According to the American Diabetes Association, more than 100 million adults in the United States currently have a form of diabetes or prediabetes, a condition that can lead to type two diabetes if left untreated.  It has truly become an epidemic in America.

What many people are not aware of, is that having Diabetes may make acquiring life insurance more difficult, or even more expensive.  People have heard ‘myths’ that they can’t even qualify for coverage, so many think why even bother applying?

Diabetes is a disease that occurs when your blood glucose is too high.  Blood glucose is your main source of energy and comes from the food you eat.  Depending on your level of control with your Diabetes, life insurance companies may put you in a “high risk” category when it comes to applying for coverage.

Good news is, there are several options for life insurance for the Type 1 and Type 2 Diabetes community.  Also, life insurance rates for people with Diabetes are at an all time low.

Below are some steps to follow, to help you find the best priced policy for you.

1) Find an agent who specializes in diabetes life insurance  

Matt Schmidt of Diabetes Life Solutions  recommends working with agents who specialize in working with the Diabetes community.  “ People with type 1 and Type 2 Diabetes can find affordable life insurance policies.  In fact, depending on your complete health profile, you may not pay any extra rates, compared to a person without Diabetes.”

An experienced agent, who represents several companies will be able to run your health profile past multiple  companies underwriters.  Not all life insurance companies underwrite Diabetics the same.  Company A may approve a diabetic person and apply table ratings to the offer, which leads to an increase in premiums of 50%.  Company B may be okay with the diabetes control, and offer a Standard rate, which means NO extra ratings or higher premium.

The best part of all this, is you don’t have to fill out 20 different applications.  An independent agent would be able to run your information past all these companies, and then present to you the various offers.

People also need to beware of ‘online’ quote engines, when looking for quotes if they have diabetes.  The quotes shown would not be accurate, and a consumer could be shown a low rate, and the offer come back 10 times as high.  Always speak with an agent over the phone or thru email communication, share your health profile, and let them provide real and accurate quotes.

Also, there are no fees to you, the consumer when working with an independent agent.  Their commissions would be paid directly from the various life insurance companies that they represent.  Once you are happy with the offer, and accept the policy, the agent would be paid a commission from the life insurance carrier .  There are NO extra fees or higher premiums when working with an independent agent.

2)  Know your blood sugar levels

Before applying for life insurance coverage, it’s important to have a good idea of where your blood sugar levels are currently at.  Hopefully, you’re working with an Endocrinologist, and seeing them about every 3 months.  If that’s the case, you have an idea of where you stand.

Ideally, insurance companies want you to have an A1C below 7.0.  Let’s say you apply, and your A1C comes back 7.5 on the lab results.  That’s still a pretty good number, but the Underwriters wouldn’t be able to make as competitive offer as if your results were 7.0 or below.

If you are on the border line, perhaps it would make sense to postpone applying for a policy for 30-60 days, while you work on getting your A1C level a little lower.  This may result in a more favorable offer, that will help you save thousands of dollars over the lifetime of the policy.  Or you could always accept a policy, and then in the future reapply, in the hopes of obtaining a better offer.

3)  Do a NON Medical Exam Policy

Applying for a policy that requires a blood urine test usually is the best way to go, if wanting the absolute lowest rates.  But that’s not always the case.  If you are a person with diabetes who may not have the best control of the Diabetes, then applying with a company that doesn’t require labs to be drawn could be in your best interest.

Certain life insurance carriers that offer non medical exam policies, have more risk built into them.  Meaning that they will accept people who are not in perfect height, weight, or have the best control of their Diabetes.  In fact, they would make an offer that would be more competitive, then if you went with a company that reviewed your labs, and possibly your medical records.

Some non medical exam companies aren’t worried about diabetes related complications, or other health issues.  Where as other types of plans they’d rate you higher, or even decline you altogether.  Many people prefer to get approved for a policy like this, and then in the future, perhaps apply for a plan that requires further testing, with the hopes of getting a better priced policy.  Situations like this make it important to speak with a knowledgeable agent, to help you in making the best possible decision.

If you are a person who doesn’t want to wait 30 days or longer for an underwriting decision, then you’d definitely want to go with a non medical exam policy.  Often times an underwriting decision can be made in a matter of minutes, or 3 to 5 days.   

Do NOT continue to put this off

Life insurance is very important to you and your family.  Having adequate coverage to replace your income if you were to pass away, cover a mortgage, pay off other debts will give you peace of mind.  No one wants to leave their family unprotected.

People with Diabetes will have lots of options to choose from when it comes to life insurance.  Please don’t put off speaking with an agent any longer.    You’ll be pleasantly surprised at how affordable, and how easy getting coverage may be.


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