Life Insurance for diabetics Type 1
When creating your overall financial plan, it is important not to leave life insurance out. That is because this important tool, Life Insurance, can play a key role in ensuring that your loved ones will not have to dip into personal savings or other assets in order to pay off debts, take care of final expenses, or continue to pay ongoing living expenses should the unexpected occur.
If you are in relatively good health, then qualifying for life insurance may not be an issue. It will usually just require that you complete an application for coverage, and undergo a medical exam, where you will need to provide a blood and urine sample for testing purposes.
Can I Buy Life Insurance If I Am a Type 1 Diabetic?
If you have a health condition such as Type 1 diabetes, obtaining the life insurance coverage that you need may be more of a challenge. This is because the life insurance carriers still consider someone with type 1 diabetes to this to be a form of high risk life insurance. With that in mind, the underwriters who are reviewing your application for coverage will be taking a closer look at your overall health, and especially the way in which you are managing or controlling your Type 1 diabetes condition.
It is also likely that, in addition to the basic application for coverage, you will be asked some more in-depth questions regarding your Type 1 diabetes. These may include some or all of the following:
- When were you originally diagnosed with Type 1 diabetes?
- What is your most recent A1C level?
- What is your typical fasting blood sugar level?
- How much and how often do you take insulin for your Type 1 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 1 diabetes (i.e. through exercise and / or diet)?
- How often do you visit your medical professional regarding your Type 1 diabetes?
- Do you have any additional issues including but not limited to neuropathy or kidney disease due to your Type 1 diabetes?
In many cases, the insurance underwriters who are reviewing the application of someone with Type 1 diabetes will also want to obtain even more details on the person’s overall health condition and history. Therefore, they will request the individual’s medical records from their primary care physician and / or from any other medical professional or specialist that is being seen.
Why Type 1 Diabetes Can Affect Your Application for Life Insurance
Based on statistics from the American Diabetes Association, it is estimated that there are about 1.4 million Americans that are diagnosed with diabetes each year. Diabetes should not be taken lightly, as it is also the seventh leading cause of death in the United States.
There are two types of this condition – Type 1 and Type 2. Type 1 diabetes is not nearly as common, and only about 5% of those who are diagnosed with diabetes have this form of the condition.
When you have Type 1 diabetes, it means that your pancreas does not make insulin. This can result in your blood sugar levels being too high. If not properly managed or controlled, Type 1 diabetes can lead to other more serious health issues such as stroke, kidney disease, or heart disease. Type 1 diabetes will generally occur much earlier in a person’s life than Type 2 diabetes. Because of this, Type 1 is oftentimes referred to as juvenile diabetes.
How to Control / Manage Your Type 1 Diabetes
While Type 1 diabetes is a serious condition, the good news is that it can be managed and controlled through proper diet and exercise. By eating a good diet that contains a lot of vegetables, and that cuts out sweets, it can help to maintain a healthy weight – which in turn, can be a way of keeping the condition at bay. Maintaining a regular exercise program can also be a positive step.
By showing the life insurance underwriters that you are eating right and exercising regularly, it can be a good sign to them that you are taking the actions necessary to stay healthy and manage your Type 1 diabetic condition.
Can You Get Life Insurance with Type 1 Diabetes?
As medical technology has become more advanced – and people have become more aware of how to manage and control Type 1 diabetes – some insurance companies have begun to underwrite applicants more a little more favorably, knowing that they can live a long and healthy life with this condition.
But, just as with purchasing any other product, not all life insurance companies are the same in terms of their coverage or their pricing. With that in mind, it can help to work with an independent life insurance specialist who has access to multiple carriers, and who can point you in the direction of the ones that are more apt to underwrite applicants who have Type 1 diabetes.
We can assist you in getting to the right place, which can ultimately save you a great deal of time throughout the insurance application process. This can help get you the life insurance that you need for your loved ones’ peace of mind.