You have just been told you are diabetic. Your mind is reeling wondering just how this is going to complicate your life. Navigating through the ins and outs of being diabetic, diabetic supplies, the medications, lifestyle and eating changes – it is overwhelming. With all of this on your mind, one of the last things you will think of is life insurance, but inevitably it will come up in your list of challenges. Some believe that diabetes is the "death knell" to obtaining or keeping any insurance, let alone life insurance, but that is not true.
Can You Really Obtain Diabetic Life Insurance?
The answer is yes. It might not be as easy as it was when you were 21, healthy, and just starting out in life, but If you have been diagnosed with type 2 diabetes as an adult, there is still hope.
If you already carry life insurance on yourself, and the policy was in place before your diagnosis, your insurance company cannot legally drop you because of this diagnosis. If you currently have life insurance, then make sure you keep that insurance in place to avoid trying to find diabetic life insurance.
It is not easy to buy life insurance after you have a type 2 diabetic diagnosis. Insurance companies are in business to make money, and the general consensus among them is they will get less money out of a diabetic than a non-diabetic. This theory is based on life expectancy. Having said that, it is not impossible to get diabetes life insurance.
What What Should a Diabetic Expect to do to Qualify for Life Insurance?
First and foremost, you need to make sure that you are under a doctor's care. Some of the questions you will be asked, as well as the documentation you will have to submit, have to do with the clinical aspect of diabetes as it relates to you. The following are areas that will more than likely be questioned and you will need to document the answers:
- Your HbA1c levels. This is probably the most significant number in a diabetic's life. The HbA1c, or more commonly known as the A1c, is a laboratory value that gives a screen shot of the overall health of a diabetic as it relates to blood sugar for the last three months. For insurance companies considering insuring a diabetic, this number could be the difference between a positive outcome or a flat-out denial. According to the Mayo Clinic, normal A1c levels for diabetics who are well-controlled are under seven percent. Higher than eight percent and your blood sugars are more than likely not well-controlled, which is a red-flag to an insurance company.
- Keeping a healthy weight. Never underestimate the role that weight plays in a diabetic's health. Insurance companies will put a lot of weight (no pun intended) on this number. Keeping at a normal, healthy weight for a diabetic can sometimes control the diabetes itself with no further need for medication – insurance companies like to see this.
- Age. In order to obtain diabetes insurance, this is a number that you cannot control, but that factors in to the decision. If your diagnosis was at a younger age, it might be more difficult to obtain insurance. Insurance companies know that the longer you have had a chronic disease, the longer the disease has had time to damage to your body.
- The medication you are on to control your insulin levels. If you are on an oral medication such as metformin, it might be easier to obtain a policy. If, however, you need to inject insulin daily, that might make it a little tougher to purchase life insurance.
You must undergo a physical, complete with blood tests and urine screen, and the insurance companies will provide their own nurse or doctor. You must supply your medical records from the doctor(s) you have seen over the course of your history of having diabetes.
According to the American Diabetes Association, adults with diabetes have heart disease death rates about two to four times higher than adults without diabetes. For this reason, you might also have to take an ECG (electrocardiogram) and provide evidence that your heart is healthy.
What about Life Insurance Rates?
Of course, they will be higher than if you were a person who had no health problems, but this does not mean they will not be within your budget. There are several companies out there that offer diabetic life insurance, and as with all insurance, it is best to shop around.
Rates vary company to company, and are assessed based on the individual's needs and health. Here are some sample rates for type 1 and type 2 diabetes:
- Non-Standard, type 2 diabetic, controlled by oral medication - $87/month
- Non-standard, type 2 diabetic, controlled by insulin - $167/month
Last Tips
Be as clear and as honest as you can with the insurance company and the nurse or the doctor that performs your evaluation. If you try to diminish or minimize something related to your health and the life insurance company finds out later you were not altogether truthful, they will pull the policy on you quicker that you can say "sugar."
Once you have your policy in place, you must keep up with your medical care. Not going to the doctor or taking your medications is not an option. Again, this will cause your insurance company to drop you.
If, later down the road, you feel that your health has improved – maybe your A1c levels are better, or you have lost weight – you do have the right to request your policy be re-evaluated, and many times your rates will be adjusted to meet the new healthier you.
Having diabetes is a life-changing event, but there are things you can do that will allow you to lead a normal life. This includes obtaining diabetic life insurance for your peace of mind and to protect your family when the time comes.
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