Diabetes Life Solutions: Are Diabetics Qualified To Get Life Insurance?

People who have diabetes and are looking for life insurance coverage might be interested in learning about their options. In most cases, individuals who have diabetes but have the condition under control are eligible to get life insurance. On the other hand, they could have to pay higher rates than people who do not have diabetes. A variety of factors, including gender, age, age at the time of diagnosis, and the existence of diabetes-related comorbidities, can all have an impact on coverage.

When looking to get life insurance as a diabetic, you should take into consideration the following factors:

Policy Options Available To Diabetics Looking To Purchase Life Insurance

People who have diabetes and are thinking about purchasing life insurance may be unsure whether to go with temporary life insurance, often known as term life insurance, or permanent life insurance, which includes whole life insurance and universal life insurance options.

The term “whole life insurance” refers to a type of permanent life insurance policy that offers everlasting coverage and a death benefit in addition to fixed premiums, the potential for dividends, and a cash-value component that may be accessed at any point throughout the policyholder’s lifetime.

Universal life insurance products can also be designed to offer permanent coverage.  In some situations, the insured can also use these products for cash value accumulation.  We’ll note that universal life insurance premiums tend to be less expensive than whole life insurance.  However, the guarantees on the cash value growth would not be as attractive compared to whole life insurance options.

In contrast, term life insurance features lower premiums but is only valid for a predetermined amount of time (often between 10,15,20, and 30 years) and does not accumulate any cash value over time.  Certain insurance providers would offer a return of premium riders with their products, and this can be a great feature for certain applicants.

Individuals diagnosed with diabetes have a chance of being accepted into either permanent or term life insurance policies because the condition does not constitute an automatic disqualifier.  To be honest, people living with all types of diabetes can obtain the same types of life insurance that people without diabetes can.  But, the premiums may be higher, and the application process is generally a little more challenging.

Type 1 compared to Type 2 Diabetes

When determining price and coverage, one of the most important factors to consider is whether or not the applicant has type 1 or type 2 diabetes. Insulin is the only treatment for type 1 diabetes, which is invariably diagnosed at a younger age and is typically considered to be a more severe form of the disease. This suggests that people diagnosed with type 1 diabetes have likely been suffering from the condition for a longer period than patients diagnosed with type 2 diabetes who are the same age.

Those who have type 2 diabetes that is under control often have an easier time obtaining life insurance. A person diagnosed with type 1 diabetes may be eligible for coverage, particularly if they enroll in a group plan such as the one that is provided by their job.  Other options for a person with type 1 diabetes would be available from certain life insurance carriers.

Choosing between life insurance that requires a medical exam and life insurance that does not require a medical exam.  Non-medical exam options may be available for people with diabetes, but that is considered on a case-by-case basis.

A medical examination is required by the policies of many insurance companies before they can provide coverage. People who can keep their diabetes under control may obtain cheaper premiums by going to a medical exam.

On the other hand, people who have a history of troubles or health problems may want to seek guaranteed-issue insurance that does not need a physical exam. Insurers typically demand larger monthly payments from their customers for these plans since the level of risk involved is higher. No-exam policies often provide less coverage and come with higher premiums, but they might be a better option for people who have a health condition that makes it difficult to obtain insurance coverage.

Please note that every life insurance company will view your health information differently.  It’s always a wise decision to speak with a knowledgeable agent and allow them to ‘shop’ your profile out to several companies.  One insurance provider may charge rates that are 50% higher than another provider does.  Overpaying for life insurance can cost you thousands of dollars over the lifetime of the policy.

The Treatment Of Diabetes And The Cost Of Life Insurance Premiums

Those who have diabetes and successfully manage their condition through a combination of healthy eating and regular exercise, medical treatment, or some other strategy often receive preferential treatment coverage. Diabetes patients who keep their condition under control may have an easier time getting accepted for life insurance, and their rates may be lower as a result.

Matt Schmidt with Diabetes Life Solutions mentions, “certain life insurance companies are offering discounted premiums to the diabetes community if you can show proof of an active lifestyle.  Simply meaning, you can share FitBit data showing the number of steps you take daily and exercise history, or you can have your Doctor share similar information.  We’ve seen discounts ranging from 9% to 25%, which are excellent ways of lowering the cost of life insurance.”

Coverage For Diabetics Under Life Insurance Policies

Although having diabetes may make it more difficult to get life insurance, there are still options available. A financial consultant may be able to help explain options and illustrate how different types of insurance fit into a larger financial strategy.  Everyone’s financial situation is different, so it’s important to discuss your financial goals, in addition to your diabetes history, with an agent.  From there, the insurance professional could make suitable recommendations.

Contact Information: Robert Schmidt – Media Director for Diabetes Life Solutions

Email:  [email protected]

Phone:  (888)-629-3064