Need to find the Best No Exam Life Insurance Companies for Diabetics?
You might be wondering if a no exam policy is right for you if you’re diabetic.
For some diabetics, a no exam life insurance policy may be the only option.
Here at Abrams Insurance Solutions, we know which companies are the most lenient when it comes finding the Best No Exam Life Insurance Companies for Diabetics. Contact us today for advice and we will help get you approved for a no exam policy asap.
We have access to the most competitive companies when it comes to “no-exam” life insurance coverage.
We will also provide an overview for some of the best no-exam life insurance companies for diabetics below.
A Brief Diabetes Overview and Life Insurance
Presently, there are just over 25.5 million adults and children in the U.S. who have diabetes. As many as 7 million people who have the disease are undiagnosed.
First, we would say that the majority of people who have diabetes can find approval in most instances for policies which do require a medical exam.
We would recommend that you explore this option first. This is because policies which do require exams are more affordable.
You won’t get the best rating because of your condition. But, many of you, especially those with diabetes 2, can be approved for a “Standard” rating.
Additionally, you can also get approved for the higher policy amounts. No-exam policies generally tend to have much lower coverage limits.
For many people who have Diabetes 1 which is under control and are in relatively good health, finding approval is not too difficult. And, those who have Diabetes 2 which is under control and who are in good health, finding approval is even easier.
Before you jump on the no-medical exam life insurance policy bandwagon, talk to an independent agent first. Call us here at Abrams Insurance Solutions at 858-703-6178. We can evaluate your situation and advise which route would be best for you.
Are No Exam Policies More Expensive for Diabetics?
The answer to that would be yes. The reason why these policies cost more is because most policies only require that you provide some minimal information.
As such, the life insurer is taking a bigger risk to insure you. They charge more because they have less information to fully evaluate your health. Yet you can still obtain the Best No Exam Life Insurance Companies Diabetics.
How much more do no-exam policies cost than those which require a medical exam?
Typically, they cost as much as 3 times more than policies which do require a medical exam.
Some are more expensive than others.
It also depends on the no exam policy you qualify for.
Types of Diabetic No Medical Exam Life Insurance Policies
Many people are of the erroneous impression that all no-medical policies are the same. There are 6 types of no-medical policies which are available.
Also, no-exam policies are available as both Term and Permanent life insurance policies (such as whole life and universal life).
No exam policies include:
• Simplified Issue Term Life Insurance – Generally available for those ages 21-65. Offers find term lengths for 10, 15 and 20 years with death benefits ranging from $50,000 – $500,000.
• Simplified Issue Whole Life Insurance – Available for those between ages 21-65. Costs and death benefits are lifetime. Death benefits range from $25,000 – $500,000.
• Level Death Benefit Whole Life – Available for those up to age 80 with lifetime coverage. Has smaller death benefits ranging from $5,000 – $50,000 but is easier to qualify.
• Graded Benefit Whole Life – Suitable for those with serious health issues, but more expensive than other no-exam policies. Death benefits range from $5,000 – $25,000.
• Rapid Decision Senior Whole Life – Available for seniors ages 65 – 85. Death benefits range from around $10,000 – $25,000.
• Guaranteed Issue Policies – Also known as “GI” policies. Most suitable for those with serious health issues or advanced age. These do not ask any form of health questions. Provides death benefit coverage from $5,000 – $25,000.
Typically, the first 3 – Simplified Issue Term, Simplified Issue Whole Life and Level Death Benefit Whole Life are more affordable.
The Graded Benefit Whole life policy may require that you survive the first 2 years from when the policy is approved before the death benefits apply.
Guaranteed Issue is one of the most popular that you see advertised because it has no health questions. That also means it is more costly than other available no-medical policies for diabetics. So, don’t be fooled by the hype.
Call us first here at Abrams Insurance Solutions at 858-703-6178 to help you find the Best No Exam Life Insurance Companies for Diabetics.
Who Should Apply for No Exam Diabetic Life Insurance?
Again, we want to stress that regardless if you have Diabetes 1 or 2, don’t assume you can’t find affordable life insurance with a medical exam.
Treatment regimens improve and life insurers are responding these changes. So finding the Best No Exam Life Insurance Companies Diabetics isn’t as hard as you think.
If your diabetes is under control, and you have been following your doctor’s advice to improve your health, you should really consider applying for a policy which does require a medical exam. The reason is because you will save more money. You will also be able to get higher coverage.
You should only consider a no-exam policy in the following circumstances:
• Your diabetes is not under control
• You have additional serious health factors such as uncontrolled high blood pressure, cardiac issues, liver or kidney complications
• Advanced age with serious underlying health issues
• Have a serious aversion to needles
• Require immediate approval for a policy
Will I Have to Provide Any Health Information?
The only policy available which does not require any health questions is the Guaranteed Issue policy.
The other types will require that you answer a brief questionnaire before you can qualify a no-medial policy.
You must always answer these questions truthfully. The reason is because your claim could be denied if the insurer discovers that you lied.
How Quickly Can I Find Approval for a No Exam Policy?
Generally, you can be approved for a no-exam policy anywhere from around 2 – 10 business days.
Best No Exam Life Insurance Companies for Diabetics
Here is a brief overview of some of the best life insurance companies which offer the best No Exam Life Insurance Companies Diabetics.
This company is considered one of the most affordable companies offering no exam Term insurance for Type 2 diabetics.
They offer policies for those 18 -65 years of age. Death benefits are as high as $500,000.
You must have been diagnosed with diabetes after age 40 and do not require insulin injections. Using oral medication is fine. You must be free of any health complications because of your diabetes and A1C levels must be controlled. Blood sugar must be checked within the last 6 months as well.
Applications can be approved in as quickly as 24 hours.
Americo Life Insurance
Americo has both Term and Permanent no exam policies available for diabetics. Their underwriters require that you answer a questionnaire. They can provide a response within 2 weeks.
The permanent no exam policy is whole life and mostly covers Types 2 diabetics. This policy provides death benefits up to $50,000. Approval is relatively easy so long as you have no other complicating health issues.
Anico Life Insurance
This company offers no exam term policies for diabetics. Anico, also known as American National provide term policies with death benefits up to $250,000. Terms are variable and include 10, 15, 20 and 30 year terms.
Your medical records will be reviewed before you can find approval. The approval process can be from 4 – 6 weeks.
United Home Life
United Home Life Insurance offers 3 types of no exam policies for diabetics including:
• Term life – Offers a 20 year term for those between ages 20 – 60 with death benefits as high as $50,000. Approval is relatively easy providing you have no underlying health issues.
• Permanent No Exam – Offers whole life lifetime coverage with death benefits up to $50,000 so long as there no underlying health issues.
• Graded Death Benefit – This is a more expensive policy. It has a 2 year waiting period. You must survive this period before your beneficiaries can receive death benefits. If death occurs before the end of the 2 year waiting period, only paid premiums will be provided to beneficiaries.
Where to Find Best No Exam Life Insurance Companies Diabetics
The above life insurers are just a sampling of some of the best No Exam Life Insurance companies diabetics which we recommend and use.
Before you apply for any policy, talk to an independent life insurance agent such as the ones here at Abrams Insurance Solutions.
We have access to over 70 of the top life insurance companies available.
We work for you and not the life insurance companies. If you need no exam life insurance and have diabetes than call us first at 858-703-6178, because we can help!