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by Jeff Rose on August 20, 2014
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When you have diabetes, you may worry that you can’t get life insurance at all.
In fact, nothing could be further from the truth.
Approximately 8.3% of the U.S. population has some form of diabetes, making the disease one of the most prevalent health concerns in the country.
Getting affordable life insurance with diabetes can take some extra effort, but it is possible to get a policy with a favorable rate.
With diabetes, just what your medical treatment is like and how well your condition is managed can make a big difference. Be sure to let insurance companies know whether or not you have to take medication to control your diabetes and what dosage you take. Knowing your average blood sugar level can help you to get more insurance offers and better rates if you have good control over your levels.
If your diabetes is generally under good control, you can expect plenty of offers and reasonable rates for life insurance with diabetes. The time that you were diagnosed with the condition is also important to insurance carriers. If you were diagnosed as an adult, you can expect better rates. Insurance companies also prefer diabetics who have not had the condition very long.
If you have any type of diabetes and you’re looking to get approved for a term policy, you’ll need to have all your medical records handy. Below are some sample questions to which you will need to have the answers to.
1. Date of diagnosis: Age at onset:
2. Most current glycohemoglobin test reading: Date: Average A1C: It is very important to have these numbers for any useful pre-underwriting premium estimate. If the proposed insured is unaware of recent values for this test, please have her/him obtain these values from their healthcare providers. A typical value lies between five and nine often expressed with a decimal such as 7.3. Slightly higher or lower levels are possible.
3. How often does the proposed insured visit their physician for a diabetic checkup:
4. The proposed insured controls his/her diabetes by:
5. Recent readings:
6. Does the proposed insured take any other medications? If yes, please list name of medication, prescription or otherwise, dates used, reason for Rx, diagnosis date.
7. Has the proposed insured experienced any of the following, if yes please provide details below under question number eight.
8. Weight problems:
9. Please provide any additional details regarding the proposed insured medical condition:
It’s not required to have the info for the phone interview, but any info you have just expedites the process and helps us determine which life insurance carrier is going to be the best for you. If you do not like this process it is possible to get approved for life insurance without an exam but you will typically pay higher rates than if you can get approved through underwriting.
Simply having diabetes doesn’t have to be an enormous risk for life insurance companies, but it may be one if there are other medical problems in addition to it. Smoking, having heart problems, being overweight or having a history of cancer will multiply your medical risk to insurers. With multiple medical problems, you can expect fewer insurance offers and increased rates. Insure.com has put together a list of the top 5 most expensive medical conditions when you’re buying life insurance. If you have one of these conditions make sure you shop around to get the best rates.
Getting life insurance with diabetes is a complicated process, but it is possible to get the coverage you need if you take the time to apply to many insurance companies and let them know any positives about your condition. For many people with well-managed diabetes, the rates are comparable to rates given to non-diabetic insurance applicants.
Jeff Rose+ is a Certified Financial Planner™ in Illinois and the CEO/Founder of Alliance Wealth Management, LLC. He's seen first hand the importance of having life insurance and encourages everyone to get a free term life insurance quote today.
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