Can I Buy Life Insurance with Type 2 Diabetes?
Buying life insurance with type 2 diabetes is an essential tool in the overall financial planning process. Without it, you could be leaving your loved ones a
t risk for losing t your home, business, and even income. This would greatly impact your loved ones future.
For many people, qualifying for life insurance is a fairly simply process. It typically requires only completing an application for coverage and taking a medical examination.
If you have Type 2 diabetes, though, qualifying for life insurance can be a bit more difficult. This is because the insurance company underwriters will be reviewing the severity of your condition, and how well you are managing or controlling it.
What Should I do if I want to buy Life Insurance with Type 2 Diabetics
In addition to your basic application for coverage, insurance companies will also want more in-depth information regarding your Type 2 diabetes condition. Therefore, you will likely be asked some specific condition-related questions such as:
- When were you originally diagnosed with Type 2 diabetes?
- What is your most recent A1C level?
- What is your typical fasting blood sugar level?
- Do you take insulin for your Type 2 diabetes?
- Do you take any other medication for your condition? If so, what medication and what is the dosage?
- How else do you manage or control your Type 2 diabetes (i.e., through exercise and / or diet)?
- How often do you visit your medical professional regarding your Type 2 diabetes?
- Do you have any additional medical issues such as neuropathy or kidney disease due to your Type 2 diabetes?
In addition, the insurance company will want more details on your overall health condition. They may request medical records from your primary care physician or from other medical professionals that you see for your Type 2 diabetic condition.
Why Having Type 2 Diabetes Affects Your Application for Life Insurance
According to the American Diabetes Association, there are approximately 1.4 million Americans who are diagnosed with diabetes every year. Unfortunately, although it is a common condition that can cause a person to have high blood sugar, diabetes is also considered to be the seventh leading cause of death in the U.S.
There are two types of diabetes. Type 1 and Type 2. About 95% of those who have this condition have Type 2 diabetes. This means that they have high blood sugar that is primarily due to a lack of insulin.
Although there are ways Type 2 diabetes can be treated and controlled, at this time there is no cure. If the condition is not controlled or managed, Type 2 diabetes can lead to more serious health issues, including heart attack, stroke, and kidney disease.
For these reasons, when a person with Type 2 diabetes applies for life insurance coverage, the underwriters will more closely review their application.
In some cases, depending on how long an applicant has had Type 2 diabetes, as well as how serious the condition is, the application for life insurance coverage may be denied altogether. Or, it may be approved, but at a substandard rating and higher premium cost.
How to Control / Manage Your Type 2 Diabetes
There are ways to help in controlling and / or managing Type 2 diabetes. One way is to ensure that you eat a healthy diet. Another way is to maintain a regular exercise program and to stay active. By doing so, the insurance underwriters will see these as positive steps.
Regularly visiting your health care provider is also viewed by the insurance underwriters as a plus. This shows that you are taking an active role in your health and that you are doing what you can to treat your condition in the best manner possible.
Can I Get Life Insurance with Type 2 Diabetes?
Today, people have become much more aware of how to manage and treat diabetes. The good news is that it is possible to live a long, healthy life with this condition. This has allowed insurance carriers to underwrite their life insurance policies more favorably for those who apply for coverage.
Not all insurance carriers are alike when it comes to underwriting applicants with type 2 diabetes. That’s why it helps to work with an independent life insurance specialist who has experience and can help you to get to the life insurance coverage you desire.
We can help get you to the right place, in turn, saving you time – and ultimately helping to obtain the protection that you need for your loved ones’ peace of mind more quickly.
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