Find out how you can qualify for life insurance and the best way to get coverage if you have been diagnosed with diabetes
Getting life insurance at the best rate possible depends on a number of factors. For example, as you apply for life insurance, you will be asked about several different aspects of your health status and your lifestyle. You’ll be asked first and foremost about your age and your medical history. From there, the insurance companies will require you to take a medical exam to assess your weight, blood pressure, and whether or not you use nicotine products. During the medical questionnaire and the medical exam, you will be required to disclose that you have diabetes.
Though having diabetes will affect your ability to get coverage and the price, it is absolutely possible to get covered if you have diabetes. In the next sections, we’re going to be exploring some of the different tips that you need to know before you apply for life insurance!
How Does Diabetes Affect My Ability to Get Life Insurance?
Just like any other chronic health condition, diabetes makes the underwriting process a bit more complicated
Getting insurance with diabetes can be difficult, but it is far from impossible.
Diabetes can be a challenging life obstacle. Unfortunately, this also applies to the process of getting life insurance. Your diabetes diagnosis will affect the underwriting process as the insurance company evaluates your application. Underwriting is the process where the insurance company evaluates your application and assesses your risk class. Your risk class is largely dependent on your age and your health status. Because diabetes is chronic and can lead to complications over the course of your life, insurance companies take that into account before approving you for a policy. Luckily there are some strategies you can use to get affordable life insurance coverage if you have diabetes.
How Can I Get Affordable Life Insurance If I Have Diabetes?
Let’s get into a few ways to make sure you are getting the cheapest life insurance if you have diabetes
The key to getting the best rate is to keep your blood glucose levels under control.
If you are looking for the most affordable avenue to get life insurance— as most people are—then there are a few things you can do before you fill out a life insurance application. The first thing you should do is ensure that you have your diabetes under control before you apply for an insurance policy. This applies to gestational diabetes too! If you have gestational diabetes—which is a temporary condition that occurs during pregnancy—then you should wait until your condition subsides before you begin the life insurance application process.
If you have Type 1 or Type 2 diabetes then you should ensure that your condition is well controlled before applying for an insurance policy. If you are able to keep your blood glucose levels stable for an extended period of time, then there is a good chance you will be presented with more options and better prices for the amount of coverage you require. Should you try to apply for a policy when your blood glucose levels are unstable, this will show up in your medical records and medical exam. Because your condition is not well controlled at the moment, you will likely be placed in a higher risk class and be charged a higher monthly premium.
Overall, you want to apply for a life insurance policy when you are in the best health possible. With that said, it is important to not put off getting insurance for too long. If you end up waiting years to secure coverage, you will begin to see higher prices as you age. Bottom line—you should wait if you need to get your health under control, but once you are able to regulate your diabetes you should start the application process as soon as possible.
Do Insurance Companies Differentiate Between Type 1 and Type 2 Diabetes?
Since Type 1 and Type 2 diabetes are different, diagnoses they are evaluated a little bit differently
Generally Type 1 diabetes presents greater risk for insurance companies.
Though Type 1 and Type 2 diabetes are very similar conditions, they have differences that cause insurance companies to evaluate them separately. For example, people with Type 2 diabetes will have a slightly easier time getting coverage and getting coverage at an affordable price. The reason for this is that Type 2 diabetes is generally easier to manage and keep well under control. With the proper diet and exercise, a lot of the symptoms of Type 2 diabetes can be lessened over time.
However, this is not true for people who have Type 1 diabetes. Type 1 diabetes tends to be more difficult to manage and can lead to more complications in the future. Because of this, people who have Type 1 diabetes may be put in a higher risk class than people who have Type 2 diabetes. As we mentioned before, a higher risk class leads to higher monthly premiums for the coverage you require.
What is the Best Type of Insurance to Get if You Have Diabetes?
If you have diabetes, there are still a lot of different options for cheap life insurance
If you are older, guaranteed life insurance could be a worthwhile investment.
There are so many different types of life insurance, it can quickly become confusing which types are the best for people with diabetes. Let’s look at some of the most popular options and determine whether they are the right choices for you:
- Term Life Insurance – To get the lowest price possible on coverage, you should look for cheap term life insurance policies. Term life insurance tends to be the cheapest of all of the options since your coverage will eventually expire. By that time, it is expected that you have saved enough money to cover your loved ones in the event of your death and you will no longer need insurance coverage.
- Whole Life Insurance – Whole or permanent life insurance is a type of coverage that never expires. Because your policy does not expire—as long as you are paying your premiums—the cost of this coverage is higher than with term life insurance. So, if you are looking for the cheapest option, term life insurance is probably your best bet.
- Guaranteed Issue Life Insurance – A guaranteed life insurance policy is a good option if you are not in good health or you are older. With guaranteed life insurance, you won’t be denied coverage based on your health status. Though the coverage amounts are extremely limited, this type of insurance is helpful to cover end-of-life costs in the future. People who choose this type of coverage are usually unable to get other types of coverage.
Getting life insurance with a chronic condition like diabetes can be difficult. The important thing to remember is not to get discouraged. Just because you have diabetes doesn’t mean that you can’t get coverage. In fact, there are a lot of different avenues to explore—like the ones we’ve gone over today! It is always better to have the coverage you need than to worry about your loved ones in the event of your passing.
