If you have diabetes and have been declined for life insurance coverage recently, you might feel like finding the coverage you need isn’t possible. Life insurance for diabetics is likely available to you, especially if your diabetes is under control. You can usually get reasonable rates if you respond well to therapy and have a healthy lifestyle, and developed diabetes when you were older.
Rates for individuals who developed diabetes at an older age are usually lower in cost as opposed to those who developed diabetes in their youth. You will first need to be familiar with how life insurance companies deal with individuals with diabetes. What do underwriters ask? What rate class can I get? How can I prepare?
What is Diabetes
According to the Mayo Clinic, diabetes mellitus refers to a group of diseases that affect how your body uses blood sugar (glucose). Glucose is vital to your health because it’s an important source of energy for the cells that make up your muscles and tissues. It’s also your brain’s main source of fuel. If you have diabetes, no matter what type, it means you have too much glucose in your blood, although the causes may differ.
Too much glucose can lead to serious health problems. Chronic diabetes conditions include Type 1 diabetes and Type 2 diabetes. Potentially reversible diabetes conditions include prediabetes, when your blood sugar levels are higher than normal, but not high enough to be classified as diabetes, and gestational diabetes, which occurs during pregnancy but may resolve after the baby is delivered.
Life Insurance for Diabetics Basic Guidelines
You can get life insurance coverage if you have either Type 1 or Type 2 diabetes, presuming it has been under control for at least 6 to 12 months. You may also get life insurance if you are insulin dependent. Patients who have their diabetes under control may not be approved for life insurance policy if they have other contributing health conditions, such as smoking, obesity, elevated cholesterol levels or coronary heart disease.
The insurance company will need to know how, and how well, your body responds to any of the treatments that you get for your diabetic condition. Type 2 diabetes is usually more responsive to lifestyle changes such as diet and exercise than Type 1 diabetes. Often, rates for Type 2 diabetics tend to be more affordable than the rates for Type 1 diabetics.
Life Insurance for Diabetics Best Tips
- Make sure that your diabetes is under control for at least 6-12 months before you apply. You may be able to purchase a guaranteed-issue life insurance, but you’ll pay significantly higher rates for your coverage.
- When you seek life insurance for diabetics, think about your needs first. The life insurance policy should always fit within your budget and support your long-term goals.
- Make sure your physician has copies of all records regarding your diabetes treatment, medical follow-ups, and a list of all of your prescriptions and dosages.
- Work with a broker who understands your condition. Life insurance for diabetics is out there; however, some companies tend to be more lenient in the way they underwrite diabetics, and several have specialized coverage for diabetic applicants.