Diabetes is one of the most common life insurance underwriting issues we encounter with our clients.
Overview:
Diabetes is classified as Type 1 or Type 2 diabetes.
Type 1 (formerly called Juvenile Diabetes)
Individuals who have type 1 diabetes typically develop the disease before the age of 30, with some exceptions. Type 1 diabetes occurs when the body does not produce insulin. The insulin is provided by injection. Type 1 diabetes is always treated with insulin.
Type 2 (formerly called Adult Onset)
With type 2 diabetes, the production of insulin by the body is impaired. Type 2 diabetes is treated by diet, excercise, and oral medications as necessary.
A third type of diabetes called gestational diabetes occurs with some women during pregnancy. As long as symptoms resolve themselves after pregnancy, this is typically not an underwriting issue with life insurance companies.
Gestational Diabetes:
Did your doctor tell you that you had gestational diabetes while you were pregnant?
As long as your symptoms are resolved after the pregnancy and no complications occurred, life insurance companies do not hold gestational diabetes against you.
How Diabetes affects your life insurance rates:
It is important to note that not all companies will do a good job underwriting diabetes. You need to get to the right company in order to get the most competitive rates possible. We can help as we know which companies to go to.
Each company has its own set of underwriting guidelines, but all companies are looking for the following information:
Type - Are you a Type 1 or Type 2 diabetic?
Age at Onset - How old were you when diagnosed?
Control - Do you have good control of your diabetes? Do you test your blood sugar frequently. Is your doctor satisfied with your control of diabetes? Companies are looking for your fasting blood glucose levels, random glucose levels, and your HbA1c level. Your HbA1c reading gives underwriters an indication of your glucose control over the past 60 days.
Compliance - Are you following doctors orders? Eating the right foods, maintaing a healthy weight, eating the right foods, taking your medication as directed?
Complete Medical Information - Do you have thorough medical records? Have you been going to the doctor for checkups or do you skip appointments and only have sporadic records?
What to expect from life insurance companies:
Type 1 Diabetes:
If you look anywhere on the internet at the "standard" or "regular" rates of insurance companies, this would be a best case scenario, but only with a handful of companies. Most companies will take the standard rate and add 50-100% to the price depending on the above information. It pays to shop. We take your medical information and shop it out to a number of the most competitive companies. Once we receive feedback from those companies, we can run accurate quotes for you and get you to the most competitive company.
Type 2 Diabetes:
The underwriting for Type 2 diabetes is usually more favorable than for type 1 diabetes, BUT again it is important to get to the right company as that will make the difference in price. There are a number of companies that will consider type 2 diabetes at the "standard" rate, and even a few companies that will consider some for the "standard plus" rate.
Regardless of type of diabetes, the determining factors for your life insurance rate will be your diabetes control, age at onset, compliance with your doctor's advice and availablility of complete medical information.
Examples of diabetic control:
Fasting blood sugars - Blood sugars less than 126 mg/dl is considered to be excellent. Blood sugars less than 140 is considered to be good control.
HbA1c level - Less than 7 is considered to be excellent, less than 8 is considered to be good.
Fructosamine - Less than 1.7 is considered excellent, less than 1.9 is considered to be good.
Age at diagnosis - If diagnosed between the age of
50-69 that is considered to be good. Diagnosis after age 70 is the most ideal situation. Diagnosis prior to age 50 will negatively impact your rate, but with good control, etc.. this can be overcome.
At LifeInsuranceAdvisors.com, our service is a no pressure, no obligation service. We'll give you the information you need to make an informed decision about your life insurance. Call us today at Toll Free (800) 909-2040. Thank you.
