Diabetes can cause serious health complications, depending on how well it’s controlled. If you have severe diabetes and you’re dependent on insulin to manage your glucose levels. When you’re looking to get life insurance, being an insulin-dependent diabetic is going to hurt your chances of getting an affordable life insurance plan, but it’s not impossible.
Life insurance is one of the most important investments that you’ll ever make for the future of your loved ones. A quality life insurance policy would give them the money that they need if something tragic were to happen to you. We know that getting the best plan to fit your needs can be a long and confusing process, but it doesn’t have to be. Our agents can help connect you with the best plan for an applicant diagnosed with diabetes.
Applying For Life Insurance Coverage With Diabetes
When you apply for insurance coverage, the company is going to want to get an overall picture of your health. There are dozens of different factors that they are going to consider. Before they accept your application, they are going to require that you take a medical exam and ask you dozens of health questions. All of these things together are going to give them an idea of how good your health is and how much risk you are to insure.
During the medical exam, a paramedic is going to measure your blood pressure, heart rate, take a urine and blood sample, and also measure your height and weight. All of these different health factors are going to play an important role in how much you have to pay for your life insurance coverage. The insurance company will also ask you questions about your family history and past health experiences.
Because you’ve been diagnosed with diabetes, there are going to be several unique questions that they are going to ask that most applicants won’t be asked. Diabetes is a serious chronic condition that can have adverse effects on your health, which means the insurance company is going to need a good understanding of your condition and how well it’s managed.
The first question that they are going to ask is what kind of diabetes are you diagnosed with, either type 1 or type 2 diabetes. Both of them are severe conditions, but people with type 1 diabetes are going to find it harder to get an affordable life insurance plan than a person with type 2 diabetes will. They are also going to ask what age were you diagnosed with your condition. The longer that you’ve had diabetes the more your monthly premiums are going to be.
Additionally, the insurance company is going to ask different questions about how well you’ve managed your diabetes and what techniques that you use to control your condition. When you’re applying for life insurance with diabetes, you’ll need to tell the insurance company about all of the medications that you take, one of those being insulin to control your glucose levels. Because insulin is used as a last resort for maintaining your diabetes condition, the insurance companies are going to give you higher rates.
No Medical Exam
One way that you can secure life insurance is to purchase a no medical exam policy, which as you can guess by the name, is going to give your life insurance protection without having to take the medical exam. These plans are a great way to get coverage that your family needs, but there are some advantages and disadvantages that you should be aware of when looking for life insurance.
The first and most obvious advantage is that anyone can purchase one of these plans, regardless of your health or any complications that you have. Everyone should be able to get life insurance protection, regardless of how poor your health is or how your diabetes diagnosis is.
Another advantage of no medical exam policies is that you can get life insurance protection much quicker than you can with a traditional policy that requires a medical exam. With a normal plan, you have to wait until you can schedule the health exam, wait for the company to review the results and then wait to sign all of the paperwork. All of this waiting could take up to a month, which is a long time to wait if you want life insurance protection quickly. With a no exam life insurance policy, you can get accepted for coverage in as soon as a few days. With some companies, you can get life insurance in a matter of hours.
Just like every other kind of life insurance plan, several disadvantages can hinder the effectiveness of your plan. The most significant pitfall of these plans is that they are going to be more expensive than a traditional life insurance policy. With a normal plan, the company gets an overall idea of what your health is, with a no medical exam, they don’t get that picture of your health, which means they are taking a much great risk. They are going to offset that risk by charging you much higher rates every month, but you can’t put a price tag on the peace of mind that a life insurance policy is going to bring you.
The most significant pitfalls of these plans is that the insurance company is going to limit how much life insurance you can purchase without taking a medical exam. Most insurance companies are going to cap you at around $50,000 of life insurance coverage. If you need more life insurance coverage than this, you’ll have to purchase another policy or apply for a traditional plan.
Before you apply for any life insurance, it’s vital that you calculate what your life insurance needs. There are several different factors that you’ll need to consider that go into your life insurance needs.
The first thing that you need to account for are any debts or final expenses that your loved ones would be responsible for if something tragic were to happen to you. Your loved ones would have to pay off your mortgage, student loans, car payments, and much more. All of those final expenses could easily add up to hundreds of thousands of dollars, which can make an already stressful situation a thousand times worse.
The next thing to think about is your annual salary. The secondary goal of your life insurance plan is to replace your paycheck if something were to happen to you, especially if you’re one of the main income earners in your household. When you’re determining your life insurance needs, you should purchase around seven to ten times your annual income.
Life Insurance For Diabetics
Life insurance is one of the most crucial safety nets that you’ll ever buy for your loved ones, but if you’re a diabetic that relies on insulin to maintain glucose levels, either as a type 1 or type 2, it could be difficult to get the life insurance protection that you need. If you’ve ever been declined for life insurance protection or you’ve received expensive rates, don’t assume that you can’t get affordable coverage. There are plenty of options for your life insurance needs.
The best way to ensure that you’re getting the best rates is to work with one of our independent insurance agents. Unlike a traditional insurance agent, our agents work with dozens of highly rated companies across the nation.
Every insurance company is different, which means that all of them are going to give you different rates based on their medical underwriting. Depending on which company that you choose, you could end up with drastically different rates. Finding the perfect company for you could be the difference between getting an affordable life insurance plan and getting declined for coverage.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance coverage that your family deserves. If you have any questions about getting life insurance as an insulin-dependent diabetic, 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 to fit your needs. We have years of experience working with diabetic applicants and can help walk you through the application process and make sure that the process is handled properly.