Life insurance for people with diabetes is available from several companies. However, the type of insurance you need will depend on your specific needs and the type of diabetes you have. Several companies offer no exam insurance, while others offer fully written policies. Which is best for you? Here are some things to consider when shopping for a plan.
Type 2 diabetes is riskier to insure than individuals without diabetes
When you get a diabetes diagnosis, you will have to pay more for car insurance than someone without the condition. However, you can make lifestyle changes to help manage your condition and keep your premiums lower. These include eating healthy food, getting plenty of sleep, exercising regularly, and limiting stress. Insurers may also be more lenient with the coverage if your diabetes is under control.
An insurer will look at your medical history as well as family history to determine whether or not you are a good risk. If you have diabetes, you will likely be asked about your blood glucose levels and how well you control your blood sugar levels. Normal A1C and glucose levels mean lower premiums, but a blood sugar level over 10 indicates high risk. Your insurer will likely deny your application if your A1C and glucose levels are too high.
Those with type 2 diabetes may have a higher risk than people without the condition, due to a number of factors. Among these factors, age and race are important factors. African-Americans, for instance, are more likely to develop the condition than white people. Blood lipid levels are also a factor, since people with high triglycerides and low HDL cholesterol are at higher risk for the disease.
Pre-diabetes can qualify for life insurance plan
Although your life insurance rates will be higher than they would be if you did not have diabetes, there are steps you can take to get the best coverage at the best price. For example, you should consult with a life insurance agent before applying for a policy. You will have to answer some questions about your diabetes and how you are managing it. You may also need to disclose any family medical history to avoid getting a higher premium than you are willing to pay.
If you have diabetes and you have been properly managing your condition, you can still apply for traditional life insurance policies. There are two types of policies available: term and permanent. Term policies are typically cheaper and only pay out if you die within a certain number of years. On the other hand, permanent policies pay out on your death, and are more expensive. A permanent plan can also allow you to borrow against the policy’s value while you’re alive.
Term life insurance is the least expensive form of life insurance. It lasts a specific number of years and requires a medical exam. Term life policies are great for people with diabetes, as long as the condition is under control. Term life insurance premiums are lower than those for permanent policies, and your policy will never lapse.
Simplified issue life insurance for diabetics
If you have diabetes, you may be eligible to buy a simple issue life insurance policy. These policies are usually cheaper than those for people with other health conditions, and you don’t need to undergo a medical exam to be approved. However, they can be risky, so you should consider them carefully.
Diabetics need to make sure they are insured adequately. To find the right policy, you need to review your current financial situation and goals. Then you need to determine how much coverage you need and how long you want it to last. This will affect the type of policy and how much underwriting is required. If you want to get a higher amount of coverage, you will probably need more underwriting.
In addition to the type of diabetes, your age will play a role in the cost of the policy. You’ll need to tell the insurer if you are taking medication for it and whether or not you have complications. Your health and lifestyle habits will also affect the cost of the policy. If you manage your diabetes well, you should find a policy that suits your needs.
Waiting period for whole life insurance for diabetics
A diabetic should be aware of the waiting period for whole life insurance before buying a policy. The more time you have between onset of a medical condition and your application for coverage, the better your chances will be of receiving the best rate for your policy. Those in good health who don’t smoke and do not use insulin often qualify for the best rates. However, if you’re a diabetic, you may want to consider a graded policy, which pays out a portion of your death benefit to your beneficiaries if you die during the waiting period. The waiting period will normally be between two years, but you may be able to qualify for a different time frame.
If you’re a diabetic and want to purchase a policy, it’s a good idea to review your finances and your goals before applying for coverage. You’ll also want to figure out how much coverage you’ll need and for how long. This will determine the type of policy you need, as well as whether or not you need underwriting. For example, if you plan to use the policy to pay off your mortgage, you’ll most likely have to pay more for the policy.
