Life Insurance For Diabetics

Written by Strahan Financial Services


Life Insurance for Diabetics

Parent’s looking for affordable life insurance for diabetics can be approved for life insurance providing the diabetes is under control, and there are no other health complications.  We do not need to go over all the statistics regarding how many people suffer from the disease. I am sure you are aware of them.

However, if you have diabetes, you know diabetes is common in this country. You know that diabetes affects 1 in 4 people over the age of 65. And that many people are not aware that they have the disease and that many people who have it do not take the condition seriously and take measures to control it.

The Three Common Types of Diabetes

  • Type 1 is the most serious; your body does not make insulin. Your immune system attacks and destroys the cells in your pancreas that make insulin.
  • Type 2 is less severe; your body does not make or use insulin well.
  • Gestational develops in some women when they are pregnant. Most of the time, it disappears after childbirth.  The problem is that you have a higher chance of developing type 2 diabetes later in time. Gestational diabetes can also actually be Type 2 diabetes. There are individual insurance companies that will underwrite this condition better than others.

Life Insurance for Diabetics and Insurance Premiums

Life insurance for people with diabetes who maintain a lower A1C and glucose level, a healthy lifestyle, regular visits to your physician, healthy body weight, and take your prescribed medication these factors will help qualify you for a lower insurance premium. You also need to have your diabetes under control for at least 6-12 months. If recently diagnosed, life insurance companies would require 2 or 3 visits to your physician to verify the diabetes is under control.

If you have Type 2 diabetes, the rates will tend to be more affordable.  The critical factor is whether your diabetes is under control and if there are other health issues.  If Type 2 is under control, you can fall into a “standard” rate.  a “standard” rate is the average rate that most people in the country qualify.

If you contracted the disease when you were older, this would also help lower the cost.  Type 2 with complications will increase the premium. Don’t delay. Type 1 will typically qualify for rated or substandard premiums since Type 1 is more risk to the insurer.  To compensate for the risk, higher insurance premiums are charged.

Diabetes and Other Complications

Life insurance for people with diabetes who are smokers, are overweight, have coronary heart disease, or have uncontrolled high blood pressure. These high-risk factors may make obtaining a higher death benefit harder, if not impossible. You could still qualify for a final expense policy with a death benefit of $25,000 or more by using a whole life policy model.

The question is, how does this disease affect your ability to obtain a life insurance policy and protect your family.  Insurance companies must take into consideration that over time the severity of your diabetes can lead to conditions that increase their risk to cover you.  According to the Mayo Clinic, these possibilities include:

Cardiovascular disease                                         

-Nerve damage (neuropathy)

-Kidney damage (nephropathy)

-Eye damage (retinopathy)

-Foot damage

-Skin conditions

-Hearing impairment

-Alzheimer’ disease

Diabetes and the Medical Exam

By taking a medical exam, you will secure the lowest rates for your life insurance coverage. Preparing for a medical exam is extremely important. However, you can skip the medical exam and pay a little more for this convenience. Term policies and whole life policies are available with no exam for people with diabetes. Since your history with diabetes is unique to you, the insurance company will review your medical records and order a medical exam at no cost to you at your convenience and your location preference.

Since each life insurance company looks at diabetic factors differently, we search the life insurance market and find the companies that will look at your situation most favorably. You must choose the right company that will give you the most favorable decision when you have diabetes. We will then follow through and walk with you during the entire underwriting process. You will always know where your application stands. The information we need to get started moving the process forward to qualify you for insurance and protect the ones you love with diabetes is:

  • A1C levels
  • Type 1 or type 2
  • Age of diagnosis
  • Medications and dosage
  • Height/weight
  • Family history
  • Complications like neuropathy or kidney problems
  • Other health issues like high blood pressure etc.

Understanding How Your Insurance Cost is Determined

For those who have Type 2 diabetes, and it is well controlled, you could fall into the Standard rating category and, therefore, pay an average premium for your life insurance coverage. Life insurance for people with diabetes with Type 1 or Type 2 with other complications they are likely to fall into one of the Substandard categories. Where you fall in these categories, determine the premium you will pay.  These primary ratings are:

  • Preferred Plus – Those who obtain a preferred plus rating are considered the healthiest and will, therefore, pay the lowest amount of premium, as they pose the least amount of risk to the insurer.
  • Preferred – Those who obtain a preferred rating are also considered to be very healthy, and will therefore also pay a low amount of premium. While preferred are not considered to be in as “excellent” of health as those in the Preferred Plus category, they are above average.
  • Standard – Standard policyholders are typically those who are considered to have “average” health, height, and weight.
  • Substandard – Those who fall into the Substandard classification have some adverse health conditions. Because of this, they are considered to pose more risk to the insurer, to compensate for that risk, they are charged a higher amount of premium. There are several levels of Substandard, depending on the severity of the condition or the amount of risk.

How much life insurance do you need?

Why Use Strahan Financial Services

It is essential to use an experienced independent agent. As independent agents, we have extensive knowledge of the insurance industry and how to qualify you for the best possible life insurance rates with no medical exam. Many of the websites offering life insurance are call centers with cubicles of agents using a script to sell you life insurance. Some of the websites sell your information to 10 or more agents, which results in you receiving many unending calls. We are not a call center.

Our staff has extensive knowledge of the insurance industry. We are independent and know the companies, the products they offer. We use the latest technology to improve your experience and get your policy issued as fast as possible at the least expensive rate.

Some of the top-rated companies we work with are Banner Legal and General, Mutual of Omaha, Transamerica, SBLI, Protective Life, Assurity, American General, and Prudential, to name a few. We are not obligated to use any required company. Finding the company that is the right fit for your situation, at the lowest possible price is our goal.

about Strahan Financial Services

About Strahan Financial Services
About Strahan Financial Services

We work with individuals across the nation to secure the best life insurance rates.

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