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 permanent life insurance.
Life Insurance Options
Life insurance can be bought either as a permanent life insurance policy, covering your entire life (as long as your premiums are paid on time and in full), 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.
Getting the Best Rates on Affordable Life Insurance
When you apply for life insurance, 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.*
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Applications for life insurance may be subject to acceptance by insurer. Issuance of the policy may depend upon answers to health questions. Rates and coverage amounts depend upon the carrier selected. Your policy may be subject to underwriting approval. You will receive only the benefit amount in the policy issued.
*Guaranteed issue life insurance policies are available to individuals within a certain age range. You will receive only the benefit amount in the policy issued. Plans may have a graded death benefit for the first two years. In order for the policy to remain in effect, premiums must be paid as they become due.