Do Diabetics Pay More for Life Insurance?
The cost of life insurance policies can vary significantly depending on unique factors like your health and age. One medical condition can complicate the application process or impact the terms of your policy if approved. From paying more or having limited coverage, here is what you’ll need to know about being taking out a life insurance policy as a diabetic.
Understanding Risks Associated with Diabetes
A diabetes diagnosis can come with several complications, but that’s not to say that everyone’s case will look the same. Diabetes can be diagnosed as Type 1 or Type 2. The first is generally rooted in genetics, while the second type of diabetes (Type 2) arises as a result of lifestyle choices that impact your body’s ability to produce insulin. The third type of diabetes is gestational, in which a person who does not already have diabetes develops it during pregnancy.
Some complications associated with diabetes include:
- Heart disease
- Nerve damage
- Hearing impairment
- Kidney damage
- High blood pressure
All these risks continue to build on one another, further deteriorating your health. In general, the complications are more severe when occurring in Type 2 diagnosis, though that’s not to say serious problems can’t grow out of other diabetes diagnoses.
Why Diabetes Impacts Life Insurance
Much like any other pre-existing condition, a life insurance company carefully weighs your condition and its risk before insuring you. That’s because life insurance relies on a person paying monthly premiums for a lump sum to be paid out upon death. If you die prematurely, the life insurance company is likely to lose money as they are forced to pay out your policy coverage amount before they’ve collected enough premiums.
Life Insurance Options for Those Living with Diabetes
If you’re someone living with diabetes, there are a few options to help you get the coverage you need, though it’s likely not as easy as someone in perfect health. Here are a few things to consider and their associated costs when shopping for life insurance.
Opting for No Exam Insurance
Some life insurance companies offer a life insurance option that does not require a medical exam. This can be helpful for those who are not in the best health to find the coverage they need. The caveat is that the cost for these no-exam policies is usually significantly higher than a traditional policy or one that requires a medical exam. It’s important to do the necessary research to determine whether a no-exam life insurance policy will be more affordable or effective than one that takes your diabetes diagnosis into account.
Searching for a Company with Health-friendly Options
Many life insurance companies design policies to specifically benefit those who do not have perfect health. While the policies may not offer as much of a payout as healthy peers, you’ll be able to secure a life insurance plan nonetheless.
Something that may help your case is also mentioning how you manage your diabetes diagnosis and stay healthy. This can show insurance providers that despite your health ailment, you do not pose a major risk that warrants higher premiums.
Regardless of which route you choose, be sure to take the proper time to research life insurance quotes. From there, you can cross-check rates and the coverage that you’re looking for to find the tool you need.
Do You Need to Disclose Your Medical History?
While it can be tempting not to disclose your medical history to secure better rates, it poses a great risk. When you pass away, your life insurance company will launch an investigation to understand what happened. If it is determined that you died of a disease you did not disclose having, you run the risk of your policy being rendered ineffective. That means no payout for your loved one, rendering all premium payments useless!
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