Can Diabetics Get Life Insurance Coverage? Know the Facts!
Diabetes has become more common than ever in America; almost 10% of the population has it, according to the American Diabetes Association. That is why we field a lot of questions about getting life insurance with diabetes. The answer is yes it is possible, especially if your diabetes is under control, if your condition responds well to treatment, and if you lead a healthy lifestyle without other adverse health conditions. That is the best-case scenario in seeking affordable life insurance rates. But before you read on, contact a Licensed LifeQuote agent to explore your options. They will discuss your choices candidly and knowledgeably.
U.S. Diabetes Statistics
Prevalence: In 2012, 29.1 million Americans, or 9.3% of the population, had diabetes.
Approximately 1.25 million American children and adults have Type 1 diabetes.
In adults, Type 2 diabetes accounts for about 90 to 95 percent of all diagnosed cases of diabetes
- Undiagnosed: Of the 29.1 million, 21.0 million were diagnosed, and 8.1 million were undiagnosed.
- New Cases: 1.4 million Americans are diagnosed with diabetes every year.
- Pre-diabetes: In 2012, 86 million Americans age 20 and older had pre-diabetes; this is up from 79 million in 2010.
Life Insurance For Diabetics
Most likely yes, for either Type 1 or Type 2 diabetics, providing your diabetes has been controlled for at least 6-12 months. It is also possible to obtain a policy if you are insulin dependent. But you should be aware that even with controlled diabetes, if you have other health risks, such as heart disease, uncontrolled high blood pressure, obesity, or if you are a smoker, it is highly unlikely to qualify for life insurance coverage. There is an option called “guaranteed-issue” life insurance, which you can purchase, but at a high price for premiums. Our licensed agents will guide you through those choices.
Be Open and Honest About Your Condition
Honesty is a virtue and the bottom line is that you must disclose everything about your condition so that when the insurance underwriters dig down into your medical records and evaluate how well you are responding to your diabetes treatment, you will get a fair shot at coverage. They want to know some key information about your situation. Be accurate and truthful.
- Age when diagnosed with diabetes?
- Type of diabetes you have (Type 1 or Type 2)?
- Your current glucose/blood sugar level readings?
- Medications you been prescribed for your condition?
- Other additional risk factors?
Will Life Insurance Coverage for Diabetics Be Costly?
Life insurance for diabetics will likely cost more than that of an average, “healthy,” policyholder. Of course, your overall health, family history, and any other lifestyle risk factors will be the greatest determination for your premium rates. You will definitely not qualify for the top rating classification, “Preferred Plus.” Those policyholders are considered to be in “excellent health,” and because they pose the least amount of risk to insurers, they pay the lowest premiums. Diabetics will fall either into the “Standard” risk class— described as people of “average” health, height, and weight— or placed into a “Substandard” risk class.
Is Non-Medical Exam Diabetic Life Insurance the Best Option?
For those whose complicated diabetic condition makes it unlikely to qualify for a traditionally underwritten policy, a viable option is a no-medical-exam life insurance policy. You will not have to take a medical exam, with lab work and electrocardiograms to qualify for this type of coverage. You will probably have to fill out a diabetic questionnaire, requesting detailed information (such as the key questions above). Yes, the premium will definitely be more expensive, 10-40% more but if you need protection this choice is available.
Why guess? Get started now to see where you are on the spectrum of life insurance for diabetics. You may be surprised to find out that there are good options out there. Begin with an open discussion with a licensed life insurance agent who can guide you on the right path.