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If you currently have diabetes and you have found almost nothing but obstacles when you’ve made an attempt to purchase reasonably priced life insurance, don’t give up, simply get informed. Whether your diabetes is type one or type two, there are plenty of life insurance companies out there who are prepared to issue you a policy at budget-friendly rates. Read on to learn more about life insurance with diabetes.

Diabetes Overview

When you eat something, your system converts the food you’ve eaten into glucose which is the fuel source that your body utilizes for its energy. Insulin is a crucial hormone that the human body creates to convert the glucose (sugar) into a kind of energy that the body can actually use.

When you are suffering from diabetes, your body is incapable of producing insulin, or the insulin that it does create is not getting used efficiently thus causing sugar to develop up in the blood. It is as if your insulin is drifting around in your body rather than going into your cells.

Diabetes in the United States

According to the CDC, more than 29 million individuals in the United States currently have diabetes, and 25 percent of these individuals don’t know they have it. Another 86 million people have prediabetes which indicates the blood sugar levels are higher than they should be, but not elevated enough to be regarded as type 2 diabetes. Except in cases where these people with prediabetes begin a weight loss program and moderate exercise, 15 to 30 percent of them will be diagnosed with type 2 diabetes within about five years.

There are Three Different Types of Diabetes

When you are diagnosed with diabetes, you will be designated with one of three different types:

Type 1 Diabetes
Type: Type 1 diabetes is better known as insulin-dependent diabetes or juvenile diabetes. A patient with type 1 diabetes has a pancreas that does not produce insulin, so they self-administer it by using a syringe or insulin pump. Frequently, children and teens have type 1 diabetes and insurers will evaluate them differently than adults.
Type 2 Diabetes
Type 2 diabetes is the most typical of the three types of diabetes with around ninety percent of diabetics having it. Despite the fact that a patient with type 2 can make insulin, it is not efficient at decreasing or resisting glucose amounts, or the body will not produce enough insulin to meet the body’s needs.
Gestational Diabetes
This kind of diabetes takes place in pregnant women who most likely did not have any symptoms until they got pregnant. When a woman gets pregnant, hormonal cells can make cells less receptive to the insulin the body produces, resulting in a buildup of glucose in the blood.

How to shop for Life Insurance when You have Diabetes

If you plan to start shopping for life insurance with diabetes, it’s essential that you make contact with an experienced independent insurance professional who has already been effective at placing high-risk insurance cases. Many life insurance companies have a propensity to view diabetes in different ways and depending on whether or not you have type 1 or type 2 diabetes, it’s essential that you apply to a life insurance company that has a history of lenient underwriting guidelines. Many companies are willing to offer standard rates if you seem to be maintaining your glucose levels while others may refuse coverage because of your condition altogether.

The Affect on Your Life Insurance Rates

A life insurance underwriter will determine your insurance rates on numerous factors that are revealed during the underwriting process. The cost of insurance for a person with diabetes will often be more expensive than another person who does not have diabetes. Anytime you have diabetes, your premium will be based on the following facets:

  • Your gender
  • Your age at the time of the application
  • Whether you are single or married
  • What type of job you have and your income level
  • Your health history and lifestyle
  • Your immediate family’s health history
  • The date of your diagnosis
  • If you currently have or have recently had other health issues
  • What type of diabetes you have
  • Your normal glucose level
  • Your A1C level
  • What kinds of prescription drugs and over-the-counter drugs you are taking

Affordable Life Insurance with Diabetes

It’s essential that men and women, who are searching for budget-friendly life insurance while they have diabetes, search for a knowledgeable independent insurance agent who has displayed positive results in issuing high-risk cases.

Normally, an agent who is experienced in high-risk life insurance cases will represent almost all of the leading life insurers who have a track record of discovering a way to offer insurance to an applicant with diabetes at very budget-friendly rates. In fact, many seasoned agents will be able to offer you a reliable quote after interviewing you about your condition.

Insurance agents who are eager to choose high-risk cases (not all of them do) are prepared to invest the time and effort to take their applicant through the underwriting process and target and eliminate any obstacles along the way. Given that your insurance agent does not get compensated until the policy is issued, they will likely do everything in their power to campaign for your policy getting written. In cases where there happens to be a decline, your insurance agent will have alternate products such as guaranteed issue life insurance for you to give consideration to.

If Your Application is Declined

For the most part, applicants that exhibit they are not attempting to manage their diabetes and who seem not to be serious about their doctor’s instructions will likely be declined coverage. If this is the case, your independent agent is likely to offer a guaranteed issue insurance policy that will be issued regardless of your diabetes.

For more information about life insurance with diabetes, or to get a free and confidential insurance quote, call the Lunsford Agency at (740) 779-0246 during normal business hours, or you can contact us through our website, or stop by our office at 69 W. Second Street in Chillicothe, Ohio at your convenience.