Diabetes and Life Insurance how to get the best rates!
This diabetes life insurance underwriting guide can and should help you diabetics better understand how to get the best life insurance underwriting when you apply for a policy.
Diabetes is a disorder that occurs because your body is not producing enough insulin. It is mostly irreversible but can be controlled by diet, medication and exercise prescribed by your Doctor. By the way when applying for a life policy the above mentioned factors (diet, exercise and medication) are the big factors the underwriters look for in you file. Control and follow up with your doctor are huge and will greatly improve your opportunity for the best rates.
The underwriters have to see that you are in control of your disease due to the fact in later years it can cause serious complications, life coronary disease and kidney disease.The aforementioned disease’s can and most likely will lead to shorter life span and higher rates.
These factors will all figure into what your final rates and premiums will be:
- Current Age
- Date of diagnosis and the age at onset
- Current treatment and medications
- Type of diabetes: type I or type II
- Do you monitor your blood sugar readings
- Any complications such as: nephropathy, neuropathy, cardiovascular disease and retinopathy-to name a few
- Current build: Height and weight
- Blood Pressure
If you can control and improve any of these issues it will certainly help you build a case for your health with the underwriters.
Items needed to help your broker present the best case to the insurance company:
- Have you seen any specialists: Like neurologist, endocrinologist or nephrologist? If you have either obtain the records or have the latest results from them and explain to your broker.
- History of your blood sugar control: copies of blood sugar tests and your Hemoglobin A1c’s always help Note: Blood sugar and A1c readings are a huge factor in life underwriting for diabetics.
Also provide any risk factors upfront to your life insurance broker and please detail your lifestyle extensively if you are active and exercise tell them everything you do to keep in shape. If you provide as much information up front about you and your current health condition the better chance of better offers.
Here is a list of possible underwriting decisions:
Type 1 Diabetic (insulin dependent):
- Best Case probably rated table 2 could be higher depending on your history.
- Typical case is table 2-4
- Worst case is a decline or postponed
Type 2 Diabetic (non insulin dependent):
- Best case: Standard rate class, could be better depending on the carrier and their underwriting guidelines
- Typical case is Standard rate class to Table 2 rating
- Worst case is a decline or postpone until issues are under controlled and monitored regularly by your physician.
This article should help you in your search for affordable life insurance plans, this is the best time in history to obtain life insurance mortality rates have been extended and the carriers are looking for premium dollars. Don’t wait call your agent or broker and get some quote
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