Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Can I get life insurance if I have diabetes? Well, I want to ask some questions first. Has there been any weight change, ten pounds or more, all within the last year? What is the reason for that change? When were you diagnosed with diabetes? Are you controlling your diabetes through diet and exercise? Are you using all medications? Are you using insulin? Has the insured or the person that's looking for this, had any chest pains or coronary artery disease?
Remember sometimes diabetes with weight and these other ancillary diseases, can complicate it. We call that ""multiple impairments."" So, if I can start to answer some of these basic questions, is it diabetes 1? Is it diabetes 2? Is it controlled by diet and exercise? Is it controlled by insulin? Was it adult onset? I can get a good idea just with this questionnaire, to what kind of offer we can give from life insurance companies that are benevolent towards diabetics.
Most people with diabetes can get life insurance. Children with type 1 diabetes are the notable exception; it is very difficult to find a policy for them until they are at least age 18. All the more reason to add your children to a child rider or get them a policy of their own while they are very young, especially if diabetes runs in the family.
The types of policies that you can get while having diabetes, are as varied as the persons with type 1, 1.5, 2, or gestational diabetes. Underwriters will look at your history of control, with A1C being the dominant indicator, but also at whether you have current complications such as neuropathy, heart disease, or kidney disease. They will look at your age of diagnosis, the length of time you have had diabetes, and the types of treatments you have had.
Based on all this data, the insurance company will determine how to rate you. People with diabetes can be rated Preferred all the way to a high table rating. If your blood glucose is too high or you have too many complications to get a medically underwritten policy, there are simplified issue or guaranteed issue policies available for most people.
Contact an impaired risk life insurance specialist with experience in life insurance for people with diabetes, to be sure that you get placed with a company that will approve you at the best possible rate.
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Remember sometimes diabetes with weight and these other ancillary diseases, can complicate it. We call that ""multiple impairments."" So, if I can start to answer some of these basic questions, is it diabetes 1? Is it diabetes 2? Is it controlled by diet and exercise? Is it controlled by insulin? Was it adult onset? I can get a good idea just with this questionnaire, to what kind of offer we can give from life insurance companies that are benevolent towards diabetics.
The types of policies that you can get while having diabetes, are as varied as the persons with type 1, 1.5, 2, or gestational diabetes. Underwriters will look at your history of control, with A1C being the dominant indicator, but also at whether you have current complications such as neuropathy, heart disease, or kidney disease. They will look at your age of diagnosis, the length of time you have had diabetes, and the types of treatments you have had.
Based on all this data, the insurance company will determine how to rate you. People with diabetes can be rated Preferred all the way to a high table rating. If your blood glucose is too high or you have too many complications to get a medically underwritten policy, there are simplified issue or guaranteed issue policies available for most people.
Contact an impaired risk life insurance specialist with experience in life insurance for people with diabetes, to be sure that you get placed with a company that will approve you at the best possible rate.