If you are suffering from diabetes, then you may be concerned about how this will affect your life insurance policy. Fortunately, there are a variety of policies that specialize in diabetic life insurance – both for people suffering from Type I and Type II diabetes.
In this guide, we are going to share some useful facts you should know when it comes to finding quality life insurance for a Type I Diabetic. With this in mind, let’s learn more.
First of all, it’s worth pointing out the importance of finding multiple quotes whenever you’re shopping around for a new life insurance policy for diabetics. In some cases, you will be able to find better deals by using a quote compilation service, which will help you compare all of the different offers, and ultimately find the one that best suits your needs.
However, before you can get a true quote and receive approval for any specific life insurance policy, you will usually need to have a full medical checkup first.
Often, this medical checkup will examine your height, weight, the current status of your diabetes, family history, and more. In general, the insurance company will need to learn as much as they can about you to access your overall risk, and calculate an accurate premium for you.
Fortunately, if you keep up with regular medical appointments, and you are able to control your diabetes with diet and exercise alone, then you will usually be able to obtain a very favorable premium indeed.
Unfortunately, if you are reliant on medication to control your diabetes, then your premium may be somewhat higher. Of course, shopping around will still give you the upper hand when it comes to finding a deal that meets your needs.
There is also the possibility of receiving diabetic life insurance without having to undertake a medical exam before receiving the policy. However, you will still be required to fill out a diabetic questionnaire which will provide many of the details they need to know to give you accurate cover.
Of course, it’s important to be as truthful as possible on this questionnaire, because if you are later discovered to have provided incorrect information, then this may forfeit the terms of your policy and you will be left with nothing.
In general, you will have two primary options available to you when you are choosing life insurance as a type I diabetic patient. The first option will be term life insurance, which is designed to cover a single period – which will usually be 10, 20, or 30 years in total.
Additionally, you may be able to pick a term life insurance policy that will cover you to a specific age, such 60 or 70 years old. As the name suggests, these insurance policies are designed to cover a specific period only, and if death occurs in this time, the beneficiary will be given a lump sum payment.
The alternative option is to choose a permanent life insurance plan – which tends to be more expensive, but gives you a highly comprehensive coverage that will cover the entire length of the person’s life. Additionally, many of these insurance policies have a cash value accumulation feature which means the premium can become quite high over time.
Overall, it’s easy to say that investing in a quality life insurance policy for a diabetic type I sufferer is a wise decision – and if you’re willing to browse the many different options available in the marketplace, you will soon discover a policy that will suit your needs perfectly. While nobody likes to dwell on the worst that could happen, there’s no denying the importance of investing in life insurance policy when you are suffering from diabetes.