If you have diabetes, you may assume that you’ll be too high-risk for many insurance companies to insure you, or you’ll simply be faced with huge payments each month.
However it is possible to find life insurance for diabetes as a diabetic. Even if you’ve been turned down by other insurance providers in the past- you just need to be prepared when you submit your application for coverage.
Your insurance underwriters will want to have some important information from you. This is to determine how risky it would be to accept you- meaning how likely it is that the company will need to pay out for a claim if you’re accepted.
The insurance company will need to know how your body responds to the treatments you’re receiving for diabetes. Type 2 diabetes currently affects between 90 and 95% of those with diabetes in the United States. it’s now much more common than it was in the past, but it’s also much more responsive to both exercise and diet compared to type 1 diabetes. It’s also more responsive to insulin and oral medication.
Obtaining life insurance for type 1 diabetics can be more challenging.
The underwriters will ask how old you were when you were diagnosed, which type of diabetes you have, the current readings of your blood sugar levels the medications you’ve been prescribed, and whether you have any other risk factors.
You’ll also usually need to take a medical exam as part of your application process. This will also involve you seeing a paramedical professional and they’ll take your blood pressure and heart rate reading along with other health information.
You’ll usually also need to provide urine and blood samples which will be analysed for other health conditions which would increase your risk. Once the underwriters have all of this information, they’ll then make a decision about your coverage and premium cost.
While it’s not uncommon for life insurance for diabetics to cost more than if you didn’t have diabetes, the amount you pay will be dependent on your health condition and level of risk when you apply.
Most insurance companies will have different rating classifications for their policy holders. These ratings will determine how much the premium is for the policy holders in that category.
People in the Preferred Plus category are usually those that are the healthiest. They’ll therefore be paying the lowest premiums since they also have the least amount of risk.
Those who have a preferred rating may not have excellent health, but they’ll still typically have above average health.
Policy holders in the standard category will usually have average health, weight, and height. People who fit into the Substandard category usually have an adverse health condition. This means that they’re riskier for the insurer. And in order for the underwriter to compensate for the added risk, they’ll usually charge a higher premium.
People with diabetes may fall into the standard rating category if it’s Type 2, while Type 1 will usually be in the Substandard category.
no medical exam life insurance plan will give you life insurance protection without having to take the medical exam. This is a great way to get life insurance for type 2 diabetics.
Even if you don’t qualify for any of the categories, you still have options. Get in touch with Schofields today to learn more.