Life insurance is one of the most important investments that you’ll ever make for the future of your loved ones. It’s the best way to ensure that your family has the money that they need, regardless of what happens to you. We know that finding the perfect life insurance policy can be an overwhelming process, especially if you have any severe health complications, like diabetes.
Everyone deserves to have the life insurance protection that they need. Health shouldn’t keep you from getting an affordable life insurance plan. If you have diabetes, either type 1 or type 2, don’t assume that you can’t get a quality life insurance plan with diabetes that will fit your budget and your needs.
Term Life Insurance Plans
Term life insurance is one of the most affordable options that you can choose to get life insurance protection for your family. These are most popular options for life insurance because term life insurance plans are the most affordable forms of life insurance. These plans are bought with a pre-determined “expiration date” attached to them. After that point, the plan is no longer in force, and you’ll have to reapply for coverage. You can purchase a term life insurance plan is just about any length. Insurance companies sell them in lengths ranging from two years to thirty years.
One of the advantages of these plans is that you can buy them to match the length of your insurance needs. As your life continues to change through the years, your life insurance needs are going to change with it. You may reach a stage of life where you no longer need life insurance, instead of paying for coverage that you don’t need, you can purchase a term life insurance plan that will only give you life insurance for as long as you need it.
There is a significant disadvantage to term life insurance, and that’s these plans are only effective for a certain period. Unlike a whole life insurance plan, these are only effective for as long as the term is. After that, you’ll be required to apply for a different plan if you want to maintain life insurance protection. If you have to reapply after your first plan expires, your new term life insurance policy is going to be more expensive.
How Much Insurance Do You Need?
Aside from getting the perfect kind of policy for your family, it’s vital that you get the perfect amount of coverage for your family. If you don’t get enough life insurance protection for your loved ones, you could leave your family members with leftover debts and final expenses that could make an already difficult situation a thousand times worse. Before you apply for term life insurance coverage, you’ll want to calculate what your insurance needs are. There are several different factors that you should consider.
The first thing that you should look at when determining what your life insurance needs are is your debts and final expenses that your loved ones would be left with. If something tragic were to happen to you, all of your debts would be passed on to your family members. Those debts and final bills can quickly add up to thousands and thousands of dollars, which can put a strain on their finances. Make sure that your life insurance plan is going to be large enough to pay off all of the bills that would be left to your loved ones.
The next factor that you should consider is your paycheck. The secondary goal of your life insurance policy is to replace your income with something were to happen to you, especially if you’re one of the main income earners in your home. If you were to pass away, your loved ones would struggle without your paycheck every month, but your life insurance can give them the money that they need to pay for basic expenses without having to sacrifice their standard of living. If you want to give your family the money that they need to replace your salary, you should consider getting seven to ten times your paycheck.
No Exam Plan
Most people with diabetes assume that they will be declined for life insurance coverage, or they won’t be able to afford their policy because of their pre-existing conditions, especially if they have other complications besides their diabetes diagnosis, but that couldn’t be further from the truth. Regardless of how poor your health is, or how severe your diabetes is, you can still get affordable life insurance for your family. One option that is always available is to purchase a no medical exam plan.
As you can guess from the name, these insurance policies don’t require you to take a medical exam before they accept your application for insurance protection. These plans are a great way for anyone that’s been declined for insurance coverage to get the protection that their family deserves. There are a few disadvantages of these plans that you should be aware of when you’re looking to get life insurance.
The first is that these plans are going to be much more expensive than a traditional life insurance plan that requires you to take a medical exam. With a traditional term life insurance policy, the company gets a picture of your overall health, and they can calculate how much of a risk you are to insure, but with a no medical exam plan, they don’t get that picture, and they are going to offset the risk by charging higher premiums. If you want to get the most affordable life insurance plan, these aren’t going to be the best option for you.
Another significant pitfall of these plans is that they are a limit on how much life insurance protection that you can through a no medical exam. Most insurance companies will allow you to get $25,000 of coverage through one of these plans. If you want more life insurance than this, you’ll have to buy more than one plan, or you’ll have to go with a traditional life insurance policy.
Getting Affordable Term Life Insurance With Diabetes
Regardless of your health or pre-existing conditions, you’ll be able to get affordable life insurance. There are a few ways that you can help secure lower insurance rates from the policy and keep more money in your pocket.
The first thing that you should do is improve your health, and there are several ways that you can do this. The first thing that you should do is always follow your doctor’s orders about managing your diabetes. Make sure that you always follow your prescriptions and dosage amounts.
The next actions that you should take are starting a healthy diet and getting regular exercise. Both of these are going to play a huge role on your overall health and your glucose levels, which can improve your diabetes. Diet and exercise are going to help you lose any extra weight, lower your cholesterol, lower your blood pressure, and help control your glucose levels. All of these are going to translate into better results from the medical exam, which equals lower insurance premiums for your life insurance policy.
The next thing that you should do is eliminate any tobacco that you currently use. Being listed as a smoker or chewing tobacco user is going to cause your insurance premiums to skyrocket. In fact, tobacco users are going to pay twice as much for life insurance coverage as a non-tobacco user is going to pay.
The best way to ensure that you’re getting the most affordable life insurance coverage is to work with an independent insurance agent. Unlike a traditional agent, our independent agents work with dozens of insurance companies across the country. Each insurance company is different, which means that you can get drastically different rates based on which company you get a quote from.
Instead of calling all of the companies yourself, let one of our independent agents do all of the work for you. We can bring all of the best rates and help you compare different policies instantly. It’s our mission to ensure that you get the best plan to fit your needs.
Term Life Insurance With Diabetes
Life insurance is one of the best safety nets that you can buy. Because you never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. We know that finding the best plan to fit your needs can be a confusing process, there are dozens of kinds of plans to choose from and thousands of companies, but we are here to make it as easy as possible.
If you have any questions about getting term life insurance for people with diabetes or about any of the other 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. We would be happy to answer those questions and ensure that you’re getting the best plan for you.