The Life Insurance Solution

By on 11-09-2012 in Finance

Life Insurance Solutions For Diabetics.

According to the most recent numbers from the Centers for Disease Control (CDC), roughly 23.6 million Americans have been diagnosed with diabetes and another 5.7 million Americans have undiagnosed diabetes. In addition to these huge numbers, another 57 million Americans have “pre-diabetes,” which increases their risk for developing Type II diabetes. These numbers are staggering when you consider that there are only around 300 million people living in America today. According to the American Diabetes Association, roughly sixty five percent of all people with diabetes will die from either a heart attack or a stroke. However, despite what you may have heard, it is not impossible to get life insurance coverage even if you suffer from this disease. The coverage will be more expensive than it is for those with no health issues, but as long as you take care of yourself, you will be able to get coverage.

Coto Insurance is a safe and reliable option when shopping for life insurance.

If you have diabetes, the main key to finding affordable life insurance in getting your diabetes under control. If you are working to control your diabetes by regularly visiting your doctor and are following their instructions, taking your medications properly, and are responding to these treatments, you very well may be able to get an affordable rate on life insurance.

In order to determine how well your body has been responding to treatment over time, the insurance company will mainly look at your blood sugar levels as well as your hemoglobin A1C count. According to underwriting standards that most companies use in their actuary tables, A1C levels are normal for those without diabetes when they are under 6. If a diabetic has an A1C level between 6 and 7, this typically means that the diabetic has good control of their diabetes, and there is a good chance that they will be able to receive a policy with standard rates. However, if their A1C levels peak into the double digits, they will only be able to get as more expensive policy due to the fact that they have a very poor control over their condition. If the applicant’s A1C levels are higher than 12, in most cases they will either be denied coverage or they will have their coverage postponed until they can show that their diabetes is under control.

The best strategy for getting term life insurance in place if you are a diabetic is to show a history of successful treatment, including yearly eye exams. You also should show that other risk factors, such as weight and blood pressure, are within normal ranges.

Your premium from the life insurance company will be determined after the company evaluates your medical conditions and determines which ratings classification that you fall into based on these factors. The higher the rating class, the lower your premium is going to be. With most companies, the typical ratings classes are as follows: Super Preferred (or Preferred Plus), Preferred, Standard, or Substandard.

Generally speaking, the older you are when you first have the onset of diabetes, the easier that it will be to get term life insurance coverage. Patients that have Type I diabetes will have a harder time finding medically underwritten insurance. If a person has had diabetes for years already, they are more likely to suffer from “end organ” diseases that are a result of living with diabetes for many years. This will also increase the cost of the insurance. If someone with Type I diabetes is able to obtain coverage, they will most likely be placed into the highest risk class. That will make coverage expensive.

Luckily, according to the CDC, patients with Type II diabetes will account for roughly 90 to 95 percent of all diagnosed cases of diabetes. This form of diabetes can usually be treated through a regimen that includes changes to diet and exercise, along with oral medication or insulin therapy. The life insurance companies tend to focus on how well you are responding to treatment. If you can show that your Type II diabetes is under control, most of the time you will be offered a policy in the “standard” ratings class. It is rare that someone with Type II diabetes will be unable to obtain life insurance at some rate. If you are able to get your condition under control, your life insurance savings can be substantial.

Many different companies are able to offer you life insurance quotes in a short period of time. Term life insurance for those who have been diagnosed with diabetes may be more affordable than you may think, especially when you are able to get the condition under control.

Multiple companies can offer you quotes on a return of premium life insurance policies.