According to the Centers for Disease Control and Prevention (CDC), an estimated 23.6 million Americans are currently diagnosed with diabetes. In addition, another 5.7 million Americans are living with the disease and don't even know it.
Yet, another 57 million have "pre-diabetes," which means they are at risk of developing the condition.
Given the fact that the American Diabetes Association estimates that 65 percent of those with diabetes will die of a heart attack or stroke, it is easy to understand why purchasing diabetes life insurance can be difficult.
After all, when an insurance company issues a policy to someone with diabetes, the company is taking a much greater risk than it is when issuing a policy to someone who is in good health.
While purchasing diabetes life insurance policies can be difficult due to the increased risks associated with the disease, it does not mean someone with diabetes has to go without coverage.
It is important to realize, however, that purchasing diabetes life insurance will likely be more costly than purchasing a regular life insurance policy for someone who is in good health.
Still, if you suffer from diabetes, you can help keep your life insurance costs down by keeping your diabetes under control.
In fact, if you do all of the following, you may still be able to get a good rating from your diabetes life insurance company:
When determining the rates for a diabetes life insurance policy, the insurance company will pay particular attention to your blood-sugar levels and your hemoglobin A1C count. If your A1C count is between 6 and 7, most life insurance companies will consider your condition to be under control and will offer "standard" life insurance rates.
If your A1C levels reach 10 or higher, it shows poor control of your condition and your rates are likely to be far more expensive. In most cases, those with an A1C count of 12 or higher will be denied coverage until the condition is under better control.
Even if your diabetes is under good control, it is important to note that other factors will be considered when determining your diabetes life insurance rate. For example, if you are overweight or if you have high blood pressure, you probably will not qualify for the standard rate even if your diabetes is otherwise under control.
Furthermore, the younger you were at the onset of your diabetes, the more difficult it will likely be to obtain a policy. Nonetheless, regardless of your current health or your medical history, it is a good idea to work with someone who specializes in diabetes life insurance coverage. By doing so, you will significantly increase your chances of obtaining a policy at a price you can afford.
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