How Will Diabetes Affect My Ability To Get Life Insurance
Speciality insurance usually requires a medical exam, whereas many age-specific or group-term life insurance policies will not. In addition, because it is a medical condition, the premiums may end up being higher than insurance for a particular age group, but at least coverage is available.
However, the news is not bad here. Some insurance companies underwriting diabetes life insurance are sceptical about certain conditions because the insureds lack of management could accelerate the condition or cause a medical incident. In this case, the insured could go into a sugar coma or have a seizure.
Many diabetes-related complications can significantly impact your quality of life and life span. You are at risk for foot problems, kidney problems, and additional cardiovascular risks, to name a few.
It is for this very reason that health insurance providers push maintenance for conditions such as this. A strong history of properly managing diabetes will go a long way in securing diabetes life cover with an affordable premium.
In most cases, life insurance companies will expect to see proof of proper management and statements or some type of medical records from doctors to prove it.
What Riders Should You Explore
The riders offered on life insurance policies vary by company and policy type. You should explore all rider options but pay particular attention to living benefits.
These benefits, also called accelerated benefit riders, allow you to withdraw money from the death benefit while youre still alive. If you are diagnosed with a chronic, critical or terminal illness, you can access the death benefit and use the money in any way you choose.
A guaranteed-insurability rider is another option to consider. This rider lets you buy more life insurance at specific ages or life events, like getting married or having a baby. Your health isnt a factor, so you can increase your insurance even if your health has worsened since you took out the life insurance policy.
The waiver of premium for disability is another valuable rider. With this rider, your life insurance policy premiums are paid once you meet the qualifying criteria, usually a waiting period. If you become disabled, this rider can prevent you from lapsing your life insurance if you cant afford the premiums.
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Also, youd have several options for non medical exam policies. Many companies would be able to approve you in a matter of days. Life insurance rates would be slightly higher. To see what options youd qualify for, simply reach out to us, and speak with an agent.
Type 2 Diabetes Life Insurance Taking Oral or Insulin Medication
In a perfect world, life insurance companies would prefer you to control your Type 2 Diabetes with your diet and exercise regimen. However, this isnt always the case. Life insurance with type 2 diabetes is still usually pretty easy to obtain.
Certain life insurance companies will reward Type 2 Diabetics with better rates, if your Diabetes is controlled using this method. On the other hand, other life insurance companies will not rate you higher if youre Type 2 Diabetes is controlled with Oral medication, insulin, or maybe a combination of the two. Many companies understand that you can maintain a healthy lifestyle, while having type 2 diabetes.
When working with Diabetes365, well let you know which life insurance companies wont rate you higher for the use of diabetes medications. Well make sure to recommend the companies that will underwrite your health profile the most competitively. At the end of the day, companies want to make sure that your type 2 diabetes is well controlled. If that requires medication, then so be it.
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How Your Diabetes Type Affects Your Life Insurance
If you have diabetes, you can buy life insurance. However, your coverage selections may be limited, and a policy will almost certainly cost more because insurers will view you as a higher risk. The type of diabetes you have, along with other health problems, will have a considerable impact on how life insurance companies analyze your application. This is because each form of diabetes impacts your health differently.
Why Might I Be Declined For Life Insurance
Sometimes, there are circumstances where were unable to provide life insurance for diabetics for example, we cannot help all smokers or customers with additional cardiovascular risks, such as angina, heart attack or stroke. In some circumstances, we may need more information from your GP for example, if you have diabetes and youre currently pregnant, or if the results of your HbA1c test suggest high blood sugar levels.
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Why Is Life Insurance More Expensive For People With Diabetes
Life insurance is more expensive for people with diabetes because they are riskier to insure. Because diabetes has an impact on life expectancy, it means that insurance companies are more likely to pay out to clients who have this disease. This translates into higher monthly premiums.
In essence, diabetics pay more for coverage because thereâs a higher chance the insurance company will need to pay a death benefit. Low-risk clients who are young and in good health pay lower premiums because theyâre less likely to pass away.
How To Get Life Insurance As A Diabetic
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People with Type 1 or Type 2 diabetes can get life insurance coverage, though the policies you’ll qualify for and the ease of the process will depend on your type of diabetes, the age you were diagnosed and how it’s controlled.
Someone diagnosed at a later age with Type 2 diabetes who is able to control it strictly with diet and exercise will likely qualify for the best life insurance rates. If you’re insulin-dependent or have experienced any complications due to diabetes, you can still get life insurance, but your coverage options may be more limited.
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Life Insurance For Diabetics
You may have thought that getting life insurance with diabetes was impossible or too expensive to afford.
The fact is that several life insurance companies specialize in diabetes underwriting, and the best company for you will depend on:
- The type of diabetes you have
- Your age when diagnosed & the duration of time youve had diabetes
- Diabetic control history how well do you control your diabetes?
- Compliance Do you meet with your endocrinologist regularly?
- Medications and dosages What do you take, how much, and how often?
- Diabetes complications Neuropathy, retinopathy, insulin shock, coma.
- Other health issues especially heart and kidney-related conditions.
Now, you may have to pay more than someone without a high-risk medical condition, but thats where we can help you.
We specialize in life insurance underwriting and know how to get you approved no matter what type of endocrine history you have.
Does Life Insurance Cover Diabetes
Standard life insurance will not exclude diabetes. If you die because of diabetes or anything connected to it, such as cardiovascular problems then you should receive a payout.
Note: you should make sure that you disclose your medical history when you apply for life cover or you might not be covered in the future. Failing to disclose information that can impact your premium is called non-disclosure and it can be a major issue.
If you take out life insurance and then you get diagnosed with diabetes after your coverage is already in place then you will be covered. You dont need to let your insurer know about medical conditions that you get diagnosed with after you take a policy.
There are some types of guaranteed life insurance products that may exclude anything you already suffer from. If you are not looking for this type of life coverage then please beware and make sure that you check your documents or ask your adviser.
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What Is Diabetes Safe Policy By Star Health
The Diabetes Safe Policy by Star Health is a specialized and unique healthcare policy for diabetic individuals. It provides coverage against complications due to Diabetes in addition to regular hospitalization, outpatient care and personal accident cover.
Why is managing diabetes so expensive?
Managing diabetes can be expensive due to regular doctors visits, medications, and sugar monitoring. Even a slight delay in taking medicine can lead to hospitalization, which may lead to high treatment costs.
Possible Complications For Diabetic And Life Insurance Companies
As stated above, managing the condition will play a major role in insurance companies accepting the risk of taking on a diabetic client. Those already in bad health or showing a lack of history regarding the proper management of the condition are less likely to find a company willing to cover them for life insurance, be it term or whole of life.
Proper documentation will be key in finding a life insurance provider to approve diabetes life insurance coverage. As the client, you must take special care and be prepared before applying to a potential provider.
A team of life insurance experts can help you with this and review documentation before applying to ensure you have all relevant and needed documents.
Not having proper documentation is not a situation in which you would like to find yourself. If the company declines the application due to a lack of documentation, the next company will likely see that you were turned down for insurance because of your condition.
Why this happened is not necessarily of interest to them. What is important is that another provider has already deemed you uncoverable.
It should also be noted that you could expect diabetes life insurance premiums to be higher because of this condition. Even with proper management of diabetes, the insurance company is still taking a larger risk covering someone with diabetes than someone in perfect health. The risk will be reflected in the final cost of the policy.
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Term Life Insurance Vs Whole Life
Knowing whether you want to find a term or whole life policy is as simple as understanding what your financial goal is.
If you want a policy that will simply protect your family financially during parts of life that are the most expensive, such as child rearing or sending them to college, term might be the better option. It will guarantee a stated death benefit for a specified period of time.
Whole life, or permanent insurance will actually build a cash value over time that can be borrowed against or saved for retirement. Both will require some medical scrutiny, so be prepared to show that you are keeping your diabetes under control.
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How Risk Categories Determine Rates
Insurance companies need to feel reassured you will stay healthy and live long enough that they get all the funds through premiums needed to pay the death benefit and make a few dollars.
They would quickly find themselves out of business if they did not take health risk factors into account when giving a policy rate quote.
Each company uses a different standard, but there are some basics that can help show you what to expect in costs:
- Premium preferredexcellent health record, young and involved in no extreme activities and sports. Best Rates
- PremiumExcellent health, young adult to mid-fifties with no serious health history. Good Rates
- StandardGood health, any known conditions are controlled with medications. Average High Rates
- TobaccoBad to poor health history, but nothing death-defying. Unstable health history, cigarette smoker or history of treatment for drug/alcohol abuse. High Rates
- UninsurableBad health history and history of not taking care of medical problems until they are complicated and expensive. Involved in extreme sports, activities and lifestyle. Refused Policy
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John Hancocks Aspire Program Is Designed With Diabetics In Mind
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Life insurance eligibility is largely based on your current health and past medical history. If you are living with type 1 or type 2 diabetes, you might assume that youre ineligible for life insurance or that your premium will be too expensive to afford. However, people whose diabetes is well-managed can usually qualify for life insurance and find a rate that fits their budget.
If youre shopping for life insurance as a diabetic, choosing the right provider is important. The best life insurance companies for diabetics offer affordable rates, multiple policy options, and living benefit riders. See which life insurance companies we recommend for people living with type 1 and type 2 diabetes.
Does Critical Illness Cover Payout For Diabetes
Some critical illness cover policies will payout after the diagnosis of certain types of diabetes. Not all critical illness cover policies cover this so you will need to check to see whether your policy includes diabetes.
The types of diabetes that are covered by critical illness cover are:
- Insulin dependant diabetes mellitus
- Diabetes insipidus
Often this will be a partial payout so you would receive a percentage of your overall cover amount.
A critical illness cover payout for diabetes can help to pay for:
- Lost income if unable to work for a period of time
- Treatment or medication
- Bills and other outgoings
Critical illness cover is designed to ease the financial burden after diagnosis of a serious illness to make sure that you can continue to live your normal lifestyle.
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Whole Of Life Insurance Cover For Diabetics
Whole of life insurance cover is also available to those with pre-existing medical conditions, including diabetes. There is one major benefit of taking out a whole of life insurance policy when you have a diabetic condition. In the case of death, the policy is guaranteed to pay out to your loved ones. Due to the guarantee, this type of insurance tends to have higher premiums attached.
There are many benefits to whole of life cover if you suffer from diabetes. We would recommend that you speak to one of our expert advisors. They can discuss this with you further if you are considering a whole of life policy. We can help you compare costs and find the best policy for your needs.
Life Insurance For Type 2 Diabetes
Getting life insurance for Type 2 diabetes is possible but it might cost more. Premiums might be higher, depending on the severity of your condition.
If youre applying for life insurance with Type 2 diabetes, the insurer may ask you to undergo a medical examination. They could also ask for recent blood glucose readings and about your BMI. Following this, they might ask for more information from your GP.
If you can show the insurer youre making efforts to control your diabetes, they may take this into account. Things you can do include following special diets and exercising. Stopping smoking and reducing alcohol consumption might also reduce your premiums.
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What Is The Application Process For Someone With Diabetes
*If you can get a copy of your latest consultant report, we may be able to avoid the need for a medical report from your GP.
Questions Insurers Might Ask About Your Diabetes
If you have diabetes, applying for life cover can be stressful, and going through a medical exam or taking a medical questionnaire might have you worried.
Remember that life insurance companies wont reject your application just because you have diabetes. They look at a range of factors before deciding to cover a person.
In general, the questions asked will be related to your medical condition and its important that you answer them truthfully. Here are some questions you can expect in a medical exam if you apply for life insurance.
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Can People With Type 2 Diabetes Buy A Life Insurance Policy
Yes, people with Type 2 diabetes can buy a life insurance policy. Life insurance companies look at various factors to determine how much youll pay for life insurance for Type 2 diabetes. Your age at onset, how well its controlled and the treatment plan in place are key factors used to determine eligibility and pricing.
Does Life Insurance Cover Type 2 Diabetes
Type 2 diabetes diagnosis does not exclude a person from getting coverage, but it can increase the price of it due to it being a pre-existing condition. It can cover essential living expenses if you pass away. However, it varies between companies.
In most cases, whether you qualify for insurance will be determined based on your age when you were diagnosed, whether you are living a healthy lifestyle, and how well you manage the illness.
The group with a higher chance of getting their life insurance application accepted are those who can control their serious illness with healthy living, meaning they regularly exercise and stick to a strict diet.
Those people can also count on lower life insurance premiums compared to those who experience some health complications due to diabetes.
Please contact us today, and we will gladly offer you no-obligation assistance. Compare the leading life insurance companies and get all the relevant information from diabetes life insurance experts. Find the best insurance provider for you.
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