Getting Cheaper Term Life Insurance With Diabetes
If you are searching for term life insurance for diabetes, here are 3 important tips to keep in mind to help you choose the best insurance company or companies for you.
1) Make sure your Hemoglobin A1C reading is in line with what your doctor recommends. It is important for your health, and is one of the most important blood level readings used by insurance companies to determine the life insurance rates that you will be offered.
2) Height and weight are another important factor for improving your health and getting the best term life insurance rates for diabetes.
3) Finally, when looking into term life insurance for diabetes, an important factor to consider will be the age at which you were initially diagnosed with diabetes. Generally speaking, the older you were when you were diagnosed, the better, as far as life insurance underwriting is concerned.
It is important for you to remember that, whether you are a Type 1 or Type 2 Diabetic, there are life insurance companies that may make good offers for you.
Whether you are searching for term life insurance for diabetes for someone who is younger, or just young at heart, there are options available for coverage. Some companies are better for diabetics taking oral medications, and some are much better for those who are insulin dependent. It is very important that you speak to a life insurance agent who has experience with helping find term life insurance for diabetes. They can help find the best insurance company for you.
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Question by Mark P: How can I preclude life insurance blacklisting with Diabetes II?
I have a case of Type II Diabetes and I have found that qualification for life insurance requires a blood test. Based on blood testing, companies will charge much more if a person has Type II Diabetes. I was wondering if there is some way to fool the company to make them believe that I am normal. Perhaps I could work out just before the test?
Best answer:
Answer by CarlisleGirl
Would that not be fraud? Then what would happen when you die and your family is denied the benefits?
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I would be amazed if you could even try to fool the insurance company without voiding any coverage you might obtain as a result. Your proposal goes beyond the routine language in most policies about “failure to disclose existing medical conditions”. Instead of merely keeping quiet about your diabetes (which by itself would void your policy), you are actively trying to hide the condition.
My wife has worked for several life insurance companies and worked for one for 23 years. She’s now in surety bonds but keeps in touch with many people in the industry.
First off, if you lie on the application, you void the coverage. A life insurance application will ask about Diabetes. You won’t fool anyone but yourself. Second, the blood test won’t show Diabetes if you are in control on your blood glucose. Third, for many companies, you authorize them to obtain your medical records and many of those are held by your health insurance company and they are very willing to share authorized requests for data, most are interrelated in one way or another, owned by same parent company, using the same re-insurance company, etc. so its beneficial for all insurance companies to keep claims down.
There are some insurance companies that realize that in-control Diabetics live a healthier life than most other people and are beginning to price their policies accordingly and at least bringing them down to close to the same costs as a non-diabetic person. Shop around and find one of those companies. Get copies of your last few years A1C scores and show them that you are in control and therefore a good risk. This way, you’ve been up-front and honest and they can’t void your coverage for insurance fraud.
Most insurance companies will obtain your medical records and will find out anyway.
Also as others have mentioned you are essentially committing insurance fraud, which is a felony. At the very least, if something happens to you the company won’t pay out the benefits and leaving your loved ones who were counting on that money in a bind.
Just be honest and try to get the best rate that you can. Talk to an independent agent that can deal with multiple companies and has knowledge of the different underwriting guidelines. Some companies will give very good rates to type 2 diabetics.