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Life insurance is always an important financial decision. But did you know that if you have Diabetes, you’ll have a harder, and more expensive time finding coverage?
Unfortunately, the 30 million people in the United States alone, who have a form of diabetes, do not have an easy time finding life insurance coverage. Most people with diabetes, have the belief that diabetes life insurance is not affordable. That is not true!!! Many diabetics simply think that it’s not even worth pursuing coverage, due to it being too expensive. Again, that’s not true.
There are several myths when it comes to life insurance and diabetes. Rates may be higher, compared to a person who doesn’t have diabetes. However, there are ways for the diabetes community to save money, on life insurance premiums.
Use Technology, and Applications that track Activity
Life insurance companies for the longest time, have NOT embraced change, or technology. That is slowly changing. One of the most recent developments in the life insurance world, is that using technology may lead to lower life insurance rates. Going one step further, companies are rewarding people with diabetes who use certain technology, with lower premiums.
Says Dwayne Smith of Diabetes 365 “ Technology has been a godsend to people with diabetes. There are many types of technology out there that helps the average diabetic, control their chronic disease. Continuous Glucose Monitoring devices, insulin pumps, and applications like MySugr all help people with diabetes maintain their diabetes. Life insurance companies have picked up on this, and may offer better rates to those who embrace technology. However, to receive these better life insurance for diabetics rates, you will have to share you data with the companies.
Another new development with certain life insurance carriers, is sharing your activity applications with them. This will show them how active you are, if you walk a lot, or even run occasionally. By showing the insurance companies that you are an active person they may offer discounts of 3% to 9% on premiums.
Life insurance for type 2 diabetes applicants can even achieve standard, to preferred rates. Meaning no extra premiums, for having a form of diabetes. One mis conception is that you have to be running marathons, to qualify for these discounts. Not true! Companies simply want to see you are active. If you meet their criteria, then you’ll get discounted life insurance coverage.
Consider No Medical Exam Policies
Not everyone who has diabetes, has their condition controlled. Diabetes control varies from month to month, year to year. Once you decide to apply for life insurance coverage, most companies are going to require you to consent to a blood, and urine test. Those lab results, in addition to a review of your medical records determine what rates you may be eligible for.
If you don’t have the best control of your diabetes, it might be smart to consider a no medical exam policy. No medical exam life insurance for diabetics is possible for people with all type of diabetes. In certain situations, it may make sense to go wit the option, that will not review all of your detailed diabetes history.
There are usually term life insurance, whole life insurance, and burial insurance options. Most applications will simply ask basic health questions, but will not require you to have an A1C of 8.0 or lower, to qualify. Because of this, many no medical life insurance options could save you money!
If you were to go thru with a medical exam, companies would make offers based off your A1C, and other vitals that they collect. This could lead to a higher priced life insurance policy. If you aren’t sure which policy is best for you, simply speak with an agent, and they can guide you thru the process.
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