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Life Insurance For Diabetics

As more and more Americans are diagnosed with diabetes, strides are being made on managing this disease. As diabetics are living longer life insurance underwriters are taking this in account and offer more competitive rates to those people who have their diabetes under control.
Due to state laws allowing Insurance companies to base premium payments for life insurance on the health status of any applicant, at one time these policies were too expensive or unavailable for most. Leaving it to the discretion of the insurance provider how's made it possible for more people to obtain low cost affordable coverage as long as their diabetes are under control.


Factors That Contribute to Pricing

  • Are you a Type 1 or Type 2 Diabetics
  • What is your A1C County? Is your blood glucose levels controlled?
  • Are you leading a healthy lifestyle outside of your diabetes? Do you eat well and exercise? Is your height and weight within healthy range?

  • If you apply to an insurance company that uses clinical underwriting, all of the factors and your overall health is taken into account. The underwriters will obtain your medical records from your primary care physician and any other specialty doctors you may have been seen by. This tends to benefit those diabetics who are keeping their diabetes in check. If you are planning to buy life insurance for your parent you will need them to complete the medical exam and sign off for the APS, which allows the insurance company to access your medical and doctor records.
    Once a person has an A1c count above 6.5%, they are diagnosed with the disease. If a diabetic is able to keep their A1c count below 7% it is a very good indicator that they are controlling their diabetes and will lower their risk of future complications. The insurance companies want to know how you are controlling your A1C, whether through insulin or diet and exercise. This is taken into account when preparing your price offer. People with A1c count higher than 7% will likely pay much more than one who's level is below for that fact that people above 7% have a high risk from suffering complications of the disease.


    When shopping for life insurance rates for diabetics it is important to shop around in order to get the best price for life insurance. The best way of doing so, is by contacting a life insurance broker who specializes in diabetes life insurance. As a broker they can write coverage with any company, and when they have had experience in this in the past they know which companies offer the most competitive premiums.


    I have been working on these types of cases for over 16 years, and more recently I have been able to find people more affordable options. For example, Banner Life Insurance Company, they are company that has been in business well over 60 years and have an AM Best Rating of A+ Superior. They truly are one of the most competitive companies whe
    n it comes to rating diabetics. I have put them up against many other companies and almost always they win by a landslide.


    Though many agents can offer you Banner Life Insurance policies, not all agents are equal. Below I will share with you a recent case I was working on. Even with the same company, I was able to offer a better price than my competitor.


    I had a client who was a male senior age 64 and he was a diabetic. All other aspects of his health and lifestyle had him classified as the Super Preferred (or Preferred Plus) health class, but due to the fact he was diabetic the initial offer came as Standard. Knowing the guidelines and having a personal relationship with the medical director of Banner Life I gave them a call and decided to plead my case. Though the publicized rates for life insurance are fixed their health class rating guidelines are not. He was over the age of 60 when he was first diagnosed as diabetic and was not taking insulin. He was able to keep his A1C count under 6.5% with oral medication and diet and exercise. His height and weight was also within range for the preferred rate class. After discussing these facts with the underwriter I was able to get him the preferred rate he deserved. My competing agent fell short, even though he was also applying for Banner Life in addition to one other company.
    Having dealt with these underwriters on a daily basis, and being an agent with them for many years, I was able to advocate for my client and get him the better health class rating; in turn the better price!


    Know the facts before you apply for diabetes life insurance and go to an agent who has the experience in this field. If you are a diabetic and need assistance in applying for life insurance please contact me! I am ready to fight for you to get the lowest rates. You work hard to manage your diabetes and you deserve to be rewarded for that!