A Guide to Getting Term Life Insurance If You’re Diabetic

A Guide to Getting Term Life Insurance If You’re Diabetic

Life insurance is one of the best investments that you’ll ever make 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, even if something awful were to happen to you. Shopping for life insurance can be an overwhelming process, especially for anyone with a pre-existing condition like diabetes. Don’t let your diabetes diagnosis prevent you from getting the insurance protection that your family deserves.

Finding affordable term life insurance if you’re diabetic can sometimes feel like locating a needle in the haystack. Affordable policies are out there, but it takes some time and effort to find.

The truth is that diabetics can get great life insurance rates, even preferred rates in some cases, but it requires finding the right company for your particular needs.

Why Diabetics Pay More

Let’s take a look at how and why diabetics end up paying more for life insurance.

Because diabetes often leads to long-term health complications, such as high blood pressure, heart disease, stroke, as well as blindness, and even kidney failure, insurance carriers view this disease as high risk.

Here are three example outcomes of men and women with diabetes who applied for term life insurance.

Stephen – Applied for Term Life Insurance at Age 56

  • He was diagnosed at age 53
  • A1C is 6.1 with no other health issues
  • Manages blood sugars with diet alone
  • Regularly visits his doctor
  • Approved for a Standard rating class
  • Premium: $684 annually

Margaret – Applied for Term Life Insurance at Age 48

  • She was diagnosed when she was 41
  • Her A1C is 7.2 with no other health issues
  • Uses oral meds to stabilize glucose levels
  • Regularly visits with her doctor
  • Approved at a Table 4 rating class
  • Premium: $1428.00 annually

Mark – Applied for Term Life Insurance at Age 36

  • He was diagnosed at age 31
  • His A1C is 9.8 and he has high blood pressure
  • No treatment as Jerry did not believe he had diabetes
  • Has not seen a doctor in over a year
  • Declined for coverage

As you can see, there are various outcomes for a diabetic who applies for life insurance. Getting approved and the premium you pay, depend on several factors including your age at diagnosis, current medical regimen, whether or not you visit your doctor, and your A1C.

If Your Control Is Good, You Can Get Good Rates

There’s a myth out there in the life insurance world. Want to know what it is? The myth is that diabetics always pay more for life insurance. Most of the time, when someone with diabetes goes to apply for life insurance, they just know in their mind that they will either get declined or rated up (aka pay extra) due to their health condition.

You can see from the example above, that various situations have differing outcomes. Although many diabetic applicants end up paying more, it’s just not the case in all situations.

To better understand this. let’s take a look at three key factors that affect your term life insurance rate if you are diabetic.

First, your blood sugar control. This is a no-brainer. Your health is the biggest thing that is going to determine whether you can get approved for a traditional life insurance policy at standard or better rates, or if you are declined for traditional life insurance and only have sub-standard options for coverage.

There is no getting around it. If you manage your blood glucose levels effectively, and your A1C is in a good range, then there are a handful of highly rated companies that will insure you.

If your diabetes management is poor and your A1C reflects that, then it will be very difficult, if not impossible to find an insurer who will offer you coverage at a reasonable rate.

As a side note, if you are having trouble managing your diabetes, then it is imperative that you take control of your health. Build a relationship with your doctor. Get a referral to a nutritionist. Educate yourself through free online resources as well as books. Change up your diet. Exercise. You get the picture. Although I talk about life insurance for diabetics on this site, I am also a big advocate of helping people manage this disease because I know the toll it takes on lives. My son is type 1 diabetic so diabetes has been a part of my world 24/7 for over 5 years now.

Okay, with that being said.

The second factor that affects your term life insurance rate as a diabetic, is the amount of coverage and the term of your policy. This is fairly simple to understand. The higher the policy amount, the higher the premium. The longer the term (for example, 30 year term vs. 20 year term), the higher the premium.

And lastly, the company you choose will have a big affect on your rate and even whether or not you get approved. This is why I advocate over and over again to always work with an independent agent.

Always Work With an Independent Agent

That is what this site is for. We connect you with experienced, independent agents who work with multiple insurance carriers. This is important because every company has a different set of criteria that is used to evaluate whether someone is qualified for their policy or not. Some companies offer good rates to a diabetic who maintains good control over their blood sugar, while there are other companies that charge a diabetic more no matter how good their blood sugars are.

An independent agent will help you wade through all of this and point you in the best direction for which company has the highest likelihood of approving you for great rates. And if they see that it is unlikely that you can get approved for a traditional policy due to your health and overall profile, they will help you with that too.

Getting Affordable Life Insurance Coverage as a Diabetic

Working with an independent insurance agent isn’t the only way that you can get lower insurance premiums. There are several other changes that you can make that will save you thousands of dollars. It can seem impossible to get cheap life insurance as a diabetic, but that couldn’t be further from the truth. It’s important that you save as much money as possible on your life insurance.

The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker on your life insurance policy, you’ll be paying much more for your insurance coverage. In fact, smokers are going to pay twice as much for coverage versus what a non-smoker is going to pay. If you want to save money, you’ll need to kick your bad habits once and for all. It can save you thousands of dollars every year.

The next thing that you should do is improve your overall health through a diet and exercise. We already mentioned that your A1C levels are going to play an important role in how much you pay for your life insurance protection, but it’s not the only factor that they are going to consider. They are also going to look at dozens of other different health factors, and all of them are going to impact how much you pay every month.

If you’re wanting to save money, you’ll need to get better results from the medical exam. There are two main ways that you can do that, by starting an exercise program and sticking to a healthy diet. Both of these can help you lose weight, lower your blood pressure, manage your blood sugar, and reduce your risk of being diagnosed with other health complications. If you’re wanting to save money on your life insurance plan, you’ll need to skip the junk food and start hitting the gym.

If you are diabetic and you’re shopping for term life insurance, get started today by filling out the form on this page to compare rates for term life insurance from companies that insure diabetics.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family will need. If you were to pass away without life insurance, your family would be responsible for a mountain of debt. Having insurance protection will give them the money that they need to pay off those bills. If you have any questions about getting life insurance as a diabetic, contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the perfect plan to meet your needs.

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