Life insurance is one of the most important investments that you’ll ever make for you and your loved ones. When you apply for life insurance coverage, there are dozens of different factors that the insurance company is going to look at to decide what your premiums are going to be, or if they will decline you for insurance coverage.
If you’ve been diagnosed with diabetes, either type 1 or type 2, you know that finding affordable life insurance can seem impossible, but it doesn’t have to be. If you’ve ever received high life insurance rates because of your health or diabetes diagnosis, we can help you get much more affordable rates for your coverage.
We know that finding an affordable and quality life insurance plan with diabetes can be a long and difficult process, but it doesn’t have to be. Our agents can make it as quick as simple as possible.
Choosing A Life Insurance Type
When you’re looking to get affordable life insurance rates, it’s important that you pick the right kind of life insurance for your protection, some types of going to cost more than others. There are two main kinds of life insurance policies, term, and whole.
A whole life insurance plan is a permanent form of life insurance coverage that is active as long as you continue to pay the insurance premiums. These plans are a great option for anyone that doesn’t want to worry about having to reapply for life insurance coverage in the future. Because these plans never expire, they are going to be much expensive than other forms of life insurance coverage.
The most popular kind of life insurance is a term policy. These plans are bought with a length of effectiveness, and after that point, they are no longer active and you’ll have to reapply for coverage. You can purchase these plans in a variety of lengths, anything from two years to thirty years. You can buy one of these plans to match the length of your life insurance needs. If you’re looking for the most affordable life insurance plan, a term life insurance policy is going to be the best option.
Calculating Your Life Insurance Needs
The next factor that you should consider when getting affordable life insurance, is to ensure that you’re getting the right amount of life insurance coverage. It’s important that you don’t get more coverage than you need. Otherwise, you’ll be paying too much for your policy. When you’re calculating your insurance needs, it’s vital that you give your family enough life insurance without paying for more than you need. There are several different factors that you’ll need to account for when determining your life insurance needs.
The primary goal of your life insurance is to give your loved ones the money that they need to pay off any debts or final expenses that you leave behind. Before you apply for life insurance coverage, add up all of your unpaid expenses and funeral costs that your family would be responsible for. One of the biggest debts that your family would be left with is your mortgage. If they’re left with a mountain of debt, it’s going to make a difficult situation a thousand times worse.
The next factor that you’ll need to consider is your paycheck. If something tragic were to happen to you, your family will love a source of income, which could make it difficult to pay for basic expenses. The secondary goal of your life insurance is to replace that salary and give them the money that they need to replace your paycheck without sacrificing their standard of living. If you’re looking to give your family the protection that they need, you should consider getting around seven to ten times your annual income.
Securing Lower Insurance Rates
One of the reasons that most diabetics don’t get life insurance coverage is because they assume that it’s going to be too expensive to fit in their budget. In most cases, that couldn’t be further from the truth. There are several ways that you can secure lower premiums on your life insurance plan.
The first thing that you should do is improve your health, and there are several ways that you can do that. The first thing that you should do is start a healthy diet and get regular exercise. Both of these can help manage your glucose levels, help you lose weight, lower your blood pressure, reduce your cholesterol, and much more. All of these are going to translate into lower insurance premiums and keep more money in your pocket.
Your age is going to be one of the biggest factors that impact your life insurance rates. The older that you are, the more that the company is going to charge you for the plan. If you want to save money on your life insurance, don’t wait any longer to apply. Every year that you wait, the more money that’s going to come out of your pockets every month.
The next thing that you should do is eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance application, your premiums are going to be much higher. In fact, smokers can expect to pay twice as much for a life insurance plan versus what a non-smoker is going to pay for the same size policy. If you want to get the most affordable premiums as a diabetic, it’s time to kick the bad habit once and for all. It could save you thousands of dollars on your life insurance coverage.
No Medical Exam Life Insurance Policies
Regardless of your health or diabetes diagnosis, there are plenty of affordable life insurance options for you. If you’ve been declined for life insurance in the past, don’t assume that you have to go without the life insurance coverage that your family deserves.
One option that you can choose from is a no medical exam life insurance plan, which as you can guess by the name is going to allow you to get life insurance without taking the medical exam. With these plans, anyone can get a life insurance policy to give their family protection regardless of what happens. There are a few advantages and disadvantages that you should be aware of when looking for a life insurance plan.
The first major advantage is that you can get life insurance coverage much quicker than you would with a traditional life insurance plan. With a normal policy, you’ll have to wait to schedule the medical exam, wait for the results, and then wait for the insurance company to review the results, which can take several weeks or even a month. With a no medical exam plan, you can get approved for life insurance in a matter of days, with some insurance companies you can have it in hours.
Just like with every other type of policy, there are going to be some disadvantages that could hinder the effectiveness of these no medical exam plans. The first is that they are going to be much more expensive than a traditional life insurance policy. With a normal term life insurance plan, the company gets an idea of how much risk you are to insure, but with a no medical exam, the company doesn’t get that picture. Without knowing your health, the insurance company is taking a much greater risk to give you a life insurance plan, they are going to offset that risk by charging you higher premiums.
The biggest pitfall of a no medical exam policy is that there are low ceilings on how much life insurance you can purchase without taking a medical exam. Most insurance companies will allow you to get up to $50,000 of life insurance protection. With most families, that isn’t going to be enough, which means that you’ll have to purchase two plans or go with a traditional policy that requires a medical exam.
Working With An Independent Insurance Agent
We listed some great ways that you can secure lower insurance rates for your policy, but one of the best ways to ensure that you’re getting the best price for your coverage is to get quotes from dozens of different insurance companies before you pick one of them. Each company is different, and all of them are going to view your diabetes diagnosis differently, which means that you could receive drastically different quotes depending on which company that you choose. It’s easy to see why it’s vital that you compare dozens of policies before applying for coverage, it could save you hundreds of dollars on your life insurance.
Because there are thousands of companies on the market, you could spend weeks and weeks calling different insurance companies, or you can let one of our independent insurance agents do all of the work for you. Unlike a traditional insurance agent, we work with dozens of highly rated companies across the nation and we can bring all of the best rates directly to you.
When you work with one of our independent insurance agents, you don’t have to worry about being sold a low-quality insurance policy, or being sold additional coverage that you don’t need. We aren’t worried about selling as much insurance as possible. It’s our mission to help connect you with the perfect life insurance policy that is going to give your family the insurance protection that they deserve. Our agents can help save you both time and money on your life insurance.
We know that finding the perfect life insurance policy can be a long and difficult process, but it doesn’t have to be. We are here to make it as quick and simple as possible. It’s vital that you get best plan to meet your needs at an affordable price.
Not having life insurance is one of the worst mistakes that you can make for your loved ones. If something tragic were to happen to you, your loved ones would be responsible for a giant pile of debt, and they wouldn’t have the money that they need to level that pile. Because you never know what’s going to happen, you shouldn’t wait any longer to apply for a life insurance plan.
If you have any questions about getting an affordable life insurance policy for diabetics, or you want to get the process started, 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 life insurance available.