Life Insurance With Type 1 Diabetes, Getting the Best Rate
It can be a little bit daunting and difficult to get a life insurance if you’re a type 1 diabetic. Just by having the disease automatically puts you in the high-risk cases. And because insurers have a natural aversion to applicants who have chronic health conditions, your chance of getting insured is very minimal.
But fret not. Having a type 1 diabetes does not disqualify you outright for a coverage. If you’ll just look hard enough, you’ll discover that most if not all insurance companies actually offer a policy even to type 1 diabetic. Understandably the premium rate that you’re going to pay will be high, but it it’s better than not getting a coverage.
To help you wade through your options, this article discusses some of the important things that you need to know to get the right coverage at a favorable rate. Just remember that it’s not impossible to get one.
Factors that Will Influence Your Premium Rate as a Type 1 Diabetic
Different life insurance companies have different criteria and approach on applicants with type 1 diabetes. Although many carriers would have a stringent protocol in place for type 1 diabetics, there are companies that provide better rates. Premium rates may vary depending on which insurer you go to, but these rates are normally influenced by the following factors:
Age
Insurers always look at age when assessing the premium rate for applicants. If you have a type 1 diabetes, this is even more significant because your age when you were first diagnosed with the disease will be looked into and be taken into account.
If you’ve been diagnosed with a type 1 diabetes at a much later age, then you’re in luck because your premium rate will not be as high. However, if you’ve been diagnosed with the disease very early in your life, your premium rate will go up the ceiling because you will be categorized as a completely high risk due to the assumption that you’re already suffering from health complications. In other words, the longer you’ve been diagnosed with diabetes, the higher premium you will pay.
Your A1C Test Reading
As a type 1 diabetic, your blood sugar control will be looked into. The insurer would be interested to know if your diabetes is controlled or uncontrolled in the last three months. To do this, they would check the level of blood sugar through a procedure called the A1C test (also known as a HbA1c test, glycated hemoglobin test, and glycohemoglobin test).
The score that you’ll get from the A1C test will show how you manage and control your blood sugar. The higher the A1C test score means the higher the level of blood sugar.
A non-diabetic normally gets an A1C score that’s below 5.7 percent. You will be considered as diabetic if you have an A1C score of 6.5 percent or higher.
As a type 1 diabetic, your A1C score would most likely be higher, but if you get anything below 7.0, then your chances of getting insured are still high because it means that your glucose level is still controlled.
If you get an A1C score that’s higher than 7.0, then your chance of getting a coverage is very slim. You might still get insured, but your premium rate will be very high.
Health Complications
Type 1 diabetes makes you vulnerable to several serious health complications, such as kidney problem, blindness, nerve damage, stroke, heart disease, and other microvascular and macrovascular diseases. Having any of these health risks or any other type of disease that’s associated with your diabetes will force underwriters to classify you under the serious health risk category. Although you may still be qualified, the severity of your condition will highly influence your premium rate.
Medication and Diabetes Control
Most underwriters will also look into your level of medication to determine how you manage to control your diabetes. You will be evaluated based on the level and quality of your treatment, your diet, exercise methods, insulin intake, and many others. You should expect that the insurer might follow you up for additional physician’s records which are pertinent to your treatment.
Your Lifestyle
As a type 1 diabetic, your lifestyle also normally affects your condition. This would have a certain weight on the underwriters’ decision when deciding on your premium rate because it reflects how you personally take care of your health. If you drink alcohol, smoke cigarettes, or use any type of tobacco products, then it will be taken against your application. Additionally, your level of diet will also be checked to see how it contributes to your current health condition.
Rate Classes You Can Qualify for if You’re a Type 1 Diabetic
Type 1 diabetics are typically classified as high-risks. If you have the disease, your chance of getting a “preferred” rate is very small (although not totally impossible in some cases), but this doesn’t mean that you no longer have any option for a relatively favorable rate.
As type 1 diabetic, the rate classes that you might qualify for will depend mostly on your age and on how controlled or uncontrolled your type 1 diabetes is. In all likelihood, you will fall into any of the following rate classes:
Standard Plus Rate
Some insurers would give type 1 diabetics a standard plus rate if they can provide some proof that their diabetes is totally controlled, that they have an excellent treatment, that they live a clean lifestyle, and that they follow a very good diet. An A1C score that’s below 6.5 will also certainly help.
Standard Rate
You can get a standard rate if your A1C score is at least below 7, and even if your diabetes is mildly controlled, you should at least show some proofs of effective treatment, medication, and diet. You should also have a good lifestyle and your health should not be too frail despite your condition.
Substandard Rate
Most type 1 diabetics fall into this health class. The best you can aspire for is a high substandard rate, but if you have a serious health condition because of the disease, your rating will be tabled very low. Basically, the table ratings for the substandard class ranges from 1-10. Take note that the lower you go down the table rating scale, the higher the premium rate that you’re going to pay.
Life Insurance Companies that are Good Options for Type 1 Diabetics
Most insurers have varying levels of criteria when it comes to underwriting the life insurance application of type 1 diabetics. Some are more stringent while others are more lenient. In the whole scheme of things, this also affects the level of premium rates that they offer.
If you’re shopping around for a policy, here are some of the so-called diabetic-friendly life insurance carriers:
John Hancock Life Insurance Company
The John Hancock Life Insurance Company accepts most of its diabetic applicants and qualifies them with a very favorable rate. This company is known for being supportive of causes that are related to diabetes awareness, prevention, and treatment. As a testament to this support, the company is in active partnership with the American Diabetes Association® (ADA).
American National Insurance Company (ANICO)
The American National Insurance Company (ANICO) is popular for its flexible health criteria for diabetics. Its life insurance policies for diabetics usually has a coverage amount that ranges between $250,000 and $500,000. Among the many insurers in the United States, this company has one of the largest numbers of diabetic policyholders.
Sagicor Life Insurance
The Sagicor Life Insurance ranks among the top insurers with a very lenient underwriting process for diabetics. It offers a face amount of up to $500,00, although this amount of coverage and the premium rate will still depend on your overall health condition.
Mutual of Omaha Insurance Company
The Mutual of Omaha Insurance Company is known for qualifying diabetics for a final expense life insurance policies. This company normally offers up to $250,000 worth of coverage. Your premium rate will still depend on the severity of your condition, but if you can prove that your disease is controlled and you’re living a healthy lifestyle, there’s a great chance that you can get a favorable rate from this company.
Banner Life Insurance Company
Also known as William Penn Life Insurance Company of New York, the Banner Life Insurance Company is one of the very few life insurance carriers that provide a standard rating for diabetics and individuals that are classified as high-risk. If you have a controlled diabetes, you’ll get an even better chance of qualifying for a coverage with a very affordable premium rate.
What You Should Do if You Got Denied Life Insurance With Type 1 Diabetes
Even if you will get turned down by many insurers due to your serious medical condition, you still have another option—guaranteed issue life insurance.
With a guaranteed issue life insurance, you can get a coverage regardless of your age or medical condition. As long as you can pay the premium, you can qualify for a policy that can give you a small lump sum death benefit.
Just remember that this is only a good option if you have no other choice to get coverage. But for the most part, it’s very certain that you can still get insured even if you have a type 1 diabetes.
We Can Help You Get Life Insurance Quotes With Diabetes
If you’re unsure what to do, we can help you shop around and find the best insurer that can provide you a favorable rate.
At no extra costs, we can make a quick quote from different life insurance companies and help you sort out the best option that matches your particular needs and situation.
To get started, you need to do the following steps:
Call Us so We Can Assess Your Situation and Make a Quick Quote
There’s no one-size-fits-all life insurance policy. When looking for a coverage, it is important to choose a policy that’s tailored-fit to your unique situation. Your best way to get started is to call us so we can help you assess your specific needs.
When you give us a call, one of our expert insurance advisors will look into your situation and help you decide on the best option. Once everything is determined, we can begin gathering quotes from different life insurance companies so we can narrow down the best option that suits your exact needs.
Apply for a Coverage
Once you’ve determined your best option, you can already apply for a coverage. You can do the application online. All you need to do is to provide some basic information. After you’ve submitted the application, you might get scheduled for a phone interview.
Take a Phone Interview
The phone interview is an important part of the application process. In this phase, you will have to answer certain questions that are related to your medical history and other pertinent personal information. After the phone interview, you might be scheduled for a medical exam (if it is required).
Undergo a Medical Exam
To be able to thoroughly assess your medical condition, the insurer will require you to undergo a medical exam. Although this may be a little bit cumbersome, you have no choice but to take and accept this process. In this procedure, you don’t need to go to a clinic or any medical facility. A nurse or a medical practitioner can visit you at home to take your vital signs, get your measurements, and take a sample of your blood and urine.
Wait Until the Underwriting Process is Finished
The underwriting process begins when you’ve already done and provided everything that’s required. In this process, the insurer will determine if you can be qualified for a coverage. To do this, they will assess your overall situation from all the information that you’ve provided, evaluate the results of your medical exam, and check your medical history, prescription record, driving record, and other pertinent information.
Get a Decision (Approval or Denial)
After the underwriting process, the insurer will hand down a decision whether you are qualified for the coverage or not. If your application is approved, the insurer will start with the paperwork. Make sure to review the contract before you sign the documents. Once you’ve set up a payment and paid your first premium, your coverage is automatically in effect.
Call Us Today!
If you need a quote obligation-free, you can get in touch with us so we can look into your situation and help you find the right insurance product that can give you a favorable rate. Although we represent many companies, we don’t work for any carrier and we have no bias towards any of them. You can be assured that we will be working solely for you. To get started, you can call us at 212-573-5563 or complete our quote request form so we can get back to you immediately.