Diabetes and Life Insurance: What You Need to Know

November 20, 2017

More than 30 million U.S. adults are living with type 1 or type 2 diabetes. Another 84.1 million Americans have prediabetes. Without treatment, this frequently leads to type 2 diabetes in under five years. Moreover, almost 25 percent of diabetics don’t even know they have diabetes. They only find out when they have a physical exam and a diagnosis is made.

For people who have diabetes, the search for life insurance can be intimidating. Because while the condition can be managed, there still isn’t a cure. Plus, it can lead to other health complications.

So if you have diabetes or prediabetes, or if there’s a history of diabetes in your family, what can you expect when applying for a life insurance policy? And how can you increase your chances of qualifying for an affordable life insurance policy?

What life insurance companies consider

When processing your application, a life insurance company will assess your level of risk. That’s why you’re required to share your medical history and take a physical. If there’s a history of diabetes in your family but you have no symptoms and are otherwise healthy, then you shouldn’t have any problems getting a policy. If you have prediabetes, then the insurer will want to know when you were diagnosed, if you’re staying active and eating a healthy diet, and how you’re responding to that treatment plan.

If you’ve been diagnosed with diabetes, then the insurance company will consider how long ago you were diagnosed and which type of diabetes, type 1 or type 2, you have. It will evaluate your treatment plan, whether you’re adhering to the plan, and how you’re responding to the treatment. It will also consider if you suffer from any other conditions such as obesity, heart disease, or high blood pressure, as well as if you’re a tobacco user.

Increase the chances of qualifying for an affordable policy

People who have diabetes frequently have higher premiums because they’re considered a higher insurance risk. However, by being proactive and taking care of your health, you can improve your chances of getting an affordable policy.

If you haven’t been diagnosed but you have reason to be worried, talk to your doctor about your concerns before applying for life insurance. He or she will be able to run some simple tests and if necessary, diagnose you. This will also prevent you from being blindsided by a diabetes diagnosis during the application process.

If you have prediabetes or diabetes, work with your doctor to get your condition under control. Adhere to your treatment plan; maintain a healthy lifestyle with sufficient exercise; and if you use tobacco, stop. In general, if you’ve adhered to a treatment plan for at least six months and are responding well to it, it can help reduce your premiums.

Keep in mind that although applying for life insurance can be nerve-wracking, you don’t have to go it alone. Independent agents like the professionals at Liberty Financial Group can help you select the best Life Insurance Carrier for your situation. Moreover, they can assist you throughout the application process, so you can be confident you’re presented with the best options and make the right choice.

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