Many Americans, both young and old, suffer from diabetes. Aside from the physical limitations they face every day, getting approved for life insurance can prove difficult. There are some important facts for those suffering from type 1 diabetes to consider prior to shopping.
Getting life insurance for your family can be one of the most helpful and thoughtful things to do when preparing for your future. It’s a way to provide for your family long after you are gone, and a way to know that they will have the money that they need. When you begin the process of finding coverage that works for you, type 1 diabetes can make it seem like an impossible task, but it doesn’t have to be.
We hope to make that process easier for you with the following information.
How Does Type 1 Diabetes Affect Life Insurance?
Type 1 diabetes is going to impact every area of your life, even your life insurance plan. Luckily, our agents have years of experience helping applicants with diabetes get the best plan to meet their needs.
If you’re a type 1 diabetic looking for affordable life insurance, or you know someone that is, this article will give you the information that you need to make an educated and informed decision, as well as make it as straight forward as possible.
If you are a Type 2 Diabetic, we can help with that as well.
5 Factors to Consider Regarding Life Insurance with Type 1 Diabetes
There are 5 key factors to consider when determining how your life insurance policy could be affected by Type 1 Diabetes.
When Were You Diagnosed with Type 1 Diabetes?
The age at which you were diagnosed with the condition plays a factor during the application process of life insurance. If the diagnosis occurred after age 40, the chances of getting approved are far higher. On the other hand, those who receive the diagnosis at a younger age will face more hindrances.
In most cases, type 1 diabetes is going to be diagnosed at a much younger age, which is going to decrease the chances of getting approved, but it still isn’t impossible. It’s important that you and your doctor have detailed records of exactly when the diagnosis occurred, this will help give the insurance company a clear picture of your health and make the process go faster.
Graded Death Benefit Life Insurance may be an easier option to pursue for those who received an early diagnosis. In this system, the policyholder will receive a set benefit amount if a death occurs during the first couple of years. As the years pass, the benefit amount increases. This helps keep the insurance company from paying out more than it is able and allows for lower monthly premiums for policyholders.
Average Blood Glucose Levels
Another thing life insurance companies will take into consideration is your average blood glucose level. Known as A1c, this number is calculated as a percentage and calculates your age and other factors. An ideal percentage with type 1 diabetes is 7%, which means your average glucose level is 154 mg/dL.
Your A1c is going to play a significant role in your chances of being approved for life insurance coverage. The lower your average glucose is, the better your chances of getting affordable life insurance protection.
One of the deciding factors an insurance company calls in to play when going through a type 1 application is the amount of insulin you have to take per day.
It affects whether you are approved, but also makes a difference in your monthly premium. Most people that are taking 25 units or less per day will have a decent rate. When the units increase the price does as well. In general, diabetics that take up to 50 units a day are normally approved.
Complications Due to Type 1 Diabetes
It is possible for someone with type 1 diabetes to receive quality life insurance with an expected “table rating” of 4-8. Even if the diagnosis occurred after age 40, those who keep their condition well-maintained and follow their doctor’s orders have a better chance than those who don’t.
It also makes a difference if your condition has caused any of the following:
- Vision loss
- Kidney disease
- Other complications stemming from the condition
These are all things that you will need to discuss when applying for a policy.
Finding the Most Affordable Premiums
In today’s economy, it is wise to get an idea of the monthly premiums you can expect to pay prior to shopping for life insurance.
As an example, a 55 year old woman seeking a plan that offers $250,000 of 15 year term at a Table 4 Rating could expect to pay around $128.16 with American General and $152.91 with MetLife. The rates do vary, but it is possible to calculate a range to get a better idea.
Turns out we know all the companies that are going to view people with type 1 diabetics more favorably than other companies. We can save you the time of having to call or spend hours researching different insurance companies. Several decades ago, a person with type 1 diabetes would never be able to get life insurance coverage. However, now we understand the treatments and medications and we know what kind of impact they have on the body.
There are dozens of insurance companies that specialize in insuring type 1 diabetics, which means it is possible to get affordable insurance. We love to save clients time by sharing our expertise in the research of what is best for their individual needs.
Final Thoughts on Life Insurance with Type 1 Diabetes
Having a life insurance policy in place is one of the best ways to protect your family in the event of your death. While it can be more difficult to get approved when you suffer from type 1 diabetes there are options. Just because one company does not grant approval does not mean that there are none that will.
Finding the perfect life insurance plan can be a long and difficult process, but it doesn’t have to be. Our agents have the expertise and experience to help you find the insurance plan that best fits your needs. Contact us today and we can get the process started.
If you would like a custom quote for life insurance with type 1 diabetes, fill out the form on this page, or call us at 888-552-6159.