When you’re shopping for life insurance coverage, it’s vital you get enough protection for your family. Not having enough life insurance is one of the worst mistakes you could ever make for your loved ones. When a lot of people calculate their life insurance needs, they are surprised to see just how much life insurance they would need.
While a million dollars of life insurance might seem like overkill, but for most people, it’s the perfect amount of insurance protection. If you’re an applicant with diabetes, then you might be concerned about getting affordable life insurance coverage, especially if you need a large million-dollar policy.
Life insurance is one of the most important purchases you will ever make for your loved ones. If you’ve never shopped for life insurance before, do you know where to start?
Can You Get Approved for Million Dollar Life Insurance with Diabetes?
Before we start looking at the specifics of getting life insurance, let’s answer the question of “If I have diabetes, can I still get life insurance?” and the answer is yes. Regardless of your health or any pre-existing conditions you may have, it’s possible to get affordable insurance protection. Don’t let your diabetes diagnoses keep you from getting life insurance.
There are plenty of life insurance companies which specialize in working with high-risk applicants. These companies are going to give you better rates for your life insurance coverage. It’s important you find the best company for applicants with diabetes.
Yes, diabetes is a serious condition, but it’s still possible to get life insurance coverage. There are a few situations diabetes could get you rejected for coverage, but these are extreme.
For example, if you have uncontrolled diabetes with very high A1C levels. Most carriers don’t require perfect glucose levels, but if yours are sky-high, it’s going to be difficult to get life insurance.
Getting Better Rates for your Life Insurance Coverage
Making a few simple lifestyle changes could have an enormous impact on your overall health and your wallet as well. When you’re shopping for life insurance, there are ways you can lower your rates.
First things first, don’t smoke! Smokers are doubled versus what you would pay for the same plan if you didn’t smoke cigarettes.
One caveat to this is if you smoke cigars. Some companies are going to restrict you to smokers premiums, while others have liberal standards for cigar smokers. As long as you don’t smoke more than 12 every year, you should be able to snag those non-smokers premiums.
Next, improve your overall health. The better shape you’re in, the better your application looks to the insurance carrier.
As an applicant with diabetes, you’re already going to have a major red flag on your application, which means the rest of your health needs to be as good as possible. If you want to increase your chances of being approved for an affordable policy, it’s time you started lacing up those running shoes and hitting the gym. Getting exercise will get you started losing weight, lowering your blood pressure, lowering your cholesterol levels, and reducing your chances of being diagnosed with some severe health complications. If you’re overweight, then you could pay 50% more for your life insurance coverage.
Another way to improve your health is to make healthy dietary options. Making healthy food choices can have a huge impact on your overall health. Switching out some of the junk food is an easy way to lose weight and save money every month.
As an applicant with diabetes, you should follow your doctor’s orders as closely as possible. This means always take any prescriptions, make any lifestyle changes, and schedule follow-up visits every several months. Not only will this help you improve your health, but it will also show the insurance company you’re dedicated to managing your diabetes.
When you apply, they are going to ask you several questions about your diabetes diagnosis. They are going to ask you when you were first diagnosed with the condition. The carrier wants to see a long history of managing your diabetes.
They are also going to question your A1C levels. Your A1C is a good indicator of how well you manage your glucose levels. The goal is to get the number as low as possible.
They will also ask you have you control your glucose levels. Do you take medication? If so, how much and how often? The more medications you take, the riskier you are.
No Exam Life Insurance for People with Diabetes
The life insurance application process can take a while. It’s not a quick process.
Between the questions, the medical exam, and the whole underwriting, it can take up to a month or more. Most people don’t want to wait 2 months. When we talk with clients, we get questions about no exam coverage.
If you’re one of these people, you can get coverage quicker, but it comes with drawbacks. No exam coverage is expensive and it’s restricting.
The premiums are going to be double or tripled. Also, companies limit how much insurance you can buy. Some companies only sell no exam policies up to $250,000 in insurance.
There are certain companies, like Haven Life which sells $1 in no exam coverage, but they are few and far between. For people with diabetes, this probably isn’t the best choice.
Getting Life Insurance with Diabetes
When you’re shopping for million dollar life insurance coverage, it’s important that you get a quality and affordable plan. If you’ve been diagnosed with diabetes, either type 1 or type 2, it’s possible to get life insurance that will fit your budget.
If you’ve been rejected or you’ve been quoted at high rates for coverage, don’t assume this is your only option. We can show you how affordable it can really be.
Through the years, our agents have helped thousands of applicants with diabetics get cheap life insurance protection.
Have questions or concerns about your life insurance? Let us know! We can help solve any of those problems and ease your worries about insurance protection.