Alternative Life Insurance Options For People With Type 2 Diabetes
As long as your type 2 diabetes is well-controlled with treatment and medication, you should qualify for a term life insurance policy, just at higher rates than someone with a similar background who doesnt have diabetes. In rare cases, you can be denied coverage if your symptoms are severe.
If your application is , you may be able to get coverage through:
Group life insurance:You can qualify for employer-sponsored life insurance without sharing any health information. But, coverage amounts are low and you usually cant keep the policy if you change jobs.
Guaranteed issue life insurance: Offers near-certain approval, but benefits max out around $25,000 and premiums are high.
Simplified issue life insurance: Has slightly lower premiums than guaranteed issue, but may decline applicants who have terminal or severe medical conditions. Benefits go up to $50,000.
Having type 2 diabetes affects how much you pay for life insurance, but its still possible to find the coverage you need at a competitive price. Work with an independent agent or broker to compare rates across multiple insurance companies.
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Can You Get Life Insurance If You Have Diabetes
Yes, you can get life insurance if you have diabetes. As with other medical conditions, insurance companies will take a look at your diagnosis, the components of your treatment plan, and how long youve been managing your condition to determine your rates.
In most cases youll also need to take a medical exam, which is a common requirement of the life insurance application process.
Insurers tend to view type 2 diabetes as less of a health risk than type 1 diabetes because it develops later in life and can often be managed with diet, exercise, and sometimes medication, while type 1 diabetes requires lifelong insulin therapy. As a result, you may have less expensive rates with type 2 than type 1.
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Is The Medication/treatment Working
One of the most important things which the insurer will want to know is whether or not the treatment or medication that youre taking for diabetes is working or not. If youve got the diabetes in check, it is viewed favourably. Insurers will determine that by asking for your A1c level , your fasting blood glucose level . These two determinants, along with the age at which you were diagnosed, are some of the most important factors influencing the approval or rejection of your life insurance application.
Life Insurance For People W/ Type 2 Diabetes
People with Type 2 diabetes account for 90 to 95 percent of all diagnosed cases according to the U.S. Center for Disease Control. Type 2 diabetics can be treated by adjustments to diet and exercise, oral medications or insulin therapy, and insurers tend to focus on how well they are responding to their treatments.
If a Type 2 diabetic was:
- Diagnosed after age 50
- Treated by diet or oral medication
- Has excellent compliance & blood sugar control with no complications and
- No co-morbid factors related illnesses such as, hyperlipidemia, obesity, smoking, alcohol excess, family history of medical issues.
They will likely fall in a standard rating class for life insurance pricing. If it was diagnosed between age 40 and 50 there could be a modest rating.
Here is a table that summarizes how Life insurance underwriters rate people with Diabetes it is all about control and compliance.
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What Are The Ratings
Ratings affect how much you pay for your premiums. You can have a better chance of getting a lower premium and closer to standard rates if you have:
- Consistently normal blood sugar
- Lower than average blood pressure
- Lower than average cholesterol
Your premiums will increase and lower your chances of being approved for life insurance if your health and diabetes is not managed well. Most common things that will affect your chances of being approved are:
- Diabetic complications
Ratings range and vary from company to company, from 150% to sometimes 200%. Many insurance companies will decline a client because they deem a client to be too risky to insure.
Other Life Insurance Options If You Are Denied Coverage
If your diabetes diagnosis keeps you from getting traditional life insurance at an affordable price, there are other ways to get the financial protection you need.
Final expense insurance: This type of policy, also known as burial insurance, can be used as a last resort to pay outstanding loans or funeral costs. Though it offers low coverage amounts and can be very expensive, most people with serious health conditions are eligible for final expense insurance.
Guaranteed issue life insurance: This is a type of final expense insurance that offers near-certain approval and doesnt require a medical exam or medical questionnaire to apply. The coverage benefits max out around $25,000 and premiums are high.
Simplified issue life insurance: This is another type of final expense coverage that doesnt require a medical exam, but you will have to answer a medical questionnaire during the application process. It has slightly lower premiums than guaranteed issue, but may decline applicants who have serious or life-limiting medical conditions. Benefits go up to $50,000.
Group life insurance: Employers offer group life insurance for free at a subsidized rate, and employees with health conditions cannot be excluded from getting coverage. Coverage amounts are generally low, and you lose the policy if you leave your job.
How Does Alcohol Affect The Diabetic Body
- The alcohol goes from your stomach into your bloodstream.
- The liver begins to break the alcohol down.
- Alcohol builds up when you drink faster than your liver works. As your blood alcohol rises, your liver works harder.
- If your blood sugar drops from extra activity like dancing or from lack of food, the pancreas makes a hormone called glucagon which triggers the liver to make more sugar. However, if the liver is too busy breaking down alcohol, it wont react to the glucagon.
- Symptoms of low blood sugar look a lot like drunkenness you might not even notice that your blood sugar is low.
- If your blood sugar drops too much, you can lose consciousness.
Know Your Current A1c
When applying for Type 2 diabetic life insurance, the life insurance company may require you to consent to a blood/urine test. These current readings will help the Underwriter access your current health status.
Why do companies do this? Simple. An A1C reading is one of the tests that an insurance company will review, to determine how well your Diabetes is being controlled. For certain life insurance companies, if your A1C isnt 7.5 or below, your rates will be higher. This is disappointing, as not everyone can get their A1C level at a 7.5 or below reading.
Dont get discouraged though, as we know multiple companies that will actually be more concerned about your complete health profile, compared to an A1C reading. This is where we help Type 2 Diabetics find the best life insurance company and policy, based off their health. For a person like yourself, it may simply be a smarter decision to apply to a certain company, based on your current A1C reading. Or maybe youd be a better fit for a non medical exam life insurance for diabetics policy. There are countless providers who may offer $1 million or more of coverage without you doing a paramedical examination.
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What Is The Easiest Policy Type To Get If You Have Diabetes
A guaranteed-issue life insurance policy is typically the easiest type to get approval for if you have diabetes. This type of life insurance doesnt include health questions on the application, and you wont be required to complete a medical exam. However, a guaranteed-issue life insurance policy is usually the most expensive policy you can buy.
What Is Life Insurance
Life insurance is a payout that designated beneficiaries receive in the event of the policyholders death. This money could cover final expenses , family care or it could be left to charity. Life insurance is usually divided into permanent life insurance policies or term life insurance policies.
Getting good health and life insurance policies is a common challenge for people who have pre-existing health issues. Insurers often charge people with pre-existing conditions higher premiums or they may refuse to issue life insurance at all. This is because of the level of risk and potential expense. These eligibility factors are not classified as discrimination since they are backed by scientific statistics.
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Life Insurance For Diabetics Type 2
If you already have a life insurance policy, but have since been diagnosed with type 2 diabetes, then your policy should still apply. However, if you need to renew your policy you will need to declare your new condition, which is likely to result in higher premiums.
Check your policy terms to ensure that in the event you develop any new condition, such as type 2 diabetes, you will still be covered. However, it is more likely that your pre-existing life insurance policy will cover it.
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+ Control Of Your Diabetes
People with Type 2 Diabetes, oftentimes have varying degrees of control. This includes your A1C reading, complications of Diabetes and Glucose levels. Like weve mentioned previously, all life insurance carriers will look at your control differently.
If you dont have any significant health issues, and your A1C is ideal, youll have no issues getting approved by the majority of companies. However, if your A1C is trending high, your options could be limited. One misconception that Type 2 Diabetics have is that your A1C has to be 7.0 or lower, to qualify for the best rates. This is not true. Companies that we work with look at your entire health profile. If you have an A1C up to lets say 8.5, you could still qualify for Standard rates with certain diabetic life insurance carriers.
People who have forms of Diabetes complications will have a little trickier time finding coverage. Not all companies will accept the best life insurance for type 2 diabetics coverage if they have complications stemming from the Diabetes. Most likely, youll still have options. Simply visit with one of our agents, share your health profile, and well be able to provide some real and accurate information. Depending on the severity of your diabetes complication, you may even be eligible for no medical exam policies.
What Are The Risks To Insurance Companies For Type Ii Diabetes
Individuals that have type 2 diabetes are still able to produce some insulin. The problem is it may not be enough to sustain the body in a normal manner. In other cases, it can happen where the body is unable to identify the insulin and use it the way it should. In general, type II diabetes is not considered as serious as type 1, but it still is serious. It can change to type I diabetes if not attended to. The one factor about type II diabetes is that there are a lot of steps that are available to help correct it. For the insurance companies, this again creates a risk for them. It may not be as risky as what type I diabetes is. There is a possibility that it can turn to type I. The insurance companies are going to put a great deal of emphasis on it.
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What Types Of Life Insurance Are Available For Diabetics
There is no specific type of life insurance that is better for or more widely available to people with diabetes. Generally, diabetics can get the same types of life insurance coverage as those who do not have this condition.
However, people with diabetes will probably pay more for life insurance. You may also not be able to buy the same amount of life insurance. If your life insurance requires a medical exam, the results could also affect how much insurance you can buy. Poor medical exam results could mean a company will cap how much coverage they are willing to provide.
What Do Life Insurance Companies Consider When You’re Applying With Diabetes
The cost of life insurance varies depending on your age, your lifestyle, how much life insurance coverage youre getting, and your health. If you have diabetes, the insurance company will want to know more details about your diagnosis, including blood sugar levels, any medications youre taking, and how long youve been in treatment.
Insurers will look closely at the following factors when setting your rates:
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Do You Need To Tell Your Insurer About Your Diabetes
Yes, if youve been diagnosed with diabetes you should tell the insurer when you apply. This counts for Type 1 and Type 2 diabetes. If your insurer were to find out you hadnt informed them about your diabetes, the policy could be cancelled.
If you passed away and your loved ones made a claim, the insurer would ask your GP for your medical records. If they showed you had diabetes but hadnt disclosed it, the insurer would refuse to payout. That might put your loved ones in a very difficult financial situation.
Term Life Insurance Vs Permanent Life Insurance
If you have diabetes you typically have the choice between permanent life insurance or term life insurance. Permanent life insurance gives you coverage for your entire lifetime and your premium is locked in at this rate. Term life insurance provides coverage for the duration of the term and once it expires you can renew the term to continue receiving coverage. Renewing your coverage will likely increase your premiums, since life insurance providers will consider your age and any new health issues.
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How Much Do Life Insurance Policies Cost For People With Diabetes
People with diabetes can expect to pay more for life insurance than average. The age at which you were diagnosed, whether you have Type 1 or Type 2 diabetes, your treatment plan and how well your diabetes is managed will determine your rating class. If you have other health conditions, it can be challenging to get approval for life insurance.
The amount youll pay above average rates depends on your age, the type of life insurance you apply for and how much coverage you need. Each company looks at diabetes differently, so you should get several quotes to determine which life insurance company is best for you.
How Does Diabetes Affect Life Insurance
When you apply for a life insurance policy with diabetes, your provider will want to know a few more details about your condition. These include:
- What kind of diabetes you have
- How long youve had the condition
- What medications youre taking
- Your Hba1c levels
- Your BMI, and your smoking and drinking habits
Your insurer is likely to ask for your medical records, which you can get from your GP, and theyll probably also ask you to complete a full medical check-up, so they can get a better idea of your overall health.
Its possible that some insurers might not be willing to give you a quote if you have diabetes but the market is always expanding, and you should still be able to find a deal, even if it is a little pricier.
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Type 2 Diabetes And Life Insurance Protection
Life insurance is one of the most important investments that youll ever make for your loved ones. Its important that they have the insurance protection that they need. If something were to happen to you, and you didnt have life insurance, your loved ones would be stuck in a giant hole of debt and no way to get out of it.
The best way to get an affordable life insurance plan is to work with an independent insurance agent, like ours. Unlike a traditional insurance agent, we dont work with one single company. Instead, we represent dozens of quality insurance companies across the nation. We can bring all of the best insurance rates directly to you.
Each insurance company is going to look at your diabetes diagnosis differently, which means that you could get drastically different rates depending on which company that you choose. Comparing quotes from dozens of companies is the only way that you can ensure that youre getting the best rates for your life insurance plan.
If you have any questions about getting life insurance as a type 2 diabetic, please contact one of our agents today. We would be happy to answer those questions and ensure that youre getting the best plan for your family. Our agents have years of experience working with diabetic applicants, and we can bring all of the best plans directly to you.