Affordable Life Insurance With Diabetes

Written by Jason Fisher

Having a difficult time trying to find the most affordable life insurance with diabetes?

We get it.

Many of our clients with diabetes were relieved when we told them how many different options there were available; we can help you, too.  We can even help those who are searching for life insurance coverage with Cerebral Palsy or life insurance for people with lupus. Don’t let health conditions stop you from getting the coverage you deserve. There are companies who offer Impaired Risk Life Insurance. Let us guide you in your search.

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If you’re a diabetic and you’re looking for life insurance, you may think that your policy is going to be expensive, or that you won’t even be accepted for an insurance plan. Both of these couldn’t be further from the truth. In most cases, you can get an affordable plan, even with diabetes.

There are actually many companies who underwrite diabetes quite favorably, but the key is knowing everything you can from the start so you can make an educated purchase. Keep reading below to find out exactly what you can expect when you apply for maximum life insurance coverage.

This article is going to look at different ways that you can get affordable life insurance, even as an applicant with diabetes. Don’t let your health or your diabetes diagnosis keep you from getting the perfect life insurance policy.

Buying Life Insurance With Diabetes

When you’re making a life insurance purchase, diabetes is like many other health conditions. The insurance company wants to know exactly what details you can supply them with to make an accurate decision on how much of a risk you pose to them in the long run. The greater risk you are, the more you pay. The lesser risk you are, the less you pay.

Getting approved at the best rates for life insurance with diabetes is a matter of showing control, sustainability, and a solid track record without any complications. If you can accomplish this, you can still obtain excellent ratings which relate to phenomenal premiums.

Ratings You Can Expect For Life Insurance With Diabetes

Affordable life insurance coverage for someone with diabetes is heavily dependent on your level of control. Both Type I and Type II diabetes can be covered. Here are the things which are most important to obtaining top tier results:

  • Height/Weight (or Body Mass Index)
  • Type of Diabetes (I or II)
  • Type of Treatment
  • Date of Diagnosis
  • Length of Time Maintained
  • Complications/Hospitalizations

These are the key indicators of risk to the insurance carrier. Diabetics looking for life insurance who can display a great medical history, an overall positive health profile, and who have no other health conditions (or even something very mild) can get as high as a Standard or Standard Plus ratings. This means you could get the same exact rates as the average person or even a slight discount! Consider this: even persons described by their doctor as pre-diabetic could lose any chance at discounted rates!

However, it’s not quite that simple. Many other factors are at play. Even if you feel you are in extraordinary good condition, something as simple as your type of treatment or date of diagnosis could knock you into the Sub-Standard ratings. Remember, life insurance with diabetes is still considering all factors, both current and past.

How Types of Treatment Affect Life Insurance Approval

There are many different treatment levels which you may employ to keep your diabetes under control:

  1. Diet & Exercise
  2. Oral Medications
  3. Insulin

For someone who is considered borderline, or pre-diabetic, diet and exercise may be enough to keep your blood sugar levels in range. Just note, even one or two crashes in your sugar levels which required immediate medical attention could work against you, as they show instability. Those who are using strictly diet and exercise also tend to be overweight, and may suffer from high cholesterol, high blood pressure and out of range BMI which could lead to lower rates.

If you use oral medication to keep your diabetes stable, and you’re successful in doing so, you could see as high as the Standard rates. This assumes Type II diabetes, a reasonable height to weight ratio, and a stable history with minimal spikes or drops in glucose. If your BMI is excellent, you have a great history, and your A1C is below 7.5, you could get a small discount even when taking oral meds.

For those who need insulin to keep their diabetes under control, you’re not out of luck. As long as your A1C level is 7.5 or less and you weren’t diagnosed at age 39 or earlier, you still have a chance at a Standard rating. You need to be in good health other than the diabetes, you still need to be classified as Type II, and you need a solid history of at least one year without complications. For those who meet all the conditions but are Type I, you’ll be eligible for approval at a very mild table rating.

As you can see, if you’re looking to get the best possible insurance rates, it’s vital that you manage your diabetes closely. This means following all of the doctors orders for medication, diet, and exercise. It could translate into hundreds of extra dollars in your pocket.

Diagnosis Dates, Age, and Maintenance

One hurdle you may encounter is the time frame in which you’re dealing with. Life insurance with diabetes is heavily dependent on control, as we mentioned, and having sufficient time in which to establish a stable history can be a dominant factor. Often times, carriers are very hesitant to offer great rates inside of a year of the date of diagnosis. You can obtain coverage, but it may be quite expensive.

Your age at diagnosis versus your current age is also something to keep in mind. If you were diagnosed as a juvenile diabetic, you would have had plenty of time to establish your history but could still seem as a higher threat since the first occurrence was so early in life. If you were diagnosed later in life, a year or more without complications or modifications to insulin/oral medications should be sufficient.

Your diabetes is not going to be the only factor that the insurance company is concerned with when looking at your application and health. Aside from all of the diabetes information, they will also want to know if you use any tobacco, your occupation, or any dangerous hobbies that you may have. All of these, as well as your overall health, are going to play a major role in how much you pay for your insurance coverage, as well as your chances of being accepted for coverage. If you feel your overall health is not great enough to pass a medical exam, there is the option of looking into a no medical exam life insurance policy, though you will pay higher premiums.

It should be noted, if you are a smoker or tobacco user, it’s important that you quit before applying for life insurance coverage. Being a tobacco user is going to drastically harm your chance of getting affordable coverage, or getting coverage at all. Smoking will cause your rates to double or even triple.

Finding affordable life insurance with diabetes is still very possible. Knowing everything you can up front can also help you to make an educated decision and give you proper expectations on approvals and premiums. As always, use an independent agent like us who can evaluate the proper company to apply to in order to ensure the best possible outcome.

If you’ve ever been told that you can’t get affordable life insurance coverage because of your diabetes, don’t believe it. Regardless of your health or any pre-existing conditions, it’s possible to get affordable life insurance protection. We know that shopping for life insurance with diabetes can be frustrating, but that’s why we are here to help.

Using an Independent Agent

There are several advantages to using an independent agent versus going through the process alone. The first is that it will save you time. There are thousands of different companies on the market, and when you’re searching for a policy with diabetes or any other specific need, such as depression life insurance, there are a lot of companies that either will decline your application, or give you sky-high rates. You could spend weeks calling different companies and talking to agents, or you can let us do the work.

Using an independent agent can also save you money. Because you’re trying to get coverage with diabetes, your rates are going to be higher than non-diabetics, but that doesn’t’ mean that your premiums have to break your bank. Our agents understand the nuts and bolts of insurance and the different companies that we represent, which means we know which ones view diabetics more favorably than other companies.

If you want to use an independent agent, and want to get the life insurance process started, give us a call or fill out the quote form on the side and all of the best rates will come to you. Our agents want to make sure that you have the best life insurance policy at an affordable rate. Life insurance is the best decision that you’ll make for your family, let us help you make the best choice possible.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be stuck with a massive amount debt and other final expenses.

If you have any questions, please contact one of our agents today. We would love to answer those questions and connect you with the best possible plan.

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