Life insurance for diabetics
December 19, 2013
Most people should have a life insurance policy. Those who do not have a policy either think they can’t afford one or they think they will be turned down because of a medical condition they have. One common medical condition that people live with today is diabetes. In fact, it is now estimated that there are 23 million Americans that are living with diabetes. It is important to understand that diabetics can get life insurance.
The first thing to understand is that there are two types of diabetics; those with Type I diabetes and those with Type II diabetes. They are quite different from a medical point of view and with insurance underwriters as well. Type I diabetes is usually diagnosed in the childhood years and occurs when a person’s pancreas is not producing enough insulin for the body. The most common treatment is with insulin injections. Type II diabetes was commonly called adult onset diabetes in the past and is diagnosed in adults as they reach their middle ages and older. Basically, it is a condition in which the body builds up a tolerance for the insulin that is being produced in the body. Blood sugar levels remain high after eating and drop at a slower rate than non-diabetics. The key to treatment for type II diabetics is with diet, exercise and standard medications.Although diabetics pay a higher premium for life insurance than non-diabetics, there is a wide range of premiums available, and it depends upon several factors. To begin with, Type II diabetics will pay lower premiums than type I diabetics. This is simple and straightforward statistics. When looking at large numbers, it is clear that Type I diabetics do not live as long as Type II diabetics. Insurance companies base their premiums on the amount of risk they are taking when they issue a policy. However, risk changes greatly depending upon how well a person with diabetes is taking care of themselves. This is particularly true with those that have Type II diabetes. A Type I diabetic may have had the disease since early childhood and has grown up with the self-discipline needed to have a normal life. Type II diabetics are usually diagnosed later in life and must often break bad habits that have developed over the years. These habits are not just dietary but also include a lack of daily exercise. Type I diabetics sometimes are better off looking at no medical exam life insurance policies. With these policies, there is no health screening to qualify for coverage.
To get the lowest cost life insurance policy, an insurance company will want to see your medical records and have you get a physical including blood work. If the result shows you are a diabetic but have it under control, you will be able to get a life insurance policy. Not only that, but you will also be able to get one for less cost than other people with diabetes that do not have it under control.