If you have type 1 diabetes and you need life insurance, then you should know what your options are so you can make the most informed decision.
It’s no secret that diabetics can have a challenge when shopping for life insurance, but the options 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.
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 life insurance with a table rating. This means that you will pay 25%, 50%, or 100% higher than a standard rating.
Guaranteed Issue:Â 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 life insurance options for a type 1 diabetic. 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 is a diabetic. The key is to work with an agent who is knowledgeable about which carriers are better for diabetics. Make sure that your agent works with multiple carriers, and be upfront with them about your diabetes. Get a free quote today to compare your
options.
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