There are numerous misconceptions about being able to obtain life insurance when you have diabetes. Many people wonder if a good rate is even possible.
Diabetes is not a fatal disease if properly managed. However, most people do not manage it, and complications can arise. According to the American Diabetes Association, these can include heart disease, stroke, and more deaths per year than breast cancer and AIDS combined.
Diabetes can be fatal.
Being overweight or obese does not automatically lead to diabetes. Other risk factors, such as family history, could also be involved. Being overweight or even eating too much sugar does not guarantee the development of diabetes.
Patients with diabetes do not need to follow a special diet, but rather one that is low in saturated fat and based on lean protein. You can include sweets and chocolates in your diet.
What are the various types of diabetes?
- Type 1 diabetes, also known as juvenile diabetes, is diagnosed in children and young adults. This type of diabetes affects only 5% of people. The body does not produce insulin in this type, so insulin therapy as well as other treatments are required to manage the condition.
- Type 2 diabetes is the most common type and causes blood glucose levels to rise above normal. However, the ability of insulin to keep blood glucose levels normal over time begins to decline. You may be able to postpone complications with the right treatment.
- Gestational diabetes develops during pregnancy, usually around week 24. It is distinguished by elevated blood glucose levels. This does not imply that your baby or you will develop diabetes after birth.
Another fact is that those suffering from diabetes can obtain life insurance. The way life insurers underwrite and assess those with diabetes varies greatly, emphasizing the importance of shopping around and dealing with an agency that represents many companies.
Assuming no other rateable health conditions exist, here are monthly premium examples for women and men that reveal the best possible prices for type 2 diabetics considering a 20-year, medically underwritten, level-term life policy that covers death by any cause, at any time, in any place, with the exception of suicide within the first two policy years (one year in some states). Women over the age of 25 can get a $500,000 policy with a 20-year term for around $35 per month, while men of the same age can get one for around $40 per month. Women over the age of 50 can obtain a $500,000 policy for less than $100.00 per month.
For those with diabetes, guaranteed life insurance with no medical exam is also available, but it may be more expensive. A good diet, exercise, self-management without medications, and a diagnosis later in life will result in a better rate.
In honor of National Diabetes Month, consider donating your time or money to the search for a cure for this disease. Many people choose to make charitable contributions through life insurance by naming organizations as beneficiaries. Donate an existing life insurance policy, a new life insurance policy, or have the charity purchase life insurance on the donor’s life and pay the annual premiums (assuming insurable interest and state law permits). Each of these entitles you to a current income tax deduction.