rates!
In fact, if you meet the above criteria, you may not need to apply solely with diabetes-specific carriers. This means you have more options for finding the perfect coverage!
Factors Impacting Your Life Insurance Rating ?
Diabetes is a complicated disease to underwrite, because many factors influence your rates. One of the biggest factors influencing your rates is your age.
Age, as you already know, can make finding life insurance difficult. This is because as we age, health problems naturally occur that can shorten your lifespan, making it a risk for carriers to take you on as a client.
In the case of diabetes, however, age is actually favourable viewed; the older you are at the time of diagnosis, the easier it will be to obtain favourable insurance rates. This is because extended use of certain blood sugar medications can have detrimental health effects.
The number one thing you should know is that you should always ALWAYS follow your doctor’s recommendations to the letter. Diabetes is like any disease: by complying with your physician’s treatment plans, you will almost always be able to obtain affordable insurance.
While these issues may not result in an immediate decline, they can send your rates through the roof:
• Heart disease
• Uncontrolled high cholesterol
• Uncontrolled high blood pressure
• Neuropathy – numbness, weakness or pain – in extremities, particularly your feet.
• A history of kidney disease, stroke or vascular disease
• Use of nicotine or tobacco products
The above diseases can be controlled. Remember: when it comes to life insurance for diabetics, controlling and managing your diabetes is the best way to find the best coverage for you and your family – at rates you can afford.
If you are a diabetic and you are looking for affordable life insurance coverage, you have options. Your best bet is to work with one of our agents. You want to be sure you are working with an agent who understands the complicated underwriting that occurs when considering a diabetic for life insurance coverage.
Our GoldCoast agents are experts: we understand the risk of diabetes, we get to know you and we understand the life insurance industry. This means we find the best coverage every time. Don’t fear declines and high premiums. Give us a call today to find affordable diabetes life insurance.