Looking for life insurance but have diabetes? Good news – you may qualify, even at standard rates.
Diabetes as you likely know, isn’t a simply black/white or pass fail, and this is also true with life insurance. When evaluating life insurance for diabetics, a variety of metrics are investigated and evaluated and can result in anything from standard premiums through to a decline.
Type I diabetes is difficult to find regular insurance for. Many life insurance companies will decline for this condition. However, there are a variety of simplified issue life insurance policies available (often incorrectly called no-medical exam policies by consumers). These policies consist of a series of yes/no questions and if you can answer them all no, then you qualify. So, it’s simply a matter of finding a company with a policy that meets your coverage types and amounts that has a simplified issue plan that doesn’t request information about diabetes. This requires a phone consultation with one of our advisors.
Type II diabetes is a much broader spectrum with life insurance. If you have very mild diabetes, no symptoms, well controlled, and developed it when you were older then you may qualify at standard rates. Or as we like to say, it’s not so much diabetes as you’re just getting older and things are breaking down a bit.
Importantly, we are using the term ‘smoke’ generally when in fact this is true for all types of marijuana use including edibles and vaping. It’s the use that matters, not the smoking.
Conversely, if you have uncontrolled symptoms, developed it at an early age, or your metrics are not great, then you could expect a rating or a higher premium. To minimize this possibility (to get the lowest premiums) we will take some details about your diabetes then recommend a specific company that may be more lenient with diabetics. And in some cases, we may request a preliminary investigation by an underwriter. This would simply take signing an application that we send to the underwriter. The underwriter requests a doctor’s report and provides an estimate. If the estimate is acceptable, then you proceed with the full medical history profile afterwards – and barring any new information coming out of the medical history profile we would expect the life insurance to be offered at the premiums quoted by the underwriter. This is an easy way to get a reasonable estimate – simply sign an application and then wait for the underwriter to do a review.
Please call us if you’d like a consultation for life insurance with diabetes.