If you’ve been diagnosed with diabetes, you may wonder if you qualify for life insurance. The short answer is that you will likely have other hurdles to overcome when shopping for life insurance, but you may have some options. Let’s look at these obstacles and how you can overcome them.
What is diabetes?
Diabetes is a chronic disease that affects how your body processes and uses sugars from food according to Diabetes Life Solutions. The body normally converts these sugars into glucose, which circulates in the bloodstream. When your body needs glucose for energy, insulin (a substance produced by the pancreas) signals your cells to take up glucose from your bloodstream. Your cells then use glucose as fuel. If your body doesn’t have enough insulin or doesn’t use insulin properly, you end up with too much glucose circulating in your blood and too little glucose in your cells. In the short term, this means that your energy level is not regulated properly, and over time,
Types of Diabetes
- Type 1: People with this condition do not produce enough insulin; they must therefore self-administer a synthetic substitute.
- Type 2: In this type of diabetes, the body does not recognize the insulin it produces. You can condition managed with diet and medication.
- Gestational diabetes: Pregnant women are sometimes diagnosed with this type of diabetes. It normally resolves on its own at the end of pregnancy, but it is a risk factor that can lead to type 2 diabetes.
- Prediabetes: People with this condition have higher blood sugar levels but are not high enough to be diagnosed with type 2 diabetes. However, this increases the risk of developing type 2 diabetes, so lifestyle and diet changes are generally recommended.
Reasons you should consider getting life insurance if you have diabetes
Diabetes is estimated to shorten its lifespan by five to fifteen years. In addition, the mortality rate with diabetes is twice that of the rest of the population. Diabetes itself is not fatal, but its complications can lead to premature death; 80% of people with diabetes will eventually die of cardiovascular disease, one of the complications of diabetes. Other major complications are kidney disease, loss of vision, foot ulcers, dental disease, and depression.
These risks mean that people with diabetes will likely leave loved ones behind. Life insurance can be a great way for beneficiaries to cover immediate short-term expenses and potentially secure their financial well-being in the future.
Benefits of life insurance for people with diabetes
While alive, life insurance can give you peace of mind knowing you’ve taken steps to protect your loved ones after you die. A policy’s death benefit is designed to be paid out as a lump sum and can generally be used by your beneficiaries as they see fit. They will likely need to cover the immediate costs of your funeral and other expenses, such as income tax in the year of death, but they may have different needs, including:
- Replace your income
- Pay the required fees related to your care
- Pay off debts and make mortgage payments
- Fund a period of absence from work to help your spouse deal with their loss
- Donate to a charity, such as a diabetes awareness organization or diabetes research organization
- Set up a trust to pay your children’s or grandchildren’s tuition fees
- Leave a legacy to a loved one
What underwriters want to know about a diabetic person:
When applying for life insurance, many things come with underwriting, especially when trying to get insurance for diabetes. According to Diabetes 365, every life insurance provider will view your health profile differently. Because of this, you’ll want to shop around to secure the best life insurance policy possible.
Based on these criteria, companies decide whether you are compatible with the requirements. So these criteria usually include these things:
- At which age were you got diagnosed
- As we know there is diabetes also has types, so what type of diabetes do you have
- How many years passed, and at which age do you suffer from diabetes
- What are you doing to control diabetes? Your regular routines like( diet, exercise, medication, etc.)
- Do you have any other issues related to diabetes like nerve damage, cardiovascular, eye damage, etc
- Are you listening to types of Diabetes podcasts, and learning how to better control your condition?
There are some other factors that you should consider when you are applying :
- Age
- Gender
- Height
- Occupation
- Amount and type of coverage being applied for
How to get approved
When you apply for life insurance for diabetes, it will take more time and a little bit more effort to get approved. You can get approved and get the coverage you need if you show up and have a healthy life.
It would help if you also compared the premium packages of different companies because some may charge more for the same policy. Life insurance for type 1 diabetics will be more expensive than people living with type 2 diabetes.
Some health can be the cause to be not getting approved:
- Blood in urine and elevated protein levels
- High blood sugar or glucose levels
- Obesity
- High cholesterol
If you are a person living with diabetes, you need to be aware that it’ll be a little more challenging to obtain a policy. Many websites will show you fake quotes using Preferred life insurance ratings. People with diabetes will not be approved at those underwriting classifications. Do not allow yourself to get tricked into applying and then have the actual rates come back much higher.