Introduction
For those living with diabetes, life insurance can be a daunting prospect. While having diabetes doesn’t necessarily mean you won’t be able to get life insurance, it can often mean higher premiums and more stringent underwriting. The good news is that there are still plenty of options available to those with diabetes who are looking for life insurance coverage.
The Basics of Life Insurance and Diabetes
When it comes to life insurance, the main concern for insurance companies is the risk of you passing away prematurely. For those with diabetes, insurers are concerned about the potential complications that can arise from diabetes, such as heart disease, stroke, and kidney failure. In order to assess this risk, insurance companies will typically look at the type of diabetes you have, the severity of your condition, and your overall health.
Type 1 Diabetes
Those with type 1 diabetes will typically face higher premiums due to their condition. This is because type 1 diabetes is often seen as an uncontrollable condition, meaning that the insurance company will view it as a higher risk. That being said, it is still possible to get life insurance with type 1 diabetes, as long as you can show a good level of control over your condition.
Type 2 Diabetes
Type 2 diabetes is often seen as a more manageable condition, meaning that those with type 2 diabetes may not have to pay as high premiums as those with type 1 diabetes. However, insurance companies will still likely look at your level of control over the condition and any other health issues that may be present. Generally speaking, those with type 2 diabetes who are able to keep their condition under control should have no problem getting life insurance.
Underwriting Process for Life Insurance and Diabetes
In order to determine the risk associated with providing life insurance to someone with diabetes, insurance companies will typically look at a variety of factors. These can include things such as your age, your medical history, and any other health issues that you may be dealing with. Insurance companies may also request additional information from your doctor, such as your A1C levels or any other medical tests that you have had done.
Getting the Best Rates with Diabetes
In order to get the best rates for life insurance with diabetes, it’s important to do your research. Speak to several different insurance companies and compare their rates and policies. It’s also important to make sure that you are honest about your condition, as this can have a big impact on the premiums that you are offered. Finally, make sure that you are taking all the necessary steps to keep your diabetes under control, as this can help to lower your premiums.
Conclusion
It is possible to get life insurance with diabetes, but it may be more expensive than for those without the condition. In order to get the best rates, it’s important to do your research and be honest about your condition. It’s also important to make sure that you are taking all the necessary steps to keep your diabetes under control, as this can help to lower your premiums. By following these tips, you should be able to find a life insurance policy that meets your needs and budget.