Type 2 diabetes is a common health condition that affects millions of Americans.
If you have this condition, you understand first-hand that it can be challenging to manage the condition and to live with some of the symptoms.
Your doctor may have also informed you that you may be at an increased risk for developing certain complications associated with type 2 diabetes.
Because of the health challenges that you face now and the increased risk for developing more significant health issues related to diabetes, you may find it challenging to obtain a reasonable, affordable quote for life insurance.
In some cases, you may find it difficult to find an insurer who wants to extend coverage to you at all.
The good news, however, we can find life insurance to meets your needs.
How Life Insurance with Type 2 Diabetes Works
Getting an affordable quote for life insurance as a diabetic does not have to be challenging or complicated when you work with us.
We will ask you a few important questions about your current health and medical history, and with the information that you provide to us, we will gather accurate quotes for coverage.
Some of the questions that we will ask type 2 diabetics include:
- Current weight and height
- Your age when symptoms began
- The date of diagnosis
- Your current treatment plan, including any medications you are taking
- Complications related to the condition
- Your blood sugar readings and A1C readings
Getting Approved For Coverage as a Type 2 Diabetic
Any time you apply for life insurance, even when you are in perfect health, there is a process that must be followed before you can be approved for coverage.
Life Insurance Medical Tests for Type 2 Diabetics
Even those without type 2 diabetes must go through a short physical that includes a check of their weight and blood pressure (unless you get life insurance that doesn’t require an exam).
A urine and blood test are also commonly performed. A nurse will come to your home or office to complete the exam.
In addition, we may request a physician statement from your current healthcare provider regarding your health status – essentially these are your doctor’s records.
The final decision for a life insurance company to extend coverage to you will be based on the insurance company’s review of the physician’s statement, the lab results, and the other information that they review from your health exam.
Cost of Life Insurance with Type 2 Diabetes
Some individuals who have type 2 diabetes are concerned about being able to find a policy at all, and others are concerned about being able to find affordable diabetic life insurance coverage.
When you purchase life insurance, the life insurance companies will review your health status to determine your insurance rate.
Those who are healthy and who do not have underlying medical conditions often are considered for Preferred pricing, and this means that they may have access to the most competitive rates.
When you have an underlying health condition, such as type 2 diabetes, you may be considered for a Standard table rating.
If you were diagnosed after age 50 you have a better chance of getting a Standard rate (also called regular), those diagnosed earlier in life, or who are overweight, are more likely to get a rated policy and pay a bit higher than standard rates.
Tips for Finding the Cheapest Life Insurance with Type 2 Diabetes
Unfortunately, applicants with type 2 diabetes are going to pay more for their coverage. But there are a few ways you can offset some of the challenges.
First, take a year to kick the bad tobacco habits. Smoker’s rates (which also includes chewing tobacco), are twice as much.
If you’re tobacco-free for one year, you can qualify for non-smoker’s rates. Sure, it’s hard, but just think about the savings.
Secondly, let’s look at your diet and exercise regime. If you want to save money, you need to get in shape.
Before you apply for life insurance (while you’re kicking those cigarettes), make some better diet choices. Maybe you could start going to the gym instead of binge-watching television.
Some companies are wary of giving life insurance to people with type 2 diabetes.
The companies with stricter underwriting or less experience with high-risk clients will probably have higher rates. You want to avoid these companies at all costs.
How do you know which companies aren’t good for people with type 2?
The best way is to let our independent brokers do the work for you. We have experience working with hundreds of clients with type 2.
How Much Life Insurance Do You Need?
You can get approved for coverage, but how large of a policy should you buy? Don’t worry, we can walk you through the calculations.
To get started, let’s add up your mortgage, student debts, car loans, and any other significant debts.
The number one factor to keep in mind when buying life insurance is your unpaid expenses.
Now let’s look at your income. Your debts are the main concern, but you should also buy a big enough policy to replace your salary.
If your kids and spouse have expenses they couldn’t pay without your paycheck, then your plan needs to cover those payments.
Don’t forget to add in taxes. You can’t avoid taxes, and your loved ones won’t be able to either.
Get a Life Insurance Quote Today and Save Money
If you have type 2 diabetes and need to purchase life insurance, you may be wondering what the benefit is for you to work with us.
We can simplify the process of finding life insurance and can help you to find the most affordable coverage.
We work with over 30 of the top-rated insurance companies and can help you to gather quotes from those that may offer you the best rates possible.
Some do not require a medical exam, and we can discuss those options for coverage as well.
We know that finding life insurance coverage can be difficult, especially if you have diabetes. It’s vital you have life insurance, regardless of your health.
If you’re one of the thousands of people who have been declined for life insurance because of a type 2 diabetes diagnosis, there is still hope for coverage. Let us find the plan to meet your needs.
Call us at 800-712-8519 to discuss quotes and options for life insurance coverage.
Emma Rosa says
I like this clear description. But 1 ques, what will be if I fall into type 1 diabetes?
Doug Mitchell says
Emma, We have companies that will insure you even if you are type 1. Just give us a call so that we can guide you.