Life Insurance For Diabetics

Many people mistakenly believe that diabetic life insurance does not exist. In actuality, the 34.2 million Americans with diabetes have numerous life insurance options.

While diabetes remains a health issue for many people, it is still possible to obtain good life insurance as a diabetic. Here are some crucial things to know about buying life insurance if you have diabetes.

 

Many criteria are taken into account by insurance firms.

A life insurance may want to know the following information in addition to whether you have diabetes:

 

Regardless of whether you have Type 1 or Type 2 diabetes,

When you were diagnosed with diabetes, how old were you?

What drugs you are taking, as well as your height and weight

How successfully you manage your diabetes

Your blood glucose levels

If you have any additional medical concerns, such as heart disease or high blood pressure,

If you are a smoker,

Your whole medical history

Your family tree

Some life insurance companies provide “clinical underwriting.” (Underwriting is the process by which an insurance company analyzes you for coverage.) Instead of focusing on specific risk indicators, this style of underwriting takes a more holistic approach to your health. An insurance professional will be better knowledgeable about organizations that do clinical underwriting.

 

Underwriting for diabetic life insurance differs per insurer.

Jake Irving is one person who is well-versed in diabetic life insurance. He owns Willamette Life Insurance in Beaverton, Oregon, and is a registered insurance agent. Irving specializes in assisting diabetics in obtaining life insurance. When it comes to life insurance for diabetics, he claims that each insurer has distinct underwriting requirements.

 

Even so, Irving claims that most insurers are concerned about your age at the time of diagnosis. “Being diagnosed earlier in life means that linked issues have more time to emerge,” he explains. This may make obtaining coverage more difficult.

 

Most insurers are likewise concerned about serious diabetes consequences. “The major three they care about are being in a diabetic coma, having an amputation, or being hospitalized,” Irving explains. “However, just because you don’t have one doesn’t mean you can’t obtain coverage.”

Finally, people with Type 2 diabetes are more likely to be able to obtain life insurance than people with Type 1 diabetes.

 

Diabetic life insurance is frequently (but not always!) more expensive.

People in good health who do not smoke typically have lower life insurance rates than people with health problems or smokers. Having said that, Jake claims to have had diabetics qualify for special insurance rates. Preferred is the greatest available pricing category for life insurance.

 

There are nontraditional plans available.

Graded life insurance is one unconventional possibility. If you die before a specified waiting time, your beneficiaries will only receive a fraction of the whole life insurance benefit. A usual wait time is two years.

 

Guaranteed issue life insurance is another possibility. This option provides only a small amount of coverage on the spot. You are not needed to have a medical examination or answer any medical questions. Just be aware that you may only receive a restricted quantity of coverage and that your premium may be costly. There is frequently a waiting period as well.

Diabetes management can help you get better coverage.

Diabetics who are working to manage their illness are viewed more positively by life insurance. This could include seeing your doctor on a regular basis, taking your prescription medication, maintaining a healthy weight, and having lower A1C and glucose levels.

 

Jake believes that after you have control of your diabetes, you may be able to acquire a better rate. This is especially true if it has been a long time since a diabetes-related hospitalization. (However, keep in mind that the occurrence may remain on your medical record and effect your rate.)

 

Your best bet is to work with a licensed insurance agent.

You should ideally work with an independent agent who has ties with a variety of life insurance firms. This means they will be able to shop around for the best coverage for you. It also means that if your application is denied, they can resort to other carriers.

 

Consider hiring an agent who works with high-risk candidates, such as Jake. These brokers are very educated about which carriers are most likely to provide you with the greatest coverage.

 

Benefits of Combining Life Insurance with Long-Term Care

You’ve probably heard of hybrid vehicles. But have you heard of hybrid life insurance?

 

Long-term care and life insurance are combined in this policy. These hybrid policies, like hybrid cars, are becoming increasingly popular. This is due to their distinct advantages.

 

How Does It Work?

In the past, most people purchased long-term care insurance as a separate policy. Today, it’s becoming increasingly normal to obtain the coverage as a policy that also includes life insurance.

 

If you acquire a health condition and require care, the long-term care section of the coverage will pay for it. Meanwhile, the life insurance element provides financial support to your loved ones in the event of your death.

 

If you have a health issue, you will be eligible for long-term care. If you never utilize the long-term care benefit, your loved ones receive the full death benefit.

 

Benefits of a Hybrid Life Insurance Policy

More comprehensive coverage. A hybrid life insurance and long-term care policy provides you and your loved ones with two critical coverages.

It’s easier to obtain. A hybrid life insurance policy’s medical underwriting is frequently less stringent than a solo long-term care insurance policy’s. In fact, some hybrid policies need you to answer only a few health-related questions.

Payment choices that are adaptable. A hybrid life insurance policy can be purchased in two ways: as a lump sum or as annual installments.

Tax breaks. Life insurance payouts to heirs are not taxed. In addition, premiums paid for long-term care insurance may be deducted from your state and federal taxes in some cases.

Less time and effort required. It is frequently easier to investigate, purchase, and manage a single policy than two separate plans.

Fewer premium increases. Many folks are concerned about the cost. This is because prices for standalone long-term care policies might skyrocket. In general, hybrid policies provide stronger pricing stability.

A death benefit is possible. If you never require long-term care, you typically lose the premium dollars you paid for a regular coverage. If you never require long-term care, your loved ones will receive the full death benefit under a hybrid policy. Some insurance even guarantee a minor death payment regardless of the circumstances.

You can choose to lock in your premium. Some hybrid life insurance policies allow you to set your premium payments in stone.

A money-back guarantee is an option. If you decide you don’t want the policy after a certain period of time, certain hybrid policies may refund your money.

Absolute tranquillity. Hybrid life insurance coverage alleviates concerns about prospective long-term care expenditures while also assisting in the financial security of your family. Who doesn’t require that?

 

Getting Coverage

A certified insurance agent can assist you in determining whether a hybrid or standalone policy is the best fit for your life and budget. Begin by learning about the three major ways to obtain long-term care insurance. Check out our answers to frequently asked questions about long-term care insurance as well.

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