Diabetes is a chronic disease that affects many people in Tucson, AZ, and around the world. If untreated, it can lead to serious health issues, so people with diabetes need to have life insurance.
But, for persons with medical history such as high blood pressure, diabetes, kidney disease, and other severe medical conditions, it’s difficult in obtaining life insurance from life insurance companies.
Life insurance premiums for diabetic patients are about 25% higher premiums than life insurance policies for non-diabetic individuals. However, the coverage with life insurance riders is still very much worth it.
Diabetes can lead to diabetes-related complications such as kidney disease, high blood pressure, and cholesterol which all increase your risk of death in many different ways. Therefore, it is essential to understand the implications of health factors and what it means for life insurers.
Here are some essential points about life insurance policy options when you have diabetics:
Why is it hard to obtain life insurance for people with diabetes?
Finding life insurance with a medical history and for people with diabetes is difficult to qualify for a life insurance policy.
Life insurance rates are based on their expected mortality, which can be influenced by the diabetes patient’s medical history and those that are likely to arise in the future.
Diabetes is often accompanied by other medical issues such as obesity. Usually, it poses additional risk factors regarding life expectancy or the likelihood of developing new critical illnesses.
It makes finding affordable life insurance coverage much more challenging than it would otherwise be without these pre-existing conditions.
Life Insurance Companies View People with Diabetes As High-Risk Applicants
Recently, life insurance companies have been shying away from accepting people with diabetes due to the severity of their side effects.
These complications can sometimes be seen in an adverse reaction to your application. And suppose you do not show signs of having a well-controlled condition. In that case, it will only make them more reluctant about considering life insurance applications.
Life insurance providers are hesitant when dealing with applicants who identify themselves as diabetic because their complication rates often stray outlandishly high.
Even those “diabetic friendly” insurers won’t consider someone without proper management or control issues for life insurance coverage.
Factors Affecting the Cost of Life Insurance Policy when you have diabetes
For life insurance companies, a diabetic’s condition is considered the most difficult to predict and control of any medical ailment because diabetes has so many variations in how it can affect different people.
Factors that increase mortality risk during a life insurance policy are age, smoking habits, and health conditions.
If you’re considering getting insured for your loved ones or yourself, be sure to find out if any of these apply to them:
Your Age
The older you get, acquiring life insurance is expensive. But if you were diagnosed with diabetes as a child or teen and have type 1, your premiums will likely be even higher.
Both factors factor into your premium rate: age and whether or not this is Type I Diabetes, a less manageable illness.
In addition to being one reason why people buy life insurance, having high blood sugar levels over a prolonged period can lead to diabetic retinopathy leading to blindness.
Type of Diabetes
Type 2 diabetes is often easier to manage than Type 1, but life insurance companies rarely recognize this. As a result, insulin-dependent diabetics are classified as higher risk groups and must pay more for their premiums.
Life insurance application for type 2 diabetes is easier because it is more manageable and has a lower mortality rate.
There are also gestational diabetes cases that occur during pregnancy which you must take into consideration before applying.
Your Weight and Fitness Routine
Obesity has been a factor in life insurance rates for many years. However, with the rise of diabetes cases, it is only becoming more critical.
You might be surprised to know that even if you do not have diabetes, your weight can still affect your premium rate.
But when paired together, these two illnesses have an increased impact on one’s premiums because they share similar risk factors.
But don’t worry, just being overweight does not necessarily mean higher rates either. For example, someone who exercises regularly could get those lowered by around 50%.
Health Issues affecting life insurance rating, life insurance options, term life insurance policy, and affordable coverage
When you have diabetes, life insurance companies will provide a health questionnaire to ask about your current health and family health history. In addition, a life insurance company or an insurance agent wants to know how it has impacted your overall wellness.
Life Insurance Application
To apply for a life insurance policy, you will need to complete a health questionnaire about your health history and diabetes in addition to the standard application form.
Life insurance companies may request additional medical records from any physicians you have visited recently. In addition, they might require a medical exam before issuing a life insurance policy.
Your Management Plan
For people with diabetes, healthy lifestyle choices go a long way. Exercise and diet can keep diabetes under control, resulting in lower premium rates from your insurance company.
Suppose you are not insulin-dependent but still need oral medications to manage the disease. In that case, these may increase your premiums slightly more than those on insulin products only.
However, being compliant with medical recommendations and doing everything possible like a vitality program should help reduce any increases due to medication usage. In addition, it shows the insurer that there is little risk of complication for them when they insure someone who has diabetics.
How to choose a life insurance coverage plan for Life Insurance for Diabetics?
Insurance companies have different life insurance rates for people with diabetes. Therefore, it is vital to find an insurer that offers you life insurance coverage at a rate that will fit your budget and lifestyle choices.
The following are some suggestions on how to choose the right life insurance plan:
Type of Insurance Policy
Term life insurance policies are the cheapest cost per dollar coverage because they only extend for a predetermined period, such as 10 or 20 years.
For instance, if you want to ensure your children can pay for college should anything happen. Most term policies offer the option of converting death benefits without additional underwriting into permanent plans that last until death do them part.
Permanent life insurance policies are the most expensive alternative. Still, they may be worth it to ensure that you leave an inheritance, death benefit, or your spouse receives support.
No Medical Exam vs. Fully-Underwritten Life Insurance
Life insurance policies with term and whole life coverage can be purchased without a medical exam, but these options are both more expensive.
Term plans offer less protection than the other option.
People with diabetes who purchase either type of policy have decreased access to an extensive range of premiums available on general market rates.
Life insurance companies impose higher premiums for insurers due to their health risks such as heart disease or cancer linked to high blood sugar levels. These health risks could lead them to death within 40 years after diagnosis, according to statistics by American Diabetes Association (2017).
Lifeline 4NoExam, Best Life Insurance Companies in Tucson, AZ
Protect your family’s finances without a medical exam. LifeLine 4NoExam has teamed up with an insurance carrier to offer accessible, affordable term life insurance coverage for individuals ages 21-55.
Insurance policies are available in 10 years or 20-year plans. Healthy customers pay on average $39/month for the peace of mind that comes from knowing they have the financial safety net if anything happens to them while protecting their loved ones.
Lifeline 4NoExam in Tucson, AZ, offers diabetic direct, a life insurance product specifically for persons with diabetes.
We understand how difficult it is to secure a life insurance policy when you have a pre-existing condition such as diabetes.
Protect yourself and your loved ones. Contact us at 844-466-3926 today!