I have Diabetes, can I even get life insurance?
Yes! Life insurance rates for people with diabetes are at record lows and more companies are approving diabetic cases today than at any other point in history. In fact, if your diabetes is well controlled you may even qualify for the same life insurance premium rating that people without diabetes get.
How does Diabetes affect my life insurance rates?
This will depend on a few key factors. As you know diabetes is a chronic illness so the life insurance companies’ underwriters will really drill down on your case when evaluating insurability. If your diabetes is well controlled it may have zero impact on your life insurance rates.
If it’s not controlled well or your BMI and A1C is higher than your doctor wants it you in most cases can still get life insurance, but you will pay higher premiums.
When determining your risk and premium for your Life insurance policy the insurance companies will want to know what type of diabetes you have and the stability of the condition.
The more stable the condition, the lower the premium. In fact, people who have type 2 diabetes often qualify for standard or normal life insurance rates which are the same rates that people without diabetes often qualify for.
If however you have type 1 diabetes, you are going to pay a higher premium, but if well controlled it may only be 10-20% higher vs. an applicant without diabetes.
Is it difficult to obtain life insurance while Diabetic?
Not at all! Even if you have been denied coverage in the past, we’re here to help!
The first step to finding you the best diabetes health insurance coverage is finding the best agent to work and advocate for you and your specific health profile.
That is why we are committed to using our knowledge to help you find the best diabetes life insurance policy to meet your specific financial and overall needs.
Our job is to help you steer clear of the various and misleading websites full of inexperienced agents who may provide you with false or inaccurate information. When working with us you can rest assured that you will receive reliable and clear information.
What types of life insurance policies do diabetics qualify for?
Believe it or not, those with Diabetes can actually qualify for the same types of policies, as those without Diabetes such as :
- Term life insurance,
- Whole life insurance,
- Universal life insurance,
- and even burial insurance policies.
Depending on your individual financial requirements, you can elect the type of life insurance policy that best fits your needs.
Can I opt out of a medical exam and still qualify for diabetes life insurance?
Yes. Depending on your own situation, you may be eligible for a variety of exam free life insurance policies. Some carriers may even offer rates similar to as if you had completed a paramedical exam. Given you meet certain underwriting criteria, we offer plenty of no medical exam options available to you, when working with us. In many instances, an individual may have better luck opting for a no medical exam policy, versus one which requires a comprehensive blood and urine analysis.
How much life insurance can I qualify for?
This is dependent upon many factors which will directly determine how much coverage is granted to you. You should note that given adequate information to support that you can ‘financially’ satisfy your desired amount of coverage, most companies will be able to allot for you your desired amount of coverage.
When determining your benefits, underwriters will closely observe your diabetes management of your Type 1 or Type 2 diabetes. When examining such, they will consider what medications you are on, as well as the age at which you were diagnosed. Given you fulfill their underwriting criteria, you should be able to obtain your desired amount of life insurance.
If you are looking to opt for the no medical exam route, you should note that most companies will ‘cap’ the amount of coverage available to you. This specific amount will range from company to company and can be up to among $500,000. You should also consider other details associated with this type of policy. Historically, no medical exam life insurance options, tend to provide less benefits when compared to traditional plans.
My A1C is more than 8.5, can I still qualify for life insurance?
The A1C test communicates to your underwriter the level at which you are able to manage your diabetes. This test displays your average blood sugar level over a period of three months. Insurers utilize the results from this test to conclude the level of “risk” associated with accepting your case.
Underwriters typically favor a A1C level below 7.0, as this translates to a lower risk for diabetes-related complications. It is recognized that not all diabetes patients are able to maintain their A1C levels at this lower level. In the event that your AIC level is 8.5or higher, your case will still be considered however, you should note that you may be categorized as a higher risk. This can result in a significant increase reflected upon your life insurance premium. Alternatively, some companies will even consider you for coverage, with an A1C as high as 10.0. If you have already been denied coverage by some insurers note that others may still approve you. At Easy Diabetes Life we help multiple people obtain affordable life insurance every day.
How can I compare diabetes life insurance quotes and different types of policies?
Finding the right life insurance company, combined with proper coverage, and informed agents can be a cumbersome task for all. Especially those living with Type 1 or Type 2 diabetes. To add to it all, the web is inundated by multiple insurers who can make the process all the more confusing. Do not be discouraged!
When working with Easy Diabetes Life, you are equipped with a team of qualified experts who are dedicated to serving the diabetes community. Your personal interests and integrity are our top priority! We recognize the importance behind secure and ample coverage and it is our mission to advocate so that you can obtain just that. Our expertise has enabled us to aid diabetics with the information and resources they require to obtain the policy they need.
We make it easy for you to compare policy premiums, approval requirements, and the varying levels of coverage available to you. We work for you and we work directly with over 90 U.S. insurers to ensure we find you the best coverage coverage for your current diabetic state.
Directly following your application with us, we will secure ‘final offers’ for the desired amount of life insurance for you.We will provide you competitive rates from various top rated life insurance carriers. We will also equip you with ample information and rates for multiple term/ permanent life insurance options,per your interests. Upon determining your final premium amount, you may elect the policy or policies that best suit you. When applying for coverage with us, you are not contractually bound to any amount of coverage.
How Much Does Diabetic Life Insurance Coverage Typically Cost?
Life insurance for diabetics can be typically associated with higher costs when compared to that of the average policyholder’s in good health. However, the cost of your individual policy will be dependent upon your specific health conditions. Most insurance companies assign among five primary rating classifications to policyholders. These classifications – or classes – will help determine the amount of premium due by the policyholder.
These include:
- Preferred Plus – Individuals in this rating class are considered to be the healthiest. Underwriters have determined that these policy holders are in excellent health, and thus pose the least risk. Because of this individuals in this class tend to have the lowest amount of premium.
- Preferred – Individuals in this rating class are considered to be very healthy, and will therefore also pay a lower premium amount as well. Although these individuals are not considered to be in excellent health they are still considered to be above average health.
- Standard Plus – These individuals are those who are considered to be in decent health. Those who do not receive preferred status, can still receive a Standard Plus rating.
- Standard – Standard policy holders are typically those who are considered to be of “average” health, height, and weight.
- Substandard – Substandard classification is assigned to individuals who have some type of adverse health condition and therefore pose a greater risk to insurers. These Individuals are charged a higher amount of premium to account for the added risk. Levels of Substandard, while vary depending upon levels of health and risk.
When it comes to having diabetes, it is still possible to receive life insurance coverage, minus extra premiums or table ratings. If you fall into the Standard, rating category you could therefore, pay an average amount of premium for your coverage and avoid the extra life insurance premiums, associated with diabetes. If you are someone with Type 1 Diabetics or Type 2 Diabetes and your complications are minor you are more likely to fall into one of the Standard to Substandard categories. In the case that you are dealing with diabetes related complications at the time of your application period, you should note that Life insurance companies may charge you a 20% to 25% higher premium.
However, there are also some cases where a person with diabetes can even qualify for Standard Plus, Preferred, or Preferred Plus rates. If you’re wondering what kind of insurance rate you may qualify for simply click here to be connected with an agent. We would love to speak with you! In order to fall into a preferred category and obtain favorable rates, you must be at an ideal height and weight, with no significant health issues, and firm control on your diabetes management.
In the event that you do not qualify even for any of the Substandard categories, we still have other options available to you. Options such as;
Guaranteed acceptance life insurance policy
This type of policy differs from traditional coverage and does not require medical examination to qualify. This means they will ask you no qualifying health questions. You should note that since this type of coverage is a common option for individuals with declining health premiums tend to be higher. Additionally, coverage amounts are typically capped between $10,000 and $50,000.
Here are some sample rates of life insurance, for a person with diabetes:
