Life insurance and diabetes

Many people wonder, “Can I get life insurance if I have diabetes?”

Howard Weissman, a medical underwriting expert at AccuQuote, says “Yes you can!”

In this video, Howard talks about several factors that affect your coverage and rates. These factors include your current glucose reading, current A1C, whether you have Type 1 vs Type 2 diabetes, if you wear an insulin pump, etc.?

Many people who assume they will be turned down because of their diabetes actually CAN get life insurance at an affordable price.

If you want or need life insurance and diabetes is part of your family medical history or if you’ve already been diagnosed with the illness, don’t prolong your search for too long. Life insurance and diabetes don’t have to be like oil and water if you manage the process.

Aflac recently announced the results of a workforce survey that revealed that more than 55% of workers don’t think it’s likely at all that they would ever be diagnosed with a disease like heart disease or diabetes. This explains why life insurance and diabetes are worlds apart. The survey showed that people seem to feel they are impervious to serious illness and thus in no need of life insurance. And diabetes sufferers know as soon as they are diagnosed that they need coverage.

More people than ever are without life insurance and diabetes is at an unprecedented level and climbing!

To make sure you are not without life insurance and diabetes is cutting short your life, you need to go ahead and apply right away. Research is critically important when you’re shopping for life insurance and diabetes is part of your health profile. You will need to get comparative quotes from different companies to get the best rates for your life insurance and diabetes will drive the premium rates up no matter what carrier you use.

When shopping for life insurance and diabetes is an issue, you may want to find an insurance carrier that specializes in high risk coverage. Companies who work with high risk clients are more likely to look at a wider array of factors when quoting life insurance and diabetes patients can ask them to look at their overall health and not just the fact that you have diabetes.

By working with a high-risk insurance professional you can feel good about getting the best possible quotes for your life insurance and diabetes being considered just a part of your whole health picture and not the only factor. And don’t talk to just one company about life insurance and diabetes coverage. Be sure to compare several high-risk companies to get the best rate on your life insurance and diabetes coverage.

Once you have a diagnosis, it will be much more difficult to get life insurance. And diabetes makes it more expensive. If you are proactive about your need for life insurance and diabetes comes up later, you won’t have to stress because a health condition that emerges after you have obtained coverage can’t be used to raise your rates or drop your coverage. When it comes to life insurance and diabetes, purchase a policy before you are diagnosed and if you’re already diagnosed, purchase as soon as possible.

Why life insurance?

Why life insurance

Why life insurance

There are a multitude of answers to considering why life insurance if you have diabetes. Life insurance give you peace of mind – life insurance allows you to take care of your family after your death – life insurance can represent a cash asset you can draw on in times of need. These are all reasons you should consider when you think ‘why life insurance’ and are at risk for or have been diagnosed with diabetes.

The only breadwinner

Are you the sole breadwinner or majority breadwinner? Are you supporting a spouse, children, elderly parents? What will happen to all of those who rely on you when you are no longer around to provide? Why life insurance? Primarily, to replace your income when you are no longer around to work and bring in wages. Diabetes life insurance should be purchased in an amount equal to your annual wages times the number of years it will need to be replaced. If your children are ages 5 and up, you can estimate you need at least 13 years of income replacement. If you have elderly parents relying on you that you estimate could live 20 more years from now, you may want 20 years of income replacement. These are all the things to consider when asking why? Life insurance is protection for your family in case of your death from diabetes or any health issue.

Funeral

If you have diabetes, have you ever thought about how much a funeral will cost? Did you know that $5,000 is a minimum for a bare-bones service and burial? Even cremation and an urn can run over $2,000. A nicer funeral service and burial can cost as much as $15,000 or more. Why life insurance? So your family won’t have to dip into savings or go into debt to pay for your funeral if your diabetes or other causes end your life. You don’t want to put your family into the terrible position of grieving for you while worrying about the expense of your funeral.

Credit

Are you carrying credit card debt? Do you have car loans? Have a mortgage balance? When you die, all of this debt becomes a huge burden on your spouse. And they have to deal with it without your income coming in to help make all the payments. If your diabetes ends your life prematurely, do you want your family to be able to go on living in your home? Do you want them to have a car to drive? Why life insurance? In short, to pay off the debt so that your family can afford to live without you without being in the poorhouse. If you can pay off all or a significant share of your mortgage and your car notes and pay down credit card debt, it will be much easier for your family to survive without you if they have little or no debt to encumber them. Why life insurance? So your family can live after your death, whether it was from diabetes or any other cause.

College, little head-start on a car or down payment on a house

Do you want your children to go to college? Do you want to give them a little head-start on a car or down payment on a house? Did you ever get a bequest from a relative who passed away and remember how kind you thought it was? Life insurance allows you to leave a financial legacy – no matter how small or large. Even if your diabetes life insurance is only enough to gift each family member a $1,000 on your passing, it will be greatly appreciated. Why life insurance? Life insurance is really death insurance and it allows you to affect the finances of your loved ones, your spouse, children and grandchildren after you are gone. From a bequest large enough to pay for college to just a token amount, it will be greatly appreciated by your survivors, who loved you in life and helped you deal with your diabetes.


Diabetic life insurance for women

Diabetic life insurance for women

Diabetic life insurance for women

If you are a woman that has been diagnosed with diabetes, have you considered purchasing diabetic life insurance? For women suffering from this disease, you need to ask yourself whether there is anyone financially dependent on you or dependent on you in other ways and what will happen if you should pass away from complications of diabetes. Diabetic life insurance for women can make an important difference in the continuity and stability of your family if you died.

Income replacement

One of the reasons to purchase diabetic life insurance for women is income replacement. If you are part of a two working parent home, your income will surely be missed if you are no longer there to contribute wages. Think about how your family’s finances would be impacted without your wages. Do you have enough savings to see your family through? Are there enough assets to keep your family going without your salary or would losing your financial contribution place your family in immediate financial peril? If it would, you need to think seriously about purchasing diabetic life insurance. For women who have diabetes and care about their family’s finances and contribute to them, this is a must-have safety net.

Debt repayment

Another reason to purchase diabetic life insurance for women is debt repayment. If you are contributing financially to the family and passed away – how would this affect debt payments? Do you have a mortgage? Are there loans on your cars? Do you have credit card debt? If like many Americans, you answered yes to one or all of these, your death and loss of income could make monthly payments unfeasible. But this doesn’t have to happen if you have diabetic life insurance. For women who contribute to critical monthly debt payments, this coverage is important to keep your family stable after your loss.

You may be thinking that because you don’t work outside the home, you needn’t worry about diabetic life insurance. For women who are full-time parents and homemakers, you are still making a valuable contribution to the household that would leave a gap if you passed away. If you have small children at home, who would take care of them? Daycare is expensive. Do you do all the cooking and cleaning? Who will take care of this if you were gone? What about laundry, shuttling your children to activities and being there when they get off the school bus every day? If you died suddenly, everything that you do every day to keep your family afloat will have to be done by someone else and that costs money. All of this can be addressed with diabetic life insurance. For women who contribute services to the household rather than money, this type of coverage is equally important as it is to working women.


Diabetic life insurance for men

Diabetic life insurance for men

Diabetic life insurance for men

Diabetes diagnoses have double over the last 30 years and the largest increase was among men. Accordingly, diabetic life insurance for men has become much more important. According to the National Institutes of Health, nearly half of all adult men in American either already have the disease or are predisposed and likely to be diagnosed with it in the future. If you are a man and already have the disease, diabetic life insurance for men is critical to acquire right away, before you get any older or your health gets any worse in order to get the best possible rates.

It’s not just the diagnosis of diabetes alone that should concern men, but what goes along with it. For instance, diabetes is a leading cause of cardiovascular disease in men which can cut short your life by 10-15 years on average. Before your health becomes worse because of diabetes, you should explore purchasing diabetic life insurance. For men, you want to be able to take care of your family if you die unexpectedly.

You want them to have a home to live in and enough money to get by on – all those is possible through diabetic life insurance. For men just like you, suffering with diabetes has taken them away from their families prematurely causing not just grief, but also great financial stress. Diabetic life insurance for men will allow you some peace of mind that you need to be able to properly manage your illness and keep stress down so that it doesn’t aggravate your disease.

If you’re a man who has been diagnosed with diabetes, you should seriously consider diabetic life insurance. For men with diabetes, it is more than just the illness that will cause you problems and could take you away from your family. Purchasing diabetic life insurance for men as soon as possible could be the difference between financial stability and destitution for your family if you pass away.

One physician who works with the American Diabetes Association said, “Long-term what you’re really concerned about is heart disease. It’s the major cause of death for people with diabetes.” So it’s not just the illness by itself that’s the problem, it’s the complications caused by the illness, making diabetic life insurance for men even more critical. Even if you think your diabetes is under control, it may be causing more issues that make it a pressing issue for you to get diabetic life insurance. For men, who are in this new high risk category of those likely to develop diabetes, awareness is key.

Once you’ve recognized the need, the next step is to get quotes for and purchase diabetic life insurance. For men with the disease, the better in control of your weight, blood sugar and lifestyle habits, the cheaper rates you’ll get on diabetic life insurance. For men who are overweight, have fluctuating blood sugar, smoke any at all and drink excessively, you’ll find your rates are much more than for men without diabetes and for men who have diabetes but maintain their overall health.

If you can, address your health issues to get lower premiums on diabetic life insurance – for men with families that are relying on them though, you may want to go ahead and purchase diabetic life insurance for men, no matter the cost – because the cost to your family if you pass away uninsured is greater than you can imagine.


Life insurance: questions and answers

Life insurance quotes

Life insurance quotes

Life insurance quotes

If you have diabetes mellitus, you may think getting life insurance quotes will be difficult or costly. But if you are smart about it, diabetes life insurance quotes will be more affordable than you could imagine. The first step in obtaining life insurance quotes is determining how much coverage you need.

While the exact calculation for your life insurance quotes is much more nuanced, a simple method is to take the amount of your assets you have in cash, checking, savings and investments minus the amount of your debt including funeral expenses, car loans, credit cards and mortgage. This is the amount your family will be left with or left owing if you die without getting and acting on life insurance quotes. Is it a positive balance or negative?

On top of this you need to consider what impact your wages have on your household when looking for life insurance quotes. If your spouse works also and makes a good salary and you won’t leave your family with a lot of debt, you may need less coverage for income replacement. If, however, your spouse is the primary caregiver for your children, a homemaker or too ill to work, income replacement becomes a primary issue when preparing life insurance quotes.

Your age, gender and health are the starting point for all life insurance quotes.

  • Your age is the first consideration – the younger are, the lower your premiums for your life insurance quotes will be. However, most people don’t think about life insurance when they are young, even though is when you could lock in lower rates. But no matter your age, you’re as young now as you ever will be, so the sooner the better when it comes to life insurance quotes.
  • Your gender is another thing you can’t change (without surgical intervention), but you might be interested to know how that will impact your life insurance quotes. Women are charged lower rates than men because statistically, they live longer. Men are also charged higher rates because they have a higher tendency to engage in risky behaviors.
  • Your health is the major consideration in your life insurance quotes – the healthier you are, the lower your quoted rates will be. If you are planning to pursue life insurance quotes and know you are unhealthy, you should try to turn things around – not just for your life insurance quotes but for your overall quality of life. Lose weight, start exercising, stop smoking and cut back on drinking to get better life insurance quote.

When it comes to getting life insurance quotes, there are three main places to look – try them soon!

  • Employer – you may be able to get cheap life insurance quotes as part of a group insurance rate through your employer
  • Organizations – AARP, AAA, professional memberships, religious and other groups may offer lower rates for life insurance quotes to their members
  • Internet – go online to portals to see side by side life insurance quotes comparisons!

What is life insurance

What is life insurance

What is life insurance

You’ve no doubt seen all the ads on TV for life insurance – and also in magazines and brochures at your doctor’s office, buy have you ever wondered ‘What is Life Insurance?’ It’s a legal and binding contract between an insurance company and the person who bought the insurance – called a policy. The policy is a promise that if you die within the terms of the contract, from diabetes or other causes, the insurance company will pay out a pre-determined dollar amount called a ‘death benefit.’ In return for this promise, you promise to pay monthly payments called ‘premiums’ to the insurance company. This is the simplest answer to ‘What is Life Insurance?’ For those with diabetes, this is an important question to ask.

The more complicated answer to ‘What is Life Insurance?’ is that it depends on the type of life insurance you are discussing. In a discussion of diabetes term life insurance, ‘what is life insurance’ would be answered this way: it is a policy or legal contract for a specific period of time known as the ‘term.’ If you die within the period covered by the policy, the insurance company will pay the death benefit to the beneficiary (person you designate to get the money in case of your death.) In exchange for this, you pay monthly premiums (payments). After the term is over, there are no more monthly payments for you to pay and if you die, there will be no death benefit paid out. This is the answer to ‘what is life insurance’ in terms of term life policies for those with diabetes.

If you are thinking of whole life policies and ask ‘what is life insurance’ the answer is drastically different. Diabetes whole life is permanent life insurance – it covers you for your whole life, up until your death. In whole life insurance, the contract lasts from the day your policy is issued up until your death as long as you pay your monthly premiums. There is no term, no end date to your policy. Like with term life insurance, there is a stated death benefit that will be paid. If you have diabetes and are asking ‘what is life insurance’ about whole life policies – there is another aspect to understand. With whole life, a portion of your premiums get invested on your behalf and accrue cash value.

The answer to ‘what is life insurance’ is a bit more complex with whole life. In addition to the stated death benefit there will be an additional amount based on the investment amount – both the death benefit and the accrued cash value will be paid out upon your death, whether from diabetes or any other reason. While the death benefit will never change throughout your life, the cash value can be increased significantly. You can pay in more than the amount of your premiums and 100% of that will be invested to increase your future cash value. So, in answer to ‘what is life insurance’ with whole life it is both a death benefit and an investment opportunity for those with diabetes.

Asking ‘what is life insurance’ is a good first step toward purchasing a diabetes life insurance policy. Fully understanding the answer you get to ‘what is life insurance’ is critically important to deciding what type of life insurance is best for you. Term life has advantages of lower premiums and whole life has the advantages of having premiums that never increase throughout your life plus the ability to accrue additional cash value. The simple answers this article has given you to the question ‘what is life insurance’ are just the tip of the iceberg – there is much more to understand about the true value that life insurance can bring to you and your family. Keep asking yourself ‘what is life insurance’ to find the answers you need, particularly if you’ve been diagnosed with diabetes.


Supplemental life insurance

Supplemental life insurance

Supplemental life insurance

Supplemental life insurance is a coverage you can select to augment life insurance coverage your employer provides which is especially important for diabetics. For example, if your company offers an automatic life insurance policy that covers twice your annual salary in case of your death, you can often buy more coverage and pay for it out of pocket but still get the good group rate. This is called supplemental life insurance and is perfect for diabetics who want to provide for their families.

Diabetics can also use supplemental life insurance as a tool to leave a bequest to someone other than your spouse in case of your death. For instance, if you have grown children and want to take out a different supplemental life insurance policy payable to each of your children, you can easily do that so the money goes directly to them in case of your death – whether from diabetes or any other reason. You usually have to have your spouse sign a waiver consenting to someone other than them being the beneficiary on your life insurance policy.

While supplemental life insurance can usually be purchased through your employer’s group policy and your diabetes won’t be a factor, you may also want to get external supplemental life insurance quotes. Comparing quotes helps make sure you are getting the best possible rate, even with your diabetes.

Insurance industry experts assert that group coverage through employers is rarely enough coverage for either diabetics or healthy people. Another reason diabetics may want to consider supplemental life insurance is because if you leave or lose your job, your employer coverage will no longer be available to you. Supplemental life insurance though will follow you wherever you go and give you continuity of coverage.

To determine if you have a need for supplemental life insurance, diabetics should look at the amount of debt you owe (mortgage + car loan + credit cards) plus household expenses for your family to replace your wages (annual salary x # of years til your youngest child turns 18) plus future college tuition estimates minusassets such as cash in the bank, investments, stocks, 401(k), jewelry, antiques, collectibles, etc. Diabetics should then compare this to the amount of life insurance coverage your employer provides to see how much of a gap there is. This tells you if need and how much you need of supplemental life insurance.

Another concern about purchasing supplemental life insurance through a company policy is whether or not you plan to stay long-term there. If you are looking at making a career there, and the company is stable and not prone to mass lay-offs, you may be safe purchasing diabetic supplemental life insurance through them. If you see this employer as a jumping off point to bigger and better opportunities, you may want to purchase your supplemental life insurance through an external source.


Life insurance no medical exam

Life insurance no medical exam

Life insurance no medical exam

If you have diabetes and have been denied for life insurance coverage, you may need to look at a different option for life insurance. No medical exam coverage is yours for the asking even if you have diabetes or another serious illness and even if you’ve been turned down for coverage by other insurance companies for life insurance. No medical exam coverage, as you can tell by its name, requires no medical exam and typically asks no medical questions to issue you a policy.

If you have a need, this may be your best option for life insurance. No medical exam carriers only want to know that you are not living full time in a hospital or hospice and that you do not have HIV. Other than that, it is a no brainer to get this type of life insurance. No medical exam coverage is intended for people who are desperate for life insurance, but do to health or lifestyle issues, may not be able to get coverage through traditional methods.

A perfect example is someone who is suffering from diabetes and needs life insurance. No medical exam coverage can be issued within 2-3 days versus 4-6 weeks as with normal coverage. If you need it rapidly and are computer savvy or know someone who is, the internet is going to be the fastest way to apply and be approved for life insurance. No medical exam carriers are easy to find with a quick web search.

However, one caution about using the web for a search is keeping your information secure. For instance, you should never supply your social security number when applying online for life insurance. No medical exam coverage, or any kind of coverage does not require a social security number for processing – a request for this should be a red flag that you should leave the site immediately. There are plenty of reputable sites for life insurance – no medical exam companies included.

Another concern is reputation when shopping online for life insurance. No medical exam coverage is offered by a wide array of companies, from top rated to less than reputable. When you narrow your choices down to one or two quotes for life insurance, no medical exam companies should be checked for top rating by AM Best, the preferred rating scheme for insurance companies.

Affordability will be a concern when it comes to any life insurance. No medical exam coverage is more expensive than any other kind of coverage, but for many, is there only option for the safety net they need for their family’s finances. The other thing to consider is that if your needs are that dire, even though the premiums are high, odds are you probably won’t be paying them for that long. That’s a terrible thing to consider but an important one. For instance, if the premiums on a $50,000 policy are $300 per month but your doctors are estimating you have just 6-8 months to live, the cost is not that pricey overall to get that benefit for your survivors who will need it for funeral and other expenses.

It all comes down to who’s depending on you when you consider life insurance. No exam coverage may be your only option to take a last minute step to care for those you love when you know your health is in rapid decline. While nothing will ever replace you or forestall the grief of your loved ones when you pass, you can make it easier with life insurance. No medical exam coverage is perfect for those who have an immediate need for coverage to see their families through.


High risk life insurance

High risk life insurance

High risk life insurance

High risk life insurance refers to how much risk you pose to a life insurance carrier who sells you a life insurance policy. For people who have either for health reasons, work reasons or lifestyle reasons, a greater likelihood of death, they represent the potential for loss rather than profits to an insurance company, so they will charge higher rates to offset the risk. Health reasons that fall under high risk are for heart disease, diabetes, cancer, obesity and other serious illnesses.

Career choice can also put you in a high risk life insurance category. Private jet pilots, skydiving instructors, soldiers, firemen and police are all in professions considered high risk. If you combine a health risk with any of these such as policeman with diabetes, then you are in an even more high risk life insurance category. Life insurance companies prefer to issue policies to healthy people with desk jobs. These are the people they make the most money on, but those are also statistically the people who are least likely to need life insurance, so it’s a high risk life insurance catch-22.

For health issues that put you into a high risk life insurance category, there are things you can do to try to mitigate how much of a risk you represent. If you have diabetes, keeping a normal body weight, controlling your glucose, avoiding alcohol and never smoking are ways you can demonstrate that even though you have an illness, you are lower risk than most diabetics. You can also ask to go through medical underwriting. Medical underwriting is an in-depth review of your health and medical history to more accurately assess the state of your health and your risk of mortality. If you truly are in good health despite your diabetes, this is the best way to get a lower rate on your high risk life insurance.

If you are in a high risk life insurance category it is a good indicator that you truly do need life insurance. Many of the factors that put you into the high risk life insurance category are under your control if you are willing to make lifestyle and health changes to get better rates. For instance, if you have diabetes and are carrying excess weight – lose it! If your blood sugar is out of control, learn to eat better to get it under control. If you are a smoker, quit immediately – smokers pay double the rates! Being a smoker is one of the most cost-intensive high risk factors and if it’s coupled with another illness like diabetes, your rates will be exorbitant.

It will also be easier to get high risk life insurance if you work with a firm that specializes in high risk life insurance. Traditional life insurance companies will want to pigeonhole you into the high risk category, quote you a high rate and not look any deeper. Companies that specialize in high risk though will look past your diabetes or cancer diagnosis and look deeper into your medical history to get an in-depth analysis of your whole health condition. Often, this can result in lower rates that more accurately reflect your true overall health and doesn’t jump lump you as a diabetic into a high risk life insurance category.


Life and disability insurance

Life insurance no medical exam

Life insurance no medical exam

For those with diabetes, concerns over life and disability insurance often go hand in hand. While diabetes is an illness that can cut your life short by a few to possibly many years, it’s much more likely to disable you long before it kills you. This is a harsh reality of what can happen if your diabetes isn’t properly managed and you end up with serious complications. In this case, life and disability insurance can make life much less scary.

Insurance that pays out a benefit when you die is coverage for life and disability insurance is coverage that pays out if you become disabled and either cannot work or can work only in a very limited capacity. Life and disability insurance are usually separate policies but they can work in concert to help you take care of your family in life and in death.

There are many reasons to get either life and disability insurance policies, but the best plan is to get both to maximize your protection. Life insurance is the less expensive of the two, even for those with diabetes. Disability insurance is much more expensive even for healthy people because the likelihood is much higher that it will be used. For people with diabetes, disability is even more likely to be used and so will be pricey. Life and disability insurance are worth the expense though if your diabetes is flaring out of control or growing steadily worse.

For those with diabetes, 20-50% of diabetes sufferers have disability of some form or another and the disability rates of those with diabetes far outpace those without diabetes. This is a huge impact on quality of life and disability insurance can be a great solution to deal with it. With most disability coverage, if you become disabled and can no longer work, the insurance will pay out a percentage of your pay. Life and disability insurance are thus both useful tools to stabilize family income.

There are many options for coverage for life and disability insurance falls typically into short term and long term policies. Short term covers you from the time you become disabled and up to 3-6 months later and pays from 40-65% of your salary depending on the policy. If you can return to work during that time period, the benefit ends. If you continue to be disabled, long term disability kicks in where short term left off and depending on your policy will pay out anywhere from two years up until age 65. Disability payments can make a huge impact on your life and disability insurance is more affordable than being disabled without it.

If employer based group coverage is not an option for life and disability insurance, you can go to an insurance broker or shop around on the internet. Either route you choose, this coverage will add to your quality of life and disability insurance can keep you financially stable if your disease gets so bad you can’t work.

NOTICE: The material on this site for informational use only and should not be taken as medical advice. This email does not constitute any doctor-patient relationship, or any other type of relationship. The material has been thoroughly researched and believed to be the most up to date information at time of publishing. This material is offered as information only and the reader has the responsibility to verify any medical decisions or actions with his or her health care team.

Copyright © 2016. Diabetes is not a disease - it's a lifestyle!!

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