Last Updated on October 26, 2024
Life insurance can be a tricky topic if you are diabetic because the rates can be much higher and out of your budget. It is important to be aware of a few things that you can do as a diabetic to save yourself money and be able to afford a great life insurance plan. This is important because having life insurance can help your family out in an unfortunate time. Life insurance with Diabetes isn’t hard to obtain, and it’s probably more affordable than you think!
Many people with Diabetes have the misconception that obtaining life insurance can be difficult and expensive. That’s simply no longer the case. Diabetes 365 is on a mission to help out the Diabetes community find the best possible life insurance policy possible. In this article we’ll share some tips on how to obtain lower
Keeping an Active Log
If you are diabetic and you log your daily activities and blood sugars, it could help save you money in the long run, on life insurance. If you show your insurance underwriter that your blood glucose levels are kept at a normal range for long periods of time, this indicates that you are responsible for your health condition and it gives them a reason to reconsider the high rates.
Certain life insurance companies, that are diabetic friendly, may offer you discounted rates, if you can do the following:
Keep a log of your daily activities. Using devices such as a Fitbit device, makes this easy! If you are OKAY with a life insurance company keeping track of your activities, they may offer you discounted life insurance rates.
If you are an overweight diabetic and you are losing weight, be sure to keep logs of how fast and when you lost the weight. This can be noted thru Doctor Office visits. Life insurance companies will view your health profile more favorably, if they can see that you have made some healthy changes to your life.
Log your eating habits. Logging your meals, and snacks, along with showing life insurance underwriters that your Diabetes is under control, will help your rates out. Again, there are many different applications you can log your meals with using your Smart Phone. Submitting this information, along with your overall health profile, will only benefit your life insurance rates.
It is important that you keep daily logs, weekly logs, or even monthly logs depending on how detailed you wish to keep your logs.
Exercise and Track Your Routines
If you are one who exercises daily this is a great thing you’ll want to share with life insurance companies. Even if you don’t exercise daily, but maybe let’s say 2-4 times weekly, that’s a good step in the right direction. The more effort you put into a healthy lifestyle, the better life insurance rates you will generally receive. Having diabetes means you have a pre-existing condition, which ultimately effects your rate instantly.
Showing life insurance companies that you are taking your Diabetes control seriously, and exercising regularly will help you off-set some of the higher premiums people with Diabetes receive. If you’re an individual who only works out 1-2 days weekly, you might want to start an exercise regimen of 3-4 days of exercise weekly before applying for life insurance. If you do this, for 90 days or longer, this may help you receive a 6% or higher discount, on life insurance rates.
Not all life insurance companies will accept your logs or data. That’s where we come in! Working with a group such as Diabetes 365 who specializes in the Diabetes life insurance marketplace, will only help you and your family find the most competitive companies. We’ll make recommendations based upon your Diabetes, and your complete health profile. You don’t need to worry about all of this, as we handle it all on our end!
Work With Independent Agents
Another thing to consider when beginning to get diabetes life insurance information, is to work with an independent insurance agent who will be knowledgeable on the topic of diabetes and life insurance. This will help you get the best possible diabetic life insurance policy for the best possible rates. Generally, it is not in the best interest of a person with Diabetes, to work with an agent, who ONLY represents one life insurance carrier.
Your agent or agency should represent several different life insurance companies. Your agent should know all the ‘tricks’ and ‘tips’, to help you receive the best possible life insurance rates, while having Diabetes. All life insurance companies look at diabetics differently. This is why you’ll want access to different companies.
Life insurance rates, and options will vary between people with Gestational, Type 1, and Type 2 Diabetes. Term life insurance and permanent life insurance options will vary from person to person. Because of this, it’s extremely important to work with an agent who understands Diabetes life insurance options.
An independent agent, who understands the Diabetes community, should at a minimum, be asking these types of Diabetes questions:
- Age of Diabetes onset
- Medications taking for Diabetes
- Current A1C reading
- How often are you seeing your Endocrinologist?
- Are you using Diabetes related technology?
- Are you watching your Diet, and exercising regularly?
- How often do you test your Blood Sugar?
Independent agents are there to help make recommendations, as to what life insurance companies would be ideal, given your health profile. They will be able to make unbiased recommendations, compared to agents who only represent 1-3 life insurance companies
Independent agents will also help you get quotes from multiple different insurance companies. Instead of you having to call and speak with a sales rep from every company and provide all of your health logs, your agent can help you do all of this. There would be no need to do multiple examinations, or applications. Your agent would be able to ‘shop’ your health profile out to multiple life insurance companies at the same time. At the end of the process, they’ll secure offers of coverage from multiple carriers, and present them to you.
Once you know what rates and options you have, you can then choose the amount of life insurance, type of life insurance (Term or Permanent life insurance) and the company you wish to obtain coverage thru. You should not provide ‘money’ or banking information, until you know the EXACT cost of your policy. Some agents like to collect this type of information, but you should never provide this, until you know the final offers!!!
If you work with an independent agent who specializes and only works with people with diabetes looking for life insurance, then you have an agent who’s looking out for your best interest. This person will have the most up to date information and strategies to work with insurance underwriters to obtain the best rates given your Diabetes history.
Non-Medical Exam Policies
An independent insurance agent may also recommend a non-medical exam life insurance policy. These policies are pretty self-explanatory. You get a life insurance policy, but without the medical exam. These policies may cost a bit extra, but they may also be the best priced solution for you and your family.
To qualify for coverage, life insurance companies will ask basic health questions, along with asking for detailed ‘notes’ on your Diabetes history. In addition to this information, they’ll do a MIB (Medical Information Bureau) and a prescription drug check. The findings will determine your eligibility and approval.
If you prefer not to submit to a blood and urine test, this type of policy would be ideal. Or if you don’t want to share your medical records, and pertinent health information, this policy would be your best bet. We understand that you may not want to have companies ‘combing’ thru your health files. If not comfortable with this, then a non-medical exam policy would be your only other option.
Non-medical exam policies will limit the amount of coverage, that a person can take out. Some companies will only offer coverage up to $500,000, while others will limit it to $250,000. Good news though! If you needed to, you can take out multiple policies to address your financial needs.
If you need coverage in a timely manner, these policies would be ideal for you. Most non-medical exam policies will make an underwriting decision in 24 to 48 hours. Maybe even quicker. If you need coverage for a business loan, or maybe for a Divorce, these timely policies may be exactly what you need.
Another thing to consider with a policy outside of the death benefit a life insurance policy provides, is what other ‘riders’ or benefits can be offered. One of the trends we have seen with non-medical exam policies is they provide ‘living benefit’ riders, at no extra cost to their policies.
Unlike basic life insurance policies without living benefits, certain products includes three types of living benefits through accelerated death benefit riders, and a premium waiver during unemployment. The riders are Chronic, Terminal, and Critical illness riders.
These riders offer additional flexibility and coverage for a number of unexpected events. And they are offered with no additional premiums. Let’s take a look at these ‘riders’ work.
According to the Midland National financial organization, here are descriptions on how a policy owner could use part of their death benefit, while still living:
Terminal Illness
This benefit allows the owner to receive payment of a portion of the death benefits under the policy upon terminal illness of the insured. The owner must provide written evidence from a licensed physician that the insured has an illness or condition that is expected to result in the insured’s death within twelve months.
Chronic Illness
This benefit allows the owner to receive payment of a portion of the death benefits under the policy upon chronic illness of the insured. The owner must provide written evidence from a licensed physician that the insured has been certified as; (1) Being unable to perform at least two activities of daily living for at least 90 days, as defined in the rider, or (2) Requiring substantial supervision due to severe cognitive impairment for at least 90 days, as defined in the rider.
Critical Illness
This benefit allows the owner to receive payment of a portion of the death benefits under the policy upon the Insured experiencing a covered qualifying event. The owner must provide written evidence from a licensed Physician of the Insured’s qualifying event. Election of a benefit must be made within 365 days following the occurrence of the qualifying event.
The qualifying events covered under this rider are…
Heart Attack (myocardial infarction)
The death of a portion of the heart muscle resulting from inadequate blood supply. Heart attack does not include angina or the chance finding of electrocardiographic (EKG) changes indicative of a previous Heart Attack.
The diagnosis of heart attack must be based on the presence of all of the following:
- chest pain and/or dyspnea (shortness of breath);
- associated new EKG changes which support the diagnosis; and
- elevation of cardiac (heart) biomarker levels which support the diagnosis
Stroke
A cerebrovascular accident or infarction (death) of brain tissue caused by hemorrhage, embolism, or thrombosis lasting more than 24 hours and producing measurable neurological deficit which persists for at least 30 consecutive days following the occurrence of the stroke. Stroke does not include transient ischemic attacks.
Diagnosis of Cancer
A disease manifested by the presence of one or more malignant tumors and characterized by the uncontrolled growth and spread of malignant cells and the invasion of normal tissue. Cancer does not include:
- Any skin cancer, except invasive malignant melanoma into the dermis or deeper;
- Pre-malignant lesions, benign tumors, or polyps; or
- Carcinoma in-situ.
Diagnosis of End Stage Renal Failure
End stage renal failure means an irreversible and total failure of both kidneys which requires the undergoing of renal transplantation or regular renal dialysis.
Major Organ Transplant
The receipt by transplant of any of the following organs or tissues: heart, lungs, liver, kidney, pancreas, or bone marrow.
Diagnosis of ALS (Amyotrophic Lateral Sclerosis)
Looking into life insurance with Diabetes can be overwhelming, and confusing. Don’t let it be. We are here to help you and your family. To get a quote is simple. Simply fill out a quote request, and a Diabetes life insurance specialist will contact you. Don’t make the mistake of working with an agent, who isn’t properly trained in the Diabetes life insurance market place.
We are here to help you, and work alongside you to help you secure the best possible life insurance possible.
