Life insurance offers a safety net to protect your loved ones financially in the situation you pass away suddenly and unexpectedly.
There are numerous types and levels of life insurance available, but not everyone is eligible for all of them. One of the biggest factors affecting your eligibility is your overall health.
Those with a health issue, like diabetes, will naturally have a more difficult time finding life insurance coverage. This is especially true for whole life insurance.
Whole life insurance, unlike term life insurance, is permanent.
Coverage lasts for the rest of your life until you die. However, this type of coverage is more expensive and harder to qualify for than term life coverage, yet a cheaper option than a burial policy.
That’s not saying whole life it isn’t beneficial though. You must closely consider your own needs to decide which form of coverage is best for you.
Below we show you how to find affordable whole life insurance for diabetics.
What is Whole Life Insurance?
As mentioned above, there are two main types of life insurance coverage: term life and whole life.
- Whole life is permanent. Once you buy a policy, you’re covered for life.
- Term life, on the other hand, covers you for a set period of time. Policies commonly last for 10, 20, or 30 years.
The permanent status of whole life insurance is its main benefit. Once you purchase it, you never have to worry about coverage again. Your family is covered financially if you pass away.
Whole life policies also come with many additional features which term life policies don’t usually include.
Whole Life vs Term Life
There is no simple and straightforward answer to whether whole life or term life is best.
The answer depends on your individual situation and personal preferences. Both forms of life insurance have their pros and cons.
One of the most important factors to consider is your diabetes. If you have type 2 diabetes which is well managed, you might qualify for affordable rates for whole life coverage.
If your type 2 diabetes is only recently diagnosed or requires lots of medication to treat, whole life coverage might be expensive. Sometimes you might even be denied coverage altogether.
Those with type 1 diabetes often find that life insurance companies only offer them very high rates on whole life coverage or deny them coverage altogether.
If you’re denied from whole life coverage or must pay high rates, term life coverage is a good substitute. It’s generally cheaper and easier to qualify for. In fact, some term life plans don’t require a medical exam at all.
Yet, the fact is, whole life policies are more robust.
They offer more coverage and they offer it for the rest of your life, instead of a set term.
Whole life plans also feature additional benefits like cash accrual components and even annual dividend earnings.
Once again, the answer to which of the two options is best for you boils down to the rates you qualify for and your individual needs/preferences.
Looking for affordable whole life insurance for diabetics requires an understanding of what diabetes is and how it affects people.
Most importantly, there are two main types of diabetes. These are type 1 diabetes and type 2 diabetes.
Though both types can be serious, type 1 is generally considered the most serious. Fortunately, it’s much less common than type 2.
Type 2 diabetes can usually be managed and treated with a variety of lifestyle changes and medications. Though it affects over 27 million Americans, most of these people are able to lives relatively normal lives.
According to Medline Plus, type 2 diabetes stems from a problem with your body using insulin properly. This then causes your blood sugar levels to rise to high levels.
Normally, insulin is created in the pancreas to keep these high blood sugar levels in check.
Though we’re focusing mainly on how type 2 diabetes affects whole life insurance, it’s worth noting type 1 diabetes is when the body can’t produce insulin at all.
Because untreated diabetes can produce serious complications, including heart disease, stroke, and vision loss, it’s important to watch for the early symptoms.
Some people don’t show any early signs or symptoms, but most people experience frequent urination, increased thirst, blurred vision, and fatigue in the earlier stages of diabetes.
If you experience any of these symptoms, be sure to visit a doctor straight away. A medical diagnosis of diabetes is pivotal in properly treating the condition.
And proper treatment not only makes you healthier but it also greatly improves your chances of qualify for affordable and comprehensive whole life insurance.
How Type 2 Diabetes Affects Your Life Insurance Options
Your diabetes will very likely affect your life insurance options in some way.
If you’re applying for whole life coverage, you can expect to fill out an extensive application and send in a medical exam with it.
The application and medical exam are used by the underwriters to assess your overall risk to the company. The risk assessment enables the company to assign you to a rating class which not only decides whether you’re eligible for coverage, but dictates at what rate.
You can expect to answer several questions about your diabetes. Be prepared to answer questions about the following topics:
- Age at diagnosis
- A1C levels
- Typical fasting blood sugar levels
- Any medications for treatment
- Any complications you’ve experienced
Of course, your diabetes isn’t the only thing underwriters will look at. They’ll also research your overall health as well as your general lifestyle.
Anyone applying for life insurance, but especially those with diabetes, would do well to lead a healthy lifestyle including a balanced diet, regular exercise, and abstinence from smoking to receive the best rates possible.
Those who are otherwise healthy and manage to control their diabetes with lifestyle changes will receive the best rates. Most people in this group will qualify for the Standard rating class (if not the Preferred rating class).
Those who must control their diabetes with the help of medication will receive a lower rating class (translating to higher premiums), but should still qualify for whole life coverage.
If you aren’t eligible for whole life coverage, then there’s always the option of applying for term life coverage.
Though it’s not permanent and is much simpler, term life coverage is a good option for diabetics denied from whole life coverage. It also tends to be the cheapest option.
Finding the Best Affordable Whole Life Insurance with Diabetes
Start your search for the best whole life coverage by researching the providers who are the most diabetes-friendly.
Because diabetes is such a common medical problem in the United States, an ever-growing number of life insurance companies are starting to offer better rates to those with the condition.
Finding a company who is diabetes-friendly not only increases your chances of qualify for coverage, but it also means you’ll probably pay lower premiums if you do qualify.
Remember, not all life insurance companies are created equal. It’s smart to shop around, apply to several providers at once, and compare rates to find the most affordable whole life insurance for diabetics possible.