“Can I get life insurance if I have diabetes?”
In short, YES! While diabetes is rapidly increasing in our population, life insurance companies are adapting with the growth and changing the coverage offered. Affordable rates are available with certain guidelines, and if you happen to fall short of them, rates may be higher, but coverage is not out of the question. Figuring out your best options towards coverage that meets your needs is less stressful than you think.
The facts are over 400 million adults have diabetes, with 40-59-year-olds leading the number of those diagnosed. That being said, 1 in 11 adults has diabetes. When your pancreas does not make enough insulin or does not make it at all, this is characterized as Type 1 diabetes. When your body does not recognize how to use the insulin that is being created, you are diagnosed with Type 2 diabetes. In layman’s terms, the issue with diabetes is too much sugar in your body’s bloodstream. Obtaining life insurance coverage will depend on the type you are diagnosed with, its severity, and whether or not it is under control.
All insurance providers assess risks in different ways. Their determination on your diabetic risks and rating is based on a number of health and treatment related variables. Questions that you should be prepared to answer include:
- Your diagnosis date
- Your age, height, and weight
- Both you and your family’s medical history
- The type of diabetes you are diagnosed with
- Current medications
- Blood sugar levels/A1C levels
- Any additional health risk factors
The main factor in your rating is whether or not your diabetes is being controlled and for how long. Most providers are looking for a period of 6-12 months from diagnosis. They want to assure that you are taking all medications on a regular basis, on a proper diabetic diet and exercise according to your doctor’s recommendation to maintain a healthy body weight.
In the case that your diabetes is not under control, you still have options. With insurance agencies adapting in the past few years, you may be able to purchase specialty life insurance plans. One option is to obtain a plan without a medical exam. These types of policies will not require a physical exam but will have you fill out a diabetic-question form and tend to be more expensive due to an inadequate risk assessment. Just like a medical exam, the most important thing to remember when choosing this route is to be as accurate as possible when answering all questions.
A few things to consider to help understand premium rates. If you are diagnosed with Type 2 diabetes, your rates tend to be less than if you have Type 1. An insurance provider will always assess risk on how well your type of diabetes is being controlled. Contracting diabetes later in life actually works to your benefit. Rates tend to be more affordable since your body has not been battling high blood sugar levels for a long period of time. This cuts down on the side effects that usually come hand in hand with prolonged diabetes.
The good news about 8.3% of the U.S. population battling diabetes is that treatments are advancing, people are living longer, and life insurance is becoming available at affordable rates. The key to finding the right company for your diabetic coverage is to search smart with our free quote and let LifeQuote do the work for you. Remember, insurance is available, you just need to be more creative and patient with your family’s future.