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Finding Affordable Life Insurance for Diabetics
It may be possible to find affordable life insurance even if you're diabetic. If you have diabetes, you should be prepared to answer some questions about your health, including any medications you're taking and other details about your diabetes treatment. You'll also need to decide whether you want term life insurance or whole (permanent) life insurance.
Life Insurance Options
Life insurance can be bought either as a permanent life insurance policy, covering your entire life, or a term life insurance policy, covering a given period of time. A term life insurance policy can cover a period as short as a year or as long as 30 years or more.
There are several different types of term life insurance policies, such as simplified issue, guaranteed issue and fully underwritten life insurance plans.
Getting the Best Rates on Affordable Life Insurance
When you request life insurance policy quotes in order to find an affordable option, an insurance company may want to know more information about your health. For a fully underwritten policy, a medical exam may be necessary.
Questions you may be asked by a life insurance company could include:
- Do you have Type 1 or Type 2 diabetes?
- How old were you when you were diagnosed with diabetes?
- What are your current blood sugar levels?
- What medications are you taking, if any?
You may also be asked about other diabetes risk factors, such as any family history with diabetes, your diet and your level of physical activity. Depending on the type of life insurance policy, you may also be required to take a physical exam, which could include a drug test.
It's true that you may end up paying more for a life insurance policy than someone without diabetes, but it's going to depend on your overall health assessment. If your general health is good, you're more likely to find affordable life insurance options.
Guaranteed Issue Life Insurance
If you do not qualify for a fully underwritten life insurance policy, a guaranteed issue policy may help you get the coverage you need. Guaranteed issue life insurance policies are available to individuals in a certain age range (50-85 is common), regardless of current or past health issues. There's no medical exam or health questionnaire.**
Connect with a licensed life insurance agent today by calling 800-966-7169.
International Diabetes Federation: www.idf.org/about-diabetes/risk-factors
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.
**These plans may have a graded death benefit for an initial period of time.