Can You Get Life Insurance if You Have Diabetes?
It’s a great question about life insurance and one that is often asked. The answer is that it depends, on a number of factors. Some life insurance companies will not offer life insurance if a person has diabetes. Other life insurance companies may consider a person with diabetes.
The key to being considered for life insurance while having diabetes is to be in control of the disease. Controlled means the carrier wants to know if diabetes is being treated and that you are following your doctor's treatment plan. Insurers would also want to know if it is Type 1 or Type 2, any medications taken and who the treating medical provider is or clinic that would have the most up to date information regarding your treatment of diabetes.
Life Insurance companies also look at what is known as the HbA1c level. This level shows how well controlled the diabetes is over a period of time. Gestational diabetes is different from Type 1 and 2. It can occur in females while pregnant. An insurance company would want to know if the gestational diabetes has resolved itself and there are no complications. In addition to this type of information and a review of a person’s overall health and mini health exam, if required, is what life insurance companies will use to make their final decision on whether or not they approve a person for life insurance.
There are other life insurance companies that offer what is known as “Guaranteed Issue” life insurance. This type of life insurance does not require a medical exam and does not ask any health related questions. For some people this may be an option but often times guaranteed issue rates tend to be higher as there is no health review involved.
Before you rule yourself out as not eligible due to diabetes, be certain to check with different life insurance companies. Do some shopping and find out if they will consider an application for a person with diabetes. Compare rates between insurance companies who offer guarantee issue policies and those who require medical underwriting, health exams and see how the rates compare.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.