Getting life insurance later in life is an idea many people tend to have. It has become quite common and it can be applied even if you have some serious health conditions. One of the questions we get asked a lot is can you apply for life insurance if you have diabetes. The answer is yes, you can, but it is not straightforward like that. It all comes down to many factors. Those that prevail include the type of diabetes you have, whether is Type1 or Type 2, the age of the patient, when you were diagnosed, and how it is treated. The best chance you have to attain insurance while having Diabetes is if you have been diagnosed later in life, it’s only Type 2 and its symptoms can be maintained through diet and exercise.
This is the best available option, but it is possible to have your life insured even if your condition is a bit more complicated. What changes is that you’ll have coverage options more limited if your treatment is more severe and dependable on insulin. Below we have more details on options available to you, so please keep reading.
How the Type of Diabetes You Have Impacts Life Insurance
The most important thing is that even if you suffer from diabetes you can purchase life insurance. But, as we said, it comes with a limited set of coverage as there is more risk on the side of the insurers. Furthermore, a person with diabetes could have some other health conditions accompanying it, so it must be checked up, in order to determine the type of insurance. Another factor as we already mentioned is the type of diabetes. Insurance has a more difficult job to determine all the conditions of the insurance policy, as there are many factors to be counted in when it comes to more serious types of this disease. Different types of diabetes differently affect your health and this is what insurance companies have in mind when determining coverage. If you want to take a look at hones diabetes life insurance please click here before proceeding with our article.
Life Insurance for Type 1 Diabetics
As you could already guess people who have Type 1 diabetes have tougher times in receiving life insurance compared to those who suffer from Type2. Those who handle life insurance policies are of the opinion that the first type is harder to manage, has more effect on health, and is unpredictable due to dependency on insulin. Another factor that is often counted in as essential for insurers is the age of the person, and the age they were when their condition was diagnosed. If you have been diagnosed later in life, the chances are slimmer that it would affect your life the same way as if you have been treating it for years prior. The risk for insurers is higher if you have been diagnosed with this condition earlier in your life.
Life Insurance for Type 2 Diabetics
This type of diabetes is considered as the one that fits into the lower-risk groups by both the insurers and the health workers. The chances are you’ll have no issues receiving life insurance even if you have Type 2 diabetes if you only handle it with an oral medicament or by managing lifestyle, diet, and exercises. Furthermore, this form of diabetes is often diagnosed later in life, which is yet another favorable factor as viewed by insurers. The most essential factor which is in the focus of the insurers is that you never had any medical complications caused by these conditions. But, don’t think that everything is peachy compared to Type 1. After all, you’ll be viewed as diabetic, and even with a safer, Type 2 form, you’ll have to pay more for your policy, and your life insurance rating will be affected. But, with even all of this, chances are slim to none that you’ll be denied of the insurance policy.
Life Insurance With Gestational Diabetes
This is a unique form of diabetes. It is most often connected to pregnant women who develop diabetes during pregnancy when their bodies are going through hormonal changes. In most cases, it goes away shortly after giving birth. Unfortunately, this is not a guaranteed scenario. Some women develop Type 2 diabetes which remains even after exiting pregnancy. What this means for insurers is that those who develop Type two will have to pay higher rates, compared to those who only had gestational diabetes. Even if you only had gestational diabetes, you’ll be considered as in the group that is at higher risk of developing it further. If you are thinking about life insurance during pregnancy, it is better to wait until a few months have passed after giving birth as you do not want t the possibility of gestational diabetes to affect your policy. As we already said, it might go away after pregnancy and then you can have your life insurance without the implications of diabetes.
Why Is It Hard for Diabetics to Get Life Insurance?
It is a consensus among insurers that people, who have pre-existing health conditions are not favored to receive life insurance. Insurance companies rate applicants on the simple measurement of expected mortality. The expected mortality is viewed through already existing medical conditions and through the expectation that a person is going to develop some. Diabetes never comes on its own, and as such is viewed as a condition that needs to be monitored as it is often followed by other conditions such as obesity, and high blood pressure. Because of this diabetics have a hard issue finding insurance policies that offer good rates. But as we linked above, some companies will accept your application despite the condition. But you need to be aware that even with insurance companies that have good faith in diabetes companies you could encounter people seeing you as a high-risk applicant.