Affordable Life Insurance For Type 1 Diabetics
Affordable Life Insurance For Type 1 Diabetics
Looking for life insurance for diabetics is never fun. Thousands of diabetics are turned down for life insurance every year, and if you’re one of them, you can still get life insurance. There are dozens of companies that will give you an affordable life insurance plan to meet your needs. Regardless, if you have type 1 or type 2 diabetes, you shouldn’t go without the life insurance you need for you and your loved ones.
According to the American Diabetes Association, there were 30.3 million Americans, or 9.4% of the population, who had diabetes in 2015. Approximately 1.25 million American children and adults have type 1 diabetes.
If you think that a life insurance policy is too expensive because of your diabetes, you’ll be surprised to see just how affordable a policy can be.
Some additional questions an underwriter will look into for clients looking to buy life insurance with type 1 diabetes are:
- What is your A1C level?
- What is a typical fasting blood sugar level?
- What medication(s) are you taking?
- How often you see your physician?
- What age were you diagnosed?
- Any complications such as retinopathy, neuropathy, or kidney disease?
Keeping your A1C in check is necessary for a type 1 diabetic to get life insurance. Your A1C is a snapshot of your blood sugar over the last 60 to 90 days. Therefore, controlling your daily blood sugar levels is mandatory. Ideally, you want your blood sugar levels to be 140 and below and your A1C to be 7 and below.
Obviously, if you are a type 1 diabetic you take insulin. However, are you taking any additional medications, such as blood pressure or cholesterol medication? If you are it might hurt your chances of getting the best rate class on life insurance for type1 diabetes.
How often you see your physician simply shows the life insurance underwriter how diligent you are in keeping your diabetes under control. Seeing the doctor every 3-6 months is a good thing and shows the underwriter you are taking care of yourself.
Age of diagnosis matters because the longer you have been battling type 1 diabetes, the longer your body has had to work. The longer your body has had to work means the disease may have taken a toll on you.
Any complications for clients looking to buy life insurance with type 1 diabetes such as retinopathy, neuropathy, or kidney disease and you should probably consider burial life insurance from the top burial insurance and final expense insurance companies.
In the end, you can be approved for affordable life insurance with type 1 diabetes. You simply need to know where to look to find the most type 1 diabetes-friendly life insurance carriers available. Be cautious because some carriers will decline you outright so it is imperative that you contact a licensed professional at Life Exchange Insurance Services to make sure you are going with the best company. The last thing you want it to be declined for life insurance due to diabetes because the agency you applied with placed you with the wrong carrier.
What Is The Ideal Diabetic Candidate?
For many insurance companies, the ideal diabetic candidate:
- Was diagnosed after age 50
- Has an A1C 7.5 or less
- Has glucose under 135
- Is a non-smoker
- Has no issues with high blood pressure
- Has had no diabetic related complications
- Maintains an active lifestyle with proper diet
While this is what many underwriters find ideal, slight variations do not automatically deny you access to affordable coverage. For insurance companies, age of diagnosis and A1C levels are major areas they look at when they begin underwriting your policy.
We help those who are considered to be high-risk cases to find the coverage that they need so that they and those that they love can have the peace of mind that they deserve.Get Quote
No Medical Exam Life Insurance For Type 1 Diabetics
If you would like to skip the medical exam, we have 2 GREAT options right now.
No Medical Exam Option 1
This “A” rated life insurance company will write up to $200,000 of coverage for 10, 15, 20 and 30 year term limits. This is “1st-day coverage”, meaning there’s no waiting period (other products on the market offer coverage with a 2-3 year waiting period). This is a term life insurance policy just like any other policy on the market.
This life insurance company will review your medical records – so you can’t have any diabetic complications. Also, we’ve had approvals all the way up to 8.5 recent a1c levels.
No Medical Exam Option 2
This “A” rated company will write Type 1 diabetics with no medical exam and no medical records. This company will offer up to $50,000 of immediate coverage on a 20 year term OR a whole life policy. Typically, coverage is issued within 10 business days.
Ask us about these 2 companies if you’re interested in the no medical exam route.
The biggest disadvantage to the no medical exam option is that it’s more expensive. Because you aren’t required to take a medical exam, you pose more risk to the insurance company, to balance out some of the risk, you’ll pay more every month.
For life insurance quotes with Type 1 diabetes or if you have any questions, please check the quote request form or give us a call. We have representation with at least 60 life insurance companies and we’ll be happy to provide you with the best life insurance options you can qualify for.
If you’re looking for the best life insurance rates, you could spend hours on the phone talking to different companies. In the end, you wouldn’t know if you were getting the lowest rates out there. Instead of answering the same questions over and over, let us do all of the work for you. Our quote form can give you the lowest rates based on your information.
Getting Affordable Life Insurance Coverage As A Type 1 Diabetic
- Compliance with medications and testing. Underwriters want to see documented results and know you’re serious about controlling your diabetes. The best offers are given to those with consistent follow up on their diabetes with proof in their medical records.
- No diabetes-related complications. If you have any eyes, foot or skin complications, you’ll have a hard time finding affordable rates. Depending on the severity, it may still be possible to get your insured, but you may have to settle for a graded death benefit
- For juvenile type 1 diabetes, you must be over age 30 and have consistent a1c levels below 7.
- For adult-onset type 1 diabetes, it must be at least 1 year since your diagnosis and you must have a1c levels below 7.
As an applicant with type 1 diabetes, you can expect to pay much higher premiums, but that doesn’t mean that you have to pay for an expensive insurance plan. Regardless of your diabetes diagnosis, there are several ways that you can trim down your insurance rates. Making a few simple changes could help you save hundreds of dollars on your life insurance protection.
The first thing that you should do is cut out any tobacco that currently uses. If you’re listed as a smoker or a chewing tobacco user on your application, coupled with your diabetes, then you’ll be declined for life insurance with every company. If you want to save money on your plan, you’ll need to kick the bad habits once and for all.
Another great way to save money on your insurance policy is to shed any extra pounds that you’ve been carrying. Before the insurance company approves your application, they are going to require that you take a medical exam. The results of the exam are going to play a major role in how much you pay for your plan. If you want to save money, you’ll need to improve your overall health, and the best way to do that is by losing weight. Starting a diet and getting regular exercise is a great way to improve your overall health and save money on your policy.
The best way to ensure that you’re getting the lowest premiums is by working with an independent insurance broker. Unlike a traditional insurance agent, independent brokers work with dozens of highly rated companies across the nation. Our independent agents know which companies are going to give you the best rates for any applicant with type 1 diabetes.
How Much Life Insurance Do You Need?
There are dozens of different factors that you’ll need to consider when you’recalculating your life insurance needs before you apply for best life insurance for type 1 diabetics. It’s vital that you get the right amount of coverage for your loved ones, in case something tragic were to happen to you. Not having enough life insurance can leave your family with additional expenses that they don’t have money to pay for.
The first thing that you should look at is any debts or final expenses that your family would be responsible for if you passed away. If something tragic were to happen, your loved ones would have to pay your mortgage payments, student loans, car payments, and much more.
All of those expenses could easily add up to hundreds of thousands of dollars, which can make an emotionally taxing situation a thousand times worse.
The next factor that you should consider is your annual salary. The secondary goal of your life insurance plan is to replace your salary if something tragic were to happen to you, especially if you’re one of the main income earners in your household.
Having a quality diabetes life insurance plan will give your family members the money that they need to pay for any necessary expenses without sacrificing their standard of living. When you’re looking for a life insurance policy, consider buying seven to ten times your annual income.
So, just because you have type 1 diabetes doesn’t mean you are uninsurable, you just have to be a bit more creative. Don’t let your family’s future go unprotected for any longer, take out a life insurance policy today with Diabetes Life Solutions.
If you have any questions about getting type 1 diabetes life insurance, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs at an affordable rate.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Not having diabetic life insurance is one of the worst mistakes that you could make.
We know that getting life insurance as a type 1 diabetic and be a stressful and difficult process, but it doesn’t have to be. Our agents are here to make the process as quick and simple as possible.
Our agents have years of experience working with type 1 diabetics and can give you the lowest insurance rates for quality policies.
Types of Life Insurance
There are two primary types of life insurance that are available in the marketplace today. These are term and permanent. Term life insurance is considered to be the most basic form of coverage. This is because term life offers death benefit protection only without any cash value or savings build up. Because of this, term life insurance policies are usually more affordable than comparable permanent life insurance plans – especially for those who are younger and in relatively good health.
Term insurance, as the name implies, is sold for a set period of time, or term. This can be 5 years, 10 years, 15 years, 20 years, or 30 years for example. Once the time period has elapsed, the policy will expire. If the insured still wishes to have coverage, then he or she will need to either purchase a new life insurance policy, or re-qualify (if the term policy offers that option). In some cases, a term life insurance policy will offer the option to convert over to permanent life insurance coverage without the insured having to provide evidence of insurability. This is especially important when shopping for life insurance for diabetics because you never know when a diabetic complication could make it impossible for you to qualify for affordable coverage. The ability to convert to a permanent plan with no medical questions asked is very important.
Permanent life insurance offers both death benefit protection and a cash value component. The cash in the cash value component of the policy is allowed to grow on a tax deferred basis. This means that there will be no tax due on the gain of the cash until the time it is withdrawn – if the policy holder even decides to do so at all.
The policy holder is allowed to either borrow or withdraw the cash for any reason at all – such as for paying off a debt, supplementing his or her retirement income, paying a child or a grandchild’s college tuition, or even taking a nice vacation.
These loans or withdrawals do not need to be repaid. If, however, they are not repaid and if the insured dies while there is an unpaid balance in the cash value component of the life insurance policy, then the difference will be withheld from the amount of the death benefit proceeds that are paid out to the policy’s beneficiary at the time of the insured’s death.
One of the nice benefits about permanent life insurance coverage is that, once an applicant has been approved for coverage, the policy won’t be canceled – provided that the premium continues to be paid. In addition, the amount of the premium payment is typically guaranteed – regardless of the increasing age of the insured, and/or whether the insured contracts any type of adverse health condition in the future. This is important when shopping for life insurance for diabetics because a new diabetic complication could make it more difficult to find affordable coverage.
Finding the Best Plan
When you are ready to move forward and find the best life insurance for diabetics plan, we can help. At Insurance4Diabetics we work with many of the top life insurers in the market place today. In fact we can help you find the one that will be the best for your situation and premium budget.
We help those who are considered to be high-risk cases to find the coverage that they need so that they and those that they love can have the peace of mind that they deserve. Whether it’s a fully underwritten policy or a no medical exam plan, we can provide you with the options that can work the best for you and your specific needs. When you’re ready to move forward with the policy comparison process, all you need to do is fill out the form on this page.
Our agents at Life Exchange Insurance Services are experts at the underwriting process for diabetics and matching your needs to a life insurance policy you can afford. We have helped countless diabetics qualify for life insurance and can do the same for you. Get a FREE instant life insurance quote today, or call us at (904)203 1763