Last Updated on October 26, 2024
The passing of a loved one is not a subject that the majority of people like to spend much time talking about. Loss is an unsettling feeling and spending too much time contemplating it can be downright depressing. Nobody wants to discuss the need for life insurance coverage. But it is an extremely important conversation to have at various points in your life.
As undesirable a feeling it is, talking about loss, and having preparations in place to alleviate the financial burden of loss when it inevitably occurs, is necessary. To the surprise of many, deciding to purchase life insurance as a diabetic has the potential to relieve a lot of the anxiety and dread that surrounds concerns regarding what a family is to do after the potential loss of a loved one – especially if the loved one happened to be the primary financial contributor to the household’s ability to thrive.
Paired with the negative feelings that accompany such a difficult conversation, the process of applying for and purchasing life insurance can seem overwhelming at first. Life insurance premium horror stories and fear of disapproval leave many to forfeit any attempt at securing a policy without even inquiring about options. Sadly, there are many misconceptions when it comes to the Diabetes community, and obtaining life insurance.
As an example, many people still think that a type 1 diabetic cannot qualify for life insurance. In reality, life insurance with type 1 diabetes can easily be obtained. Another myth is that a person has to complete a paramedical exam, in order to be approved for life insurance coverage. Again, this is not the case at all. Many people with type 2 diabetes, or type 1 diabetes, may qualify for no medical exam life insurance policies. Do not let myths of diabetes and life insurance deter you from seeking out this valuable form of financial protection.
Fortunately, with the assistance of a life insurance agent that understands the value of family and the peace of mind that families are looking for in their life insurance policy, the process can become much easier. When having a chronic illness such as Diabetes, it’s important that you work with an agent who ONLY works with the Diabetes community. Such as an agent with Diabetes 365.
Here at Diabetes 365, you’ll only receive real and accurate life insurance information. Our agents will be able to recommend the the companies that are the most competitive, based on your complete health profile. Other websites love to provide fake or low ball quotes to the diabetes community. This is shameful behavior, as they trick you into applying for coverage, and then your REAL life insurance rates are two to three times higher than originally quoted.
If you do have a type of diabetes, and need assistance with finding the best policy possible, please contact us or fill out an online quote request. A licensed agent would be more than happy to assist with determining what life insurance companies would be the best fit for you.
We know first hand how confusing finding the best life insurance policy with diabetes can be.
Sadly, several websites and agents provide the diabetes community with incorrect information. It’s extremely important to work with an agent who understands the underwriting guidelines of several life insurance companies. Don’t let yourself get tricked. Diabetes 365 was created to help provide the most accurate information to people who are living with diabetes.
Below are our tips to approach such a delicate – yet important – conversation with your loved one.
1. Choose the Right Timing
Discussing death isn’t something that you can leisurely transition into talking about at any given time or in any random location. It is important to consider timing when you are planning to discuss such a sensitive topic with your loved one. Choosing a time when you are both available, relaxed, and free from distractions is ideal.
When your family undergoes significant changes, it’s always important to re-evaluate your life insurance needs. Below is a list of times when you should give your life insurance portfolio some thought:
- When a Child is born
- When you change jobs, and need to have additional life insurance alongside your employer owned life insurance
- When you purchase a new home
- When your income increases
- When you approach retirement
These are just some examples of when it’s important to review your coverage. Ideally, you would want to spend a minimum of 10 minutes per year, on reviewing your insurance. You may discover that it’s advantageous to replace an old policy, with a new one. This life insurance replacement may help you stay on track, and accomplish your financial objective.
Life insurance companies have made changes to their policies, and most importantly their underwriting guidelines. Many people who have diabetes and who have taken out a policy in the past, may be able to qualify for a better policy. By better, we mean lower premiums, or a policy that offers additional accelerated death benefit riders at no extra cost.
2. Be Gentle in Your Approach
Understand that your loved one may not be immediately receptive to having a conversation about yours or their passing. It’s uncomfortable territory. If this happens to be the case, verbally validate their feelings. Explain to your loved one that while you can empathize that this topic isn’t one either of you want to dwell on, you want to ensure that in the event that one of you passes, the other (and the rest of the family) will be provided for. There is nothing worse than having a loved one pass and facing financial hardship in a time of mourning and transition.
Afterall, having life insurance in place to protect your family is one of the most important, and unselfish things an individual can do. The life insurance would allow your family to maintain their previous lifestyle, and most importantly, not leave them with debt. Life insurance is designed to protect the ones you love, so please do not forget this.
3. Research Policy Options
It is important to decide what the specific needs of your family are, and what they will be in the event that you or your loved one passes. This will give you both an idea of what sort of coverage or plan you’d like to apply for. Make sure that you have a basic understanding of the different types of policies, such as term life, whole life, guaranteed universal life, etc.
Everyone’s financial situation is unique. Nobody has the same needs, or objectives. Because of this, you can customize your life insurance portfolio, to be specific to your needs. You may only need coverage for a specific length of time. IF this is the case, a term policy may be a good fit for you. Term life insurance provides coverage for a specific period of time. You can generally choose from 10, 15, 20, 25, 30 or even 35 year term durations.
While term life insurance is the lowest cost of coverage, many people may benefit from a permanent form of life insurance. You would have the option of choosing between a whole life, indexed universal life, or guaranteed universal life policies to choose from. Don’t feel that you have to make these decisions on your own. When working with our agents, you’ll have a dedication professional to help make recommendations that are in your best behavior.
Oftentimes, a person may benefit from taking out multiple policies, using various amounts of life insurance. Perhaps you may need a term life policy, and a type of permanent life insurance. Or maybe multiple term policies with various term lengths and amounts of coverage would be more suitable for your situation. A person with diabetes simply would have several options available to them.
4. Decide How to Budget for Monthly Premiums
There are a wide variety of affordable insurance policies designed to accommodate people from all circumstances. You will want to carefully determine how much life insurance your family needs. The bottom line is this. If you have a type of Diabetes, your life insurance premiums will most likely be higher, compared to a person without Diabetes. Because of this, you may not be able to afford the amount of life insurance, that you wish to carry. As you know, you would want a policy that fits your financial budget, and one that does not make you insurance poor.
Companies will take into consideration your current health and overall control of your Diabetes. Do you have chronic health concerns? How old are you? Do you smoke? Do you exercise regularly and watch your diet? All of these factors will play a role in determining your life insurance premium, and if you are considered to be a risk of liability, your premium will reflect it. It is important to discuss how your family will budget accordingly.
Our agents will help you through this decision process. Please do not think that you must do all of this on your own. Diabetes 365 can help you find the best priced life insurance solutions that fit your financial budget.
5. Understand the Importance of Time
The truth of the matter is, we have no way of knowing when we will pass. Age is simply a number. The longer we wait to have such an important conversation, the more we put our families at risk of not being taken care of in the event of an untimely passing. Have the conversation as soon as possible. You will feel content in knowing that you’ve put a plan into place to take care of your family should the need arise.
Life insurance premiums are also partially determined by your age at the time you apply. The older your age at time of application, the more expensive rates will be.
Also, should you put off this matter, and have an adverse change in your health, rates may be much more expensive. Or in some cases, you may no longer qualify for traditional life insurance. The older you get, the higher your premiums will be to start a policy NO matter what your financial objectives are, you do not want to put off obtaining life insurance.
Protecting your income, covering a mortgage obligation, or having a policy to address burial costs and final expenses are important to your family. Almost everybody needs a type of life insurance. Contact us today, and let us assist. We only work with the Diabetes community. Lean on us and our expertise!
