Underwriting for Diabetics
For diabetics, obtaining life insurance may be a bit more difficult however, approval is not impossible. You should be prepared to dive into your overall health history.
Each carrier is mainly concerned with how much of a risk you or each applicant are considered. The riskier the client, the higher the chances are for the insurer to have to payout a potentially costly claim. When it comes to diabetes, insurers wil
What questions will the underwriters ask?
There are a number of questions that the life insurance underwriters will ask you regarding your diabetes and overall health. You will complete a telephone interview and the information in the interview will then be used to determine if you are eligible for coverage.
Life insurance companies view each person with diabetes differently. Some favor Type II while others may offer better rates to those with type I. Our agents will drill down with you to ensure you get the best deal.
Preparing for a Life Insurance Application & Exam
When underwriting clients with diabetes, underwriters wish to thoroughly understand the extent of your condition. This is why gathering a detailed overview of your medical condition can drastically expedite the underwriting process and get you your term life insurance policy faster. All individuals with underlying health conditions are evaluated on a case-by-case basis. Here are some tips to help you prepare:
- Organize contact info including; name, address, and phone number for all your doctors.
- Request documentation from your physician detailing all treatments, as well as any follow-up reports.
- Maintain an up to date list of all medications including dosages for each one.
- Avoid skipping any doctors appointments near the application period for your life insurance plan.
What medical records will insurers need from me ?
- The insurance application process will commence with a detailed review of your individual health profile. This is necessary for insurers to learn more details about your individual case
- Next Insurers will request medical records and documentation from your Endocrinologist or Doctor. These records should be up to date and will reflect information regarding your results for A1C, blood pressure, fasting blood sugar, cholesterol levels, etc.); diabetes management methods, treatments, past and current medications as well as; detailed follow-up reports; any diabetes-related complications and adverse conditions.
- After considering this information insurers will form an unbiased decision regarding your approval or not for the policy. Your agent will work hand in hand with your medical providers to help collect these records as your approval is dependent upon this information.
Non Medical Exam Life Insurance
You may think that the only way to obtain diabetes life insurance is to undergo a medical exam however, this is not the case. You may actually be eligible for non medical exam diabetes life insurance. Non medical exam life insurance refers to a type of policy that excludes collection of blood work, urinalysis, and other medical information throughout underwriting.
Preparing for no exam appliation
The application process for a no exam life insurance plan, will typically mimic that of a traditional policy minus the health exam portion. The life insurance companies will ask information regarding;
- Diabetes diagnosis age
- Recent A1C reading
- Current diabetes management medications
- Any diabetes related complications
- Tobacco use in last year
- Approx. height and weight
- Other medications
- Blood sugar monitoring frequency
- Use of diabetes monitoring tehnology
In addition to this, insurers will also request your driving record history, prescription drug background check, and and MIB report.