Life insurance for diabetics is not usually straightforward. Did you know that people with diabetes often find their premiums will be loaded to reflect an increased level of risk for the insurance company?
It’s estimated that 1 in 11 adults worldwide are living with diabetes so if you are facing this problem, you are most certainly not alone.
In 2022, if you live with this condition you don’t have to accept paying way more than others as inevitable! Yes, diabetes can be a very serious condition, but if it is managed well, then most people are able to live full and normal lives. It is difference in severities of the condition make it hard for insurers to standardise their policies and this is where your personal circumstances come into play.
So how can you help bag yourself a great deal? There are some simple lifestyle changes and insider tips you can consider so that you can secure the best value cover for yourself and your family.
First, it helps to understand some of the factors that are considered by underwriters when considering your diabetes life insurance application. These will include your lifestyle, age, weight, BMI, recent HbA1c reading, whether you have type 1 or type 2 diabetes, the medications you are currently taking and things like other existing health complications on your medical records.
Remember, the life insurance quote you receive will be based on answers you give throughout your application. If you’re able to demonstrate that your diabetes is under control, it’s more likely that you’ll be able to get a better deal on your cover.
Matt Schmidt with Diabetes365 mentions “it’s extremely important to work with agents who specialize in working with the diabetes community. Finding life insurance with diabetes can be tricky, and many agents or websites will provide false information. As an example, life insurance for type 1 diabetes rates will be considerably more expensive. If you see a website advertising Standard ratings, they are intentionally misleading you.”
Tip 1: Quit Smoking
If you have diabetes and you smoke, quitting smoking will benefit your health immediately. People with diabetes who do not smoke are better able to manage their blood sugar levels. Evidence suggests smoking specifically makes type 2 diabetes harder to manage and a significantly deadlier condition. It’s simple – smoking and diabetes are a bad combination. If you smoke, giving up will reduce your insurer’s risk, and your premiums should go down.
Tip 2: Watch your Weight
Maintaining your healthy weight is one of the easiest ways to help save money on your life insurance policy. Losing weight can make a big difference to diabetics because it can lower glucose levels in the blood, this may in turn reduce the effects of diabetes and make the condition more manageable.
Roll back just a few digits on your bathroom scales, and you’ll get your blood sugar levels more in line and feel better overall.
Life insurance providers will have a formula to assess what is healthy for your height and if you are overweight then you are likely to be charged more for cover. Weight loss doesn’t have to be dramatic for you to achieve a big impact on your insurance. A few less pounds on your body should equate to fewer pounds on your premiums!
Tip 3: Check Your Blood Pressure
Blood pressure is the pressure your heart uses to push blood through your blood vessels and around your body. Hugh blood pressure puts more stress on your blood vessels are under, which make it harder to push blood around the vital areas of your body and leads to many health risks.
Lowering your blood pressure and cholesterol is a great way of demonstrating to the insurers that your diabetes is under control and you pose less risk! A lot of lowering your blood pressure is down to making the positive lifestyle changes we have talked about here.
Tip 4: Get Moving
Being active and staying mobile is great for those with diabetes. Whatever you feel able to do, it all makes a positive difference! You could go for a run or a swim, or even yoga can help qualify you for lower premiums.
By exercising regularly, you’ll maintain a better weight, and most likely watch your diet closely. All of this also helps you manage your diabetes on an ongoing basis.
Life insurance underwriters love to see evidence that their diabetic applicants are active. This is easy to accomplish as you could share FitBit, or Apple Watch data with companies. Life insurance and technology are evolving, and this is to your benefit.
Tip 5: Drink Less Booze
People living with diabetes are generally advised to limit their alcohol intake because it interferes with your blood sugar levels. It can affect your weight too, as there can be a lot of calories in alcoholic drinks. Therefore, those who consume more alcohol pose more of a risk to insurers and this leads to increased premiums. Keeping your drinking in check will keep your premiums down.
Tip 6: Consider a no medical exam policy
Different insurers judge an individual’s risk in different ways. If your diabetes isn’t currently well under control, an option is to consider a policy which does not require a medical exam. Standard life insurance generally requires you to complete a blood and urine test. Those results, along with a review of your most recent diabetes records, would determine what kind of rates you will be offered.
Not everyone who has diabetes always has the best of control of their condition. A1C levels tend to fluctuate over time. If you’re A1C levels are trading higher, applying for a no medical exam life insurance policy could be a sensible option.
Instead of all the testing, the insurers will ask basic health, and diabetes questions in order for them to provide the information they require to make their underwriting decisions. If a person doesn’t have a favorable A1C, a no medical exam policy may save them 10% to 15% on their premiums. Or in some cases, policies like these are the only ones that you may qualify for.
Getting help from a life insurance expert can help you navigate this process. Don’t feel like you have to do this all by yourself.
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