Many people feel that affordable life insurance for people with diabetes simply does not exist. In the United States alone, it is estimated that 37 million people have diabetes. This comes down to roughly 1 in 10 people. It is definitely a health challenge many faces, but it is still possible to secure an affordable life insurance policy even as a diabetic.
Here is what diabetics should know about life insurance and what the insurance company may consider.
IN addition to acknowledging that you have diabetes, the insurance company will also consider several other factors as well when deciding on offering you life insurance or not. They will ask if you have Type 1 or Type 2 diabetes, what age you were diagnosed, what medications you are currently taking, and your height and weight.
In addition, they may also ask about how well you have been able to control your diabetes, what your glucose levels are, and if you have any other health conditions like high blood pressure or heart disease. They will also ask if you smoke and will want an over medical and family history to review.
Clinical underwriting may also take place. This is when the insurance company will view your health in a more holistic light rather than focusing on certain risk factors.
The underwriting process varies depending on the insurance company. There are different guidelines when it comes to securing life insurance for someone with diabetes.
The insurance company may worry about diabetic complications that prove to be more severe such as hospitalization, diabetic comas, and amputation. It will also be easier for someone with Type 2 diabetes to secure a life insurance policy compared to those with Type 1 diabetes.
To find better and more affordable life insurance coverage as a diabetic, there are some things you can do. For example, if you learn to manage your condition and take the steps to control your condition, then the insurance company may look at you more favorably. You can also choose from more nontraditional options, including graded life insurance or a guaranteed issue life insurance policy.
With graded life insurance, beneficiaries only receive a percentage of the full payout if you were to pass before the waiting period. With a guaranteed life insurance policy, you will receive limited coverage without having to take a medical exam or answer medical questions.
When it comes to life insurance and securing an affordable policy with a condition like diabetes, you want to speak to professionals. They can help point you in the right direction of an insurance company that will be more favorable to your medical conditions.
Want more information on life insurance policies available to you? Contact Panorama today.