Life Insurance for Diabetics – It is entirely possible to get life insurance for individuals who are diagnosed with diabetes. Whether you have type 1 diabetes or type 2 diabetes, there is life insurance for diabetics that offers financial protection to both you and your loved ones. Life insurance is very important for individuals battling with diabetes. While it may be difficult to get life insurance for diabetics, some insurance companies are willing to offer protection to diabetics regardless of the type.
If you seek detailed and comprehensive information about life insurance for diabetics, then you are in this right pace. We aim to shed more light on the overview of life insurance for diabetics, highlighting types of life insurance that is best for diabetics, factors that affect life insurance for diabetics and how to improve your chance for lower premiums on your life insurance.
What Is Life Insurance?
Life insurance is a type of protection offered by an insurance provider to individuals who seek health and finical protection against certain risks. It usually involve a contract between the insurance company and the policyholder, and in this light, the insurer is expected to pay a specific sum of money once the policyholder dies or within a period of time.
However, life insurance attracts premiums that are to be paid by for the exchange of the protection offered by the policy. But buying a life insurance policy is an ideal option, especially if you are diagnosed with diabetes and you have people who depend on your income.
Can Diabetics Get Life Insurance?
While the application process for diabetics who intend to buy life insurance may be difficult to navigate, you can still get life insurance. Most insurance companies offer life insurance to individuals who are diagnosed with either type 1 or 2 diabetes. Although diabetics can get life insurance, they are often charged with a high premium, so when applying for a life insurance policy, expect to pay more money.
Nevertheless, when applying for life insurance for diabetics, it is important to inform your insurer about your health status, as it is one of thedetermining factors for your quote and other things. If you don’t inform your insurance provider and they find out about it from other source, your life insurance policy will be cancelled.
Type of Life Insurance Available For Diabetics
There are several life insurance policies you can explore as a diabetic and one of which is mostly sought after is the guaranteed issue life insurance. This is because it offers a wide range of benefits to diabetics who are living with advanced diabetes. Notwithstanding, you can consider other types of life insurance policy, depending on your budget and needs. Check out these life insurance policies;
- Term life
- Whole life
- Universal life
Each of this type of life insurance policy has its distinct feature and benefits it offers to policyholders. It is advisable to review the content of these polies in order to determine which one works best for you. Remember to consider the cost, coverage options and limit, as well.
Factors That Affect Life Insurance for Premiums
Depending on the type of diabetes you have, life insurance premiums vary significantly. There are so many factors that influence the underwriting of life insurance for life diabetics. Highlighted below are some of these factors;
Type of Diabetes
This is one of the primary factors that affect life insurance for diabetics. The type of diabetes you have largely depends on how high or low your life insurance premium would be. In most cases, type 2 diabetes is considered less risky than type 1 and as a result of this; individuals who have type 1 diabetes tend to pay higher premiums than the others. Type 2diabetes is less risky because it can be managed if health lifestyle is incorporated into the life of the individual. On the other hand, type 1 diabetes is often hard to manage and can incur so many risk, reason why life insurance company charge higher premiums for this type of diabetes.
Health and Lifestyle
Asides the type of diabetes the individual has, the life insurance company will check the overall health and lifestyle to detect if there are other health conditions that can affect your premiums. Before your life insurance is approved, the insurance company will request for your age, occupation and lifestyle. If you have been engaged in risky lifestyle such as smoking or use of hard drugs, it would be difficult to qualify for life insurance.
If you happen to qualifydespite having a bad health and lifestyle history, the consequence is that, your premiums will be on the high side.
Condition manageability
Peradventure, you have your diabetes under control and is well managed. It is possible to get lower premiums on your life insurance policy. On the other hand, if you depend on insulin and other medications, you are most likely to be charged higher premiums by the insurance company.
One of the ways you can lower your premium is by maintaining a good health and lifestyle. Get enough sleep, eat good, exercise daily and limit the amount of stressful activities you engage in on a daily basis.
