When the time comes where you consider the benefits and peace of mind that life insurance provide, a question that a diabetic person will ponder is whether they can even get approved for a life insurance policy.
In the past it has been difficult, expensive, and frustrating for someone with diabetes to find an affordable life insurance policy. Because life insurance companies have started to see more research and treatments for diabetes, it’s becoming easier and more common for applicants with diabetes to get a quality and affordable life insurance plan.
The job of an insurance underwriter is to evaluate your risk to the company. For a long time, diabetes has been viewed poorly by insurance carriers because of statistics related to long-term complications.
Fortunately, treatment options, education, and better understanding of how to control blood sugars has given diabetics a much better opportunity to take care of their health. This has resulted in changes for diabetic life insurance options. Diabetics, whether type 1 or type 2, have various options for life insurance coverage, depending on several factors.
Good blood sugar control is the key to getting approved for a policy, whether you are insulin-dependent or using oral medications or even prescription free.
Life insurance is one of the most important safety nets that you could ever buy for the future of your family. It’s one of the only ways that you can ensure that your family will have the money that they need, regardless of what happens to you. Before you apply for insurance coverage, there are several different factors that you should take note of, it could drastically increase your chances of getting an affordable plan.
Factors That Affect Obtaining Life Insurance With Diabetes
There are many factors that are considered when you apply for life insurance with diabetes. Underwriters use these factors to determine your health rating class. Here are some things that an insurance underwriter looks at in order to get an accurate picture of your health.
The type of diabetes you have. Type 1 diabetics typically pay more.
The age of your diagnosis. If you were diagnosed as a child, your rates will be higher and it will be more challenging to find a company to insure you. There are a few companies that insure juvenile onset diabetes, though there are strict parameters
Your medical regimen. Are you insulin-dependent? Do you use oral medication or do you control your blood sugars with diet alone?
Your overall picture of health. Are you a smoker or an excessive drinker? Are you overweight?
Diabetic complications. Do you have neuropathy or retinopathy? Do you have any history of heart disease or stroke? Are your kidneys functioning properly?
Your A1C. This is one of the #1 thing that an insurance underwriter will evaluate when determining your eligibility and rate for a policy.
Your A1C Number Determines A Lot
The A1C test, also called the hemoglobin a1c test, measures your long-term blood sugar control. It specifically measures how your glucose levels have been for the previous three months. It does this by measuring the amount of glucose, or sugar, that has binded to your hemoglobin.
It’s fairly simple. The higher your a1c, the higher your blood sugars have been. This is a bad sign to underwriters and will hinder your ability to get a life insurance policy.
When it comes to the a1c, underwriters label anything under 7.0 as excellent control. An a1c in the 7.0 to 8.0 is considered to be average control. If your a1c is between 8.1 to 8.5, then your blood sugar control is viewed as okay. 8.6 to 10 is poor. Anything over 10.0 is labeled as out of control and will stop you from getting a traditional life insurance policy, though you may qualify for a graded policy.
Underwriters will also consider how stable your a1c is. If it is a tad bit high, but you’ve kept it stable for an extended period of time, your situation is viewed more favorably than someone whose a1c is all over the place.
The best case scenario is a type 2 diabetic who was diagnosed after 40 and has excellent blood sugar control and no complications or other health issues. This scenario is eligible for a preferred rate, which was unheard of a couple years ago, but companies are slowly stepping outside the box for diabetic life insurance approvals.
If you’re looking to get affordable life insurance coverage, there are several ways that you can secure better premiums from the company. Making a few simple changes could help save you hundreds of dollars on your insurance plan as a person with diabetes.
The first thing that you should do is cut out any tobacco that you currently use. If you smoke cigarettes as a life insurance applicant with diabetes, then you’re going to be facing massive premiums every month, or even being declined for coverage. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same sized plan.
The next thing that you should do is spend time getting your A1C levels in a healthy range. Your A1C levels are going to be one of the biggest factors that the insurance company is going to look at when reviewing your life insurance application.
One of the best ways that you can do that is by starting a healthy exercise program. Physical activity is going to help you lose weight, lower your blood pressure, lower your glucose levels, and help reduce your risk of being diagnosed with other health complications. If you want to save money on your insurance policy, it’s time that you lace up your running shoes and hit the gym.
Additionally, if you want to save money on your life insurance plan, it’s time to stick to a healthy diet. Much like getting exercise, a diet is going to help you lose weight and control your glucose levels. Skipping the junk food can save you hundreds of dollars on your life insurance coverage.
Work With An Independent Agent With Diabetes Experience
It is my hope that this article gave you some insight on what you face as you apply for life insurance with diabetes. If you don’t realize it by now, then please understand that there are many factors that are considered when a diabetic applies for life insurance and every company has their own criteria. This is why it is important to work with a knowledgeable and experienced independent agent. A specialist will have access to dozens of companies and know which ones are the best for diabetics, whether you are type 1 diabetic, type 2, with good blood sugar control, or poor control.
Even if you’ve been declined for life insurance in the past, don’t assume that you can’t get quality insurance coverage. There are still several options for affordable coverage. Our agents can show you all of the options. One of those is a no medical exam, which will allow you to get coverage without having to take the medical exam. These policies are a great option for anyone that has uncontrolled diabetes or has several other pre-existing conditions.
If you want to ensure that you’re getting the best available rates on your life insurance plan, the best way to do that is by working with an independent insurance agent. Unlike a traditional insurance agent, independent insurance agent works with dozens of highly rated companies across the nation. Every insurance company is different, which means that every company is going to give you different rates based on their medical underwriting and rating system. It’s important that you get dozens of quotes before you decide which one is going to be the best one for you. Instead of wasting your time calling all of the agents yourself, let one of our experienced agents do all of the hard work for you.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance protection, your family could be left with a massive amount of debt and other final expenses. A life insurance plan will give your family the money that they need to pay off of those debts and other expenses.
Get started today and get a free rate comparison from several highly rated companies that offer life insurance to diabetics. If you have any questions about life insurance for people with diabetes, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best policy to meet your needs.