I wanted to thank you for the excellent service you provided. You were very thorough in your explanations and I wouldn't hesitate to refer you in the future.
Life Insurance and Diabetes
A diagnosis of Diabetes means many new challenges in your life, not the least of which is trying to obtain life insurance. The insurance companies can choose not to insure you, based on your diagnosis or build in an extra premium based on your health. It’s important to work with a seasoned broker who has experience dealing with diabetics. After all, getting insurance as a diabetic is difficult, but not impossible. Knowing the seven variables insurance companies will consider when determining if you qualify, could mean the difference between insured and uninsured:
Getting insurance as a diabetic is difficult, but not impossible.
1. If the insured is insulin dependent – All things being equal, an insulin-dependent diabetic will pay a higher premium than those who don’t depend on insulin. Insulin dependent diabetes is considered a chronic disease that usually begins in childhood, but it’s not the most common form of diabetes. Insulin dependent diabetics account for only 5% of diabetics in North America.
2. The age when the insured was diagnosed – Younger diabetics are usuallly underwritten more carefully than older diabetics. In fact, diabetics 50 and over with no other health issues can qualify for the same standard rates as non-diabetics.
3. Duration of diabetes – Once diabetes is under control you should work to obtain life insurance as soon as possible, since it can lead to other extraineous health issues that can make it even more difficult to obtain life insurance.
4. Insulin Control – Readings over 9.9 on your A1c Hemoglobin Test (the standard test for measuring insulin control) can spell problems when it comes to qualifying for life insurance.
5. Renal Damage – If you have renal damage as well, applying for insurance will be much more challenging. We can’t stress enough how important it is to apply for life insurance as early into your diagnosis as possible.
6. Height and weight – Traditional insurance is normally unavailable if you’re diabetic and overweight.
7. The Life Insurance Company - Each life insurance company has its own unique underwriting criteria. It’s cruicial that your broker be aware of the guidelines from each carrier. It’s also important to add a cover letter explaining your medical history if you are a potential high-risk case.
If traditional insurance is closed to you, all is not lost. You can look for a simplified issue or guaranteed issue policy. Guaranteed issue plans have no medical tests and no health questions. These policies are more expensive than Simplified Issue policies and have a two year waiting period on no accidental deaths. Most diabetics especially non insulin diabetics do not have to go this route. Simplified Issue plans have no medical tests and a short series of health questions.
Many Simplified Issue plans do not have a diabetes related question and many of these plans have coverage available on an immediate play basis.
You can get a free non-medical life insurance quote at our Free Instant Quote Page. Contact us at 1.866.899.4849 for more details.