Life insurance is one of the most important purchases that you’ll ever make for the future of the people that you love. If something tragic were to happen to you, a life insurance plan is going to ensure that they have the money that they need. When you’re shopping for a life insurance policy, it’s vital that you get the right type of coverage, but that can be a long and confusing process to find the perfect plan.
Being diagnosed with diabetes changes every aspect of your life, even shopping for a life insurance plan with diabetes can be more difficult. If you’re a person with diabetes and you’re looking to get a quality and affordable life insurance plan, you’ve come to the right place. It’s our mission to ensure that you’re getting the best plan to meet your needs.
Whole Life Insurance
Whole life insurance is an excellent option to give your family the protection that they need, but there are some advantages and disadvantages that you should be aware of if something happens to you. These plans are a form of permanent life insurance coverage. As long as you continue to pay the premiums for the policy, you’ll have protection. With other forms of coverage, they are only active for a particular time, and after that, you lose life insurance. If you don’t want to worry about reapplying for life insurance in the future, these plans are a great option.
A unique advantage of these plans is that they build cash value inside of the plan. The longer that you pay the premiums, the more value that they create. You can use the cash value in the plan to pay the premiums for the coverage or to invest the money. Whole life plans are one of the only plans build up any cash value.
Because these plans don’t have an expiration date, they are going to be more expensive than other life insurance options. If you’re looking for the most affordable life insurance plan, whole life plans aren’t going to be the best choice.
Each kind of life insurance plan has different advantages and disadvantages that you’ll need to weigh to determine which plan is going to be best for you. Aside from having a life insurance policy in place, it critical that you have the right type of plan to meet your preferences and needs.
Life Insurance and Diabetics
When you apply for life insurance coverage, there are dozens of different factors that the insurance company is going to look when they are deciding if they should approve you for coverage. As a person with diabetes, you may have been told that you won’t be able to qualify for a whole life insurance policy, but that couldn’t’ be further from the truth. In most cases, it’s easy to find a whole life policy that is going to work for you and your loved ones.
The insurance company is going to ask you dozens and dozens of different questions about your family history, medical records, and much more. All of these are going to play a huge role in your chances of getting approved for the plan. As a person with diabetes, there is going to be some unique questions that the insurance company asks you, that they aren’t going to ask other applicants.
Some of the first questions that they are going to ask if which type of life insurance are you diagnosed with, either type 1 or type 2. The type of diabetes that you have is going to play a major role in how much you pay for your life insurance policy. If you have type 1 diabetes, your premiums are going to be much higher because there is no cure for the condition.
The next question that they ask is what age were you originally diagnosed with your diabetes condition. The longer that you’ve been diagnosed, the higher the chances are that diabetes has caused additional problems. If you’ve recently been diagnosed, the insurance company could give you better rates.
The company is also going to ask several questions about your A1C levels and your fasting glucose levels. The better that your levels are, the better your insurance rates are going to be. If you want to save money on your plan, you’ll need to improve your glucose levels.
Another factor is how you manage your condition and which treatments that you use to control your glucose levels. The more medications that you have to use, the more the insurance company is going to charge you in monthly premiums. If you’re an insulin-dependent diabetic, you’re going to receive much higher rates for your life insurance coverage.
Because a whole life plan is going to be more expensive, there are some other options that you can choose from to get life insurance protection. One of the most popular choices is a term life plan, which will give you insurance without breaking your bank every month.
These plans are sold with a pre-determined expiration date on them. You can buy them anywhere from 2 years to 30 years. You can buy one of these plans to meet the needs of your life insurance. Once the time has passed, you’ll no longer have life insurance coverage, and you’ll need to reapply for life insurance.
No Medical Exam
As a person with diabetes, a no medical exam could be a great option to give your family the protection that they need. As you can guess from the name, these plans will allow you to get life insurance without being required to take the medical exam. Because the insurance company is going to account for your health and pre-existing conditions, your diabetes could cause you to be declined for life insurance. There are several advantages and disadvantages to these plans that you should take note of when looking for life insurance.
The first advantage is that you should be aware of is that anyone can purchase a no medical exam plan, regardless of how well your diabetes is managed or any other pre-existing conditions that you have. Everyone deserves to have life insurance, and your health shouldn’t stop you from getting it.
Another serious advantage of these plans is that you can get life insurance coverage much quicker than other forms of coverage. With a no medical exam, you’ll be able to get life insurance coverage much quicker than with a traditional life insurance plan. If you want to get life insurance as quickly as possible, these no medical exam are going to be one of the best options.
Every life insurance plan has its disadvantages, and these plans are no exceptions. One of the biggest drawbacks is that they are going to be more expensive than a plan that requires an exam. The purpose of the medical exam is to give the company an idea of how much risk you are to accept for coverage. Without that picture of your health, they are taking a much higher risk, and they are going to offset that risk by charging you more for the plan.
The most notable pitfall of these plans is that they are going to limit on much insurance you can purchase without taking a medical exam. Most insurance companies are only going to only you to purchase up to $50,000 of coverage. For most applicants, this isn’t going to be enough life insurance.
Getting Affordable Whole Life Insurance with Diabetes
As a diabetic, you probably know that your insurance plan is going to be more expensive than a non-diabetic, but that doesn’t mean that you have to spend a fortune every month. There are dozens of ways that you can secure lower rates for your insurance premiums.
The first thing that you should do is improve your health by starting a healthy diet and getting regular exercise. Both of these can help manage your diabetes, shed any extra weight, lower your cholesterol, and much more. All of these are going to translate into much lower insurance rates.
The next way to secure better ratings for your plan is to eliminate any tobacco that you currently use. If you’re listed as a smoker, your premiums are going to go through the roof. Because you’re already considered a high-risk applicant, being a tobacco user is going to drastically reduce your chances of being approved.
Diabetes and Life Insurance
Life insurance is one of the best investments that you’ll ever make for your loved ones. If something tragic were to happen to you, and you didn’t have life insurance, your loved ones worse be stuck with a massive amount of debt, which can make an already difficult situation a thousand times worse. Because you never know what’s going to happen tomorrow, you couldn’t wait any longer to get the life insurance protection that your family deserves.
If you have any questions about getting whole 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 plan to meet your needs.