The first fact you should be aware of is that diabetic life insurance does exist. Many people believe it is impossible to secure life insurance if you have diabetes. Though it is a scarce offer to come by, it is still possible.
Usually, insurance companies would want to know whether you have Type 1 or Type 2 diabetes. Other information that is key to offering you insurance includes your age when the diagnosis was confirmed, what medications you take, your weight, your height, your glucose level, your family history, the presence of other heart conditions, whether you smoke, and your overall medical history. Insurance companies take this into account to determine whether it is safe to offer diabetic life insurance.
Despite the odds, there is a way. Insurers who are willing to evaluate your health for coverage can offer you diabetic life insurance. This evaluation process is called underwriting. It is a comprehensive and clinical evaluation of your health to determine if the insurer should provide you with life insurance and at what cost. An underwriter will take into account several risk factors and then focus on the probability of those risk factors actually coming to fruition.
What Poses a Threat to Diabetic Life Insurance?
If diabetes is diagnosed at an early age, most insurers will not offer life insurance for diabetics. This is because there is sufficient time for other risk factors and conditions to emerge over the course of the patient’s life. Diabetic coma, amputation, or hospitalization are all major sources of concern to insurers. Another significant threat to your life insurance is being diagnosed with Type 1 diabetes.
Available Options for Diabetic Life Insurance
On average, life insurance policies for diabetics are expensive because of pre-existing health conditions. Your best shot is to evaluate the cheapest rate available and go for it. You can also agree to non-traditional diabetic life insurance plans. One of these non-traditional plans gives an agreed percentage of your life insurance to your beneficiary when you pass away before the waiting period. Another gives you a certain amount of money on demand irrespective of what you intend to use that money for. If you can present medical records that show progress or effective management of your diabetes, you can drastically improve your chances of getting insurance. Your last option, which is all encompassing, entails working hand in hand with a life insurance agent every step of the way.
Diabetic life insurance is possible. Despite the odds, there are a number of insurers who will insure you. Underwriting gives you a shot at life insurance by evaluating the present state of your health and the coverage you need. Owing to your pre-existing health condition, you can expect life insurance to be more expensive. However, you can always settle for the most favorable rates or pick-up unconventional life insurance plans. Do you need help with your life insurance coverage? If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California today.
