Life Insurance for Diabetics can be a challenge but is not impossible. This article will give you an overview of the process and questions that will be asked. I will also discuss the types of insurance that are available: Term, Whole life and even No Medical Exam plans!
Life insurance can be available for Type 1 and Type 2 diabetics.
The key to success is "Control".
This is what carriers are looking for. You must know your current A1C reading. Also, having a good overall history of your A1C readings is very helpful. Other important factors are your Height and Weight, age you were diagnosed, smoker or no smoker, medication taken etc.
What can you apply for?
Both Term and Whole Life insurance plans. It is always best to consider, for the best possible rates, a full medically underwritten plan. However, depending on your current health status, you may be able to apply through a carrier who will not require a medical exam.! Keep in mind that going this route will make the premiums more expensive.
Some carriers also offer simplified issue policies that simply require Yes and No answers to some questions. These are typically lower face amounts with a max of $25K in coverage. They are all generally graded life insurance plans.
All carriers will check the Medical Information Data Base ( MIB) along with a Pharmacy and DMV report.
What type of questions will they ask me?
Here is an overview:
Date of Diagnosis
Height / Weight
Weight one year ago
Dr's name who supervises your Diabetes
How often do you visit the Dr
Date of last visit
Do you follow a strict diet
Insulin use ( They may be able to work with Type 1 Diabetics)
Do you take oral tablets - will need names and dosage amounts
Any treatment change in the past 2 years
How often do you check you blood sugar level
Last Blood Sugar Reading and the Date the reading was taken
Usual Blood Sugar reading and the date of this reading
Last A1C reading and the date it was taken
Have you experienced a Diabetic Coma, acidosis so severe that it required hospitalization
Ever had insulin shock
Missed any work do to diabetes or associated conditions
They will ask if you have any other problems: Elevated Blood pressure, Heart Trouble etc.