Choosing a life insurance policy that will suit your unique needs is quite difficult, especially when you have been diagnosed with medical conditions like diabetes.
Well, you see, insurance companies have set up shop to make money and providing people with insurance policies is a risky business. This is the reason why insurance companies tend to reject the applications coming from applicants who have pre-existing conditions like diabetes as they are considered as ‘high-risk’ cases.
The reason is simple –
A person with diabetes, later in their lives, will suffer from failing kidneys, hypertension and heart disease. Hence, to keep their financial interests intact, insurance companies choose not to approve insurance applications from applicants with pre-existing conditions like diabetes; and even if they do, they will charge exorbitant premium rates.
For more details, here is a site for getting affordable term life insurance for diabetics.
However, all hope is not lost as you can still choose and apply for an insurance policy even if you have been diagnosed with diabetes.
Details are as follows –
Term Life Insurance Policies
Term life insurance policies are cheap and have simple clauses. They expire after a set number of years (term) and the options could be any one of the following –
- Ten years
- Fifteen years or
- Twenty years.
All one would need to do is fill up a health questionnaire and say yes to a medical exam. This is the perfect solution for diabetic individuals who have the ailment under control.
In case you want to apply for a policy right away, here is a site for getting affordable term life insurance for diabetics.
Whole Life Insurance Policies
Whole life insurance policies could be an asset for you as they offer coverage to you for the rest of your life. Your policy will also get a cash value as a portion of your premium payments will be invested and the proceeds will be deposited in a savings account. Bear in mind that the premium amounts will be quite steep so proceed cautiously.
Simplified Or Guaranteed Issue Life Insurance Policies
If your diabetes is out of control then you should select simplified or guaranteed life insurance policies. You would not need to appear for a medical exam. There is a catch though – these types of policies are available to people who are 50 and above years old. Furthermore, the policies will come with steep premium amounts and the payouts will be pretty less as well – typically within the 25 – 50, 000 USD range!
Group Life Insurance Policies
In case you are a diabetic and an employee at a company then you can apply for group life insurance. Most of the time, such policies are applied by your employer on your behalf and the best part, the premiums will be paid by your employer. Keep in mind that the coverage will be one or two times your annual salary hence, do not expect this insurance policy to help you clear off your debts!
Finding the right life insurance policy and then qualifying for it could be hard especially when you have been diagnosed with medical conditions like diabetes. There are lots of things that you need to consider before choosing an insurance company or insurance policy. Keep the information shared in the above sections in your mind for the best results. If you think that it is too much work then you can always seek help from a professional financial advisor.