Speak with an experienced advisor! Life insurance is one of the most important purchases that you’ll ever make for the future of your family. It’s the best way to ensure that they will have the protection that they need, regardless of what happens to you.
When you apply for life insurance, the company is going to look at dozens of different factors. All of the factors are going to play a huge role in how much you pay for coverage and your chances of getting approved for a policy.
Before the insurance company gives your life insurance, they are going to calculate how much of a risk you are to insure, the higher your risk, the more expensive your plan is going to be, and the less your chances are of getting life insurance. One of the health complications that could cause you to be a high-risk applicant is if you’re diagnosed with diabetes.
If you have diabetes, you may have been told that you can’t be approved for life insurance or you’ve received expensive monthly premium quotes. Regardless of your health or any pre-existing condition that you have, there are several affordable options for life insurance.
Getting Affordable Life Insurance Coverage
When you apply for life insurance with diabetes, the company is going to require that you take a medical exam, which is going to play a massive role on how much you pay for your life insurance. As a person with diabetes, there are some factors that the insurance company is going to be considered with when reviewing your application.
As a person with diabetes, there are going to be some questions that the insurance agent asks you, that most people won’t have to answer. The first question that they will ask is what age were you diagnosed with diabetes and which type of diabetes were you diagnosed with? These are going to be two of the most important questions that will affect your life insurance plan.
If you have type 1 diabetes, you may have already been declined for life insurance in the past, but don’t worry, you don’t have to go without the life insurance coverage that your family deserves. There are dozens of insurance companies on the market that specialize in working with type 1 diabetes and will give you affordable rates for your policy. Be warned, if you’re a type 1 diabetic, it will be harder for you to find insurance coverage, but it’s not impossible.
The insurance company is always going to ask questions about your A1c levels and any medications that you take to manage your diabetes. The more prescriptions that you take, the more risk that you’ll be to the insurance company.
If you have type 2 diabetes, there are a lot of things that you can do to help secure a better rating from the insurance company. One thing that you should always do is follow your doctor’s orders as closely as possible. Additionally, you should have regular check-ups with your primary physician.
The next thing that you should do is improve your health through a healthy diet and get regular exercise. Both of these can help you lose weight, lower your cholesterol, reduce your blood pressure, and help manage your diabetes. Switching out some of the junk food for healthier options is a great way to improve your overall health. Additionally, starting an exercise program will help get rid of those extra pounds and even help relieve stress. Both of these will work wonders on your
Another way that you can improve your health is by eliminating any tobacco that you use. If you’re listed as a smoker on your life insurance plan, your premiums are going to go through the roof. In fact, smokers are going to pay twice as much for their life insurance protection versus what a non-smoker is going to pay for the same amount of coverage. If you want to get the most affordable life insurance policy for your family, it’s time that you cut the bad habit once and for all. Especially as a diabetic, using tobacco is one of the worst things that you can do for your life insurance rates.
If you’re a cigar smoker, or you smoke e-cigs, each insurance company is going to look at it differently. Some insurance companies will give occasional cigar smokers preferred rates, while other companies are going to automatically lump those smokers with the smoker’s rates. Finding a favorable company for your smoking could save you thousands of dollars on your life insurance coverage.
The best way to ensure that you’re getting the lowest rates for your policy is to work with an independent insurance agent. Unlike a traditional insurance agent, we work with dozens of excellent companies across the nation. Because there are thousands of companies on the market, you could spend weeks calling different companies finding the best rates for you. Don’t waste your time, let our agents do all of the work for you. We can bring all of the lowest rates directly to you.
Additional Factors Considered By The Insurance Company
Your diabetes diagnosis isn’t the only factor that the insurance company is going to look at when you apply for life insurance coverage. There are several other significant factors that you should be aware of when you’re looking to get the best plan possible.
They will also ask about basic information like your age, gender, and your height as well as your weight. The older that you are, the more that you’re going to pay for your policy. If you want to save money, it’s best not to wait to purchase an insurance plan. Every year that you wait, your insurance premiums are going to jump even higher.
They are also going to look at your martial status, your job, medical history, and family history. Each of these factors is going to be calculated to decide how much of a risk you are to insure with a life insurance policy. Most of these categories you can’t change.
The insurance company is also going to look at your driving record to see if there are any significant blemishes on your driving record. If you have several wrecks or driving violations, it could cause your premiums to go up.
Deciding Which Plan Is Right For You
When you’re looking to get life insurance, there are several different kinds of policies that you can choose from to give your family the protection that they deserve. Each type of plan has its own advantages and disadvantages that you’ll need to weight based on your preferences. The two main kinds of plans are a term life insurance and a whole life insurance policy.
The most popular kind of life insurance is a term life insurance policy, which is one of the most affordable forms of coverage. These plans are bought with a pre-determined expiration date. You can buy one of these plans in a variety of lengths. Anywhere from two years to thirty-year terms. After this period is over, you’ll have to reapply for life insurance coverage.
The other type of life insurance is a whole life insurance policy, which is a form of permanent coverage. These plans are effective for as long as you continue to pay the premiums for the coverage. They are a great option for anyone that doesn’t want to worry about having to reapply for life insurance in the future. Because these plans never expire, they are going to be much more expensive than a term life plan.
No Exam Life Insurance Policies
One of the options for life insurance is to choice a no medical exam, which as you can guess from the name, doesn’t require you to take a medical exam before they approve your application. These plans are a great option for anyone that is diagnosed with diabetes and other health complications. There are several advantages and disadvantages that you should be aware of when you’re looking to get life insurance protection.
One of the biggest advantages to these plans is that they are going to be much more expensive than a traditional plan that requires a medical exam. With a typical life insurance plan, the company gets an idea of what your health is before they give you life insurance.
Another advantage to a no medical exam insurance policy is how quickly you can get life insurance versus how long it would take with a normal policy. With a policy that requires a medical exam, you could wait up to a month to get life insurance protection. With a no medical exam, you can get life insurance coverage in a matter of days. If you’re looking to get life insurance coverage as quickly as possible, then a no medical exam policy is going to be the best option for you.
Just like every other kind of plan, there is going to be some notable disadvantages that can hinder the effectiveness of your life insurance. The obvious disadvantage is that these policies are going to be more expensive than other kinds of coverage. If you want to save money, you should avoid a no medical exam policy.
Another disadvantage is that there is a cap on how much coverage you can purchase through a no medical exam policy. With most companies, you’ll only be able to purchase a no medical exam for up to $50,000. After that, you’ll need to buy two policies or apply for a traditional life insurance plan.
Life Insurance For Diabetics
Life insurance is the best safety net that you can buy for your family. As a person diagnosed with diabetes, finding the best plan is going to be tricky, but it doesn’t have to be difficult. Our agents can walk you through the process and make it as simple as possible.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Call us today toll free at (864) 332-4209 or fill out the quote form on this page.
