- The possible outcome is to get approved for a substandard rating which simply means that you would pay a bit more every month than an average applicant. For instance, lets say a policy for $500k 20 year term is on average $40 per month for an average person, an individual with type one diabetes might pay $70 per month for the same type of policy.
- If you have type two diabetes it is not unusual to get standard rates if you have it under control which once again usually comes down to stable a1c levels, no complications and ongoing monitoring by a physician.
- If you have gestational diabetes you can easily acquire life insurance at best rates as long as you no longer have gestational diabetes post pregnancy.
- You have an ongoing treatment with the condition being under control thanks to prescriptions along with diet and exercise. Your A1C levels are under 7.5 with your blood sugar level being in check as well. In this case, you most likely will get a standard rate which is usually very affordable.
- InsureChance is here to offer help, let us do all the comparing and contrasting for you so that you can spend that time with the people who really matter the most, your family. We work with over 60 top “A” rated companies and enables us to have more options to fit our clients’ health and different lifestyles. Welcome to InsureChance, the first online life insurance marketplace.
First of all, What’s Diabetes?
If you have diabetes you already know the drill but either way, we want to inform those who don’t know much about diabetes what it truly is and why insurance companies make a big deal about it. It is a condition that develops when your pancreas doesn’t develop the right amounts of insulin, so your body doesn’t control sugar that well anymore and that’s when the spikes occur.
There are three main types of diabetes:
Type 1 Diabetes
Although it is tougher to secure a policy when taking insulin it isn’t impossible especially if your diabetes is well controlled. The possible outcome is to get approved for a substandard rating which simply means that you would pay a bit more every month than an average applicant. For instance, lets say a policy for $500k 20 year term is on average $40 per month for an average person, an individual with type one diabetes might pay $70 per month for the same type of policy.
Type 2 Diabetes
Most people with type 2 diabetes take a prescription pill such as Metformin but sometimes can also take insulin which is rare. If you have type two diabetes it is not unusual to get standard rates if you have it under control which once again usually comes down to stable a1c levels, no complications and ongoing monitoring by a physician. So the good news is that you can get life insurance at affordable rates.
Gestational Diabetes
Usually a glucose intolerance during pregnancy which is temporary form of diabetes in women but sometimes can turn to a permanent type 2 diabetes. If you have gestational diabetes you can easily acquire life insurance at best rates as long as you no longer have gestational diabetes post pregnancy. Now that you know what life insurance companies use to make their decisions lets talk about some potential possibilities.
What Do Life Insurance Companies Look at With Diabetes?
Age of diagnosis – Usually if you are diagnosed with diabetes prior to age 50 companies will offer a higher rate unless your condition is well under control and can be demonstrated with medical records.
Treatment – going to the doctor regularly for follow-up and management of condition will get you better rates. Diet and exercise are also considered part of treatment which in most cases will also be used to determine eligibility.
Type of Diabetes – typically type 2 diabetics will have a better chance of getting the coverage then type 1 although not always the case because sometimes type 1 diabetics show better control of their condition over time.
Complications or other risks – if you have diabetes with any sort of complications such as neuropathy the chances of getting life insurance are slim but you might still qualify for a final expense type of policy which tends to insure people with small face amount and a simple application with no exam. In addition, if you are a smoker with diabetes, overweight or have other medical conditions on top of diabetes it is harder to get insured.
A1C and blood sugar level – if your a1c levels are under 7 you have a great chance of getting favorable rates. Under 8 will still get you reasonable rates anything over usually will result in substandard rating which in plain English means you are a being viewed as a higher risk which results in increased life insurance premiums. For the blood sugar levels, anything under 140 or 130 is great depending on the company of choice.
Ideal Diabetes Cases
You have an ongoing treatment with the condition being under control thanks to prescriptions along with diet and exercise. Your A1C levels are under 7.5 with your blood sugar level being in check as well. In this case, you most likely will get a standard rate which is usually very affordable.
Other Than Ideal Cases
The reason we say other than ideal is because after standard rate it goes to high-risk table rating which ranges from 1-10. Higher digits means higher cost for the insured. People who have higher diabetes condition reading for a1c and blood sugar level along with any other factors that we listed previous being not favorable will fall into a substandard risk. Don’t let this get you down because the bright side there is a 10 digit sliding scale and it is much better than getting declined.
Sample Cases
To give you an idea of possible expectations when applying for life insurance with diabetes here are some examples. Let’s say Peter a 55-year-old with type 2 diabetes with no complications, ongoing follow up with a doctor and a current A1C level of 7.1 applied for life insurance. He would easily get approved for a standard rate with select companies usually Protective, Banner or American General.
Now let’s say Jenny a 30-year-old female with type 1 diabetes takes insulin, no complications, ongoing follow-up as well and an a1c level of 8.5 was to apply for same plan as Peter. She would most likely get a substandard table rating ranging from table 3 to 5. Jenny would get a higher rating due to her having diabetes at 30, higher a1c levels and need for insulin injection opposed to Peter.
When applying for life insurance
Let’s say you are ready to get the ball rolling and would like to apply for life insurance. You can either go with a traditional route which requires an exam with 6 weeks underwriting or no exam policy which can get approved within a few days. The latter is more convenient but sometimes can be slightly more costly per month so its up to the individual to decide whether they prefer convenience or savings. In the end the best option is the one where based on your specific diabetes details the company will offer the absolute best outcome.
Steps to get life insurance coverage
Now here are quick tips to improve your chances of getting approved and getting lower premiums:
- Go Independent
Work with an independent agency that has many life insurance carriers which specialize in issuing policies to people with diabetes. This will also give you an advantage of having backup options to use if one carrier declines the application. Our agents never quit on you and will keep applying to multiple companies until all options have been exhausted. We have the ability to use one medical exam for all the companies we represent as long as it has been done less than 6 months ago, which does cut down the work and time of carrier response.
2. Cover Letter
This simple letter can make an actual difference because not only it will make you stand out but it will also give certain details that are not on the applications. The cover letter can demonstrate that you are a good risk by stating things such as your diet and exercise regimen along with overall progress you feel you have made. Stating the purpose of the coverage can also motivate the company underwriters(people who decide your life insurance destiny) to try their best to issue the policy.
3. Increased Exposure
By applying to multiple companies at the same time you will be able to pick the best offer when approval letters start coming in. Let the companies compete for your business, after all, you are a paying customer.
Work with us!
After reading this article and getting better information feel free to reach out to one of our diabetes life insurance specialist. We also take pride in knowing how many families we helped in similar situations even when hopes were low. InsureChance is here to offer help, let us do all the comparing and contrasting for you so that you can spend that time with the people who really matter the most, your family. We work with over 60 top “A” rated companies and enables us to have more options to fit our clients’ health and different lifestyles. Welcome to InsureChance, the first online life insurance marketplace. If you are ready to shop for coverage and want to get the best rates don’t hesitate to call us at 888-492-1967.
