Planning for the future can entail a variety of different tasks – and when it comes to the financial aspects, life insurance coverage should certainly be included at the top of the list. This is because, without this important tool, loved ones could be left with difficult financial hardships when it comes to debts or ongoing income.
For some people, applying and getting approved for the type and amount of life insurance protection that they need is simple. But for others, the process can be quite difficult. This is because when you have certain types of health conditions, the life insurance carrier may see you as a risk – and when this occurs, coverage may be approved at higher rates, or possibly not even approved at all. This may happen for those who have type 2 diabetes.
If you have type 2 diabetes – even if you have been declined for life insurance in the past -, there is some good news. Today, there are many additional options that are available to you – especially if you know where to turn when applying for life insurance coverage. We can help you through this process of acquiring life insurance for diabetics so that those who are depending on you are not left with debts to pay, and don’t have to drastically change their lifestyles.
What is Type 2 Diabetes and Why Can It Affect Your Application for Life Insurance Coverage?
Type 2 diabetes is a health condition that causes an individual’s body not to use insulin properly. When a person has diabetes, his or her blood glucose levels will often rise to a higher level than normal. This is typically referred to as hyperglycemia.
There are two forms of diabetes – there are type 1 and type 2, with type 2 being the more common of the two types. In fact, more than 90 percent of those who have diabetes have type 2. This form of diabetes is also referred to as “insulin resistance.”
Initially, when someone has type 2 diabetes, his or her pancreas will manufacture additional insulin in order to make up for it. However, over time, it is not able to keep up and cannot make enough insulin to keep the individual’s blood glucose at its normal levels.
Unfortunately, type 2 diabetes can lead to more serious health conditions, including kidney disease, heart disease, and stroke. This is why it is important to keep this condition under control. Although this is no cure for diabetes at this time, type 2 diabetes can be managed and / or controlled through certain medications, as well as through proper diet and exercise.
Because type 2 diabetes can lead to other health conditions, life insurance underwriters view this condition as being a type of risk when an individual applies for insurance coverage. With this in mind, the underwriters will typically want to review more in-depth information of an applicant who has this condition.
What the Life Insurance Underwriters Want To Know If You Have Type 2 Diabetes
When a person who has type 2 diabetes is in search of life insurance, he or she will be required – as are all other applicants – to fully complete an application for coverage. Through this application, the life insurance company will request both personal information, as well as details about the person’s health. Some of the questions that you may be asked on the application for coverage will include:
- Contact Information
- State of Residence
- Smoking Status
- Alcohol Usage
- Hobbies (Particularly any risky hobbies such as skydiving, scuba diving, etc.)
- Frequency of Foreign Travel
- Any Other Life Insurance In-Force (And the amount of coverage)
For those who have health conditions such as type 2 diabetes, the life underwriters will also want to know more information regarding your health condition, as well as how you may be managing and / or controlling your condition. With that in mind, you may, therefore, be asked some or all of the following additional questions:
- When was your initial diagnosis of type 2 diabetes?
- Do you take any prescription medication for your type 2 diabetes?
- If so, what medication do you take, and what is the dosage of that medication?
- Has the amount of that dosage changed over time?
- How – and how well – is the medication helping you to manage or control your type 2 diabetes?
- Are you able to manage or control your type 2 diabetes in any other manner, such as through diet and / or exercise?
- What are your most recent blood sugar levels?
- What are your most recent A1C levels?
- Have you had any relevant testing performed within the past six months that pertains to your type 2 diabetes?
- Have you been hospitalized within the past twelve months due to your type 2 diabetes?
- Do you visit on a regular basis any medical specialist for your type 2 diabetic condition?
Most applicants who apply for life insurance coverage – especially if the face amount of that coverage is above a certain amount – will be required to undergo a medical examination. This exam usually lasts approximately 30 minutes, and it entails meeting with a paramedical professional who will take from you a heart rate and a blood pressure reading. They will also take a blood and a urine sample, which will, in turn, be tested by the life insurance carrier for certain other health risks. This exam will be at no cost to you, and it can be performed either at your home or at another convenient location for you.
For those who have type 2 diabetes, the insurance underwriters will typically want to review the applicant’s medical records from their primary care physician and / or from any specialist that they see. Having as much information as possible can help the underwriters in getting a much more thorough picture of the individual’s overall health condition. After all, of the information has been obtained, a determination may be made regarding your life insurance coverage, as well as regarding an appropriate amount of premium.
How Much Does Life Insurance Cost for a Person With Diabetes?
The premium for your life insurance when you have type 2 diabetes will depend on a variety of factors – including the amount and the type of coverage (term or whole life insurance) that you purchase. Age and gender are also primary criteria, as is health and health history.
Due to having type 2 diabetes, the insurance company will factor in your health condition, as well as how well it is being managed and / or controlled, as well as any medications that you are taking, and whether or not you are experiencing any type of complications.
If it is determined that, even though you have type 2 diabetes, your health is otherwise good, then it is possible for you to get a Standard policy rating – and because of that, you could pay Standard policy rates. This means that the premium rate that you pay for your coverage would be in line with that of the average policyholder who is in your same age and gender category.
Should it be deemed that you are not in as good of health as a Standard, or average, policyholder, then, you could still be able to attain coverage. However, it may be in a Substandard policy class. Here, your rates would be higher than that of a Standard policyholder.
If the life insurance company declines your application for coverage, there are still coverage options that are available to you. One way that you can still seek the life insurance protection that you need is via a no medical exam policy. As its name suggests, there is no medical examination that is required with a no medical exam policy – and because of that, many applicants who have health issues may still be able to qualify for the coverage that they need.
It is important to note that because the applicants who obtain no medical exam coverage are usually more risky than those who get medically underwritten coverage, the premiums that are charged for no medical exam coverage are typically quite a bit more. This type of coverage, however, could allow you with the only way to still obtain the protection that you need to provide your loved ones with financial protection in the event of the unthinkable.
It is also important to understand that not all life insurance carriers underwrite their policies in the same manner. This means that even if the same person with the same health criteria applied at two different life insurance companies for the exact same coverage – he or she could obtain vastly different premium quotes. Therefore, it pays to shop around before making your final decision on coverage – and this can be especially important to those who have health issues such as type 2 diabetes, as it could sometimes mean the difference between getting approved for coverage and possibly being declined.
When seeking the right coverage for type 2 diabetics, it helps to work with an agency or a company that has access to more than just one life insurance carrier. Going this route can be extremely helpful because often, the shopping for the appropriate carrier has already been done for you. In addition, the agency will likely be familiar with which of the insurers may be more likely to underwrite someone who has type 2 diabetes. This can help in saving you lots of time throughout the application and underwriting process.
Can You Help An Application Through the Approval Process?
Before you begin to shop for life insurance coverage, there may be some things that you can do to help yourself in securing the policy that you need. As an example, if you are not already managing your type 2 diabetic condition via an exercise routine and / or with proper diet, this is something that you should initiate as it can help you to look more positive in the insurance underwriter’s eyes. Being more healthy overall can also help you when going through the medical examination that will be required as a part of the underwriting process – as it could help you in obtaining better blood sugar readings, as well as blood pressure readings.
If you go through a company or an agency that works with higher risk life insurance applicants, you may also request that additional information about you be sent in with your application. This could include details about how you are managing your type 2 diabetes condition via exercise, diet, or other mechanisms. Any type of positive information that can be passed along to the underwriters can be helpful for your insurance application.
How and Where to Get the Best Quotes on Life Insurance for Type 2 Diabetics
If you are in need of life insurance for a type 2 diabetic, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can work with you in finding the carrier that will be right for you. This can help to save you a great deal of time – and can ultimately get you the coverage that you need more quickly. If you are ready to move forward, get a set of quotes by filling out the form on this page.
Should you have any additional questions as you move through the process, we are happy to assist you. We can be reached via phone, toll-free, by calling 888-229-7522. We understand that having type 2 diabetes may make you a bit apprehensive about applying for the coverage that you need. But, the good news is that you have many more options available to you today for the protection that you need for peace of mind. So, contact us now – we are here to help.