Buy Life Insurance for Diabetics. Type 1 and 2.
There are five things you MUST know before you try to buy life insurance as a diabetic.
Especially if you don’t want to get declined.
When you purchase life insurance, there is something called underwriting. Every policy requires you to go through an underwriting process and every carrier has different guidelines that you have to meet to justify the price offered.
If you’re worried that you don’t know these 5 things, don’t. We know exactly what guidelines you need to meet, the best carriers for diabetics, and how to get you the absolute best price and coverage available.
And we will explain everything in this blog.
What is Diabetes
Diabetes Mellitus is a health condition that is characterized by abnormal sugar metabolism, which can in turn cause high blood sugar.
There are two types of this condition
Type 1 Diabetes
With Type 1 Diabetes, your body does not manufacture insulin. This condition usually comes on when you’re still a child, which is why it is often referred to as “juvenile diabetes.”
Type 2 Diabetes
With Type 2 diabetes – which is far more common than Type 1 – the body can still make insulin, but not very well. This can cause your blood sugar to remain higher than normal.
If not properly treated through diet, medication, or both, this condition can lead to other significant health issues, such as kidney problems, blindness, heart attack, or stroke.
So, when it comes to life insurance diabetics can often have trouble getting approved for a policy. On the other hand, if a diabetic is approved for a policy, it could come at a high premium price.
What Underwriters Want to Know
There are several criteria that underwriters will want to know when applying for a high risk life policy, especially when trying to get life insurance with diabetes.
These factors will help the company to determine whether or not you are eligible for coverage, and if so, how much to charge for it. These criteria will usually include:
- Your age when you were diagnosed
- What type of diabetes you have (Type 1 or Type 2)
- How many years have passed since you were initially diagnosed
- How you are controlling your condition (exercise, diet, medication, etc.)
- Whether you have any other health issues related to diabetes (such as neuropathy/nerve damage, cardiovascular disease, retinopathy/eye damage, etc.)
Other factors are also considered when applying
- Height and weight
- Type and amount of coverage being applied for
It could be that you get an approval for coverage, but are charged a higher “table” rate. This is a type of “point” system that is used by insurance carriers that can increase your premium by a certain percentage as compared to someone who does not have diabetes.
How to get Approved
While it may take a bit more time and effort to find the right life insurance, diabetics can still oftentimes find the coverage that is needed especially if you can show that it is well controlled.
Many carriers offer coverage to diabetics, either through a fully underwritten policy, or a guaranteed issue plan where you’re approved – with no health questions asked.
It is also important that you know what different insurers are charging, because different insurers may charge different premium amounts – even for the very same type and amount of coverage. Finding quotes can be frustrating and time-consuming.
That’s where having an experienced agent on your side can help.
In addition, not all insurers underwrite their applications in the exact same way. This means that you may have a better chance of getting approval with one company versus another.
There are some health issues that could cause you to be declined for life insurance if you have diabetes. These conditions can include:
- Elevated cholesterol
- High blood sugar or glucose levels
- Elevated liver function
- Blood or protein in the urine (which is a sign of possible kidney disease)
In some cases, the medications you are taking could also have an impact on whether or not you are approved for life insurance as a diabetic. Some of these medicines can include the following:
- Certain types of painkillers, such as Percocet, Oxycotin, Norco, Morphine, Dilaudid, Lortab, Endocet, Hydrocodone, and Fenanyl
- Some muscle relaxants, including Valium, Chloroxazone, Soma, Dantrolene, and Baclofen
- Drugs that have potential for abuse and/or may cause opioid overdose such as Methadone, OxyContin, and Vicodin
How to Get Declined
There are also some scenarios where an applicant may be denied for coverage because they did not take their prescribed medications. For example, if you’ve been prescribed medication that can help to control your diabetes – but you have not been taking it – it could cause your condition to worsen, and in turn, a risk that the insurance company does not want to take on.
Believe it or not, there are some other factors that could also contribute to a denial for life insurance, too – with or without having diabetes. These factors could include a negative motor vehicle report (such as excessive tickets, numerous accidents, or DUIs).
Even if you have been declined in the past, an Insurance Geek can help you get a second opinion – and when you work with us, we can forward your information to 40 carriers, without you having to spend time doing it yourself.
So, it’s important to keep in mind that if you are denied coverage from one carrier, it doesn’t necessarily mean that you will be denied by another.
Working with a life agent who has access to multiple carriers – and who knows which carriers are more apt to approve diabetics – could provide you with a more favorable outcome.
Best Companies for Diabetics
If your diabetes is well controlled (A1c under 7) and your have no history of hospitalization nor complications from your condition all carriers can be considered.
If your A1c levels are higher and you may have multiple conditions there is one carrier who stands out above the rest and that is Prudential.
You can see some of the case studies below from some of the applications we have placed and some that have been declined.
How Much Will it Cost
At Insurance Geek, we’ve helped thousands of people secure coverage – even with health conditions like diabetes
Get life insurance for diabetics can be difficult if you don’t know what you are doing. The good news is that you don’t have to do all of the legwork yourself. It can just take a bit of research, but if you follow these the steps in this article you should be able to secure the coverage you need.
Working with an independent agent like us, you’ll have access to all of the best carriers all in one place. We work with more than 40 highly rated life insurance companies, and we know which ones are more apt to approve coverage for diabetics.
With just a few clicks, you can obtain the information you need about coverage and quotes. We’ll help you find the right policy at the right price, based on your situation. So, don’t waste time making endless calls and searching the Internet for hours, when all you have to do is come to Insurance Geek.
We can also guide you through the entire application process so that you’re never in the dark about any additional information that is needed, and which company may offer coverage to fit your needs and your budget.
We make it easy for you to get coverage.