Best Life Insurance for Diabetes in 2020
It is estimated that more than 27 million people in the United States have diabetes, and another 86 million individuals in the U.S. have pre-diabetes.
What this means is that the individuals’ blood glucose is not normal.
There are two specific types of diabetes – Type 1 and Type 2.
While diabetes is a serious health condition, you can typically get life insurance coverage when you have either Type 1 or Type 2 diabetes – provided that your condition is managed and under control.
What the Underwriters Want to Know If You Have Diabetes
Life insurance applications require that you complete a health questionnaire for coverage. On this, you will be asked about basic personal information, such as your:
- Name and contact details, including your state of residence (as this can be a factor in the price of your insurance coverage)
- Height and weight (i.e., your weight as it pertains to your height)
- Smoking status (as well as any type of tobacco usage, including chewing of tobacco products)
- Marital status and children
- Occupation and income (including any dangers that may exist in your occupation, such as working with tools and / or heavy equipment)
- Hobbies (especially any that could be particularly dangerous or risky such as rock climbing or sky diving)
- Foreign travel frequency
- Any other life insurance that is in force (as well as the amount of that coverage)
Due to having diabetes, it is likely that the life insurance underwriters will also need to know more in-depth information regarding your overall health, as well as more details about your condition and any medications that you take for the management or control of that condition.
Therefore, you may also be asked some condition-specific questions such as some or all of the following:
- Date of initial diagnosis
- Which type of diabetes were you diagnosed with (i.e., Type 1 or Type 2 diabetes)?
- Have you experienced any complications due to your diabetic condition?
- Medications and prescriptions being taken for diabetes
- If so, what type of medication haveyour been prescribed, and what is the amount of the dosage?
- Methods used to control your diabetes (medications, exercise, diet, etc.)
- Current Blood sugar levels
- Current A1C levels
- Do you see a medical specialist for your diabetic condition?
- Any testing relevant to your condition
- Any hospitalization due to your diabetic condition over the past twelve months
For anyone looking to get the best rates on a diabetic life insurance policy, a medical examination will be required.
This will allow the company to make sure you are matched with the correct rates in underwriting.
Life Insurance for Diabetes NO MEDICAL EXAM
These will not get you as much coverage as an underwritten policy, but are a much faster and less stressful.
Medical exams are NOT needed for coverage
Many people with diabetes have the misconception that you’d have to undergo blood, and urine tests, to qualify for life insurance coverage.
That’s no longer the case!
Diabetics can qualify for several different types of term life insurance, and whole life insurance products.
If you are a diabetic, who doesn’t want to undergo these extensive tests, you do not have to.
Life insurance companies will provide no medical exam options.
To qualify, you’d simply answer basic health and diabetes questions.
Companies will also do a prescription drug background check and a Medical Information Bureau review.
The findings in these reviews determine your eligibility.
Getting approved for these types of policies take a matter of days.
You won’t have to wait weeks for a decision. If you have diabetes and are in a hurry to get coverage, these policies would be ideal for your financial situation.
If you are a person who doesn’t have the best control, of your diabetes, these policies may be the best fit for you. Don’t feel like you have to go thru ‘hoops and hurdles’ to obtain life insurance with diabetes.
People with Diabetes no longer have to worry about the lack of options, when it comes to life insurance.
No-exam policies are usually sold on a “simplified issue” or “guaranteed issue” basis.
Simplified issue policies revolve around a much more basic risk-assessment precis.
Guaranteed issue policies do not take risk factors into account in the same way as other policies.
Both require higher fees and tend to offer lower payouts relative to their terms when compared to life insurance policies that require a medical examination, but they are still substantial life insurance options that individuals suffering from diabetes can pursue with relative ease.
If you diabetic condition is not well controlled, you might consider the no medical examination life insurance policy as an option.
Diabetics have several options.
So don’t believe those myths, that diabetics can’t get life insurance, or that it’s too expensive.
You’ll be surprised at how inexpensive the premiums truly are!
To find your best diabetes life insurance quote, keep an open mind to all the choices available to you.
Our life insurance specialists have handled hundreds of cases similar to yours and can guide you to the best diabetic life insurance product for you.
Call us at 716-565-1300 or 813-964-7100