There are two great reasons to purchase a life insurance policy. First and foremost, you want to make sure that your loved ones are cared for in the event of your passing. You don’t want them to face the prospect of paying for your end-of-life expenses or being burdened by debt associated with a mortgage, credit cards, medical bills, and so on. And of course, you want to account for the money you would have brought into the household via earnings or retirement accounts, just for example. The second reason, though, is your personal peace of mind. Knowing that your preparations will pay off when you are no longer present to care for your loved ones can help to make every day of your life a little less stressful. Unfortunately, living with a chronic condition like diabetes can make it difficult to secure a suitable life insurance policy at a rate you can afford. Here are a few tips to make the process easier.
One of the best things you can do to make getting approved for life insurance easier and more affordable is to take steps to manage your diabetes. According to the American Diabetes Association, nearly 30 million Americans (children and adults) are living with diabetes, although about a third of cases are not diagnosed. Some life insurance policies require a physical exam, including blood and urine testing, at which time undiagnosed cases will be discovered. So if you don’t want to be surprised, it’s probably a good idea to see your doctor for a physical before you try to get life insurance. That said, however, the majority of people with diabetes are already aware of their condition. And the good news is that diabetes is a manageable disease.
Getting life insurance when you are living with diabetes is not as difficult as you might imagine. If you have had your condition under control through testing and treatment for at least 6-12 months, you should be able to qualify for this type of insurance policy. Even if you are insulin dependent, showing that you are managing your health and your condition will go a long way toward helping you secure a suitable life insurance policy. You can also cut back on additional risk factors by quitting smoking, working to reduce hypertension, and speaking to your doctor about a diet and exercise regimen designed to improve heart health.
You can also get a life insurance policy that doesn’t require medical testing, but it will cost more right out of the gate. Provided you’re in good health otherwise, you will likely pay less with an exam. But as a diabetic you could be on the hook for higher premiums for life insurance. The rate you’re quoted will depend on a number of factors, including your age, the age you were diagnosed with diabetes, your medical and family history, current medications you’re taking, how well you’re managing your condition, and more. Even so, you may be able to secure affordable rates by seeking out providers that specialize in higher-risk candidates. Their policies tend to favor healthy candidates that just so happen to have a chronic condition like diabetes. In short, a health-conscious lifestyle and a little legwork could help you find a suitable life insurance policy at a price you can afford, even when you’re diabetic.