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Having diabetes is no walk in the park. Anything dealing with it may seem to creep into every area of your life. Life insurance is one product that is probably on your radar. You never know how fast or if you will become medically fragile from diabetes. It is a part of the holding your breath and waiting factor of the disease.
Life insurance policies will pay out benefits to your designated beneficiaries if you pass away. It is common for healthy and young people to receive the best rates on life insurance. However, do not discount yourself too soon, either. Start comparing life insurance rates now by using our FREE tool above!
There are two main types of policies including:
- Term Life Insurance
It is in effect only as long as your term specifies. It could be typically anywhere from 10 to 30 years.
- Whole or Permanent Life Insurance
It is in effect basically throughout your life. Some policies stop at age 100, while others pay out as long as you live. Always read the policy details to find out how your insurer would treat your permanent life insurance policy.
As someone with a pre-existing condition, you are still in the running for life insurance but fall under the high-risk insurance. There are two more types of policies to consider. One is a guaranteed acceptance policy, and the other includes medical underwriting. While you may decide to throw in the towel at this point, and just opt for the guaranteed insurance, it might be worth it to give the medical underwriting a try.
Here’s why. Guaranteed acceptance is more costly in general, and you may be particularly good at managing your ailment. If you have diabetes under control, and can prove it, then you are in a good position to secure life insurance.
Life Insurance Buying Process
- Get quotes from various insurers
- Contact the insurers in which you are interested
- Go through verbal questions over the phone with the life insurance agent
- Schedule a medical visit that will entail your personal medical history and family of origin health history questionnaires, along with blood tests
- Make it through the medical visit
- Submit doctor and pharmacy records, often via medical release allowing doctors and pharmacies to release your medical records
- Wait for life insurance underwriting
- Receive your life insurance offer
That whole process is something you will have to endure for every company for which you apply for life insurance. A way to make the process easier is to alert all of your doctors from at least the last five years that you are shopping for insurance. Let them know you will be hearing from an insurance company representative, and make sure that they fill out medical release forms and return the information in a timely manner.
You may be required to pay the doctors and pharmacists fees, according to their own company policies. It involves a good bit of work on the part of the office managers, pharmacy technicians, and office staff, and may incur costs. The good news is that may qualify as a benefit tax wise, for your medical expenses. Though, ask your tax accountant and save any receipts for payment.
You want to have copies of your records on file at your home and keep it in a safe place for your own personal records.
If you have any at-home blood sugar documentation, charting your blood sugar levels, and management that may help as well. Also, if you have regular blood sugar and A1C levels from your doctor, that is also very helpful. In particular, a good time to shop for life insurance is when you have hit your stride, having your diabetes under control and managed for months at a time.
While it may feel like you are automatically on the defensive and lucky just to have the option to buy life insurance, do not forget that you are the consumer. You have a family or loved ones relying on you for benefits if anything happens to you. In addition, life insurance policies offer so much more than just a death benefit anymore.
Consider rolling into one many of the benefits you would like for various parts of your life into the life insurance policy. While life insurance is often looked down upon by financial experts, consider the fact that such products as long-term care insurance and mortgage payoff insurance are both much more costly when purchased separately.
What many consumers like you do instead is factor those costs into their life insurance policies. For instance, you would determine if you owe money on your mortgage, whether you want that loan paid off if you pass away. If so, factor in how much you owe, and include that value in the death benefit.
Furthermore, do go ahead and pull a quote for long-term care insurance. You would have to go through separate underwriting hassle for that and additionally pay a separate annual premium for it too. It gets costly, especially if you have diabetes, and past your fifties.
You may be thinking you are too young to consider long-term care coverage. However, it is one area of coverage that is better to own than not to have at all. Most people would rely on it for a matter of a few years, not for the rest of their lives.
The costs are actually more expensive for at-home care than care at an assisted living facility with a full-spectrum of care services.
For purposes of life insurance, the long-term care costs are added on as a rider to the life insurance policy. It is cheaper to have this rider than to purchase a separate policy. Additionally, you may want to cover all of your bases, and include a terminal rider as well. It specifies that if you have a terminal illness, that you may cash out the policies benefits to pay for your care.
There are many great options for you whether you want life insurance solely for the term life aspect, or if you want more from your policy. Either way, as a diabetic, you have life insurance options available to you. Start comparing life insurance rates now by entering your zip code in our FREE tool below!