Life Insurance Companies differ in their “underwriting philosophy” when it comes to diabetes. Offering life insurance for diabetics can be risky if the underwriters are not fully trained. Underwriters at the insurance companies that are fluent in underwriting diabetes have the ability to look at all of these factors and determine if the company will accept them as a risk. Diabetic Life Insurance can be obtained no matter how severe the diabetes condition is. If the proposed insured has well controlled diabetes and a history of compliance with what the Doctor reccomends, then the rate for insurance will naturally reflect that. Clients with well controlled diabetes have a great chance at getting a lower rate from a regular insurance carrier and would qualify for a policy that is fully underwritten. If, at the other extreme, the client has very poor control over the diabetes, the rate will be higher and the client will have to go with a life insurance plan that guarantees acceptance. This type of life insurance is called “guaranteed issue life insurance”.
Guaranteed issue life insurance for diabetics is more expensive than regular (fully underwritten) life insurance and is only sold as “whole life insurance”. Fully Underwritten policies take the client’s full medical records into account. If the insurance company decides to insure this applicant, it is after the company’s underwriters look at the case. If the client is fully underwritten and passes through underwriting, then they would have more options than just whole life insurance (in the case of those who are in need of guaranteed issue whole life insurance). Term insurance, Universal Life Insurance, Survivorship Universal Life Insurance, and regular Whole Life Insurance would be available to these applicants that are fully underwritten.
When evaluating a client with diabetes, the underwriters at the insurance company take into account whether the client is a type one diabetic (type I diabetic, type 1 diabetic, type 1 diabetes, type I diabetes) or a type two diabetic (type II diabetic, type 2 diabetic, type 2 diabetes, type II diabetes). If the client’s A1C level is below 8, then fully underwritten life insurance may be available subject to the client’s full medical file. If the client’s A1C level is above 8, then guaranteed issue life insurance is a more realistic goal.
An insulin pump is actually a positive factor where life insurance underwriting is concerned because the client’s insulin level is kept at a constant level.
Is the client controlling the diabetes with “diet and excercise”? So what kind of companies will accept clients with diabetes? My clients are provided with full company backgrounds and financial profiles. In the past, before there were more effective treatments for type 1 type 2 diabetes, diabetics were not considered eligible for standard issue life insurance policies. Some companies are still very strict about insuring people that have diabetes, while others will issue a standard policy. Modified death benefit or graded policies are commonly issued.
Standard issue policies are available through a few select insurance companies in America. Whether you have type 1 or type 2 diabetes, it is possible to get approved and get good rates on life insurance.
One of the first thing insurance companies will want to see is that you have your diabetes under control. Life insurance and out of control lab results are not a good combination. How do you find an insurance company that is likely to give diabetics the best possible life insurance offer? If you have the information, give the insurance company your lab results such as last A1C readings. Contrary to some beliefs, insurance companies tend to offer better rates if you give them as much as you have on your medical history. Also, don’t be afraid to apply to more than one life insurance company. we recommend that you apply to as many as three life insurance companies.