There are a lot of myths and misconceptions when it comes to people with Diabetes, and obtaining life insurance. Fortunately, these frequently circulated misconceptions aren’t true. Not only can you qualify for life insurance if you have Diabetes, but you have more options than ever before!
Let’s look into some of the most common myths surrounding the insurability of the diabetes community.
Myth – People with Type 1 Diabetes can’t qualify for Life Insurance
Obtaining life insurance with Type 1 Diabetes isn’t as difficult as it used to be. Insurance companies have evolved over time, and now realize that even though you have type 1 diabetes, you can still live a healthy life style.
In most cases, premiums will be higher for individuals with diabetes than people without diabetes. However, insurance companies are now looking at your complete health profile, and there are ways to lower your premium. Eating properly, using diabetes related technology, seeing an endocrinologist regularly are all ways a person can offset some of the additional premiums an insurance company would access to an applicant.
People with Type 1 Diabetes can qualify for Term, and Permanent insurance policies. In most situations, they would have the ability to choose from policies from nearly 70 different life insurance companies. Ultimately, the amount of life insurance, type of policy, and the applicant’s health would determine what the rates would be.
Myth – People with Diabetes are ineligible for non-medical exam policies
Individuals with Type 1 and Type 2 diabetes are eligible for non-medical exam policies . Many people prefer not to have an insurance company review their Blood and Urine tests. Nor do some people want an insurance company “combing” thru their medical records. If you are one of these types of people, then good news as you would have options.
Now there is a catch, however; due to the unforeseeable amount of risk the insurance company assumes with a non-medical exam policy, your premiums may be higher compared to a policy that does require all the additional underwriting. Insurance companies will have you answer basic health questions, and will also do a prescription background check, to make sure your answers to questions are accurate.
Candidates for these non-medical exam policies include people who don’t want to wait 30-45 days for a decision. Most non-medical exam companies can issue a policy in 72 hours or less. Or, if your diabetes condition is not well managed, a non-medical exam final expense insurance policy may be the best option for you and your family. These simplified issued whole life insurance policies accept higher risks, then traditional life insurance plans.
Myth – Affordable Life Insurance for Diabetics is not obtainable.
This is another myth, that simply is not true. Surprisingly, rates have actually hit an all-time low according to the Diabetes 365 organization , and affordable life insurance for diabetics is obtainable. Life Insurance companies are finally understanding all the TRUE risks with the Diabetes community, and have adjusted their pricing to reflect this.
Life Insurance companies are now offering “healthy life style” credits to people with Diabetes. Maintaining an A1C of 7.1 or lower, by maintaining a healthy weight, refraining from smoking, and closely monitoring your blood sugar levels, this will ensure that you will receive a rate that is reflective of your overall health. Some insurance companies have even started lowering your rates, if you use a Fitbit device, and allow a company to monitor your daily activities.
In some situations, a person with Type 2 Diabetes, may not pay any extra rates for life insurance coverage. And often, they are eligible for “preferred” rates. This means they can achieve the same type of premium, that someone who doesn’t have diabetes and is in great overall health.
Myth – Children with diabetes cannot obtain polices
Up until about 10 years ago, insurance companies would not offer coverage to a juvenile with diabetes, until they reached the age 18. Luckily, you can now obtain life insurance as a juvenile diabetic. Currently, if under the age of 18, and having average to great control of your Type 1 Diabetes, you would qualify for Whole Life Insurance plans. As you get older, more options would become available, especially as you turn age 25 or older.
Ways to get the best rates are to make sure you are getting the best rates include using an insulin pump, Continuous Glucose monitoring device, and maintaining a healthy weight. One solution is to start with a policy as a juvenile, and then add additional coverage as you get older, as there would be considerably more options at that point. In the meantime, if a person’s health were to worsen, and could not obtain future life insurance, they would have a policy in place.