According to Randon Morris, getting life insurance for diabetics if you have Type 1 or Type 2 diabetes is possible but you might have limited coverage options. If you are responding very well to treatment and keeping your diabetes under control, you are likely to get affordable life insurance. The level and type of your diabetes will determine the kind of insurance policy you will get.
Many insurance companies provide affordable life insurance coverage for diabetic people with different income levels and ages. Some people may be wondering why life insurance companies are careful about diabetic patients. Being diabetic puts you at risk of developing some health problems later on. So life insurance companies try protecting themselves by increasing insurance rates and setting policies that are difficult for diabetics.
Life Insurance policy options for diabetics according to Randon Morris are:
1. Permanent Life Insurance
Permanent life options like whole or universal life insurance are available for diabetics. It provides lifelong coverage and gives your policy a cash value as part of your premium is invested every month. But they are more expensive compared to non-diabetics and term life insurance, says Randon Morris.
2. Term Life Insurance
Term life is the simplest and cheapest policy and lasts for 10 – 20 years. It is a good option to consider for those that have well-controlled diabetes as you will have to undergo a medical exam and answer some health questions. So once your term life policy is approved, it is better to consider longer period coverage. This will secure your premium in case of any health issues that may arise later on as you get older.
3. Guaranteed or Simplified Issue Life Insurance
The simplified issue offers life insurance with no medical exam which is a good option for those who have uncontrolled or advanced diabetes. But you have to fill a health questionnaire, while with guaranteed issue life insurance you can avoid both the medical exam and the health questionnaire. Getting approval for a guaranteed issue policy is quite easy and could be an option for those having severe health issues with diabetes.
4. Life Insurance Riders
Some policies give you the freedom to customize your coverage with life insurance riders. Let’s quickly look at these riders:
Term conversion rider: with this, you can convert part or all of your term life policy into permanent coverage before reaching a certain age.
Accelerated death benefit rider: if you are diagnosed with a terminal sickness, this rider gives you early access to part of your policy death benefit.
Guaranteed insurability rider: you can easily increase your coverage without another health questionnaire or medical exam.
Waiver of premium rider: if you have a disability and can’t work for some time, you can pause your premium with this rider.
5. Group Life Insurance
Some companies offer group life insurance as part of a benefits package, this is another means by which diabetics can get insured. As there will be no need to take a medical exam, though many of the companies offer policies that are worth just one or two times your salary.
To get cheaper life insurance as diabetics depends on the amount of coverage you want, the type of diabetes, the age at which you were diagnosed and the type of policy you want. It is better to review various insurance companies and choose the one with the best offer for you, says Randon Morris.