Living with diabetes can be a stressful ordeal. Both type 1 and type 2 can create unique hurdles that you have to face every day. There are dozens of different struggles that you’ll have to overcome. One of the struggles of people diagnosed with diabetes is finding life insurance coverage for their family.
Life insurance is one of the most important investments that you’ll ever make for your family. It’s one of the best ways that you can ensure that they have the protection that they need, regardless of what happens to you. As a person with diabetes, you may have been told that you can’t get life insurance because of your condition, but that couldn’t be further from the truth. In fact, there are several ways that you can get affordable coverage for you and your family.
Life Insurance With Diabetes
Diabetes is a serious health complication that impacts every area of your life. If left untreated or poorly managed, you could have serious health problems later in life. When you go to apply for life insurance, the company is going to be cautious of your diabetes diagnosis when calculating your life insurance premiums and chances of being approved for coverage.
When you apply for life insurance, the company is going to calculate how much of a risk you are to insure with a policy. They are going to look at your overall health, the better your health, the lower your insurance premiums are going to be. Being a diabetic, you’ll be considered a “high-risk” applicant, which means that the company is going to charge you much more every month for your policy.
As a person diagnosed with diabetes, there are going to be several questions that the insurance company is going to ask, that they won’t ask a person without diabetes. It’s important that you have all the information that you need before you apply for coverage, it could have a huge impact on how smoothly your application process goes.
The first question that they are going to ask is how old you were when you were diagnosed with diabetes. The longer that you’ve been a diabetic, the worse impact the condition could have on your health, depending on how well it’s been managed.
The insurance company is also going to ask you several questions about your A1C levels and your fasting blood sugar levels. Your A1C levels will give the company a picture of how well you manage your glucose levels and how your overall health is. The better your levels, the more money you’ll keep in your pockets.
They are also going to ask you several questions and how you treat your condition and manage your glucose levels. If you’ve been prescribed medications to lower your levels, then you’ll have to provide the name and dosage amounts, as well as how often you have to take them. The more medications that you have to take, the worse that your rates are going to be from the insurance company.
Type 1 Diabetes And Life Insurance
Type 1 diabetics are going to have a much more difficult time getting life insurance than a type 2. Because there are no cures for type 1 diabetes, some insurance companies are going to shy away from giving type 1 diabetics life insurance.
If you’ve ever been declined for insurance protection, don’t assume that you can’t find an affordable plan to meet your needs, even with your diabetes diagnosis. There are dozens of highly rated companies across that nation that specialize in working with type 1 diabetics and ensure that they’re getting the best plan to meet your needs at an affordable rate.
Type 2 Diabetes And Life Insurance
If you’ve been diagnosed with type 2 diabetes, you’ll find it much easier to get life insurance versus a type 1 diabetic. While type 2 diabetes is a severe condition, there are several simple ways that you can manage the conditions and ensure that it doesn’t have serious impacts on your health.
If you’ve received high rates for a life insurance plan in the past, there are several ways that you can help lower your premium and save money on your coverage. Some companies are more favorable towards diabetics and they have experience working with diabetic applicants. It’s vital that you find one of these companies, it could be the difference between an affordable policy and getting declined.
Types Of Life Insurance
Before you apply for life insurance, you’ll need to decide which kind of policy is going to meet your families need. Each kind of plan has different advantages and disadvantages that you’ll need to consider in light of your specific needs and preferences. The two main types of life insurance plans are whole life insurance plan and term life insurance policies.
A whole life insurance plan is a form of permanent coverage that you can purchase and will give your life insurance protection for as long as you continue to pay the premiums. These plans are an excellent option for anyone that doesn’t want to worry about losing coverage in the future or have to reapply. Because these policies never expire, they are going to be more expensive than some of the other life insurance options.
A unique aspect of these plans is that they build cash value inside of the plan. The longer that you pay the premiums, the more value is inside of the policy. You can use this cash value to take out a loan or pay the premiums.
The most popular kind of life insurance is a term life insurance plan. These plans are bought with a pre-determined expiration date on them. Once that date has passed, the plan is no longer effective, and you’ll have to reapply for life insurance. Because these plans come with an expiration date, they are going to be much cheaper than other forms of life insurance. If you want to get the most affordable plan, a term is going to be the best choice.
Inside of these two types of policies, there are other subtypes of coverage that you can choose from. Each plan has different benefits, which means that you’ll need to look at all of them and decide which one is going to meet your needs the best.
No Medical Exam Life Insurance
If you’ve been declined for life insurance in the past because of your health, there are still several options for getting affordable life insurance coverage. One of the best ways to give life insurance protection for anyone that is in poor health is to buy a no medical exam life insurance plan. As you can guess from the name, these plans are going to give you the life insurance protection that your family needs, without having to take the medical exam. There are several advantages and disadvantages to these plans that you should be aware of when you’re looking to purchase a life insurance plan.
One of the most obvious advantages is that anyone can purchase a no medical exam, regardless of health or any pre-existing conditions, like diabetes. Nobody should have to go without the life insurance coverage that your family is going to need, even if your diabetes isn’t well controlled.
Another key advantage to no medical exam policies is that you can get life insurance much quicker than you will be able to with a traditional life insurance plan. With a no medical exam, you won’t have to wait to schedule the exam or wait for the insurance company to review the results, which can take up to a month. With a no medical exam, you can get life insurance protection in a matter of hours. If you’re looking to get life insurance as quickly as possible, a no exam plan is going to be the best option.
One disadvantage to these policies is that they are going to be much more expensive than a plan that requires a medical exam. The insurance company is going to base your monthly premiums on how much risk you are. With a no exam policy, they don’t get to calculate that risk, so they will offset that by charging you much more for coverage.
Another pitfall of these plans is that they are going to cap how much coverage that you can purchase without taking a medical exam. Most insurance companies are going to cap no medical exams at $50,000 of coverage, which isn’t enough life insurance for most applicants. If you need more than that, you’ll need to purchase two plans or apply for a life insurance policy that requires a medical exam.
Calculating Your Life Insurance Needs
Before you apply for life insurance, you’ll need to calculate your life insurance needs. It’s vital that your family gets the protection that they need. If you didn’t get enough coverage, your family will be left with additional expenses and not have enough money to pay off those bills. When you’re determining how much life insurance you need, there are several factors that you should look at.
The first is your debts and other final expenses. The primary goal of your life insurance is to give your loved ones the resources that they need to pay off all of your debts that they would be responsible for if you passed away. Some of the biggest debts that they would be left with are your mortgage, student loans, and car payments. Make sure that your policy is large enough to coverage all those debts.
The next factor to consider is your annual salary. The secondary goal of your life insurance is to replace your salary if anything tragic were to happen to you, especially if you’re one of the main income earners in your household. When applying for life insurance, consider getting seven to ten times your annual income. This will give your loved ones the money that they need without having to sacrifice their standard of living.
Working With An Independent Insurance Agent
Diabetes can completely change the way that you live your life, but it shouldn’t keep you from getting quality life insurance. Luckily, it’s possible to get an affordable life insurance plan to give your family the protection that they deserve.
We know that getting the best life insurance plan can be a long and complicated process, but it doesn’t have to be. Our agents are here to make the process as quick and simple as possible. We have years of experience working with dozens of highly rated companies across the nation, and we can bring all of the lowest rates directly to you. Unlike a traditional insurance agent, we don’t only work with one single company. Instead, we represent dozens of companies.
We know that your time is valuable, don’t waste it calling all of those companies yourself. Let us save you both time and money on your life insurance plan.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, they would be left with all of your debts and final expenses, which can make an already difficult situation thousand times worse.
If you have any questions about getting life insurance as a person with diabetes, please contact one of our agents today toll free at (864) 332-4209 or fill out the quote form on this page. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs at an affordable price.