Life insurance is the best safety net that you can purchase for your loved ones. It’s one of the best ways that you can ensure that your loved ones have the money that they need, regardless of what happens to you. When you’re looking to get life insurance, the company is going to look at dozens of different factors that is going to impact your life insurance coverage.
When the insurance company is reviewing your life insurance application, they are going to calculate how much of a risk you are to accept for life insurance coverage. The higher risk you are, the more they are going to charge you for life insurance. There are dozens of different things that could cause you to be a “high-risk” applicant, which means that you’re going to receive much higher premiums, or even be declined for life insurance coverage. There are dozens of health complications that can cause you to be a high-risk applicant, one of the most common is diabetes.
For any high-risk applicant, it could mean that getting life insurance is going to be a long and frustrating process. Those high-risk applicants could have to experience the hardships of being declined for life insurance. If you’ve been diagnosed with either type 1 or type 2 diabetes, you’ll be considered a high-risk applicant, regardless of how well your condition is managed.
Getting life insurance could be a long and confusing process, especially if you’ve been diagnosed with diabetes. Depending on the severity of your health, you may assume that you can’t get affordable life insurance coverage, but that couldn’t be further from the truth.
Diabetes And Life Insurance
Before the insurance company is going to approve your application, they are going to want an overall picture of your health to determine how much of a risk you are to insure. If you’re diagnosed with diabetes, the insurance company is going to look at you as a high-risk applicant to give life insurance. People with diabetes high a much greater chance of having heart complication and having an earlier death, which means the life insurance company will want to offset that risk by charging your higher monthly premiums.
Life insurance is one of the most important purchases that you’ll ever make for your loved ones. 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 a thousand times worse.
Type 1 Diabetes
If you’ve been diagnosed with type 1 diabetes, you may have been declined for life insurance coverage in the past, but don’t worry, there are still several affordable options for life insurance coverage that your family deserves.
It should be noted, if you’re a person with type 1 diabetes, finding a quality life insurance plan at an affordable price is going to be more difficult, but it’s not impossible. There are several things that you can do to ensure that you’re getting the best plan to fit your needs.
Type 2 Diabetes
As a person with type 2 diabetes, it’s quite simple to get an excellent insurance plan at a low rate. Because type 2 diabetes is one of the most common health complications, there are a lot of insurance companies on the market that have experience working with type 2 diabetes, and they understand the risks and treatments for the condition.
Getting Affordable Life Insurance
In most cases, life insurance is going to be much more affordable than you might think. There are several ways that you can ensure that you’re getting the best rates for your coverage. Making some simple lifestyle changes can play a huge impact on how much you pay for your life insurance and keep more money in your pocket.
With diabetes, it’s vital that you follow your doctor’s orders on everything from the treatments to follow up visits. Having regular doctor visits will show the insurance company that you are dedicated to controlling your diabetes safely.
The next thing that you should do is start a healthy diet. As you know, the food that you eat is going to play a major role in your glucose levels. Switching out some of the junk food for healthier options can work wonders on your overall health. Sticking to a healthy diet can help you lose those extra pounds, maintain healthy glucose levels, lower your cholesterol, and much more. All of these are going to translate into better monthly premiums for your policy.
The next thing that you should do is start a regular exercise routine. Getting consistent exercises is a great way to lower your A1C levels and shed those extra pounds that you’ve been carrying. You don’t have to me a marathon runner or professional weight lifter to get lower rates on your insurance premiums. It’s time that you dusted off those old tennis shoes.
The next way to improve your health is to eliminate any tobacco that you currently use. If you’re listed as a smoker on your application, it’s going to cause your rates to go through the roof. In fact, smokers are going to pay twice as much for their coverage versus what a non-smoker is going to pay for the same amount of coverage. If you want to save money as a diabetic, you’ll need to eliminate the cigarettes. As a diabetic, you’re already considered high-risk, if you’re also a smoker or chewing tobacco user, you could be declined for life insurance or pay expensive premiums every month.
The Kinds Of Life Insurance Plans
Aside from having life insurance, it’s vital that you get the right plan to fit your needs and give your family the protection that they deserve. Before you apply for life insurance, you should look at all the different policy options and weigh their advantages and disadvantages. There is no “one plan fits all” that is going to work for every applicant. There are two main types of life insurance policies that you should consider, both term and whole.
Whole life insurance is a permanent form of coverage that you can buy, and the policy is effective for as long as you continue to pay the premiums of the plan. When you pay these plans, you’ll be given a premium amount, and you’ll continue to pay that premium for as long as you want to hold the policy. One of the nice advantages of these policies is that they build up cash value inside of the plan. The longer that you pay the premiums for the coverage, the more value that is inside of the whole life plan. You can use this value to invest or to pay the premiums for the coverage.
The most popular type of life insurance is term life insurance plans. When you purchase a term life insurance policy, they have a pre-determined expiration date on them. After that time, the plan is no longer active, and you won’t have life insurance protection from the plan. You’ll have to reapply for life insurance or go without the protection. Because they aren’t a permanent form of coverage, they are going to be much more affordable than a whole life plan. You can purchase one of these plans in a variety of lengths, anywhere from two years to thirty years.
No Medical Exam Plans
If you’ve ever been declined for coverage because of your health complications like diabetes or any additional problems, but that doesn’t mean that you have to go without life insurance coverage that your family deserves. One option that you can choose is to purchase a no medical exam policy, which as you can guess by the name, allows you to get life insurance coverage without having to take the medical exam. There are several advantages and disadvantages of these plans that you should be aware of before you purchase one of these plans.
The biggest advantage to these plans is that you can get life insurance coverage much quicker than you would be able to get with a traditional life insurance plan. With a normal term policy, you’ll have to wait until you can schedule the medical exam, wait for the results, and then wait for the insurance company to review those results. This can take several weeks or even a month with some companies. With a no medical exam policy, you can get life insurance in a matter of days.
Just like other types of life insurance, there are going to be some disadvantages that can hinder the effectiveness of your insurance plan. The biggest pitfall to these plans is that they are going to be much more expensive than a normal policy that requires that you take an exam before getting coverage. With a no medical exam policy, the insurance company is taking a much higher risk to give you insurance, and they are going to offset that risk by charging you higher monthly premiums.
Another disadvantage to these plans is the amount of life insurance that you can buy without taking the exam. Most life insurance companies are going to cap the amount of coverage you can get around $50,000. Most applicants are going to need more coverage than that for your family, which means that you’ll have to purchase two policies or apply for a traditional plan that requires the exam.
Calculating Your Life Insurance Needs
Aside from getting a life insurance plan, it’s important that you purchase enough life insurance for your loved ones. If you don’t have enough coverage, your loved ones could be left with additional debts but no money to pay off those bills. It’s important that you calculate your life insurance need.
The first thing that you should do is add up all of your debts and final expenses that your loved ones would be responsible for if something tragic were to happen to you. This could leave your family members with a massive mountain of debt, make sure that your plan is large enough to cover all of those debts and bills. One of the biggest expenses that they would be left with is your mortgage, which could leave them with a financial strain and make a difficult situation a thousand times worse. Losing a loved one is never simple, but having debts passed on to you can make it much worse.
The next thing that you should consider is your paycheck. If you’re one of the primary income earners in your household if something tragic were to happen to you. Your loved ones may struggle to pay for necessary expenses. The secondary goal of your life insurance is to give your family the money that they need to replace your income.
Working With An Independent Insurance Agent
If you want to ensure that you’re getting the lowest rates possible, you’ll need to work with an independent insurance agent. Unlike a traditional insurance agent, we work with dozens of highly rated companies and can bring all of the best rates directly to you. Our agents have years of experience working with diabetes, and we know which companies are going to give you the best chance of getting affordable life insurance protection for your family.
If you have any questions about getting life insurance as a person with diabetes, or about the different options available to you, please contact one of our agents today toll free at (864) 332-4209 or fill out the quote form on this page.