Throughout my time helping clients, I have come across many diabetic clients that falsely believed they could not get life insurance, and if they did, it would be at a such a high premium that it would be unaffordable. That is simply not true. There are over 34 million Americans that are diagnosed with diabetes and there are plenty of carriers that have potential options available for them. This article details all the misconceptions to ignore and the considerations one must have when looking for life insurance as a diabetic.
How Insurance Carriers Determine Eligibility
Each carrier has medical factors they consider when deciding eligibility for approval of a life insurance policy. That holds true with any condition. Specifically, for diabetes, here is a non-inclusive list of the factors they consider:
– Type 1 or Type 2 Diabetes
– How do you control the diabetes, i.e., diet and exercise, pills, non-insulin injectables, insulin
– Do you have other conditions that can exacerbate your diabetes, i.e., hypertension.
– Do you have, or have you had, any diabetic complications, such as neuropathy, nephropathy, retinopathy, etc.
– Are you a smoker
– What age were you diagnosed with diabetes
– What is your A1C level
– How often do you check your blood sugar levels
– Has your doctor told you your diabetes is out of control
– What is your height and weight
– Has your weight fluctuated within the last 12 months
– What is your family’s medical history
When applying for life insurance as a diabetic, I would recommend looking at carriers that do not do full underwriting but are express policies. Full underwriting will complete a paramedical and a full review of your medical records. This is for the company to find the perfect rating class to charge you. For fully underwritten carriers, they can choose a more expensive rating class if your A1C level is even .1 over what they feel is comfortable. Its more beneficial for you to do an express policy that is either approved or not, without rating classes.
How Express Policies Conduct Underwriting
It is important to understand, each company has different underwriting standards when it comes to approving life insurance for diabetics. This also applies to express policies. For example, Americo is fine with Diabetes after the age of thirty if you are not taking any insulin. Foresters approves diabetics taking insulin after the age of forty, depending on your A1C levels in the past. So does John Hancock. All three of these companies have great term policies that approve without a full medical exam.
When deciding on permanent, or whole life, insurance policy plans, you should also research companies that approve immediately. Americo’s Eagle Premiere accepts diabetics with insulin use at any age, if there are no diagnosed diabetic complications. However, American Amicable and Mutual of Omaha’s whole life plans only approve if no insulin has been used prior to the age of 50, which doesn’t fare well with Type 1 diabetics typically.
If you take insulin, do not automatically assume you cannot find coverage. I only referenced a handful of insurance carriers and as you can see ach one has different underwriting standards. There are plenty more insurance carriers to choose from, so do yourself a favor and speak to an advisor.
Work with a Licensed Advisor
Navigating the life insurance industry can be difficult, even for licensed agents. That’s why it is extremely important you work with an advisor to assist you with which plan you can be approved for at a level rate. An independent advisor will be able to find you a policy that fits your needs, budget and most importantly, will approve you. If you are looking for an advisor, use the quoting tools on this website here, and find a plan you like, click apply and I will reach out to serve you and your family. To read some more life insurance topics, click here. Until next time!