Life Insurance for Seniors with Diabetes

life insurance for seniors with diabetes

Attempting to find reasonable life insurance coverage as a senior with diabetes can be troublesome. Being that diabetes can cause life-threatening complications and reduced life expectancy, insurance companies will certainly factor that in when determining the rates they are willing to approve somebody for coverage, This owes to the fact that such people are riskier to insure as the odds of paying out the policy benefits are typically higher than for someone that doesn’t have diabetes.

Even so, you can still find an affordable and reliable life insurance policy if you have diabetes. This guide is packed with insightful information about purchasing life insurance for seniors with diabetes.

Would I be able to Get Life Insurance With Diabetes If I Am A Senior?

The short answer is yes. However, it is essential to note that your options do start to diminish as you get older because rates go up. Ailments will also greatly influence life insurance coverage rates, so the more serious your condition, and the more uncontrolled your diabetes is, the more you’ll have to pay for life insurance.

Still, many life insurance organizations offer life insurance security for seniors in your similar circumstance. A good independent life insurance specialist can assist. They can give you access to policies that cover seniors with diabetes from many of the best companies available. In addition, life insurance experts can assist you with structuring the best strategy for your life insurance needs, regardless of your diabetes.

What Does My Diabetes Mean for Life Insurance Rates?

Diabetes can impact your life insurance choices in many ways, given that it comes in different types. For Type 2 Diabetics, you have high glucose (or A1C levels). That implies your body can’t utilize the insulin it makes, so you end up with an excess of sugar in your blood. That can harm your nerves and your veins, at last bringing about a stroke or coronary illness.

For Type 1 Diabetics, you have a hereditary condition where your body doesn’t deliver insulin by any means. In these circumstances, you end up insulin-dependent and need to take standard medicine to keep your glucose levels working.

Ordinarily, rates for Type 1 Diabetics can be higher because there is to a greater extent a danger from not taking insulin, alongside more well-being hazards identified with your diabetes. Life insurance rates for seniors with. That said, someone with type 1 diabetes pay lower rates than somebody with Type 2 Diabetes who doesn’t deal with their condition well or has additional medical issues.

Luckily, how life insurance organizations decide rates isn’t too challenging to predict. The better you try to take care of your health and attempt to live a healthy lifestyle, the lower your danger, and the lower your rates will be. So, at least that part is fairly straightforward.

Regardless, you can, get life insurance even if you have diabetes. And you can qualify for affordable rates assuming you have control over your diabetes. The more uncontrolled your diabetes is the higher your rates will likely be. If your diabetes uncontrolled and you have complications as a result you will likely not be able to get traditional life insurance coverage. Having said that, you may still qualify for a final expense policy and you would definitely be able to get a guaranteed issue policy. You should only buy a guaranteed issue policy though as a last resort.

What Affects Life Insurance Rates for Diabetics?

Outside of the commonplace factors that influence life insurance rates, there are extra factors for diabetics:

·       Age of diagnosis

·       A1C level

·       Height and weight

·       Diabetes-related complexities

·       Other ailments

Below we will cover more on what these components mean for life coverage rates with diabetes.

At What Age Were You Diagnosed?

Life insurance companies understand that diabetes is a progressive disease, which means the longer you have had it, the higher your rates will be all things being equal. Also, if those that are diagnosed with diabetes at younger age will also pay more for life insurance generally speaking.

What is Your A1C Score?

An A1C/glycohemoglobin test is often used to determine the severity of your diabetes and as such plays a major role in establishing your eligibility for a life insurance policy. Your A1C score results from a blood test are used to decide the normal level of your glucose in recent months. The higher your A1C, the higher your normal glucose hence, the higher your rates for life coverage.

A1C scores ordinarily range from 5.5 to 9.0. If your A1C is below 7.0, your diabetes is viewed being in control. There’s a good chance you could qualify for standard rates. The closer you are to the 7.0 though the greater the chance that you will approved with mildly substandard rates.

If your A1C falls in the 7.0 to 7.9 territory, don’t stress; you can still obtain life insurance coverage. With this range, you will likely be assigned a substandard rate so it will cost more, but will still likely be affordable.

An A1C over 8.0 normally demonstrates a lack of control of your glucose or that your body isn’t reacting to treatment. Therefore, an A1C above 8.0 or so is viewed as an unacceptable danger and with most companies will cause your application to be declined. And if not, it will likely be approved, but at a much higher rate.

There is a least one reputable company we know of that will approve someone even if their AIC is as high as a 10.9. However, if you have had any complications related to your diabetes in combination with that A1C score your application will be declined.

The Type of Diabetes

Type 2 diabetes can be controlled through diet, staying active, and oral medication. Diabetes is a very common medical condition. Usually, it is diagnosed in adulthood and most patients have milder symptoms compared to other types of diabetes. Insurance companies offer better rates for individuals with this type. With Type 2 diabetes, your insurer might approve you at a good health class like Standard, which translates to lower rates.

Also referred to as insulin-dependent diabetes, Type 1 diabetes is less common. This is an auto-immune disorder where the pancreas is unable to produce insulin, the energy-enabling hormone. Hence, synthetic insulin needs to be introduced for the body to fully function and produce energy.

If you are type 1 diabetic it’s likely you’ll pay higher rates than someone with type 2 diabetes. Of course individual overall health history could change this.

Lastly, gestational diabetes is more temporary and only manifests during pregnancy. It causes blood sugar levels to rise as a result of the body’s inability to produce insulin and it is assessed and treated similarly to Type 1 and Type 2 diabetes.

The trick to avoiding higher rates is to process your application before getting pregnant. If you need a life insurance policy, make sure to apply during the first trimester if at all possible. If you are diagnosed with gestational diabetes this could increase your rates. You can get life insurance policy during pregnancy but the longer you wait the greater the change they may not be able to. Also, the insurance company factors in your height and weight at the time of application. The increased weight cause by pregnancy could cause your rates to be higher as well.

Do You Have Any Complications?

Complexities from diabetes can present extra difficulties in obtaining life insurance protection. For example, diabetes can cause coronary illness, kidney sickness, and kidney failure. It is likewise among the main sources of visual deficiency and lower-appendage removals in the United States.

All in all, the lower your A1C, the lower your danger of having complications from diabetes. Along these lines, life insurance companies are generally more lenient with seniors that have diabetes than somebody that is much younger.

Remember that some life insurance companies are more lenient with A1C than others, so it’s essential to consult a life insurance specialist who can help you comprehend what’s available to you.

Do You Have Any Other Medical Conditions?

Suppose you have had a heart medical procedure as of late. In that case, you will likely need to wait 6 months to a year before applying for coverage. You will likely need to complete all follow ups related the surgery or procedure before being able to obtain traditional life insurance coverage.

Your health history will also dictate the chances of qualifying for a life insurance policy. Conditions such as obesity, high blood pressure, and cholesterol will raise the premium rates payable for a policy. In addition, family medical history affects your life insurance. Expect to give information about genetic conditions such as heart disease which make you riskier to insure.

Habits such as alcohol consumption are known to aggravate several complications that are linked to diabetes. So if you suffer health issues such as nerve damage or eye disease and can be traced back to alcohol intake, this will affect your life insurance.

What Kind of Life Insurance Policy is Best for Seniors With Diabetes?

Life insurance policies can be categorized as one of two classifications:

·       Permanent Life Insurance

·       Term Life Insurance

Term life insurance lasts for a particular time frame (the term), normally 10 to 30 years long. At the end of the level term period you can continue the policy. However, the premiums will go up substantially each year thereafter.

Permanent life insurance lasts through your lifetime, even if you were to live to be 100, 110, or perhaps even 121 depending on the policy and the design. There are different types of permanent life insurance including universal life, guaranteed universal life, indexed universal life and whole life.

Let’s discuss further in the types of policies to get for seniors with diabetes.

Term Life Insurance for Seniors With Diabetes

Life insurance companies have different term life eligibility criteria for diabetic seniors. For many policies you are required to undergo medical tests and health check-ups before qualifying for a policy. When applying for a term life insurance policy, your response to treatments for diabetes will be considered, and you will obtain better rates if it is in control.

The needs for insurance coverage differ from person to person, and you might be wondering why term life insurance is good for you if you are a diabetic senior. Here are credible reasons to buy term life insurance in such a scenario:

Critical illness rider– Remember, while you might have your diabetes under control, it may lead to illnesses considered critical in the long run. This will affect your life insurance, so it is best to play safe and consider a term insurance plan with a critical illness rider. These plans allow you to use the proceeds of the death benefit while you are alive to help cover costs associated with a critical illness.

Financial coverage– Diabetes is manageable, but it can also cause unfortunate circumstances in the future that might leave your loved ones financially stranded. It is, therefore, best to lock in a term life insurance policy that will provide financial security for your family in your absence.

Cost-effectiveness– By far, term life insurance is cheaper when compared to permanent life insurance. The rates are not only lower, but you are also likely to find an efficient and reliable plan for your specific needs. Also, being a diabetic individual means that your rates are higher than they would likely be if you weren’t a diabetic. By going with a term life plan this would save you money and might offer you all the coverage that you need.

To find a suitable term life insurance plan, make sure you are always on top of your health. Also, tips like making comparisons of the term life policies available, selecting a product with comprehensive coverage, and one that doesn’t dent your pocket will set you in the right direction.

Permanent Life Insurance for Seniors With Diabetes

Permanent life insurance policies come in various forms. However, what they all have in common is that they are permanent. They will stay in force no matter how long you live. Because these policies are guaranteed to payout at some point the costs are more than you pay for a term life policy.

Types of permanent life insurance include:

·       Universal Life Insurance

·       Guaranteed Universal Life Insurance

·       Indexed Universal Life Insurance

·       Whole Life Insurance

Typically for low cost permanent life insurance coverage a guaranteed universal life policy is the best option. A universal life policy can also be structured as a great solutions as well.

As stated before, a healthy lifestyle, medication, and physical activity play a role in managing diabetes. If you have your diabetes under control you will likely be approved for affordable rates.

Permanent life insurance has its place for some seniors with diabetes. Whether term or permanent life insurance is the right solution for you will just depend on your age, smoking status, and overall medical history.

Start Here

If you’re ready to get the life insurance you need consider working with We’re independent agents that specialize in helping people over 50 get the life insurance they need. Contact us today.