If you have diabetes and you are shopping for life insurance coverage, then it is important to know what the life insurance for diabetics options are and understand how diabetes will affect the premium that you pay for coverage. Although it is considered to be a serious health issue in the eyes of most life insurance carriers, many insurers still offer diabetes life insurance but it depends on your health and your overall care.
Most companies make a distinction between type 1 diabetes and type 2 diabetes. Type 1 diabetes is often acquired during childhood, but it can also come on in a person’s 20′s, 30′s, or 40′s. This type of diabetes has nothing to do with how a person eats or their weight. The immune system destroys the beta cells that produce insulin, so a type 1 diabetic is insulin dependent from day one. Many life insurance companies will not offer coverage to a type 1 diabetic, but there are companies that will. You will have to go through a physical exam and your blood will be drawn in order to do an A1C test. This measures the your average blood sugar level for the previous 3 months. Most insurers want to see an A1C of 7 or less for standard rates.
If you have type 2 diabetes, then the coverage you qualify for will depend on how well you manage your diabetes. Some factors that an insurance will consider: are you on insulin or a pill? What was your last A1C? What is your height and weight? Have you had any diabetic seizures or other related problems? Depending on your overall health and diabetes care, you might still qualify for a life insurance policy with standard rates.
Get a free quote today to compare multiple rates from companies that offer life insurance for those with diabetes. Remember that all companies have different rates so it definitely pays to compare. You can view several rates for life insurance for diabetics and choose the rate and policy type that is best for you.
If you need type 1 diabetes life insurance coverage, then you should know what your options are so you can make the most informed decision.
Options for Type 1 Diabetes Life Insurance Are Better Than They Used to Be
It’s no secret that diabetics can have a challenge when shopping for life insurance, but the options for type 1 diabetes life insurance are better since medical advancements have made diabetes control easier and more efficient. It used to be that a diagnosis of diabetes meant that no one would insure you, but there are now many companies who will offer a standard rate for diabetics who manage their blood sugar well.
Life insurance underwriting for diabetics focuses specifically on control and regular doctor’s care. An A1C of 7 and below is considered optimal. Underwriters will also look at whether or not you see your doctor for regular appointments, and what your other health factors are such as height, weight, blood pressure, and cholesterol levels.
Ratings for Type 1 Diabetes Life Insurance
Standard Rating: If your A1C is 7 or less and you have no other health issues, then some companies will offer you a standard rating, which is what the average person will pay.
Rated Up: If your A1C shows moderate control, but you have high blood pressure or cholesterol issues, then a carrier may offer you type 1 diabetes life insurance with a table rating. This means that you will pay 25%, 50%, or 100% higher than a standard rating.
Guaranteed Issue: If you have a high A1C coupled with other health problems like high blood pressure and high cholesterol, then you will probably be denied by most life insurance carriers. Your last option is a guaranteed life insurance plan. The rate will be higher and the maximum amount of insurance that you can get is $25,000. Your policy will also have graded benefits, meaning that your death benefit is not fully payable until year three.
The bottom line is that there are definitely options for type 1 diabetes life insurance coverage. You should know that there are certain companies that are known to be more reasonable with diabetics, while other carriers very rarely insure anyone who has type 1 diabetes. The key is to work with an agent who is knowledgeable about which carriers are better for type 1 diabetes life insurance. Make sure that your agent works with multiple carriers, and be upfront with them about your diabetes. Get a free quote today to compare multiple rates from carriers. If you have questions about your situation then call 1-877-801-4402 to speak with an experienced insurance professional about type 1 diabetes life insurance options.
