If you have an underlying condition, such as diabetes, getting a life insurance policy can prove to be an uphill task. However, if you are suffering from a chronic health condition this does not automatically disqualify you from life insurance coverage. In fact, most life insurance providers offer life insurance for people with diabetes, but they may have to pay more than people without pre-existing conditions.
The amount you have to pay usually depends on your projected life expectancy. Pre-existing health conditions may shorten your life expectancy, which is the main reason why life insurance coverage for diabetics tends to be significantly costlier compared to life covers for people without pre-existing medical conditions. Even with proper management, diabetes can still cause problems and complications, so most providers regard it as a risk factor.
Factors that influence life insurance rates for people with diabetes
If left unchecked, diabetes can lead to a wide variety of serious medical conditions that can potentially lead to death. Some of the most common diabetes-related complications include:
- Hypertension
- Obesity
- Diabetic neuropathy
- Stroke
- Obesity
- Heart disease
- Issues with teeth, eyes, and other organs
- Limb amputation
- Kidney failure or kidney disease
However, you should note that diabetes may differ from person to person. Life insurance usually rates applicants’ eligibility based on a wide range of factors, such as family medical history, personal medical history, age, lifestyle (such as alcohol consumption and tobacco use), and current age.
Some of the key factors providers consider when determining your insurance rates include:
1. Your current health condition
When setting your life insurance rates, providers want to know how well your diabetes is controlled as well as its potential negative impact on your health in the future. Your insurance company will have you undergo a medical underwriting process that helps determine your risk. This typically includes standard medical questions as well as questions about your diabetes and other diabetes-related conditions and complications you may have.
For instance, you may have to provide accurate answers about your initial diabetes diagnosis, how it is managed (e.g., exercise and diet, insulin, prescription medications, or a combination), your recent blood sugar, your cholesterol ratings, and your blood pressure.
Users who are applying for larger coverage amounts may have to undergo a full physical exam and provide medical records to verify their medical history. There are also life insurance plans available for diabetics who want to apply for life insurance without completing a medical exam, but these policies usually cost more
2. The specifics of your diabetes
Your life insurance rates are also impacted by the specifics of your health condition. For instance, as part of their underwriting process, providers may inquire about the specific type of diabetes applicants have – gestational diabetes, type 1 diabetes, or type 2 diabetes.
People who have all three forms of diabetes can still access life insurance, depending on the diagnosis. However, the coverage provided may be more limited, and the application process more complicated.
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Type 1 diabetes
Type 1 diabetes (insulin resistance) is typically more difficult to manage in relation to other forms of diabetes. When you are diagnosed with type 1 diabetes later in life, it basically means that it has affected your body for a relatively short period of time. But, in most cases type 1 diabetes is diagnosed in teens and children, making it even riskier. As a result, it is often associated with higher insurance premiums.
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Type 2 diabetes
Type 2 diabetes is typically diagnosed later in life, meaning it has lesser time to impact the body. Diabetics who have learned how to manage their diabetes with exercise and diet are likely to qualify for more affordable rates. However, even type 2 diabetes patients who are insulin-dependent and those who have diabetes-related complications will find that their options are limited and their monthly premium costs are higher largely due to higher risk.
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Gestational diabetes
Gestational diabetes is caused by hormonal imbalances in pregnant women. It is typically a temporary condition that goes away soon after birth. However, this is not always the case. If your gestational diabetes goes away, getting a life insurance policy may be easier and more affordable.
The bottom line
If you have diabetes you can improve your life insurance options and lower your rates by adopting simple lifestyle changes such as exercising regularly, eating healthy, following your diabetes treatment plan, and quitting smoking, among others. Be sure to ask your life insurance provider about the available options for applicants with pre-existing conditions and the steps you can take to take out a life insurance policy at a more affordable rate.
