Contrary to popular belief, life insurance for diabetics is readily available at great rates if you control your blood sugars. It is very common that those suffering from Diabetes or even those needing affordable life insurance for smokers, do not obtain quotes because they believe they will not be approved. This is not true, and we can help you find the best company to work with for your unique situation. If you are searching for yourself or for life insurance for your parents, we are happy to help.
Over 29 million people in American are diagnosed with some form of diabetes, either type 1 or type 2. This is over 9% of the total population living with the disease.
Every year another 1 million people are diagnosed with diabetes. Because the diabetic community makes such a large portion of the U.S., it makes sense that many are shopping for affordable life insurance.
Most diabetics think they are not insurable, which couldn’t be further from the truth. Diabetics can find cheap rates for life insurance, especially those who control their blood sugars well with diet or oral medications. Depending on your particular situation, you could be eligible for much lower rates than you thought possible.
How does diabetes impact life insurance rates?
The healthier you are, the lower the cost of your life insurance. Just like with any other medical condition, having health issues is going to make your premiums go up. Unlike most other medical conditions, there might be changes you can make to lower your insurance payments every month. With diabetes, many factors impact your rates. As a diabetic, the insurance agent will ask you several different questions that will impact your rates.
How long have you been diagnosed?
The more recent diagnosis, the better, in that, in the long term, blood sugar medications harm our bodies. So someone diagnosed at age 65 with late-onset diabetes is less of a risk than a 35yr old who was diagnosed during adolescence.
What type of medications/treatments do you use or take?
The type of medicines a diabetic impact rates. A type II diabetic taking only oral medications is less of a risk than a type I diabetic taking insulin using an insulin pump while a diabetic controlling their blood sugars with diet are even less of a risk than the other two.
How well do you control your diabetes?
Life insurance for diabetics is ultimately like any other health concern. If you are compliant with your doctor’s advice, rates are usually affordable, but if you ignore the physician’s orders your rates are going to be higher.
Controlling diabetes with diet and exercise can eliminate the need for additional medication, which translates into lower cost life insurance.
How long have you been diabetic? The age that you were diagnosed with diabetes can have a huge impact on your life insurance policy. The longer you’ve been diagnosed, the higher you monthly premiums could be. This is because that taking diabetes medication for extended periods of time can have adverse effects on your body. The longer you’ve been taking these medications, the worse you’ll look to insurance companies.
High risks and diabetes make it tough to qualify: If you have diabetes and other health problems you still can qualify for life insurance. The key is good diabetes management and following doctors’ orders. Below is a list of health conditions that make it tougher for diabetics to qualify for affordable life insurance. If you are diabetic with other health concerns, an independent broker can help you compare multiple companies to help you shop for affordable life insurance rates. Several common health complications come with diabetes. If you have one of the following complications, contact us immediately.
- History of heart disease
- Uncontrolled high blood pressure and or cholesterol
- Nicotine use
- Kidney Disease
- Vascular disease and or strokes
- Neuropathy in your limbs or extremities
Many people in the diabetic community think they cannot receive life insurance because of their condition, that’s not true. Not only can you get life insurance, but you may also qualify for average, or even above-average rates. An example of someone who could receive above average rates would have:
- Good control their blood sugars with diet, exercise and/or medication
- Fasting blood sugars under 100
- A1C numbers are in the 6’s i.e.…6.1 -6.9
- Late onset diabetes diagnosed after age 50
- Regular doctors appointments
While an example of someone who would receive a below average rating would have some of the following:
- Poor control of their blood sugar levels
- Little to no exercise and poor diet habits
- Fasting blood sugar levels well above 100
- A1C numbers in the 10’s
- Diagnosed as a 35 yr old
- Does not make regular appointments with a primary care physician
As you see, three of the main factors determining rates revolve around blood sugar levels and how low they are. If it’s possible for you, spending a couple of months working on lowering your blood glucose levels could save you thousands of dollars every year on life insurance.
Two of the best ways to reduce your blood sugar levels is by regular exercise and a proper diet. If you have received rates that are too expensive, make some healthy changes that will help you manage your diabetes more effectively. A good vs. a bad rate could mean the difference between paying $600 every year or paying $1,500 every year.
What Else Will the Underwriters Ask?
Aside from the diabetes-related questions, you will also be asked questions that could affect your rates. Be prepared to answer questions regarding your family history, height, weight, age, any other health factors you have, and your lifestyle habits.
The type of diabetes you are diagnosed with can have a huge impact on your life insurance policy. Type 2 diabetics will find a life insurance policy easier than type 1 diabetics. Because there is no cure for type 1 diabetes, type 1 diabetes have higher premiums on average.
Getting a life insurance policy is one of the smartest things you can do for yourself and your family. Not only will having a life insurance policy cover any final expenses for your family, but it will also give you peace of mind. Don’t let your diabetes keep you from having the life insurance coverage that your family deserves.
If you’re looking for a life insurance policy, it’s not only about finding the lowest monthly premiums. When searching for a life insurance policy, there are several different types to choose from depending on your situation:
- Term life insurance policies
- Whole life insurance policies
- No exam life insurance policies
Each kind of policy has its set of advantages and disadvantages for you. A term life insurance policy is the “traditional” method for life insurance. These plans are purchased and are only in effect for a specified number of years, normally 10, 20, or 30. Once you buy one of these policies, the premiums never go up.
Whole life policies work a little differently than a term policy but do exactly what they sound like. These policies are effective for the policyholder’s whole life, unlike term that only lasts for a certain number of years. These plans tend to be more expensive every monthly, but they do create a cash value.
The last type of life insurance policy is no exam policies. Depending on how well managed your diabetes is, no exam policies could be the best option. These policies will allow you to receive life insurance coverage without having to take a medical exam or answer any questions. The major disadvantage of these plans is they are much more expensive than the other two types.
Getting a Life Insurance Policy with Diabetes
As a diabetic, shopping for life insurance can be a headache. If you are diabetic and looking for life insurance rates, all you need is a good independent life insurance broker to speak with. These brokers will relieve the frustration of having to call dozens of different companies to receive rates. Goldsmith Insurance will help you understand all the options and choose the best one for you. Be prepared with details of your history since diagnosis, current medications, your doctor’s name and phone number and remember, to be honest, a broker is on your team, and here to help you shop.
These brokers are working to get you adequate life insurance for the best price possible, being 100% honest with them will make the process easier and quicker. Independent life insurance brokers can find the perfect policy to fit your needs. Goldsmith Insurance has years of experiencing working with diabetics and has helped thousands of diabetics secure the best rates from the top carriers. We understand the importance of life insurance and the changes it can make on a person and their family. If you take care of your health, we can take care of finding you affordable rates for life insurance. Don’t spend hours on the phone answering the same questions to dozens of companies only to hear the same answers.
Many people tend to put life insurance off until “tomorrow” or “next year. The idea of dying isn’t something that anyone likes to think about, but you can’t afford to put it off any longer. Spend some time gathering all your information and to meet with your doctor to discuss your current medical condition and call an agent today.
If you are diabetic and looking for life insurance rates, all you need is a good independent life insurance broker to speak with. Be prepared with details of your history since diagnosis and most important thing is to be honest, a broker is on your team, and here to help you shop. Goldsmith Insurance has helped thousands of diabetics secure the best rates from the top carriers. If you take care of your health we can take care of finding you affordable rates for life insurance.