Life Insurance for Diabetics?

How to get Life Insurance for Diabetics?

It becomes a real pain in the neck for people with diabetes to find a life insurance policy. Diabetes is undoubtedly a dreadful disease, and hence many insurance companies find it risky to insure those who are diabetic. Many diabetics consider life insurance diabetes as a distant dream because of the norm or misunderstanding that either the insurance providers do not offer life insurance with diabetes or charge extremely high premiums that one cannot afford of paying.

But here is something contrary to that belief or misunderstanding; people with diabetes, be it type-1 or type-2, can enjoy the benefits of life insurance policies and that too, at costs that do not touch skies and are affordable for a layman to pay. It must be noted that Life insurance diabetes is provided by dozens of insurance companies throughout the United States. Hence, a thorough online research of quotes from various companies can help one to decide on the right life insurance with diabetes. But while shopping online, along with searching through different quotes, there are a few important factors one must be well aware of.

The coming paragraphs will give a detailed explanation about the disease and everything one should know about life insurance for diabetes. The essay will also highlight important points that can help an individual to avail quick and easy life insurance with diabetes.

1. Things to Know about Diabetes: Before getting into discussing life insurance diabetes, one should be well aware of the different aspects of the disease. This will help one to identify the health conditions and their effects on the life insurance policies he/she can avail. So what actually diabetes is? In simple words, diabetes is caused due to insufficient or almost no production of insulin in the human body. Whatever food a person eats is converted into glucose or sugars by the human body. This is used as a fuel to provide energy to the body for performing various functions. Insulin is the hormone that converts the glucose or sugar into usable energy and supplies it to different parts of the body for their proper functioning. It is when the body refuses to produce enough insulin that the glucose or sugar floats in the blood and results in high blood sugar levels, indicating that the person is diabetic. The disease has a number of effects on the overall health of a person and is one of the life-threatening diseases.

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2. Diabetes can be found in people of all ages and is categorized into the following types: • Type-1/Juvenile Diabetes: Otherwise known as ‘Insulin Dependent Diabetes’, this type of the disease is most commonly found in teenagers and kids. It is a condition wherein the pancreas stops producing insulin and the hormone is induced into the body using .injections or insulin pumps. Life insurance with diabetes of this type has a special evaluation process.

• Type-2 Diabetes: Studies reveal that about 90% of the diabetics have type-2 diabetes. In this condition, the pancreas produces insulin but is insufficient to convert the glucose into usable energy and hence the blood sugar levels show an increase.

• Diabetes in Pregnancy/Gestational Diabetes: As the name implies, this type of diabetes is found in pregnant women who had no traces of the disease any time before that. Gestational diabetes is caused due to excessive hormonal changes that women undergo during their pregnancy.

These are the 3 categories of diabetes, with type-1 being the riskiest. Life insurance for someone with diabetes depends on which type of the disease they are suffering from. This is because of the fact that insurance companies utilize different evaluation processes and schemes separately for type-1 and type-2 diseases. For instance, some insurance providers do not offer life insurance type 1 diabetes, while others offer the policy with many restrictions, and some companies are meant to offer hassle-free policies for type-1 diabetics. The same case is with life insurance with diabetes type 2, but with fewer restrictions than type-1. Hence, while shopping for life insurance for people with diabetes, it is highly important to consider the category of disease they are suffering from. With this said, let us get to know few more details about the prevalence of diabetes in the United States and how it affects the premiums and coverage one can get.

Prevalence of Diabetes in the US:.

A recent study has revealed the following facts and figures on diabetics in the United States:

• About 8.3% of the total population suffers from type-1 or type-2 diabetes in the United States.

• This percentage in figure accounts for 26 million people across the Country, including kids, teens, and adults.

• Of the 26 million diabetics, 18.8 million have shown positive test results, while 7 million are estimated to have the disease but are not actually diagnosed with it.

This study gives us a clear picture of the percentage of population affected by the disease and helps to understand the necessity of life insurance diabetes in the Country.

Why Does Diabetes Affect Life Insurance Premiums and Coverage?

After having said that the type of diabetes, a diabetic suffers from, has an impact on the coverage and premiums, here is an explanation of why this disease is considered a risk by the insurance companies.

Life insurance companies calculate the coverage and premiums for an individual depending upon how much of a risk he/she can be to the company. In other words, life insurance is a policy by which an insured’s family will get financial benefits after his/her death. Hence, greater the death risk an individual poses to the company, higher will be the premiums he/she will have to pay. Or sometimes, if an individual is at high risk to be insured, then insurance companies do not even prefer to provide them with insurance.

Diabetes is a disease that brings along with it a series of other health risks. It affects the overall well-being of an individual and diabetics are at more death-risk than any other person. They are more prone to heart attacks and other diseases; hence, insurance companies find it very risky to provide life insurance for someone with diabetes. But this doesn’t mean that life insurance diabetes is not at all possible. There are companies that prefer providing insurance to diabetics, and a little research can help the insurance shoppers to find the right choice. What is the Cost of Life Insurance for Someone with Diabetes?

Now here comes the most asked question. What is the cost of life insurance for diabetics? An indirect answer to this question has already been mentioned in the previous sections that the cost will be substantially greater than other individuals. But here is a list of factors that impact the cost in general:

• Gender, age, and marital status of the individual.

• Job and income details.

• Previous medical record.

• Medical history of the individual’s family.

• Whether the individual is suffering from type-1 or type-2 diabetes.

• Whether or not the individual is suffering from other health issues.

• The time when the individual was diagnosed with diabetes.

• Sugar/glucose levels in the blood.

• Treatment and medications used.

Life insurance with type 1 diabetes will have more premiums than type-2. Also, senior citizens have fewer premiums to pay in comparison to young people with diabetes. A proper examination of all these factors will be done by the insurance companies to calculate the premiums for a diabetic.

How to Find Affordable Life Insurance for People with Diabetes?

Finding the right life insurance policy for diabetics can be a troublesome task. With several restrictions due to the risky nature of the disease, it becomes tiresome to search for the perfect fit. But here are a few tips one can follow to find an affordable policy.

Shop Around: Shopping around is the thumb rule to get the best deals in any type of insurance policy. Online comparison tools have made it very easy for the laymen to search through quotes by various companies, right from the comfort of their home. One can look for either term life insurance with diabetes or a whole life policy, compare quotes from 3 or more companies and once the right fit is found, one can then proceed to inquire further.

Look for Agencies/Companies that have Access to Various Insurers: This is also a form of shopping around with a difference that this research is done offline. There are several agencies or companies that have links to various insurance providers across the State they belong to. If an individual prefers to do their part of the research offline, then they can contact such agencies and get aware of policies and premiums by various insurance companies.

The main purpose of shopping around, whether it is online or offline is the fact that insurance coverage plans, premiums, and other factors for life insurance diabetes vary to a great extent from one provider to the other. Hence, it will be wise to shop around, get a bunch of suitable deals, and then go for further inquiry to get the best fit.

• Be Prepared before a Visit to the Insurance Company: Once shopping for the insurance provider becomes a success; then getting prepared to visit the chosen insurance company is the next step one should take. Regardless of whether one is applying for whole life insurance for diabetics or simple for a term plan, being prepared in advance will help for a quick and easy filing process. Here is a checklist that must be ticked off before visiting the insurance company:

• Make a list of all details, such as contact numbers, addresses, and names of all the doctors the one being insured visits usually.

• Contact the physicians or doctors to check on whether they have detailed reports of the diabetic’s medical history. Keep the copies ready while visiting the Insurance Company.

• Have a list of current medications and treatment reports.

• Mark regular appointments with the doctors before a visit to the Insurance Company.

Insurance Companies take all these factors into consideration for filing the application and to quicken the process, one should be ready with all the above-mentioned documents beforehand.

Hence, by considering all the points discussed above, one can avail life insurance diabetes with ease and at affordable prices.