Life Insurance for People Who Are Diabetic (Type I and Type II)

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Life Insurance for People Who Are Diabetic (Type I and Type II)

It seems that many people who have diabetes feel that applying for life insurance is either a big waste of time because they will be declined or, if they do apply, the rates will be so high, they might as well not apply. This may have been true at some point in the past, but diabetes is not as much of an issue when it is being treated and is under control. Key word here is "under control". One of the first question an insurance company may ask is just that, "is your diabetes under control". If it is not under control, as with most other illnesses, a decline from a standard insurance company is very likely.

Now, lets assume that yours is under control (as it seems to be with most people we speak to). The next two questions you will most likely be asked is "how is it treated and when was the onset?". In other words, diabetes before age 40 seems to be a bigger issue than at older ages. For some reason, the age at which you developed diabetes may have an effect on your longevity (or at least insurance companies think so). So, if you were diagnosed before age 40, it does not mean you will be declined, it just means that you will need to more carefully select the insurance company and final rates may come out higher. I said may because age of onset is only one factor of many. As we said, one of the main factor is control. If your diabetes is controlled by diet, you may even get preferred rates and many companies will approve you (make sure to get many quotes). If it is controlled by pills, that is almost as good as diet controlled, and again, you should be OK when applying for life insurance. For some reason, Type2 diabetes or insulin dependent diabetes is a bit more complicated. Which does not mean you will not get good rates. But it does mean that you will need to do more company research and if you have a good insurance consultant, he or she will help you communicate medical information to the underwriter for most favorable results. Believe it or not, the more information you give the insurance company about your medical condition(s), the better the results should be.

One other factor that seems to greatly affect results is if you have or have had other medical issues. One big one seems to be vascular issues. If you have had a stroke or a heart attack, you may find it more difficult to secure any reasonable life insurance. Vascular issues and diabetes seem be a major no no when it comes to life insurance. Again, it does not mean an automatic decline and you should make sure to speak to different insurance companies. We have seen a few cases were people had been declined by one company and were approved at good rates by another. Sometimes, it is just a matter of who the underwriter is and how knowledgeable they are about your medical condition(s).

The no exam life insurance plans - Some people who have health issues sometimes feel that it would be best to do a no exam plan when applying for life insurance. Most times our answer is no. Unless, you are afraid of needles, it has been found that, no exam companies, who offer more limited underwriting, tend to decline more people or charge higher premiums than companies who do a more thorough underwriting job and request an exam. If your lab test numbers are good, do the exam. Of course, only some of the main points can be covered in this short article but it should at least get you started and open ideas on what questions to ask.

In conclusion, do not automatically believe that, because you are a diabetic, you will need to pay high life insurance premiums or be declined for life insurance. That is not so! We do recommend, of course, that you get life insurance when you are still healthy. Also Note, for peoplewho already have diabetes, it is best to wait about six months to a year after diagnoses then apply for life insurance. The wait is because many insurance companies want to see that your diabetes has been under control for a few months before they consider your case. It is also recommended that you apply as soon as you decide you have a need for llife insurance coveragebecause if you develop other medical issues along with the diabetes, it may make it very difficult to impossible to secure any life insurance coverage.

As we say in all our articles, always ask, ask,ask many questions.

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