Living with a chronic disease, such as Diabetes, is not an easy thing. You are constantly watching what foods you put into your body, as well as checking your blood sugar levels daily.
Having Diabetes is a full time job! Unfortunately, when you have a disease such as Diabetes, obtaining important financial products such as Life Insurance isn’t as easy as you would think. There are lots of ‘myths’ and facts about diabetes and life insurance. Often time these myths may prevent a diabetic from even trying to find life insurance.
1. You can get life insurance with Diabetes
Don’t believe everything you read on the internet, or hear from somebody. You can get life insurance if you have diabetes. Tom Keenan of Diabetes 365 states: “ overtime life insurance companies have made changes to their underwriting guidelines. Companies are more educated on the health risks of the diabetes community. No longer will you automatically be declined just for having diabetes. The diabetes community has a plethora of options, when it comes to life insurance.”
To determine what possible rates you’d receive, companies will want to know what type of diabetes you have, treatment for diabetes, and the level of control you have over your diabetes. The better control you have of our diabetes, usually the better premiums you can receive.
No matter your age that you were first diagnosed with Diabetes, you’d have options available to . Generally policies would be available for diabetics age 1 thru age 85. Also depending on your age, and overall health profile, you’d have term life insurance, and permanent life insurance options to choose from.
2. You can get no medical exam policies
We know that you may not be too ‘thrilled’ with the idea of a nurse collecting a blood and urine sample for your life insurance application. You are busy, probably have kids, and to find time to complete a 30 minute exam for life insurance can be tough. Good news! As there are policies that require no medical exam life insurance for diabetics.
Depending on your overall health, you’d have choices between several different life insurance carriers. People with Type 1 and Type 2 diabetes may qualify. Some non medical exam policies will simply have you answer basic health and diabetes questions. These policies may offer an approval within a matter of days. So if you are in need of life insurance for a SBA Loan, or maybe a divorce judgment, these types of policies may be ideal for you, due to how quickly you can be approved.
Other no medical exam plans will waive the blood and urine test, but will review your most recent diabetes medical records. If you opt for a policy like this, it make take 3-4 weeks for an approval. The information in your medical records will determine your final offers, and premium amounts.
3. Life insurance rates for diabetics are not affordable
Now imagine, you applied for life insurance, and got approved for coverage. But what if the rates for life insurance were astronomical, and not affordable? Well, that simply is not the case. Life insurance rates for diabetics are at an all time low.
Most people don’t realize that life insurance rates for type 2 diabetics are often times priced the same, compared to a person without diabetes. Depending on when exactly you were diagnosed with type 2 diabetes, you may even receive Preferred rates from specific life insurance companies.
Now if you have type 1 diabetes, your rates will most likely be slightly more expensive compared to type 2 diabetics. However, rates are still affordable. To make sure you can obtain the best possible rates, you would want to work with an agent that can ‘shop’ your health profile to multiple companies. By working with an independent agent, they could make sure that insurance companies are competing for your business.
If you do have diabetes, and in need of life insurance, do not be afraid to inquire. We are sure that you’ll be excited to know you have options, and that rates will be affordable!