If you have Adult Onset Diabetes or Diabetes Type 2 and need life insurance, we can help you find the right insurance policy at an affordable price.
The prevalence of Diabetes 2 is on the increase in the U.S. and according to the American Diabetes Association, almost 29.1 million Americans had this disease in 2012.
Of this total, approximately 95% will have been diagnosed with Type 2 diabetes or adult onset diabetes, and most of these are adults will be requiring life insurance for their families at some point.
For those people who have been diagnosed with the disease and are looking to find affordable life insurance, they may be wondering how life insurance companies will rate them and whether they can afford a policy.
Well, for many of you individuals who have received this diagnosis, the first thing to keep in mind is that that Type 2 diabetics are generally rated more favorably than Type 1 diabetics.
In most situations, clients with this type of diabetes can find an affordable life insurance policy. The key is to work with a knowledgeable independent life insurance agent who can help guide you to the best company for your circumstances.
Reason Why Life Insurance Is More Affordable for Type 2 Diabetics
Type 1 diabetics are all insulin dependent and will require insulin for their entire lives. They are more prone to health complications.
Type 2 diabetes is also referred to as Non-Insulin Dependent Diabetes Mellitus or NIDDM. This form of diabetes is much more controllable than Type 1 through some combination of oral medications, diet, weight control and exercise. Some individuals are even able to cure the disease.
As such, life insurance companies tend to rate Type 2 diabetics better but this can also vary considerably as there are a number of factors that are taken into consideration to determine how you will be rated.
The other good news is that you can significantly impact how you are rated by taking charge of your lifestyle and striving to become healthier.
Even if you received a lower rating, you can actually decrease your premium and get a better life insurance rating simply by making a point to become healthier.
Another important point to keep in mind is that the rating factors used by life insurers vary from company to company. Some companies are much more lenient in how they rate people than other companies. If you want a no exam life insurance for diabetic, contact us for the best options for your situation.
Let’s look at some of the primary ways life insurance companies rate people who have Type 2 Diabetes.
Rating Factors Used By life Insurers for Type 2 Diabetes
The overall approach in how you are rated essentially boils down to how well you comply with the instructions provided to by your endocrinologist and primary healthcare physician, and how well the diabetes is being controlled.
These are some of the primary factors used in the life insurance rating process.
Age You Were Diagnosed
Life insurers tend to be more lenient the older you were diagnosed. We have some carriers which may allow better than standard rates for best case scenarios. Younger people tend to receive a higher rating because lifestyle plays a more significant role for how this disease is rated.
A person who is diagnosed at a younger age is likely to be seen as living a less healthy lifestyle and will probably incur greater health risks down the road.
The Length of Time You Have Had Diabetes
Even if you have had the disease for a number of years, and your medical test clearly indicates that you have been complying with your physician’s instructions with good control over your disease, you will likely receive a better assessment by the insurer.
Your A1C Test and Other Lab Tests
The AIC test provides an insurer with a very clear picture of your average glucose level. Any result which shows a glucose level of less than 7.0 will be more positively considered by a life insurance underwriter.
All other lab tests should be in favorable ranges to get the best possible rating.
Your Height and Weight
Your overall body mass which is a ratio of your weight and height will be noted. People who are overweight or obese will be rated lower than those who have taken steps to lower their weight through diet changes and exercise.
People who lose weight tend to be able to attain a much better control of their diabetes, and in some cases eliminate the disease entirely. This is an area in which you can have significant control.
Types of Medications
There are a variety of oral medications that are available for those with type 2 diabetes, and this is something else which may be considered by underwriters. Insulin use is the most important medication of concern to underwriters.
If you also have other health complications such as high blood pressure, high cholesterol, vision or kidney problems, or other health issues that are either directly related or independent of your diabetes, these also will have an impact on how you are rated.
The rating will dependent on the degree of impairment and how well the condition(s) are being managed and controlled.
Almost all tobacco users are generally rated higher than non-tobacco users, so this is another area where you can take control and affect how you will be rated.
Finding Affordable Life Insurance Policies for Type 2 Diabetics
As stated previously, not all life insurers are the same. To find affordable life insurance, use an independent life insurance agent who has access to multiple life insurance companies and knows which ones will provide you with the best rates.
An independent life insurance agent can provide you with valuable advice on what approaches or strategies you can take to increase your chance in finding a more affordable life insurance policy.
At Abrams Insurance Solutions we have access to over 70 of the top rated life insurance companies. We will shop every company on your behalf to find the right company for your unique circumstances. Remember that we work for you and not the life insurance companies.
If have any questions or want to get your application started, then call us at Abrams Insurance Solutions at 858-703-6178. We will help you find the most affordable life insurance policy if you have Type 2 Diabetes or Adult Onset Diabetes.