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What is Diabetic Life Insurance
Either you’re a diabetic or someone you know is a diabetic. What are your Life Insurance options?
Because diabetes has such a wide array of conditions and treatments, the life insurance available to diabetics is extremely diverse. Diabetics have access to term life insurance, permanent insurance, guaranteed issue life insurance, as well as instant issue life insurance. This all depends on the diabetic applicant’s needs as well as the severity of their diabetes.
The factors that you’re always need to be aware of are: your AIC, your fasting blood sugar level, your blood pressure, and of course, your height, weight, and age. With this information in your hands, you can make an educated guess as to how you should apply.
The most advantaged diabetics in this process are those who manage their condition with diet, exercise, medication, and with no additional health problems. If you’re one of these people and you’re extremely confident about your health, it would be really smart to go with a fully-underwritten product regardless of whether you want to do term or permanent insurance products.
Why? Because with non-medical diabetic coverage, there is a little bit more guesswork regarding your health that may result in higher premiums than you may want to pay. As long as your A1C levels as re under 7.0 and you’re in good shape, fully underwritten will be the way to go.
Non-medical life insurance for diabetics is fantastic for those who want to avoid the hassle of a medical exam. In addition to that, it may be a really good option for diabetics whose conditions have worsened a bit in the last year. Non-medical life insurance typically involves a quick questionnaire and prescription history check to determine your rates. If your diabetes has worsened in the last year, a fully underwritten exam could expose more negative health problems and cause you to pay more money on your premiums.
If all else fails, there is always guaranteed issue products for life insurance. These will allow you to skip over any unnecessary questions or exams for immediately life insurance coverage based on your ability to pay the premiums. You cannot be declined for health reasons.
It is a specially designed life insurance to be affordable for diabetics. But it’s not designed to be more affordable for diabetics that manage the condition through diet and exercise. Some of the pros would be it allows for multiple options for different levels of diabetes, it’s specifically designed and analyzed by diabetes experts (which allows for fairer costs), and it’s medical and non-med options. The cons would be how the limited death benefits available compared to regular term insurance, and how it favors non-insulin dependent diabetics significantly.
It’s a huge misconception that you can’t qualify for affordable life insurance coverage if you are a diabetic. You’ll have no problems securing coverage for life insurance, if your diabetes is under control in your life. Securing life insurance coverage is the most important part of this process. We find that many diabetics think the traditional process is too long and give up midway through the process. Don’t do this! Every life insurance company will look at your diabetes differently. It’s up to your agent to you the lowest rate. You have to shop around and see what works best for you. In other words, there isn’t a specific company that will be best for every diabetic.
Life Insurance For Diabetics – With A Medical Exam
To secure the cheapest life insurance as a diabetic, you’ll have to take a medical exam to qualify and the life insurance company will review the medical records from your physician. If you don’t want to do the medical exam then you can always get a diabetic policy without, see below.
To find the best policies for diabetes life insurance you need to provide these things; type 1 or type 2 diabetes, hemoglobin A1C levels, age diagnosed, medications and dosage, any diabetic complications like neuropathy or kidney issues, height/weight, family history, and any other health issues (including cholesterol, high blood pressure or other diseases). The best life insurance rates will be given to those with well-controlled diabetes who were diagnosed later in life, but every company has different standards for applicants with diabetes. Was your diagnosis resent? You might be required to do 2-3 follow up visits to demonstrate control. Unfortunately, those with uncontrolled diabetics have more expensive life insurance rates.
Best Life Insurance Companies With A Medical Exam
Here are the top 5 life insurance companies for diabetics and the reasons why:
1. AIG – VERY competitive for Type 1 and 2 diabetics in a “substandard” health classification.
2. Banner Life – Competitive for Type 2 diabetics. Seeing great rates for those that are well in control of their diabetes, but also those that would be considered “substandard”.
3. Protective Life – Competitive for controlled Type 2 diabetics, especially if you take your death benefit over time (over 20 years) instead of a lump sum. If you’re willing to do that, Protective becomes very competitive.
4. Mutual of Omaha – If you exercise consistently, have a clean family history, and aren’t overweight, Mutual of Omaha’s “FIT” program will likely come into play giving you very competitive rates.
5. American National – Competitive for Type 1 and Type 2 diabetics who also want coverage to pay out in the event of a heart attack, cancer, stroke, renal failure.
As you can tell, every company has their strengths when it comes to life and diabetes.
Life Insurance For Diabetics – Without A Medical Exam
No one wants to take a time consuming medical exam, including diabetics. It’s inconvenient and can take 4-6 weeks for your application to be approved. But, you can actually get a secure life insurance policy without a medical exam.
Best Life Insurance Companies With No Exam
Here are the top 5 life insurance companies who don’t require a medical exam for diabetics:
1. 5 Star – We don’t want to alert our competitors to this company. As long as you’re in the age range of 18-60 and have never been declined for coverage, we can secure up to $100,000 of coverage with a simple application process. The premiums are guaranteed level to age 100. Not many agencies have this product or have heard of it.
2. Foresters – If you’re a Type 2 diabetic and have your diabetes under control without any other major health complications, Foresters may approve you within 1 week and sometimes within 24 hours. Up to $400,000 of coverage. Factor in the living benefits and member benefits and we highly recommend this product if you can qualify.
3. Phoenix – For their “Express” product (48 hour approval), Type 1 and Type 2 diabetics can secure up to $400,000 of coverage if under control and over age 30. Their “Safe Harbor” product will be less expensive and go up to $500,000, but Phoenix will pull your medical records and make a decision based on those (4+ weeks for approval). Phoenix will also pay up to 95% of the death benefit for any heart attack, cancer diagnosis, stroke or renal failure. A big benefit for diabetics.
4. Sagicor – For well controlled Type 2 diabetics, you can get coverage approved within 24 hours. You must be diagnosed over age 40, taking oral medications or controlling with diet and exercise. You can get up to $500,000 of coverage. You must be in excellent health only taking one other minor medication. If you can qualify for this product, you’ll get some of the best non-med rates available.
5. United Home Life – They have a 20 year term product that takes Type 1 and Type 2 diabetics. It’s the best priced “no exam” term policy for Type 1 diabetics. It only goes up to $50,000 of coverage. Even if you don’t have full control over your diabetes, you may still qualify for this policy.
Securing life insurance with no exam as a diabetic is not hard if you use an agency experienced in underwriting diabetes and who offers all the no exam life insurance carriers. As we’ve demonstrated, we know a lot about this market.
Let us help you to find life insurance for diabetes, and contact us today! We would be more than happy to answer any questions you might have.