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Life Insurance Information for People with Diabetes Diabetes is a medical condition that impacts a person’s entire body. In the past, being diagnosed with diabetes meant that you could no longer qualify for life insurance coverage or that you would have to pay extremely high monthly premiums to obtain coverage. However, due to advances in the treatment and understanding of diabetes, more insurance companies are writing policies for people with diabetes and charging more reasonable rates. However, it is still important for people with diabetes to understand what insurance companies consider when issuing coverage in order to obtain the best coverage possible. Age of Onset As diabetes is relatively common for older people, insurers do not treat all diabetes occurrences in the same way. Younger people who have diabetes may have the most difficulty in obtaining insurance as juvenile onset diabetes can be the most severe. For this reason, a young person who has an extensive history of diabetes in his or her family should consider obtaining whole life insurance coverage when he or she is still healthy and is able to qualify. Those applicants with diabetes related medical problems such as past heart conditions or vision problems should also expect to pay higher rates. Medical Treatment Insurance providers want to see that an applicant’s diabetes is under control before issuing a policy at a reasonable rate. This may require lifestyle changes, prescription drugs or a combination of both. If a person’s blood glucose (sugar) level is stable with treatment, he or she should have little trouble obtaining a reasonably priced life insurance policy. A life insurance company will want to know about the applicant’s current and past A1C levels and may even request copies of medical records at the time of application as proof that the person’s diabetes is being controlled. Though this may seem intrusive, providing accurate and up to date records can result in lower premium rates. Insurance companies will also want to know about other risk factors such as obesity or tobacco use. Comparison Shop Different insurance companies price life insurance for customers with diabetes in different ways. This even varies based on the type of diabetes that a person has. As a basic rule, those with Type 2 diabetes will pay less than those with Type 1 diabetes. Due to the differences between companies, it is important for a person who has diabetes to compare rates from a variety of insurance companies to see which company is offering the best deal. The difference is premium cost from one company to another can be significant, so it is well worth the time to compare policies from multiple companies. Guaranteed Issue Life Insurance Guaranteed issue life insurance is another option for those with diabetes to consider. A guaranteed issue policy is one that will provide coverage regardless of a person’s diagnosis of diabetes or most other health conditions. For this reason, guaranteed issue coverage is generally more expensive that a standard life insurance policy. But for those who can qualify for life insurance no other way, guaranteed issue can be a viable option. Legal Requirements Life insurance companies are regulated by the Insurance Commission located in each state. The Insurance Commission sets standards that companies and sales people must use when conducting business in the state. If an applicant is looking for information about a specific company or sales person or is concerned about a company’s practices, he or she should contact the Insurance Commission for assistance.
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