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Type 2 diabetes is the most common form of diabetes. As high risk life insurance agents, we see and work with this condition on a daily basis.
We know which companies have the niche in the market for life insurance with type 2 diabetes and can provide you with favorable rates.
Life Insurance with Type 2 Diabetes
Type 2 diabetes is when our body is not using or producing insulin properly. It’s diagnosed typically later in life. Typically, the later the onset age the better for the client in underwriting guidelines.
Here are some key factors that will affect your life insurance rates:
1) How long have you been a type 2 diabetic? What was your age of onset?
2) What is your height and weight?
3) What type oral medication and insulin are you taking? Actos, Metformin, Januvia, Glucophage, Glipizide, Humulin, Lantus, Levemir, Novolog?
4) How many units are you taking per day?
5) What are your A1C levels? (past and current are important)
6) Any other medications?
7) Are you a smoker?
8) Any complications with your diabetes? (vision, kidney, heart, skin or nerve issues)
9) Other health issues?
CONTROL & COMPLIANCE!
It’s all about YOUR control and YOUR compliance when trying to secure the best rate possible for your life insurance coverage!
Control- Do you have your diabetes under control? Are you regularly checking your blood sugar? How high is your A1C score?
A1C Score is blood test that measures your blood sugar levels over a period of 3 months. If your score is less than 7 it is considered to be excellent. If your score is less than an 8 it is considered to be good.
Compliance- Do you follow your physician’s instructions? Are you taking your medications as prescribed? Are you eating and exercising? Are you maintaining a healthy weight?
It’s also important to have your medical records updated and well documented. If not, your application can be looked at unfavorably therefore causing a negative outcome in either a high rating for your coverage, a postponement or even a decline.
What kind of ratings can I expect from an insurance company?
Typically, type 2 diabetes is less difficult than type 1 diabetes. If you’re a type 2 diabetic with good control you can qualify for a standard rating with most major insurance companies with an A1C that is less than a 7. If your A1C is above an 8 you’re more than likely looking at a substandard rating. Only in a few select cases is where you may see a standard plus rating or preferred rating. One of the most important factors in determining rates is if you have any other negative health history or medical conditions.
Do I have to take an exam?
No, we offer No Medical Exam Life Insurance for Type 2 Diabetics. Since there is not a medical exam taken, it’s very important to discuss your diabetes history with one of our agents to ensure that we match you accordingly to the best carrier.
Here are just a few no medical exam carriers that we represent: Assurity Life, Americo, Anico, Fidelity Life, Sagicor and United Home Life. These carriers offer different face amounts ranging from $25,000 to $399,000 without an exam. They do have age, face amount and term length limits.
We know which no medical exam companies are going to look at your condition most favorably.
Case Study #1- Diabetic Life Insurance with an exam
Male, Non- Smoker, 60 years of age, 5’9’’ 190lbs.
In April 2014, his A1C level was 6.9 and has been stable with this A1C range over the last year. He was diagnosed with diabetes at the age of 30. He was prescribed Metformin, Gluphonage, and Insulin. He does take two high blood pressure medications and a statin for his cholesterol, both of which are under control and in normal limits.
When we submitted his application we took one step further and attached a personal letter from the client’s physician discussing his overall control of his diabetes. In most cases, this is not the norm for insurance agents. Since everyone was quoting him Table 3 to Table 4 rate classes, we wanted to ensure a better rating for our client. The final offer was approved at a Table 2 and the client was very pleased with his coverage and the steps that we took in finding him the best rates.
Case Study #2- Diabetic Life Insurance with no exam
Female, Non-Smoker, 50 years of age, 5’7’’ 165lbs.
Our client he had been a type 2 diabetic for over 2 years, her A1C was a 7.2 and it had never spiked. She was only being prescribed metformin and did not have any other medical conditions.
The client then informed me that she wanted $100,000 for the next 15 years and did not wish to be bothered with the medical exam. I presented her with the no medical exam and she was approved within 5 days, which is very quick due to her type 2 diabetes condition.
Needless to say, our client was very pleased with the results of her new policy since she was informed that she couldn’t purchase a no medical exam policy.
The real key in purchasing life insurance with diabetes is working with a high risk life insurance agent. We know which insurance company is going to look at your history of diabetes favorably.
At High Risk Life Insurances represent several insurance companies and we’ll shop your application with the top carriers in the industry. Only by doing this can we ensure that you will receive the best rate for your life insurance with your condition of a diabetes.
Contact us today at 877-817-2583 and let us shop for the best life insurance rates for you!