If you’re reading this, it’s likely that you or someone you love has diabetes.
This is a disease that affects millions of people worldwide and can be life-threatening if not managed properly. People with diabetes are at a greater risk for heart disease, cancer, and stroke—not to mention the fact that the modern lifestyle of junk food and lack of exercise makes it even harder to manage their condition.
Life insurance companies often exclude diabetics or overweight people from coverage because they assume they won’t live long enough to make it worth their while. But there are companies that understand the need to provide personalized insurance, and we think it’s just a matter of knowing who offers these types of policies so you can take advantage of them before your next doctor’s visit! As you probably know, Diabetes will be one of the factors that your insurance premiums will be determined by.
If you still think that you are diabetic and overweight like you won’t qualify for a policy because insurance companies assume your life expectancy is too low, think again! Below we indulge in the fact that not all insurance companies are created equal and how you can still qualify for a policy, even with diabetes or being overweight.
Life Insurance with Diabetes Is Possible
Though having diabetes may make you feel as if life insurance coverage is unattainable, that isn’t always the case! A large number of carriers are now offering what they term “impaired risk policies,” which cater specifically to those individuals considered high-risk due to their health conditions. And while these policies are not typically offered at the same price as a standard or “preferred” policy, you can still secure coverage without paying an arm and a leg—so long as you know where to look.
Matt Schmidt with Diabetes Life Solutions states “ life insurance companies have evolved over time, and having a form of Diabetes is no longer an automatic decline. We work with thousands of consumers every year, and almost 90% of them will qualify for some form of life insurance coverage. The key is to make sure if you work with specialty groups who understand the risks a person with Diabetes presents.”
You can even get free quotes from some of the top life insurance companies by just calling their customer service line or visiting their website. You can also work with an insurance agent who specializes in helping people with diabetes find affordable life insurance coverage. The agent will have access to many different companies and policies, so you’ll be able to find the best plan that fits your needs.
Life Insurance for Type 1 Diabetics
Insurance companies are wary of insuring people with type 1 diabetes because they are more likely to develop complications like heart disease, kidney disease, and nerve damage which can be expensive to treat. They always use the A1C (hemoglobin A1c) score as the most crucial factor in deciding whether or not to insure someone with diabetes.
A person with an A1C level of 6 or below has an excellent chance of living a long life without complications from their diabetes and would be eligible for coverage by most major carriers. Those with an A1C level above seven may have difficulty finding coverage even if their health otherwise appears good. It’s important to realize how much of an impact your A1C number can have on not only the price you pay for life insurance but whether or not you’re approved at all. If you’ve been diagnosed with diabetes, it’s worth your while to work closely with your doctor to get the condition under control and work with a trusted insurance agent who specializes in working with people with diabetes to find a policy that fits your health and financial needs.
We’ll also note that insurance carriers have improved their offerings through the years. Over time, underwriting guidelines have changed for the better. In fact, life insurance for type 1 diabetics premiums have never been less expensive than they are today.
Life Insurance for Type 2 Diabetics
Type 2 diabetes is an increasingly common condition that affects the body’s ability to produce or respond to the hormone insulin. But that doesn’t mean that all people with diabetes will develop heart disease— or that life insurance is off the table for everyone with type 2 diabetes. In fact, many insurance companies have special programs for people with diabetes, and some even offer discounts on premiums to policyholders who are able to control their blood sugar levels through diet and exercise.
So, start your research today, and don’t let diabetes stand in the way of getting the life insurance coverage you need. For many people who live with type 2 diabetes, you may actually be approved for the same types of rates as non diabetics receive.
Life Insurance with Gestational Diabetes
Gestational diabetes is a type of diabetes that affects pregnant women who have never had diabetes before (nondiabetics). It’s called gestational because it develops during pregnancy. Having gestational diabetes increases your risk for other complications during pregnancy and delivery — but most women with gestational diabetes do just fine and go on to have healthy babies.
And while some life insurance companies may deny coverage or charge higher premiums, there are many that offer policies to those with gestational diabetes. If you’re looking for coverage, be sure to shop around and compare different policy options before choosing one.
Improve Your Finances and Your Lifestyle with Diabetes
Diabetes can be a daunting condition to live with. It requires constant monitoring and attention to avoid serious complications. However, if you have diabetes, the good news is that you can take control of the disease. You can live a long, healthy life and enjoy all the benefits of having a chronic condition like diabetes.
Vin Agarwal with Diabetes 365 shares the following: “one secret that many people with diabetes don’t know is that by utilizing diabetes technology you may save rates on your life insurance rates. Certain providers may offered well controlled diabetics discounted rates if you’re using an insulin pump, or continuous glucose monitoring device. Discounts may range 6% to 9% annually on health insurance and life insurance products., and these will add up to significant savings over time.”
Taking Charge of Your Diabetes
The first step in taking charge of your diabetes is becoming educated about the disease. Once you understand how it works, you will be able to make informed decisions about how to manage it. This includes knowing how to measure your blood glucose levels, as well as when and how much insulin or other medications to take.
Improving Your Finances
Diabetes can have significant financial impacts on those who suffer from this condition. The cost of medications, therapies, and treatments can be significant. In addition, people with diabetes often miss workdays due to doctor’s appointments or sick days related to their condition. This can lead to a loss in income and an overall decrease in financial stability. There are many resources available to help people with diabetes manage their finances, including government assistance programs, private charities, and online support groups.
Improving Your Emotional Well-Being
Living with diabetes can be challenging emotionally, and it is important to find ways to cope with the stress and anxiety that can come along with the condition. Some people may feel isolated or alone because they cannot participate in activities like they used to or because their friends and family members do not understand what it is like to live with diabetes. There are many support groups available for people living with diabetes, both online and in-person, which can provide valuable social interaction and emotional support.