Life Insurance For Diabetics – What You Need to Know

Diabetics face a unique set of challenges when applying for life insurance. These include a higher risk of complications, a longer wait period before your beneficiaries receive their full death benefit, and higher premiums.

The good news is that many insurance companies now offer policies to diabetics. Whether you have type 1 or type 2 diabetes, the right policy can help ensure that your loved ones are taken care of.

Types of Coverage

Diabetics often pay more for life insurance than people without diabetes, because they tend to be at greater risk of death. This is because life insurance companies use a health classification system to determine your premiums, which are based on the risk that you will die during the term of your policy.

Luckily, you have a number of different options for diabetics to consider when shopping for coverage. Term life is typically the cheapest option and lasts for a set period of time, such as 10, 15 or 20 years.

You can also look into whole life, which lasts for your entire lifetime and comes with a cash value component. It may be the best choice for those with high incomes and long-term financial needs.

Whether you choose a term or permanent policy, you can add riders to your life insurance to increase the amount of death benefit that will be available to your loved ones. Some insurers offer living benefits, or accelerated benefit riders, that allow you to withdraw money from your death benefit while you are still alive.

Premiums

If you have Type 1 or Type 2 diabetes, the premiums associated with life insurance can be higher than for healthy people. This is because the company takes a risk on the health of a person who has a disease like diabetes.

You can lower your life insurance premiums by working with a medical professional to manage your condition and keep your blood sugar levels in check. You can also reduce your rates by shopping around with several companies and comparing quotes.

Depending on your age, you may be eligible for term life or permanent life insurance. Term life policies only last for a set number of years and payout if you die during the policy period, while permanent policies can be extended for as long as you choose.

If your diabetes is well-controlled, insurers will look upon it favorably and you can expect to get the best rates. Insurers use a test called the A1C to judge how well your diabetes is being managed.

Underwriting

The underwriting process for life insurance for diabetics can be complex, with a variety of factors considered. Insurers will assess your treatment and medication, your A1C levels (which indicate how well-controlled your diabetes is), and your age.

As a result, you may have to complete additional health questionnaires and grant permission for the insurance company to access your records. No-medical-exam term and whole-life policies can be a good option for diabetics who want to avoid a medical exam, but they are more expensive and usually only available for term coverage of less than $500,000.

If your diabetes is well controlled with lifestyle adjustments, such as a healthy diet and exercise, or oral medications instead of insulin, then your application will be viewed more favorably. Insurers will also consider the condition to be lower risk than other critical illnesses, such as high blood pressure or heart disease, which can increase your premiums.

Riders

If you have diabetes, it’s important to understand how the condition affects your life insurance rates and coverage options. The specifics of your diagnosis and treatment plan primarily determine how much you’ll pay in premiums, but age and overall health also play an important role.

Having a well-managed diabetes treatment plan, regular doctor’s visits, and a healthy diet can help lower your rates. A life insurance agent can help you find a policy that fits your needs and budget.

Some insurers may offer diabetics rider options, such as John Hancock’s Vitality program, which allows policyholders to save up to 25% on their premiums by making healthy choices. The company’s Onduo tool helps policyholders track and identify their goals, and makes it easier to meet those goals.

Paul Smith
Paul Smith

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