16 October 2012 0 Comments

Life Insurance For Diabetics

Diabetes is classified as either Insulin Dependent Diabetes (Type 1 Diabetes) or as Non Insulin Dependent Diabetes (Type 2 Diabetes).   Usually Type 1 Diabetes is juvenile onset and Type 2 Diabetes is adult onset.  Life Insurance offers for both types of Diabetes can range all the way from “standard” to “decline.”  The key to obtaining a good premium is control and absence of other underwriting risks.

Diabetics who see their doctor for regular checkups and whose Glycohemoglobin (A1C) blood tests are in the range of 6 to 7 might qualify for standard premiums, especially if onset was age 60 or later.  Standard premiums would require no nicotine use or excessive use of alcohol.  Weight management, blood pressure and cholesterol must be under control with no kidney or heart disease, history of strokes and other vascular disease in order to obtain the best premiums.

The A1C test is a measurement of blood-sugar levels over the prior 90 days and is the most important indicator of the degree of control.  Readings in the 8 to 9 range will produce premium ratings in the Table 2 to 6 range depending on age of onset (the older, the better).  A1C results of 10 or more indicates poor control and will result in highly rated premiums, declines or postponement until better control can be documented.

Diabetics who have not seen their doctor at least once in the past 12 months (6 months is preferable) should not apply for life insurance until they have had a current checkup.   The insurance company will obtain records from the attending physician, so they’ll know exactly how serious the follow up has been.  It is always important for life insurance applicants to have been fasting for 8 hours prior to the exam, but even more so for diabetics.  Diabetics should also have a complete list of their prescriptions and dosages and make sure that the person completing the questionnaire includes all of this information on the application.

Applicants with Diabetes, or for that matter any major medical history, should use an agent with resources that allow for shopping for the best premiums with multiple insurance companies.  The agent should also search for underwriting credits that can be used to offset any adverse conditions…and that’s a good place for me to leave off for my next entry.

Thanks to my good friend and former partner, Tim Johnston for providing me with valuable input for this article.  Tim has a lifetime experience of knowing what is important in the underwriting of diabetes.

Next, I’ll be discussing how to search for underwriting credits to assure getting the best premium available.

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