Life with its uncertainties can be quite stressful, especially when you’re not prepared for them. And though most of us would never consciously choose to have diabetes, for many people with the disease, it can be a reality—a reality that can be profoundly impactful on every aspect of life, from the most mundane to the most important.
From the financial burden that diabetes can create to the sudden and unexpected mortality that it can bring, diabetes can have a huge impact on your life—and your family’s life—that cannot be understated. But though diabetes can be a highly disabling condition, it doesn’t have to be a barrier to your life insurance needs.
Charlie Fletcher of Diabetes 365 mentions “many people who have diabetes believe that cannot obtain life insurance. Or if they are approved for coverage, the premiums are unaffordable. That’s simply a myth, as many life insurance companies have embraced offering life insurance to the diabetes community.”
With the right life insurance plan, you can protect your family should something unfortunate happen to you – all without sacrificing peace of mind in knowing that they’ll still be taken care of financially if you were to pass away unexpectedly due to another cause (such as an accident) other than diabetes. To help you better understand how life insurance can help you protect your family should diabetes be a reality, here are some important considerations you should make.
Life Insurance with No Medical Exam
Most life insurance plans require a medical exam and evidence of good health before they’ll agree to insure you. Since diabetes can affect your health, a lot of people with diabetes might think that means they won’t be able to find life insurance. Fortunately, however, there are options for individuals with diabetes that don’t require a medical exam—you can actually get term life without having to take any tests at all.
In many cases, these plans will also offer more flexibility in terms of coverage than other types of policies that may still require exams.
And though this might sound like a near-perfect solution, it is important to keep in mind that an important benefit of some policies (such as whole life) is that they build up cash value over time; as such, if you do not have a need for cash value right now but expect it to be useful in future years, then these plans might not make sense.
To give you a better perspective to what these kinds of policies look like here’s brief pros and cons of no exam life insurance products:
Pros:
1. You won’t have to undergo any medical tests in order to qualify for these plans, which means there’s a much lower chance of your application being rejected than it would be with other policies that require an exam.
2. Your premiums aren’t affected by any health changes that you might experience throughout your life.
3. Premiums are based on your current age. Meaning the sooner you opt for life insurance; the lower your premium is likely to be since your chances of mortality at that point are much lower than if you wait until later in life to apply for life insurance.
Cons:
1. Premium rates are always higher than what you would pay for a policy that requires an exam. This is because insurers know that people with diabetes have a greater risk of dying early and must pay more to cover their risk if they’re going to insure them without an exam.
2. Lower benefit is not uncommon with no exam life insurance policies (in fact, it’s pretty much a given).
3. There’s always a waiting period in no exam life insurance products—typically anywhere from 2 years to 3 years. This means that if you demise within this term, your insurance company won’t pay you any death benefits.
Can Type-1 Diabetes Affect Your Life Insurance Rates
The short answer is yes. As we said earlier, life insurance companies take your health into account when calculating premiums for their policies. If you have diabetes and have had it for a long time, it’s not uncommon for your rates to be significantly higher than what they would be if you didn’t have diabetes (this is why young people who buy term life coverage often pay very low premiums).
But that doesn’t mean that you can never find affordable life insurance as a diabetic. There are options out there for people with diabetes, so make sure to speak with a licensed agent about what kind of life insurance may be right for you. Rates for type 1 diabetes life insurance are affordable, and obtaining coverage is easier than you think.
Can Type-2 Diabetes Affect Your Life Insurance Rates
Being more common than Type-1 diabetes, it’s not surprising that a lot of people with diabetes have type 2. In general, you should expect your rates to be higher if you have type 2 because of its association with things like high blood pressure and cholesterol, which are also both associated with higher mortality risk.
However, if you keep your glucose levels under control and manage these health risks through regular exercise and healthy eating habits (as you should), then it’s possible to get affordable life insurance even as a diabetic with type 2.
Can Your Life Insurance Premium Rates Go Down If You Manage Your Diabetes Properly?
It’s well known that lifestyle choices have a direct effect on your health and your risk of mortality. And while being healthy is far from a guarantee that you won’t die prematurely, it’s certainly an effective strategy to do whatever you can to minimize these risks. Managing your diabetes is one of those things. So as long as you’re staying on top of glucose levels and keeping other health risks like high blood pressure and cholesterol under control, then your premium rates should stay relatively stable or go down over time. At least that’s what happens for most people who manage their condition with proper diet and exercise.
How Much Will Life Insurance Cost Me as A Diabetic
The short answer here is: it depends. There are too many variables when determining how much life insurance will cost to even come up with a ballpark figure; however, here are some things you can expect when applying for no exam life insurance policies.
First, rates are likely to be higher if you have type 2 diabetes.
Second, if your blood glucose levels and other health risks aren’t in check (which they likely won’t be if you just found out that you have diabetes), then premiums will be higher as well.
Further, your age, your ability to manage your condition, and whether or not you smoke all factor into what your monthly premium rate will be. Bottom line: don’t take any price quote from an agent at face value before getting a few estimates first.
It pays to do your homework when shopping around for life insurance coverage—even more so if you’re shopping specifically for term life insurance as a diabetic. They are certain groups like Diabetes Life Solutions who specialize in helping out diabetics find life insurance coverage.
