Almost anyone can get life insurance if they are willing to pay for it. It all boils down to what is known as “acceptable risk.” Different insurers assign different levels of risk to certain health conditions, including diabetes. The level of risk will normally depend on the person and any other risk factors that may be considered during the underwriting process.
Getting Life Insurance If You Have Diabetes
There are several life insurance policies that are available for individuals who have chronic health conditions like diabetes. Qualifying for a life insurance policy will get easier if you control your diabetes and live a healthy lifestyle.
The following are a few different types of life insurance and their features:
- Term Life – Covers specific amount of time, pre-determined premiums
- No-Exam Life Insurance – No medical exam is required; however, you may be asked for medical records
- Term Life Riders – Additional riders for long-term care or disability
- Permanent Life – Lasts for your lifetime and is more expensive
- Universal Life – Permanent life insurance policy with a built-in investment feature
- Simplified Issue Life – No medical exam permanent life policy with lower coverage
- Guaranteed Issue Life Insurance – Permanent life policy with no medical exam and a waiting period before the benefits are paid out
These policies are customized based on the applicant’s individual health concerns and lifestyle choices. All of these policies provide quality coverage. They each have their own benefits and will provide sufficient coverage if you can work through all of the subtle differences.
How Much Will My Premiums Be If I Have Diabetes?
Underwriters will determine your premiums by considering a few important factors. Your age and primary health conditions will be at the top of the list. Even if the policy doesn’t require a medical exam, you may still be asked to complete a medical questionnaire and provide copies of your medical records. You will also be asked about your lifestyle. Living a healthy lifestyle is one of the best ways for you to mitigate your health risks.
You can make your life insurance more affordable by eliminating any poor health habits. Living a healthy lifestyle will reduce your medical risk in the eyes of your insurance provider. You may be required to submit a review of your policy every year or so to ensure you are still living a healthy and active lifestyle. Your agent will be able to help you uncover ways in which you can make your life insurance premiums more affordable.
Having diabetes can be a challenge, but it doesn’t have to make getting a quality life insurance policy a complicated process. Working with one of the reputable agents from Schwab Agency will help you get the coverage you need as easily as possible. Take a few minutes to call our experts and discuss all of your options. We are here to assist you with all your coverage needs today.