What to Consider When Applying for Life Insurance for Diabetics

What to Consider When Applying for Life Insurance for Diabetics

Disclaimer: This article does not constitute medical advice. It’s for informational purposes only. Always discuss anything health-related with qualified medical personnel especially if you are diabetic.

If you’ve never applied for life insurance before you might feel a little uneasy. Will I be approved? How can I improve my chances? What if I get rejected? If these questions are racing through your mind, you’ll find the answers here. Here’s what you need to know when applying for life insurance for people with diabetes.

You’ll Be Thoroughly Checked

Insurance companies go to great lengths to determine how risky it is to offer insurance to an applicant. This is especially so with people with diabetes because this illness comes with plenty of complications and a higher mortality rate.

If you are diabetic and apply for life insurance you should expect to have your medical history checked, to answer a life insurance diabetes questionnaire and most likely have a medical test.

These are only three of several factors that will determine if you’ll be approved an insurance and at what rate. The overall goal of these checks is to ensure that your condition has as little impact as possible on your life expectancy.

Your Premium Will Likely Be High

Premiums for life insurance for diabetics are usually higher than “regular” coverage. The reasons were mentioned above—higher mortality rate and a higher chance of developing other life-threatening illnesses such as heart, kidney, and liver conditions.

How much you’ll have to pay depends on what category you are assigned to—insurance companies place potential clients in different premium levels depending on their risk level with higher risk=higher premiums.

There Are Different Chances for Type 1 and Type 2

People with Type 1 diabetes find it harder to get approved for life insurances than those with Type 2. This is because Type 1 usually unlatches early on (hence why it’s also called juvenile diabetes) giving the condition more time to affect the body. This does not mean that it’s impossible for someone with Type 1 diabetes to get life insurance, though.

Getting a Better Chance Comes at a Cost

Guaranteed acceptance and no exam life insurances are two options for people with diabetes to get approved for life insurance. Guaranteed acceptance policies admit people much more easily than “regular” policies, though some might still get rejected.

If you opt for a no exam application you won’t have to go through a medical exam. You will, however, still have your past medical records reviewed and will have to fill in a questionnaire.

Both options offer a higher chance for people with diabetes to get accepted but come at higher premiums and lower coverage than “regular” policies.

There’s a Chance You’ll Be Rejected

Even completely healthy people get rejected when applying for life insurance. There are a million reasons—from engaging in risky hobbies to a history of car accidents. So, it’s only logical that someone who has an illness such as diabetes will be considered a high-risk by insurance companies.

However, this shouldn’t discourage you since whether you’ll be approved or not largely depends on what you are currently doing to improve your longevity despite having diabetes.

There’s Still Hope Despite Rejection

Even if you do get rejected this is not the final straw. There are other options, including guaranteed acceptance and no exam insurances. You can also apply to other companies. Different insurers have different policies regarding life insurance for diabetes so even if you strike out in one you can still try at another.

Also, if the reason for getting rejected is that the insurer didn’t find your current lifestyle habits to be healthy, you can also improve them and increase your chances before trying again.

You’re Better off With an Agent

To really increase your chances of getting approved for diabetic life insurance you can turn to an experienced insurance agent that specializes in high-risk life insurance.

American Term—one such consultancy agency, has helped diabetics on numerous occasions to beat the odds in getting life insurance. The company has even managed to find an affordable premium for a 52-year-old man with an A1C between 6-7 who’s had Type 1 diabetes for 25 years. You can read more about the company’s successful case studies by clicking here.

This is only a basic overview of what you should expect when applying for life insurance for diabetics. The process is a bit more involving than with “regular” coverage, but with the right help, you will run a much higher chance of getting approved.