Historically, diabetics have struggled to obtain life insurance. Because diabetes is considered one of the highest medical risks to insure, some insurance companies have been known to deny or postpone diabetics’ applications. That means that 34.2 million Americans may be questioning whether they can protect their families with adequate life insurance coverage.

At Doeren Mayhew Insurance Group, we’re here to let you know that you have options. We take a client-first approach to providing customized insurance solutions to individuals and businesses. No matter what your health history or long-term financial goals are, we provide specialized guidance in ensuring you have the right insurance coverage. 

We know life comes with surprises, so it’s important to have the security of knowing your life insurance policy will help cover essential needs. These may include replacing income, paying off outstanding debt, and leaving an inheritance for your loved ones. If you are diabetic and want the same peace of mind about your family’s financial future, read on for important information on life insurance for diabetics.

Access to Life Insurance for Diabetics

Good News

Securing life insurance with diabetes has become easier in just the last 12 months. Recent changes to underwriting guidelines and rating standards may enable individuals in the diabetic community to access affordable rates.

Bad News

The bad news is that there are still plenty of insurance companies that make it tough to secure affordable life insurance for diabetics.

The Key

The trick is to find the right agents. They’ll be less interested in your status as a diabetic and more interested in how well you manage your condition.

Best Life Insurance Companies for Diabetics

Insurance companies review your health profile to determine your eligibility and premium costs. While factors such as age, length of condition, and comorbidities may impact your access and rates, we found several carriers — such as those listed below — that have designed policy inclusions and exclusions based on their deep understanding of the disease. 

These carriers have diabetic-specific underwriting processes that help reward healthy life choices, such as exercise, smoking cessation, and a wholesome diet. This allows them to offer their customers affordable rates and diabetic wellness tools.

Life Insurance Health Questionnaire 

Even though it may now be easier for diabetics to secure life insurance at reasonable rates, underwriters still have concerns that need to be addressed before confirming eligibility. If you are applying for life insurance with diabetes, you should be prepared to answer the following questions:

  • When were you diagnosed, and at what age?
  • Do you take any prescribed medications for your diabetes? (If so, you’ll have to list your prescriptions in detail, including name, dosage, frequency and date first prescribed.)
  • Is your condition currently under control?
  • What is your most recent Glycohemoglobin score (also called the HbA1C or A1C level)?
  • What were your most current blood sugar levels? What are your most recent cholesterol readings (both HDL and LDL)?
  • Have you been diagnosed with high blood pressure? What should we know about your family medical history?
  • Do you have other medical conditions, related to diabetes or not?
  • Have you smoked or used other tobacco products in the last 12 months?

In addition to concerns centered on how well your condition is managed and whether you have high blood pressure, insurance companies will also consider your cholesterol, kidney function, body mass index, and heart health. To help your cause, be sure to maintain or jumpstart a healthy routine that includes eating balanced meals, exercising regularly, and reducing stress, in addition to following the guidance of your doctors in managing your diabetes.

Life Insurance Options

If an individual’s diabetes is not considered under control, or they are denied insurance for another reason, there still may be other options. For example, they may qualify for simplified life insurance, which is a type of simplified issue insurance that requires fewer medical questions and no exam. It’s important to note that his type of insurance comes with higher premiums because of the associated implicit risk. Typically, these plans incur a minimum of ten people in a common employee group. 

Another option for diabetics is guaranteed life insurance, which nearly all applicants are approved for, as it is intended to cover high-risk individuals. However, the premiums for guaranteed life insurance are generally higher and death benefits may be lower in the early policy years and increase over time.

How We Can Help

When it comes to life insurance, there are no guarantees — but there are options. By working with an experienced professional, you’ll have a trusted advisor that can guide you through the process and explain all of your available options. Contact one of our trusted agents today for more information on securing life insurance or to request a quote today.

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