Life insurance is a valuable asset, protecting you and your family in the event of an unfortunate event. But what if you have diabetes? Do you have the coverage you need? Life with diabetes can be challenging, and you may be diagnosed at a younger age than most. This can lead to less time to prepare for the disease and a need for life insurance coverage that takes your condition into consideration.
With a life insurance policy, you can rest assured that your family will be protected in the event of an unfortunate event. But how do you find the best life insurance coverage for people with diabetes? Well, we’re here to help! In the following sections, we’ll discuss the various life insurance options available to people with diabetes, as well as how these options can help you protect your family.
Table of Contents
- Can I Get Life Insurance If I Have Diabetes?
- Can Diabetes Diagnosis Affect Life Insurance?
- Life Insurance for Diabetes Type-1
- Life Insurance for Diabetes Type 2
- Factors That Affect Life Insurance for Diabetics
- How To Find Affordable Life Insurance for Diabetics?
Can I Get Life Insurance If I Have Diabetes?
Nearly 422 million live with diabetes around the world; however, most of these individuals are unaware of their coverage options and don’t have life insurance in place. And though you may think you can’t get a policy if you have a pre-existing condition like diabetes, you’d be surprised.
In fact, there are 100’s of companies that sell policies to people with diabetes–so finding one that works for you is definitely possible! From term life to permanent life to whole life and more, you are in control of what type of policy will work best for your specific needs. We’ll discuss each option below so you can choose which is right for you.
Can Diabetes Diagnosis Affect Life Insurance?
If you have diabetes, it’s important to know that your insurance provider may not completely understand your coverage needs. Although they may offer a policy with reduced benefits, don’t settle for anything less than what you need. Also, keep in mind that once you’ve been diagnosed with diabetes, insurers will consider you at risk of future health problems and may raise your premiums as a result.
And if an insurer rejects your request because of these potential complications, we’re here to tell you that you still have options! No medical exam life insurance (also known as guaranteed issue policies) can provide you with similar coverage to fully underwritten policies.
Life Insurance for Diabetes Type-1
You may have type 1 diabetes, which is also known as juvenile or insulin-dependent diabetes. The disease can be particularly difficult to manage—particularly at first when you’re learning how your body responds to different foods and activities. One thing to note is that life insurance for type 1 diabetes will be more expensive. Your health profile will be table rated by underwriters.
Having a policy in place early on is imperative; after all, unexpected medical expenses can be costly and even lead to family hardship if you don’t have insurance coverage. With a life insurance for diabetics policy in place, you’ll have peace of mind knowing that your family will still be provided for if anything were to happen unexpectedly.
Life Insurance for Diabetes Type 2
Being the most prominent and common form of diabetes, type 2 diabetes isn’t as manageable as type 1. With type 2, you’re at risk of developing chronic conditions like heart disease and stroke later in life. This is why it’s so important to be insured before you develop any complications; with a policy in place, your family will have peace of mind knowing that they will still be provided for if anything were to happen unexpectedly.
For most people with type 2 diabetes, your life insurance premiums will be lower compared to a type 1 individual. Additionally, you may want to consider whole life insurance over the term—it’s permanent coverage that can help protect your family financially in case the worst happens.
Factors That Affect Life Insurance for Diabetics
There are several factors that can affect whether you can get coverage for a life insurance policy—no matter your health status.
1. When you find out that you have diabetics
As you’re searching for an option, keep in mind that premiums may be higher if you’ve had diabetes longer. In fact, some insurance providers offer drastically different coverage options depending on how long you’ve had it and your health status. In most cases, you can still find a favorable rate as long as there is no history of complications.
2. Your age and weight
Younger adults tend to receive better coverage because they’re less likely to develop complications later in life; likewise, being overweight or obese will affect your ability to get coverage—not just with respect to diabetes but also overall!
3. Treatment and health status
You’ll also be able to receive coverage if you’re able to manage your diabetes without a lot of help from medical professionals; in fact, some insurance providers won’t consider you as a good risk if you use insulin or other medications on a regular basis.
How To Find Affordable Life Insurance for Diabetics?
When you’re searching for coverage, don’t settle for anything less than what you need. You may have an insurance provider that offers a policy with reduced benefits or higher premiums—but there are still options that can help provide you with adequate protection.
Start by getting quotes from multiple providers and compare their features; it may even be worth considering how you intend to use your coverage in addition to how much it will cost! Here are some proven ways to find an affordable policy with diabetes.
1. Contact agencies online
Don’t ALWAYS rely on big-name insurance companies; they’ll often offer top-dollar policies but at inflated rates because of where they’re based (in other words, it’s usually not where you live). Take your time researching specialty groups like Diabetes Life Solutions, as many times these organizations will offer lower rates than national companies but provide just as great of service!
2. Live a Healthy Lifestyle
Yes, your lifestyle choices will have an impact on how much coverage you can receive! It’s important to eat well and exercise regularly; not only does it make managing diabetes easier, but it makes living with it day-to-day much more manageable as well. This may help reduce premiums or eliminate certain pre-existing conditions altogether! Remember that there is no single way of living with diabetes—your health is unique, and so should be your insurance policy!
As you can see, finding life insurance for diabetics doesn’t have to be a struggle. By taking advantage of online resources and getting quotes from different providers, you’ll find a solution that’s affordable and still offers comprehensive coverage. Of course, it’s important to remember that as much as you’d like a policy, there’s always room for improvement!
Also read: 5 Importance of Insurance in Your Daily Life