Purchasing life insurance for diabetics is a frustrating task. Life insurance companies closely study the life expectancies for diabetics and either raise their rates or seriously limit coverage offered to these men and women.
The National Diabetes Information Clearing House states that there are over twenty million diabetics in the United States as of 2005. Almost fifteen million have been diagnosed and it is believed another six million remain undiagnosed at this point. Death due to complications from diabetes ranks sixth on the list of leading causes of death, and even then it is believed that an additional sixty percent of all death certificates fail to list diabetes as a contributing factor.
Life insurance companies know that having diabetes increases your risk of death, so they are not readily prepared to offer life insurance coverage at a low price when odds are higher that they will be paying out benefits.
Those with diabetes are more likely to have heart disease. They are also four times more likely to suffer a stroke. Other complications of diabetes include high blood pressure, kidney failure and nervous system damage. Constantly monitoring your glucose levels is important, as is seeing your doctor. In fact, many life insurance companies admit they are more likely to offer a life insurance policy to someone who has medical records documenting their medical history and glucose control.
When looking for life insurance policies, look for insurance companies who specialize in impaired risk. These companies often use clinical underwriting to determine the premiums. In other words, they look at your entire health history, not just the fact that you have diabetes.
Life insurance companies also take the type of diabetes you have into account. Whether you have type 1 or type 2, insurance companies will specialize in one or the other. Look for companies that specialize in the type of diabetes you have.
Ways to ensure you get the policy you want is by maintaining excellent blood-sugar levels, keeping your weight in check, having good A1C hemoglobin readings, and records on when you were diagnosed. The older you are when the diabetes became an issue, the lower your rates will be.
Never settle for the first quote you receive. Shopping online is the best way to find life insurance rates that suit your budget. If one company declines you, don't let it get you down. Every company has different guidelines, so while one may not want you as a client, the next company is very likely to offer you a policy that suits your needs and your budget.