Life Insurance for Diabetics

If you are diabetic and you are looking to purchase life insurance, you may be wondering how you can go about it and what your chances of getting coverage are. Unfortunately, there is no single answer for everyone. Life insurance coverage and pricing depend on a variety of factors such as your age, gender, current health condition, family medical history and how you keep your diabetes in check. While there is no set way to find insurance, you can better your chances by controlling your diabetes through a healthy lifestyle.

Why is Insurance Unaffordable?

Life insurance companies base their premiums on the current condition of your health. While some do not provide insurance if you currently have a chronic health condition such as diabetes, other insurance companies specialize in it. Make sure you are doing your research when comparing companies.

How to Find Coverage

The first thing you must consider is how you control your diabetes. If you lead a generally healthy and active lifestyle, good management of your blood glucose levels, have a lower hemoglobin A1C level and do not have any serious complications resulting from diabetes such as heart disease, retinopathy or neuropathy, chances are your premiums will be more affordable. Typical rating classes (from cheapest to most expensive) include preferred plus, preferred, standard and substandard.

Insurance companies will give you the best rates if your A1C level is below 6 and standard rates if your level is between 6 and 7. When your level starts climbing into the double digits is when it becomes apparent that you have poor control over your diabetes.

Types of Diabetes

Type 1 diabetics will have a difficult time finding traditional life insurance because they are more likely to suffer from disease brought on by living with diabetes for so long. These individuals typically fall into the “high substandard” rating class.

Type 2 diabetes, while once rare in young people, is becoming more and more common due to obesity and poor diets. If you can prove that you’re in control of your Type 2 diabetes, you will likely end up in a standard rating class, or perhaps something better, depending on the insurance company. These individuals generally fall between the standard and preferred, or standard plus, rating class.

What You Can Do

To save time, energy and headaches, find a good insurance agent with experience in helping “impaired risk” individuals find coverage. They are knowledgeable and can tell you exactly which companies will insure diabetic individuals and which ones will not.

If you are not able to find a licensed life insurance agent, research insurance companies that use “clinical underwriting” in their application process. Clinical underwriting focuses on the insured individual’s entire health and does not zero in on one particular health condition.

While there’s no guarantee that you will find coverage that you need, monitoring your health and your lifestyle while doing proper research can greatly increase your chances of finding life insurance coverage that works for both you and your wallet.

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