Life insurance is one of the most critical purchases that you’ll ever make for the future of your family. It’s the best way to ensure that they have the resources that they need, regardless of what happens to you.
As a person with diabetes, you may think that you won’t be eligible for an affordable life insurance plan, but you couldn’t be further from the truth. In fact, there are several options that you can choose from to get quality life insurance protection for your family.
We know that finding life insurance can be a long and difficult process, but it can be even worse for diabetics, but luckily our agents are here to help. We have years of experience working with diabetic clients and can make the process as quick and simple as possible.
Life Insurance And Diabetes
When you apply for life insurance, the company is going to look at a variety of different factors to determine if they should accept your application or decline you for coverage. They are going to ask you questions about your family history, medical records, and much more. As a person with diabetes, the company is going to ask you several questions that are unique to diabetics.
The first question that they are going to ask is how old you were when you were diagnosed with the condition. The longer that you’ve been diagnosed, the higher the chance that the condition has negatively impacted your health.
The next questions they are going to ask will revolve around your A1C levels and your fasting glucose levels. Both of these are going to reflect how well you manage your condition and your overall health. Make sure that you have all of your recent test results handy to show the insurance company.
The insurance company will also want to know what medication or treatments that you use to manage your glucose levels. The more drugs that you use to control your diabetes, the worse rates that you’re going to get from the company. For example, if you rely on insulin to manage your diabetes, you’re going to pay much more for your life insurance coverage versus a diabetic that controls theirs using a diet and exercise.
The Types Of Life Insurance
Aside from getting a policy, it’s important that you get the right kind of life insurance policy to meet your needs. There are several different kinds of life insurance policies that you’ll need to consider in light of your circumstances. Each policy has its own advantages and disadvantages that could fit your needs.
While there are dozens of kinds of life insurance, we are only going to focus on the two main types of coverage, a whole life insurance plan, and a term life insurance plan. There are the two most popular plans that applicants use to give their family the protection that they need.
The first type of life insurance is a whole life plan, which as you can guess, is a form of permanent coverage. These plans will give you life insurance protection for as long as you continue to pay the premiums on the plan. These are a great option for any applicant that doesn’t want to worry about lose coverage in the future or about having to reapply for a different plan. One of the unique advantages of these plans is that they build up cash value the longer that you pay the premiums. You can use this cash value to invest or pay the premiums for the plan.
The most popular form of life insurance is term life insurance plans. These plans are bought with a pre-determined expiration date. After that point, the plan is no longer active, and you’ll have to reapply for life insurance. You can buy one of these plans in just about any length, anywhere from two years to thirty years. You can purchase a plan that is going to match the duration of your life insurance needs. Because these plans have an expiration date attached them, they are going to be much more affordable than other options.
No Medical Exam Policies
As you can guess from the name, a no medical exam life insurance plan will give you life insurance protection without having to take the medical exam. This is a great way to get life insurance protection for type 2 diabetics. With one of these plans, the insurance company doesn’t get an idea of what your health is, so your diagnosis isn’t going to impact your rates. There are several advantages and disadvantages to these plans that you should be aware of when you’re looking for life insurance.
One of the biggest advantages is that anyone can purchase one of these plans, regardless of their health or pre-existing conditions. If you want to get life insurance coverage for your family, your health shouldn’t keep you from getting it. That’s why these no medical exams are so useful.
Another advantage is that you can get life insurance much quicker than you can with a traditional life insurance policy. With these policies, you’ can get life insurance coverage is as little as a few days. With some insurance companies you could even get approved for a life insurance policy in hours. With a traditional life insurance policy, you’ll have to wait to schedule the medical exam, wait for the results, and then wait for the company to review the results and give you the rates. If you want to get life insurance coverage as quickly as possible, a no medical exam plan is going to be the best option.
Just like with other types of life insurance, these plans are going to have several disadvantages that you should take note of before purchasing one of them. The first one is that they are going to be much more expensive than a traditional life insurance plan that requires a medical exam. The purpose of the medical exam is to give the insurance company an overall picture of your health if they don’t get that idea they are taking a higher risk by giving you life insurance.
Another pitfall of these plans is that there is going to be a strict limit on how much life insurance you can buy without taking a medical exam. Most life insurance companies are going only to allow you to purchase around $50,000 of coverage. For most applicants, this isn’t going to be enough coverage for their families. If you want more coverage than that, you’ll have to purchase an additional policy or apply for a plan that requires a medical exam.
Calculating Your Life Insurance Needs
Before you apply for life insurance, you’ll need to determine what your life insurance needs are. It’s vital that you get enough coverage for your loved ones. One of the worst things that you could do is not have enough life insurance for your family. There are several factors that you need to account for when calculating your life insurance needs.
The first number that you should crunch is your debts and final expenses that your family would be responsible for if you were to pass away. Add up your mortgage, car payments, student loans, and anything else that your family would be responsible for if something tragic were to happen. The primary goal of your plan is to give your family the money that they need to pay off those debts and final bills.
The next number that you should look at is your annual income. The secondary goal of your life insurance plan is to replace your salary if something tragic were to happen to you. If you’re one of the primary income earners in your family, they will suffer financially if you were to pass away. Your life insurance plan will give them the money that they need to replace that stream of income.
Type 2 Diabetes And Life Insurance Protection
Life insurance is one of the most important investments that you’ll ever make for your loved ones. It’s important that they have the insurance protection that they need. If something were to happen to you, and you didn’t have life insurance, your loved ones would be stuck in a giant hole of debt and no way to get out of it.
The best way to get an affordable life insurance plan is to work with an independent insurance agent, like ours. Unlike a traditional insurance agent, we don’t work with one single company. Instead, we represent dozens of quality insurance companies across the nation. We can bring all of the best insurance rates directly to you.
Each insurance company is going to look at your diabetes diagnosis differently, which means that you could get drastically different rates depending on which company that you choose. Comparing quotes from dozens of companies is the only way that you can ensure that you’re getting the best rates for your life insurance plan.
If you have any questions about getting life insurance as a type 2 diabetic, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan for your family. Our agents have years of experience working with diabetic applicants, and we can bring all of the best plans directly to you.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life protection that your family deserves. We know that finding the perfect plan can be a frustrating process, but it doesn’t have to be. Our agents can help walk you through the process and ensure that everything is handled correctly.