When it comes to diabetes and life insurance, there are a lot of questions that need to be answered. Diabetes does not make it impossible for people to get life insurance. If you have diabetes under control, getting the coverage you need at a price you can afford can be much easier.
Let’s learn what life insurance is. Life insurance is a contract where the insurance company agrees to provide financial compensation to your loved ones in the event of your absence in return for premiums. The death benefit payout is what your nominee gets if something happens to you during the policy term.
Here are the answers to the most common questions about buying life insurance as a diabetic person:
If you have diabetes, can you get life insurance?
People with both types of diabetes can get life insurance. But this is easier if the patient has had their diabetes under control for at least 6 to 12 months. People with diabetes who need insulin can also get life insurance. Diabetic patients who have controlled their condition but have other health risks may or may not be approved for life insurance, depending on how much risk they pose. Also, people who may not have their diabetes under control may not be able to get life insurance.
Matt Schmidt with Diabetes Life Solutions mentions “Certain people with Diabetes will have the opportunity to qualify for affordable life insurance. Life insurance underwriters will review your profile on a case by case basis. In some situations, life insurance with Diabetes will not cost the applicant any extra premiums.
What are the questions that can be asked?
When an insurer looks at the application of a diabetic person, their main goal will be to find out how the person’s health is right now and if the person is taking all the proper steps to keep the disease under control. In order to do this, they might ask some of these questions.
- When did you find out that you had diabetes?
If you had diabetes at a young age, the disease has had more time to do damage. So the earlier you were diagnosed, the worse it can be. In the same way, your chances of getting life insurance can go up the later in life you are diagnosed.
- What kind of diabetes do you have, and how is it progressing?
If you have Type 2 diabetes, your life insurance quotes are likely to be much better than if you have Type 1. This is because Type 2 diabetes doesn’t show up until later in life. It may be easier to control with oral medicine and insulin than Type 1 diabetes, which shows up much earlier and needs much more medical care.
- How high is your A1c?
Any A1c level under 7.5 is considered to be healthy. But a person with diabetes whose A1c level is up to 8.5 may also get a life insurance policy.
- What is your fasting blood sugar level?
The ideal level of blood sugar for a healthy person is 140. But insurance companies will also accept applications from people with blood sugar levels up to 180.
- What kind of healthcare treatment are you getting?
Suppose you can easily control your diabetes with a controlled diet, exercise, or oral drugs instead of insulin. In that case, this is a good sign that insurance companies may look at favourably.
- Do you have other medical issues?
In addition to diabetes, the insurance company will want to know about any other health problems you may have. Your risk factor with the insurance company will automatically go up if you have additional health problems. If you have diabetes and don’t have any complications, it means you have kept the disease under control, which is good.
Will someone with diabetes pay more for life insurance?
When it comes to life insurance premiums, someone with diabetes is likely to have to pay more than someone who doesn’t have any health problems. The quote for a person with diabetes will depend on how much risk the insurance company thinks they pose. This risk rating is based on several things, like the age when you were first diagnosed, your family’s medical history, other health risks, your weight and height, your medical history, the type of diabetes you have, the treatment you’re using, your A1c/glucose/blood sugar levels, and more.
Do you need to get a medical test?
If you want life insurance, you may have to get a physical. Usually, people with diabetes have to go to the doctor and get a medical test done. It’s always better to be honest about your medical conditions.
You can opt for a life insurance calculator figure out the best insurance fit for you based on your needs.
