This diabetes life insurance underwriting guide can and should help you diabetics better understand how to get the best life insurance underwriting when you apply for a policy.
Diabetes is a metabolic disorder that is caused by not enough production of insulin in the body. It is mostly irreversible but can be controlled by diet, medication and exercise prescribed by your Doctor. By the way when applying for a life policy the above mentioned factors (diet, exercise and medication) are the big factors the underwriters look for in you file. Control and follow up with your doctor are huge and will greatly improve your opportunity for the best rates.
In the insurance underwriting process you need to be in control of the symptoms and issues due to in the later stages it causes complications and can accelerate, coronary artery disease, kidney disease and stroke. These will all lead to a shorter life expectancy and higher insurance premiums.
Factors that will affecting the underwriting decision:
- Current Age
- Date of diagnosis and the age at onset
- Current treatment and medications
- Type of Diabetes: type I or type II
- Do you monitor your blood sugar readings
- Any complications such as: nephropathy, neuropathy, cardiovascular disease and retinopathy-to name a few
- Current build: Height and weight
- Blood Pressure
These are to name just a few but will help you to build a case for the underwriter if you are monitoring and controlling the above factors.
Items needed to help your broker present the best case to the insurance company:
- Have you seen any specialists: Like neurologist, endocrinologist or nephrologist? If you have either obtain the records or have the latest results from them and explain to your broker.
- History of your blood sugar control: copies of blood sugar tests and your Hemoglobin A1c’s always help
- Note: Blood sugar and A1c readings are a huge factor in life underwriting for diabetics.
Also provide any risk factors upfront to your broker and please detail your lifestyle extensively if you are active and exercise tell them everything you do to keep in shape. The more they know about you and how you take care of yourself the better the carrier can underwrite you.
Here is a list of the possible underwriting decisions:
Type 1 Diabetic (insulin dependent):
Best Case probably rated table 2 could be higher depending on your history.
Typical case is table 2-4
Worst case is a decline or postponed
Type 2 Diabetic (non insulin dependent):
Best case: Standard rate class, could be better depending on the carrier and their underwriting guidelines
Typical case is Standard rate class to Table 2 rating
Worst case is a decline or postpone until issues are under controlled and monitored regularly by your physician .
Articles and resource list:
American Diabetes Association – Article on Life Insurance
The Diabetes Blog – Why don’t insurance companies insure diabetic kids?
Yahoo Answers – Diabetes Life Insurance discussions
Diabetes Forums – Forum Discussion on obtaining life insurance
You should now have all the information you need to help you obtain the most affordable life insurance policy. This is the best time in history to obtain life insurance, mortality rates have been extended and the carriers are looking for premium dollars. Don’t wait call your agent or broker and get some quotes.