Absolutely! Getting life insurance with diabetes is much easier than you might think, but not all Final Expense Life Insurance companies view diabetes the same.
Finding the best company to work with is more about finding the right agency to work with.
Independent agencies have access to any carrier they want. This is because they work for the insured. Not the insurance companies they sell.
This allows them to place you with the company that will give you the most amount of coverage for the lowest price.
Many companies offer level death benefit whole life policies for people with diabetes.
Thankfully we know who they all are and have worked very closely with them over the years. Below we will discuss everything you need to know when purchasing a Final Expense Life Insurance with diabetes.
To make your experience as easy as possible contact an independent broker at Senior Select. We will show so you don’t have to.
Final Expense Life insurance for people with type 1 diabetes.
Type 1 Diabetes occurs when your pancreas produces little or no insulin. Commonly referred to as juvenile diabetes or insulin-dependent diabetes. This is the least common form of diabetes.
If you are not monitoring your blood sugar levels and taking insulin, diabetes can cause a number of very serious complications. Keeping your sugar under control, eating healthy, and regular exercise is very important. If not, you are much more likely to get heart disease, kidney failure, stroke and nerve damage then a non-diabetic.
This is why in the past you may have had trouble finding an affordable plan. Maybe you did find something affordable only to find out the price increased or you were eventually declined. Before you settle for a policy with a waiting period or give up entirely, please continue reading.
Every application usually has a few questions regarding diabetes. Most of them read:
- Diagnosed with diabetes before the age of…?
- Been in a diabetic coma?
- Gone into insulin shock?
- Had or been advised to have an amputation due to disease or disorder?
- Complications of diabetes such as:
Nephropathy: Kidney disease that reduces the function of the kidneys.
Neuropathy: Nerve damage that leads to numbness and pain
Retinopathy: Damage to the blood vessels in the back of the eyes.
If you have diabetes with any of these complications you can still have Final Expense Life Insurance as long as you pick the right company.
What about if I have type 2 diabetes?
Type 2 Diabetes is the most common type of diabetes, and also the most responsive when it comes to both diet and exercise.
According to the National Diabetes Information Clearinghouse, type 2 diabetes affects approximately 90-95 percent of those who have diabetes in the United States.
It occurs when sugar in your blood is too high for too long. Type 2 Diabetes can still lead to all the same complications as type 1 diabetes.
Final Expense Life Insurance policies are looking to see if you are using insulin to manage your Type 2 diabetes. If you are not using insulin but still have Retinopathy (eye), Nephropathy (kidney), and Neuropathy (nerve, circulatory) you can still get a preferred rate. This makes it easier to find Final Expense Life Insurance for Type 2 diabetes than type 1.
Do I need an Exam?
Final expense policies do not include an exam. We know no one likes to get poked, prodded, and weighed ever.
Final Expense Life Insurance policies are very simplified underwriting. The first step of the process is you will be asked to complete an application. An agent will guide you through this process and submit it to the insurance carrier.
Part of the application includes a HIPAA form which allows the carrier to see which medications you are taking.
This will allow them to see what medications your doctor is using to treat you.
As part of the application, a MIB authorization is enclosed. This allows the insurer to see information from a previous life, health, disability or long-term care application. This will help them to verify your medical history without an exam.
Does Final Expense Life Insurance Cost More If I Have Diabetes?
If we do our job correctly it will not cost more.
Our job is using your health history to find a company that will not rate you up. Most times we can do this sometimes we cannot.
Every day we face the challenge of placing our clients with the most suitable carrier for their needs and health history. We will welcome the challenge of doing the same for you.
What if I have diabetes, but also have other health issues?
For instance, If you aren’t on insulin and you have some other serious health complications you might still be OK.
If you are on insulin and have these same serious health issues it might be a bit more complicated.
Depending on what the other issues are will determine if you are eligible for immediate coverage.
Insurance companies have guidelines they use to determine whether or not they would like to accept you as a risk.
EVERY companies underwriting guidelines are different. So, it’s important to work with an Insurance Broker that has access to as many different carriers as possible. Having access to carriers means that they can find you a company that has lenient guidelines for your specific needs.
That’s really all anyone wants is the most amount of coverage for the lowest cost.
How much Final Expense Life Insurance am I eligible for?
Typically, Final Expense Life Insurance with a level death benefit starts at $2,000 in benefit and goes up to $45,000 in benefit depending on your age.
If you have multiple other issues, including your diabetes, you may only be able to go up to $25,000. This would mean you would have a two year wait period.
Conclusion
Every Final Expense Life Insurance carrier is different.
Final Expense Life Insurance companies aren’t just looking at diabetes, they are looking at the entire status of your health.
At Senior Select we know just what companies will accept certain issues and which companies will not.
After running yourself a quick quote, give us a call, and we will help you find exactly which company will suit your needs best.
I was amazed that I could get enough insurance to fit my budget at my age. Shawn made it easy for me.
Thank you Shawn for helping me take care of something that I waited to long to do.
Chris from FL.
Thanks for the kind words Chris. It’s what we are here for.
Shawn