Any with diabetes know that the disease can completely change your life. Diabetes can change just about every part of your life, and life insurance is no exception. If you’re an applicant that is looking to get quality and affordable life insurance protection, there are dozens of different factors that you’ll need to consider when you’re shopping for insurance protection. Life insurance is one of the best purchases that you’ll ever make, and your health or diabetes diagnosis shouldn’t keep you from getting an affordable policy.
At Insurance4Diabetics.com, we have made it our mission to help as many applicants with diabetes as possible. We know that shopping for life insurance is never a fun task, it can be extended and complicated, but that’s why we are here to help.
Type 1 Diabetics
If you’re a type 1 diabetic, that means that your body does not produce any insulin. Because it doesn’t create insulin, your body is not able to get the glucose that it needs from your body, and it can safely manage your blood sugar levels. Anyone with type 1 diabetes is going to rely on insulin to carefully manage their diabetes because their body can’t do it without some assistance.
There was a time that type 1 diabetics would not be able to get life insurance coverage, but those days are long gone. As we get more and more information about the condition, and insurance companies continue to refine their underwriting and develop new products, it’s possible for anyone to get insurance coverage, regardless of their health.
If you’ve been diagnosed with type 1 diabetes, getting life insurance is going to be more difficult, and it’s going to require more work, but it’s not impossible. Thanks to the Internet and all of the hundreds of insurance companies on the market, getting life insurance has never been easier.
Before you apply for life insurance, it’s important that you understand all of the questions that the insurance company is going to ask. This will help you prepare and ensure that you’re getting the best coverage possible.
The first question that they are going to ask is, “when you were you diagnosed with your condition?” Different companies are going to prefer different ages. Some companies focus on applicants that were diagnosed at a young at, while other companies prefer to insure applicants that were diagnosed later in life.
The next question that they are going to ask is about your A1C. Your A1C is the best indicator of how well you’re controlling your blood sugar levels, and it helps reflect your overall health. Your A1C is an indicator of your glucose levels over the past three months, and when you’re applying for life insurance, it’s one of the most important numbers that the insurance company is going to review.
Just like with age, every insurance company is different in what they are going to consider an acceptable A1C level. Most insurance companies are going to look for levels around 7. This is the general “acceptable level,” but there are a lot of companies that are going to accept higher levels and some that want lower levels. The lower that your A1C levels are, the better.
On a similar note, the insurance company will want to know how much insulin that you take every day. The more insulin that you need to take, the higher risk that you’re going to be for the insurance company. If you’re looking to get the best rates, you will need to be taking around 25 units every day. The more units that you take past that, the more that you’re going to pay every month for your insurance coverage.
Other Important Factors
Your diabetes diagnosis is not the only factors that the insurance company is going to look at when you apply for life insurance coverage. In fact, there are dozens and dozens of other categories that the insurance company is going to review, and all of them are going to impact your chances of getting approved and how much you’re going to pay for your plan.
Before the insurance company approves your application, they are going to require that you take a medical exam. The results of the medical exam are going to play a major role in how much you pay in premiums. To get approved, you’ll have to schedule an appointment with a nurse or paramedic. They will come to your house and take a basic exam. They are going to look at your weight, your blood pressure, heart rate, and they are going to take a blood sample and a urine sample. All of these are going to be used to determine what your overall health is and how much risk that you are to accept for life insurance protection.
Another important factor is if you use any tobacco. Tobacco users have a higher risk of being diagnosed with severe health complications. If you’re a smoker, then the insurance company is going to view you as a much higher risk applicant. They are going to offset that by charging you drastically higher premiums. The urine sample is going to reveal if you have any traces of nicotine in your body.
Guaranteed Issue Life Insurance
If you’ve been declined for life insurance coverage, don’t assume that you can’t get life insurance coverage. There are several other options that you can choose from that will give your family the protection that they need, even if you aren’t in the best of health. A guaranteed issue life insurance plan is going to be one of those choices.
As you can probably guess from the name, these plans don’t reject anyone for life insurance. With these plans, the insurance company doesn’t require that you take a medical exam and they won’t ask you any health questions. All that you have to do is give your age and a payment method, and you can get life insurance coverage. While this might seem like a great option on the surface, there are several advantages and disadvantages that you should be aware of when you’re shopping for protection.
One benefit of these plans is how quickly that you can be approved for life insurance coverage. With these guaranteed issue plan, you can get approved for life insurance is a matter of hours. With a traditional plan on the other hand that has a medical exam, you can wait up to 6 weeks to get life insurance coverage. If you want to get approved as quickly as possible, these guaranteed issue plans are going to be the best option.
One of the biggest disadvantages of these policies is that they are going to be more expensive than a plan with a medical exam. The purpose of the medical exam is to give the insurance company an idea of how much risk that you are. Without the medical exam, the insurance company doesn’t know what type of health you are in, and that means that they are taking a great risk and they are going to offset that by charging you higher premiums.
Another drawback is that you’re going to be limited on the amount of protection that you buy. With a guaranteed issue plan, you will only be able to purchase around $50,000 worth of coverage. For most families, that isn’t going to be nearly enough life insurance protection. Not having enough life insurance is going to be one of the worst mistakes that you could ever make for your loved ones. Before you purchase one of these plans, you will need to calculate how much life insurance that your family will need if something tragic were to happen to you.
Getting Life Insurance for Insulin Dependent Diabetics
Life insurance is one of the most important safety nets that you’ll ever make for your loved ones. Not having life insurance is one of the worst mistakes that you could ever make for your loved ones. We know that shopping for life insurance is never going to be fun, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best insurance rates available.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance coverage that your family deserves. If you have any questions about getting life insurance as an applicant that is dependent on insulin, please contact us today. We would love to answer those questions and ensure that you’re getting the best rates possible.