Concerned about being denied life insurance because of diabetes? This post provides a guide for diabetics applying for coverage, offering advice on how to save time and avoid frustration.
We’ll cover how diabetes affects life insurance applications, what to do in advance, what to avoid, and where to find diabetes-friendly life insurance companies.
And if you’ve already been denied life insurance as a diabetic, we offer some next steps.
Life insurance claims can be denied because of diabetes if the applicant makes a misrepresentation on the application.
By working with an experienced broker and managing your diabetes effectively, you can increase your chances of securing the best life insurance rates and terms.
Reasons You Can Be Denied Life Insurance Because of Diabetes
Unlike Marketplace Health Insurance which protects you from being denied coverage due to pre-existing conditions, life insurance works much differently.
Several factors can contribute to you being denied term or whole life insurance due to diabetes.
Understanding how these work can help you anticipate challenges and improve your application:
Blood Sugar Control : Insurers closely evaluate your blood sugar levels, particularly your A1C. Poorly managed levels increase your risk of complications like neuropathy or cardiovascular issues, signaling a higher risk profile. Diabetes Complications : Chronic complications associated with diabetes—such as heart disease, kidney disease, and nerve damage—significantly impact insurability. Medication Usage : Certain medications used to manage diabetes, like insulin or advanced therapies, may signal a higher dependency on medication to insurers. Age and Duration of Diabetes : The longer you’ve had diabetes, and the older you are, the higher your likelihood of complications. diabetes specialist can help manage long-term effects, which may help improve insurability.
Before You Apply for Life Insurance With Diabetes
People with diabetes often face challenges when applying for life insurance due to their increased health risk.
When applying for coverage excessive “shopping” can have negative consequences.
Each life insurance application, whether approved or denied, leaves a record.
Multiple applications and denials can create a red flag.
It’s vital to disclose any prior denials when applying elsewhere. Failing to do so can be considered misrepresentation, and in some cases, even insurance fraud.
If you secure a policy after omitting this information, your claim could be denied later.
Learn about MIB The Medical Information Bureau (MIB) is a non-profit organization that collects and shares medical information among participating life insurance companies.
When you apply for life insurance, your medical history is reported to the MIB.
Frequent denials can raise red flags, potentially making it even more difficult to obtain coverage in the future.
Rather than applying to numerous companies, it’s better to focus on insurers who specialize in offering life insurance to individuals with diabetes.
Companies like Foresters and Banner Life have experience underwriting policies for people with diabetes and may be more likely to approve your application.
At BenZen Insurance, our team understands the unique challenges faced by individuals with diabetes .
We’ll help you navigate the market and find a policy that meets your needs.
Contact us to get started with no obligation.
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The Life Insurance Application Process
Before diving into the specifics of diabetes, it’s important to understand how life insurance works.
Life insurance companies assess your overall health to predict your life expectancy and determine the risk they are taking by insuring you.
Risk Assessment: Insurers evaluate various risk factors when determining eligibility and premiums. Diabetes is one such factor that can influence your policy.Policy Types: The type of life insurance you seek can also impact your eligibility. Term life insurance, which provides coverage for a specific period, is generally more accessible for individuals with diabetes compared to whole life insurance.Policy Amounts: The amount of coverage you apply for can also affect your eligibility and premiums. Larger coverage amounts may require additional medical underwriting.
This process is known as underwriting, and it involves evaluating your medical history, lifestyle habits, and any pre-existing conditions you might have—including diabetes.
The insurer uses this data to classify applicants into risk categories, which impact whether you are approved for a policy and how much you will pay in premiums.
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Types of Life Insurance for Diabetics
When considering the best life insurance with type 1 or type 2 diabetes, it’s important to understand the different options available and how they compare:
Instant Term Life Insurance offers quick approval with no medical exam, making it ideal for healthy individuals who need coverage fast. Ethos is a good example of instant term life insurance. Accelerated Underwriting combines speed with a more comprehensive evaluation, often utilizing medical records, prescription history and a human touch instead of relying solely on algorithms. Simplified Issue Life Insurance is another no-exam option where applicants answer a series of health questions instead of undergoing a medical examination. Guaranteed Issue & Final Expense Insurance provides coverage without any health questions or medical exams, making them accessible for individuals with serious health conditions, including type 2 diabetes. lower coverage amounts, and there may be a waiting period for full benefits.
Can I Be Denied Life Insurance for Type 1 or Type 2 Diabetes?
When it comes to diabetes, whether you’ll be denied life insurance depends largely on the type and severity of your condition.
Life Insurance for Type 1 Diabetics
Type 1 diabetes is typically diagnosed at a young age and is considered more challenging to manage, which can make it riskier for insurers.
As a result, some life insurance providers may deny coverage or offer higher premiums for individuals with type 1 diabetes.
However, it is possible to get life insurance, especially if you maintain excellent control over your blood sugar levels, keep up with regular check-ups, and avoid complications.
If you’re looking to cover a child with type 1 diabetes, you can explore purchasing juvenile life insurance or riders on adult policies.
This rider can later be converted into a permanent policy when your child reaches adulthood, often without the need for a medical exam, which locks in more affordable premiums before long-term complications arise.
Life Insurance for Type 2 Diabetics
Type 2 diabetes is more common and often develops in adults over 45, particularly those who are overweight or it developed from prediabetes.
Because type 2 diabetes can be managed with lifestyle changes, such as diet, exercise, and medication, insurance companies may view it as less risky compared to type 1 diabetes.
This means it may be easier to get approved for life insurance if you have type 2 diabetes, and your premiums may be lower if you’re able to demonstrate good control of your condition.
Where to Get Life Insurance With Diabetes
Getting life insurance as a diabetic begins by knowing what different insurance companies look for.
Identifying which ones are more accommodating to applicants with diabetes is a plus.
We like Foresters and Banner Life , known for their diabetes-friendly underwriting.
Working with the right insurers can significantly increase your chances of securing coverage with better terms and premiums.
Know Your Score
Additionally, it’s crucial to know your health “scores” before applying.
This includes keeping track of your A1C levels, weight, age, and other health factors.
Your BMI is a major factor in securing life insurance as a diabetic.
By managing these areas well in advance, you can put yourself in the best position for approval and better rates.
Preparing early and presenting yourself as a low-risk applicant increases your chances of securing life insurance with favorable terms.
Control Your Blood Sugar Maintain a Healthy Lifestyle Choose the Right Insurance Policy Work with a Specialized Insurance Agent Provide Comprehensive Medical Records
What to Do After Being Denied Life Insurance Because of Diabetes
If you’ve been denied life insurance due to diabetes, here are proactive steps you can take to improve your chances for future applications:
Obtain a Copy of Your MIB Report : The Medical Information Bureau (MIB) collects information from insurers on your health history, which can impact your eligibility for coverage. Talk to a Broker : A licensed broker can guide you through the process, helping identify insurers and policies best suited to your needs. Try Again with a Different Insurer : Each insurance provider has its own underwriting guidelines. While some insurers are more conservative with diabetes cases, others specialize in policies for people with preexisting conditions. Wait and Improve Your Health : Consider taking time to improve your overall health by managing blood sugar levels, reducing any diabetes-related complications, and, if appropriate, switching to medications viewed more favorably by insurers.
Options If You’re Denied Life Insurance Because of Diabetes
If you’re struggling to find life insurance with diabetes, there are alternatives designed for individuals with pre-existing health conditions.
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These options may cost more, but can provide financial protection:
Guaranteed Issue Life Insurance
2. Simplified Issue Life Insurance
3. Group Life Insurance group life insurance as part of their benefits package, which may not require a medical exam. This can be a viable option for people with diabetes, though coverage amounts are typically lower than individual policies.
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