Yes, diabetics can qualify for good, and in some cases, the best rates for life insurance. Here’s the most important factors for life insurance shoppers with diabetes.
Factor #1 – Treatment
Are you able to keep your diabetes under control only with diet and exercise, or do you have to take a pill? Or are you insulin dependent? Obviously, insurance companies like to see fewer meds for better ratings.
Factor #2 – Is Your Diabetes Under Good Control?
If you know your a1c level and it’s lower than 7.0, that’s considered good control by many insurance carriers, and assuming no other health issues are present, standard rates (or possibly better) may be possible.
Between 7.0 to 7.5 is considered average control, and you can still get insurance.
Factor #3 – Weight, Tobacco use, and other Medical Issues
If you smoke cigarettes or are overweight, these compound your risk factor as a diabetic and make you a riskier client to insure. If you’ve had any other medical impairments, such as coronary artery disease (clogged arteries) or you once had a heart attack, this also multiplies the risk to insure diabetics, so expect sub-standard ratings if this is the case.
Factor #4 – Age and Time Since Diagnosis
Insurance companies give better ratings to people who are older when they are diagnosed and if they were diagnosed just in the past few years. The thinking here is that diabetes is such a slow progressing disease, that let’s say you’re 65 when you get diagnosed, chances are something else is going to kill you other than diabetes.
Recent Offers for Diabetics Life Insurance
64 Year old male, 5′10, 235 lbs, non smoker, 4 years since diagnosis. On medication for blood pressure and cholesterol, on two diabetes meds, and takes 1 insulin injection per day. Recent a1c was 6.9. RBC/Liberty Life offered standard non tobacco.
69 Year old male, 5′10, 213 lbs, non smoker, 6 years since diagnosis. Just on 1 med, glucophage, for diabetes, also controls it with diet and exercises 3x per week. Recent a1c was 7.2. ING/Reliastar’s offer was standard non tobacco with 2 tables.
One of my insurance companies will supposedly give their preferred best rating if your average a1c for the past year is 6.5 or lower, along with the level on your labs for the insurance policy. There are other variables here, though, but you can see if some companies will possibly give their best rating, there is definitely affordable life insurance for diabetics to be found.
It’s crucial to use an independent agent to assist you in finding life insurance for diabetics. In the example of my 69 year old above, I put the details of his health out to about a dozen different companies, and several company underwriters came back with standard offers with 2 tables. If my client had gone to an agent who didn’t take the time to shop the case, he would have ended up paying about 50% more in premium than he needed to.
If you have any questions about life insurance for diabetics, give us a call here in the office at 877-443-9467, or you can also get started by getting an instant quote using our form to the right.*Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.