Getting Life Insurance With Type 1 Diabetes

Written by Growth 360, LLC

Most people understand the importance of life insurance. It’s one of the best safety nets that you can buy for your family, but millions of Americans don’t have the proper insurance protection that they need for their family. Not having life insurance is one of the worst mistakes that you make.

When you apply for a life insurance policy, the company is going to determine how much you are of a risk to accept for a life insurance plan, your health or any pre-existing conditions are going to play a significant role in how much you pay for your coverage. If you have a chronic condition like type 1 diabetes, it could be even more difficult for you to get a life insurance plan than it is for other applicants. Because there is no cure for type 1, a lot of applicants assume that they can’t get a life insurance policy, especially at a rate that isn’t going to break their bank.

If you have type 1 diabetes, you may have already been declined for life insurance coverage, or you’ve received expensive premiums in the past, don’t assume that you can’t get an affordable life insurance plan for diabetics to meet your needs. There are plenty of affordable options that you can choose from to give your family the protection that they need.

Life Insurance And Diabetes

life insurance for diabeticsThere are dozens of different factors that the insurance company is going to look at when they are reviewing your applications for life insurance. Each of these factors will determine how much you’re going to pay for your life insurance. As a type 1 diabetic, there are going to be some unique questions that they ask you, that they won’t ask most applicants. It’s important that you have all the information that you need before you start the application process.

The insurance company is going to ask several questions about your A1C levels, fasting glucose levels, and how well you manage your diabetes. The better that you keep it controlled, the better rates that you’ll receive from the insurance company.

They will also want to know how old you were when you were originally diagnosed with diabetes. The longer that you’ve had diabetes, the more harmful impact it could have on your health. More than likely you were diagnosed with diabetes at a young age.

The Types Of Life Insurance

Aside from having a life insurance policy in place, it’s important that you get the right kind of coverage for your family. There are several different types of life insurance that you’ll need to compare to ensure that your family is getting the best life insurance. Each plan has different advantages and disadvantages that you’ll need to weight.

There are two main types of life insurance, term life insurance policies and whole life plans. Inside of these two umbrellas, there are dozens of subtypes, but in this article, we are going to look at the two basic types that work for most applicants.

The first type of coverage is a whole life policy, which as you can guess from the name, is a form of permanent coverage. With these policies, you’ll have life insurance protection for as long as you continue to pay the premiums for the coverage. These are a great option for anyone that doesn’t want to worry about losing coverage in the future or want to reapply for life insurance. A unique advantage of whole life policies is that they build cash value inside of the plan that you can use to invest or pay the premiums of the plan eventually.

The most popular choice for applicants is term life plans. These policies are bought with an expiration date attached. Once that date passes, you’ll no longer have life insurance protection. You can buy these plans in just about any length. Anywhere from 2 years to 30 years. Because these plans are only active for a certain time, they are going to be more affordable than whole life plans.

No Medical Exam Policies

One option that could be a great option for any type 1 diabetic is to purchase a no medical exam. These plans will allow you to purchase life insurance without having to take the medical exam before being approved for the plan. There are several advantages and disadvantages to these policies that you should be aware of when you’re applying for coverage.

The first advantage is that anyone can purchase these plans, regardless of health or severity of your diabetes. Everyone should be able to get the life insurance protection that they need, and a no medical exam is an excellent way to do that.

Another advantage is that you can get life insurance protection much quicker than you can with a traditional life insurance plan. With a no exam policy, you can get approved for life insurance in a matter of days versus the month that it could take with a traditional plan that requires you to take a medical exam.

Just like every other kind of life insurance, these plans are going to have some pitfalls that you should take note of before purchasing one. One of the most significant ones is that they are going to be more expensive than a regular policy. The purpose of the medical exam is to give the company an idea of what your overall health is. Without the picture of health, the company is taking a great risk to give you life insurance, and they are going to offset that by charging you higher monthly premiums.

Another major pitfall of these no medical exam insurance policies is that there is going to be a limit on how much insurance you can buy without the exam. Most insurance companies will only let you buy around $50,000 of life insurance, which isn’t enough protection for most applicants. If you need more than that, you’ll have to purchase two plans or apply for a traditional policy that requires an exam.

Calculating Your Life Insurance Needs

Before you apply for life insurance, you’ll need to determine what your life insurance needs are. Not having enough life insurance could leave your loved ones with additional debts and no money, but having too much life insurance will mean you waste money in premiums every month for coverage that you don’t need. When you’re calculating your life insurance needs, there are several different factors that you should consider.

The first number that you should crunch is your debts and any final expenses that you would leave behind, like funeral costs. The primary goal of your life insurance is to give your loved ones the money that they need to pay off all of your debts after you pass away. Make sure that your plan is large enough to pay off those bills without leaving your family with any financial strain.

The next number to look at is your annual income. The secondary goal of your life insurance is to give your family the money that they need to replace your paycheck if something tragic were to happen to you. If you’re one of the main income earners in your home, your family will suffer financially if they lost that stream of money, but that’s where your life insurance plan comes in.

Getting The Most Affordable Life Insurance

As a type 1 diabetic, you probably know that your life insurance is going to be more expensive, but that doesn’t mean that you can’t get an affordable life insurance plan. There are several ways that you can secure better rates from the insurance company.

The first thing that you should do is improve your overall health. There is nothing you can do about your type 1 diabetes, but you can still improve other areas of your health. Some of the ways that you can do that is by sticking to a healthy diet and getting regular exercise. Both of these can help you shed those extra pounds, lower your blood pressure, help manage your diabetes, and lower your cholesterol, all of these are going to translate into better premiums for your life insurance.

Another way to improve your overall health is to eliminate any tobacco that you currently use. Being listed as a smoker or chewing tobacco user is going to cause your premiums to go through the roof. In fact, if you’re a smoker, your premiums are going to be twice as much as a non-smoker. If you want to get the most affordable life insurance plan, you’ll need to kick the habit once and for all.

The best way to secure the lowest rates available is to work with an independent insurance agent. Unlike a traditional life insurance agent, our agents don’t only work with one single insurance company. Instead, we represent dozens of highly rated companies across the nation. We can bring all of the lowest rates directly to you.

Each insurance company is different. Some insurance companies are going to automatically decline your application because of your type 1 diabetes, but some companies specialize in insuring people with diabetes.

Life Insurance And Diabetes

Life insurance is one of the most important investments that you’ll ever make for your family, and it’s important that you have the coverage that they need. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get a life insurance plan that’s going to give them the funds that they need.

If you have any questions about getting life insurance as a diabetic, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best rates available.

About Growth 360, LLC
About Growth 360, LLC

We work with individuals across the nation to secure the best life insurance rates.

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