Finding affordable life insurance rates can be challenging for individuals who suffer from a chronic health condition such as diabetes. However, this does not mean diabetics should go without life insurance. There are ways to find affordable policies, including comparing rates between different insurance providers, choosing a no exam life insurance policy or choosing another affordable life insurance product.
You need to start by learning more about different types of life insurance and understanding how rates vary in function of the type of coverage you purchase. There are two main types of life insurance policies, including whole life and term life. A whole life policy is a type of insurance product that never expires. These policies usually include enough coverage to allow your family to live comfortably for a few years after your death and to cover any expenses associated with burial or estate taxes. A whole life insurance policy usually includes coverage for debilitating medical conditions as well. Most whole life policies include typical life insurance coverage and an investment fund.
A term life insurance policy is a type of life insurance product that protects you for a limited amount of time. You can purchase a term life policy that will protect you for the next five, ten or fifteen years. This type of policy does not include an investment fund and can end up being more expensive since premiums are calculated again every time your term life policy expires. However, this is the most affordable type of life insurance policy if you are young and healthy.
Why Diabetics Pay More for Life Insurance
Suffering from diabetes means you represent a higher risk for life insurance providers. Your premiums will be higher than what is offered to the average client but you should keep in mind that every insurance provider uses a different method to calculate insurance rates. You should take the time to request quotes from different insurance providers to find a company who offers affordable rates in spite of your diabetes.
Managing your diabetes will make a real difference when it comes to purchasing life insurance. Your medical records will be used to calculate your premiums and records that show you have a proactive attitude towards managing your diabetes will lower the risk you represent for insurance companies. You should meet with your doctor and ask about the steps you can take to better manage your condition. Losing a few pounds, being more active and making some changes to your diet are things you can do to better manage your condition and get lower rates on your insurance policy.
If you cannot find an affordable life insurance policy, you should look into purchasing a no exam policy. These life insurance products are offered with fixed rates, which can be more interesting than other insurance products if you are considered as a high risk by insurance providers.
Take the time to properly assess your needs before buying a life insurance policy. Learn more about the different types of products available, ask yourself how much coverage you need and talk to your doctor to learn more about the steps you can take to secure lower premiums.