Millions of Americans are diagnosed with diabetes every year. There is no question that this is a growing epidemic in our country. Those diagnosed with diabetes have to face the challenges of maintaining proper blood sugar control as well as any added expenses they take on due to the need for oral medicine or insulin. Statistics show that those diagnosed with diabetes have health care costs that are 2.3 times higher than what their expenses would be if they didn’t have the disease.
Life insurance is no different. Diabetics have also faced the bleak reality that they are going to pay higher rates for their policy simple because they have diabetes – even if they are doing an excellent job of managing their health.
Until now, getting a standard rate on life insurance for diabetics was the best possible scenario for someone with type 2 diabetes, and this is even with certain companies.
Well, now ING is offering something unheard of to type 2 diabetics who exhibit excellent glucose control – preferred rates! This is something that has only been available to non-diabetics who have excellent health.
Life insurance is one of the best investments that you could ever make for your loved ones. It’s one of the only ways that you can ensure that your family would have the money that they need, regardless of what happens to you. If you have diabetes, you may assume that you can’t get preferred life insurance rates, but that isn’t true. There are several options for affordable life insurance coverage.
Excellent Blood Sugar Control Pays Off
Some diabetics are extremely diligent when it comes to their health. They visit their doctors regularly, maintain an active lifestyle, eat properly, and monitor and regulate their blood sugars as best as possible.
Because of this, they typically have a low A1C, and no diabetic complications. Their health is great and with excellent control of their blood sugar, the outlook for their long-term health and mortality is good, assuming that they continue the same level of care.
The difference between a standard rate and a preferred rate could mean a savings of hundreds or thousands of dollars per year. So it is great news for those who control their diabetes in this way to be able to get a preferred rate.
How Diabetes Can Affect Life Insurance Coverage
It is estimated that more than 23 million Americans have diabetes today, according to the Centers for Disease Control and Prevention – and nearly 6 million people do not know that they have it. In addition, there are roughly 57 million Americans who have what is known as pre-diabetes. This condition increases the risk of developing Type 2 diabetes – which can in turn, increase a person’s risk of suffering from a stroke, heart attack, or other serious health conditions. Because of this, it can be more difficult for someone who has Type 2 diabetes to qualify for life insurance coverage. Typically, the older a person is when they initially are diagnosed with their diabetic condition, the easier it will be for them to purchase a life insurance policy.
Although all companies will differ on how they rate an applicant, most life insurers will determine a policy holder’s premium by examining the person’s medical condition and then deciding which rating class the individual should be placed into. The higher the rating classification, the lower the premium charged.
Generally, the ratings classes will include the following:
- Preferred – If an individual is in excellent health, and they also have a family health history that is excellent, they could be placed into the preferred class. In this case, their premium will be lower than even the “average” policyholder.
- Standard – The Standard policyholder classification will include the “average” policyholders who are of average health.
- Substandard – A policyholder who is substandard is someone who has certain health issues, but who is not bad enough to be declined. In this case, the individual’s premium will be higher than a policyholder who is standard.
An individual who has Type 1 diabetes will usually have a difficult time finding a traditional life insurance policy. In the best case scenario, a person who has this type of diabetes will oftentimes only be offered coverage as a substandard with very high premium rates.
As an alternative for someone who has Type 1 diabetes, applying for a no medical exam policy or a guaranteed issue policy could be considered. While these types of policies are also higher priced, they will not require that the individual go through a medical examination as a part of the underwriting process. In some cases, these plans may be the only option available for obtaining life insurance coverage.
Those who have Type 2 diabetes will usually have more options that those who suffer from Type 1. For many who have Type 2 diabetes, the condition can be treated or controlled by making adjustments to one’s diet and exercise, along with certain medications.
When applying for life insurance with Type 2 diabetes, the underwriters will look at both your blood sugar levels, as well as at your A1C hemoglobin count in order to determine how, and how well, your body is responding to your treatment over time.
Typically, a person’s A1C level is considered to be in the normal range for a person without diabetes if it is below 6. For an individual who has diabetes, if an A1C level is between 6 and 7, then it usually indicates that he or she has good control of their condition. In this case, the individual may be offered a life insurance policy that has a standard premium rate.
If, however, the individual’s A1C level is much higher – especially if it reaches into the double digits – then it will typically be an indicator that the individual does not have their diabetic condition under control. In this instance, the person will usually be offered a policy as a substandard policyholder. And, should the applicant’s A1C level he higher than 12, then it is possible that the person may even be declined for coverage altogether.
One of the primary factors to consider when applying for life insurance coverage if you have Type 2 diabetes is that you have your condition under control. If you are controlling your condition by taking the medication that has been prescribed to your by your doctor, as well as by following any diet and / or exercise regimes – and your condition is responding well to these treatments – then you could increase your chances of being qualified for coverage, and of obtaining a better premium rate.
How to Prepare for the Life Insurance Application
When applying for life insurance with Type 2 diabetes, it is likely that the underwriters will ask more in-depth questions regarding your condition. This will help them to know how to place your policy, as well as how to price it in terms of an appropriate premium with regard to the risk that the insurer is taking on.
Some of the questions that you may be asked by the life insurance underwriters could include the following:
- At what age were you when you were initially diagnosed with Type 2 diabetes?
- What type (or types) of treatment are your currently using for your condition (i.e., diet, exercise, medication, all of the above)?
- What, if any, medication are your taking for your condition?
- What are your current blood sugar readings?
- What are your current A1C readings?
- Have you had any complications due to your condition (i.e., nephropathy, neuropathy, retinopathy, cardiovascular disease)?
- What is your current height and weight?
- What is your current blood pressure?
In addition to these condition-related questions, the underwriters will also review the information that you presented on the application for coverage. This will include such data as your:
- Weight as it relates to height
- Marital status
- Occupation / income
- Smoking / Tobacco usage
- Alcohol usage
- Hobbies (i.e., whether you participate in any dangerous hobbies such as skydiving, rock climbing, scuba diving, etc.)
- Any other life insurance in force (and if so, the amount of coverage)
- Foreign travel frequency
- Family health history
- Overall health history
Once you have completed the application for coverage, you will also typically be required to undergo a paramedical exam. Here, a paramedical professional will meet you at your home or office, and will conduct the examination. This only takes approximately 30 minutes.
During the exam, a heart and blood pressure reading will be taken. In addition, a blood and a urine sample will also be collected. These samples will be tested for certain types of conditions which could be considered risky to the life insurance company in terms of a potential claim.
Oftentimes, the insurance carrier will also request an attending physician statement (APS) from your doctor. These records will contain more detailed information regarding your health condition, as well as about any treatments and/or procedures that you have had over time. These will provide the insurance underwriters with even more detail that they may need in order to make a more informed decision regarding your life insurance coverage.
Once all of your information has been received by the insurance company, it may take a few weeks before a final decision can be made regarding your policy, as well as the classification in which your policy will fall, and the premium rate that you will be charged.
How and Where to Obtain the Best Quotes for Life Insurance for Type 2 Diabetics
If you are in the process of seeking the best quotes for life insurance for Type 2 diabetics, be sure that you do so through an independent agency or company that works with numerous life insurers so that you can compare multiple carriers, policies, and premium quotes. This way, you will not be stuck to the underwriting guidelines of just one insurer – which may very well not be in your favor. Keep in mind that all insurers to do not underwrite their policies in the very same manner – so if you have Type 2 diabetes, allowing yourself the option of many insurers will usually always be the best way to go when shopping. Just like anything else, don’t just go with the very first option that you find – as there could be a better option available to you if you are able to find the other choices in the right marketplace.
When you are ready to begin your comparison shopping for life insurance, we can help. We work with many of the top life insurance carriers in the industry today, and we can assist you with getting all of the important details that you will need for making a more informed purchase decision. We can do so for you very quickly, easily, and conveniently – and without needing to meet in person with a life insurance agent. Whenever you are ready to move forward, get your set of free quotes by filling out the form at the top of this page.
If you should find that you have any questions about finding life insurance for Type 2 diabetics – or if you even just have questions about life insurance in general – please feel free to give us a call. We have experts on staff who can answer any question or concern that you may have before you move forward. We want to ensure that you are comfortable with your choice of coverage and insurer as you make this important decision. We understand that there are many variables to contend with – and you want to be sure that you are choosing the best option for those whom your care about. We can be reached directly via phone..
When searching for life insurance for Type 2 diabetics, it may seem that coverage is more difficult to find. But the truth is that there are many available options. When working with a company that provides you access to the insurers that provide this protection, you can be assured that your loved ones and survivors won’t have to face financial hardship should the unexpected occur. So, contact us today – we’re here to help.
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 deserves. If something were to happen to you, and you didn’t have life insurance protection, your family would be stranded with a massive amount of debt and other final expenses.
We know that nobody wants to think about his or her death, but not planning for the inevitable is the worst decision that you can make. Our agents can make the process as quick and simple for you. It’s our mission to ensure that you’ve got the best life insurance as an applicant with type 2 diabetes.