Diabetes can majorly impact many aspects of life, including securing an affordable and suitable life insurance policy. Diabetes affects the body in different ways, which must be considered when looking for diabetes life insurance solutions. If you’re a diabetes patient and need to find the right coverage that meets your needs and budget, it’s important to understand how insurance underwriters will view your health profile, and how the different policies work.
In this guide, we will look at the various options available for those living with diabetes who are shopping for a life insurance policy. We’ll explore how to find the best deals on diabetes-friendly policies and what factors insurers consider when determining rates for those living with diabetes. With this information in hand, you will be able to make an informed decision about your diabetes life insurance options.
Insurance Companies Consider Many Factors
Life insurance companies have a complicated process when determining whom they will offer coverage to and how much they will charge for that coverage. Diabetes is one of the many conditions that insurance companies consider when deciding upon a policy applicant’s risk level. Diabetes can increase the likelihood of someone suffering from other chronic illnesses or early death, presenting a greater financial risk to the insurer.
Matt Schmidt with Diabetes Life Solutions mentions “every insurance company will view health profiles differently. One company may approve a person with diabetes without any extra ratings while another one would offer substandard rates. Because of this, it is very important to work with agents who have access to multiple carriers to help you navigate the life insurance application process. Simply stated, having a form of diabetes will make applying for coverage a little trickier.”
Potential policyholders must understand the basic criteria for evaluating applications when seeking insurance coverage. Diabetes diagnosis will be one of the first questions when filling out an application. Diabetes is divided into two main types: Type 1 and Type 2. The age at which a person was diagnosed also needs to be disclosed, as well as what diabetes medications are taken, the patient’s weight, height, glucose levels, and overall medical history (including other conditions such as heart disease or high blood pressure). These are all factors that will influence whether or not coverage is granted, as well as the insurance premium (how much is paid to the insurance company).
In addition, insurance companies consider lifestyle choices such as smoking when evaluating an application. Finally, family history is considered to assess risk levels further since some conditions tend to run in families. Be sure to thank grandma and grandpa for blessing you with flawless genes!
Some life insurers use a “clinical underwriting” process to evaluate an applicant’s health comprehensively. This approach can benefit those with chronic conditions, as it looks at the whole person rather than just focusing on individual risk factors. An insurance professional will be able to provide more information on companies that offer this type of underwriting or if a non-medical exam approach is more suitable for your situation.
Life Insurance For Diabetics Is Often (But Not Always!) More Expensive
Life insurance for people with diabetes can often be more expensive than life insurance for people in good health who don’t smoke. This is because diabetes is a serious, chronic medical condition that requires ongoing management and puts those affected at increased risk of certain health complications. Diabetes is the 7th leading cause of death in the United States, and those with diabetes are at greater risk for heart attack, stroke, blindness, and other medical issues. Because of this higher risk, life insurance companies often charge higher premiums to cover the potential costs associated with a diabetic’s medical care.
That said, getting quality coverage at an affordable rate is still possible if you take the time to shop around. Diabetes can impact your eligibility and premiums, but it doesn’t have to disqualify you from having a policy or make it prohibitively expensive. Certain people can qualify for Standard or better underwriting classifications. Underwriters will always view your health profile on a case-by-case basis.
Nontraditional Plans Are An Option
Nontraditional life insurance plans are becoming increasingly popular for those with diabetes. Diabetes is a condition that can be managed and controlled, but the risk of serious complications is always present. Because of this increased risk, many individuals may not qualify for traditional life insurance plans or be offered a policy at an abnormally high rate. Nontraditional plans offer a solution for individuals with diabetes seeking life insurance protection, but they should only be a last resort once exhausting all other options.
Graded death benefit or guaranteed acceptance life insurance is one of the most common forms of nontraditional life insurance plans. With this policy, your beneficiaries will receive only a portion of the full death benefit if you pass away before a predetermined waiting period is up. These policies are designed to offer life insurance protection for those who may not otherwise be able to obtain a policy due to their medical condition. The waiting period can range from two to three years, and the coverage you receive will depend on when you die within that time frame.
Controlling Your Diabetes Can Help You Get Better Coverage
Controlling your diabetes is incredibly important to ensure you get the best life insurance coverage possible. Diabetes is a serious medical condition and, if left unmanaged, can lead to various health complications, hospitalizations, and even death. It isn’t just about managing blood sugar levels; it’s also about making lifestyle changes that can benefit your overall health. Diabetes life insurance solutions are available for those who take the time and effort to actively manage their Diabetes and work to lower their risk of complications.
For people with diabetes, it is important to have regular checkups with a doctor, test their blood sugar levels regularly, and follow a treatment plan. Diabetes can be managed through diet, exercise, and medications. Taking these preventative measures to control Diabetes can make all the difference when getting an affordable life insurance policy.
The better the overall control of your Diabetes, usually the better your rates will be. If you’re utilizing a form of Diabetes technology, you may also receive discounted rates. As an example, sharing FitBit data with an underwriter to show your active lifestyle can lead to a more favorable underwriting decision.
Working With A Licensed Insurance Agent Is Your Best Bet
Working with a licensed insurance agent is the best way to find the right diabetes life insurance solutions. Licensed agents are essential to the insurance process because they are knowledgeable about the type of coverage options available, understand how carriers assess risk, and can help you determine if a certain policy will meet your individual needs. They also have access to many different life insurance carriers, which means they can compare premiums and coverage levels to find the best policy for you.
When evaluating licensed insurance agents, it is important to ensure they have experience working with people with diabetes. Diabetes life solutions are different from other types of insurance policies. Diabetes-related complications may affect the type of coverage available, so having an agent who understands these nuances is essential. Additionally, a licensed insurance agent can provide advice and guidance on the various coverage options and help you find the most suitable policy for your individual needs.