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Can I Get Life Insurance if I Have Diabetes?

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If you’ve been diagnosed with diabetes, you’ve probably always assumed an affordable life insurance policy isn’t an option for you. With over 29 million people in the United States (9.3%) now dealing with such a diagnosis, life insurance carriers have recognized the need for affordable options. Many have developed policies specifically geared towards diabetics, many with no exam required.

Let’s take a look at how your diabetes could affect your ability to obtain a policy and what, specifically, affects your rates.

How Does Diabetes Impact Life Insurance Rates?

As with any life insurance policy, the healthier you are, the lower your insurance costs will be. There are a number of factors that go into determining life insurance with diabetes rates.

  • If this is a recent diagnosis, the time to purchase a life policy is now. As time goes on, fluctuating blood sugar levels, as well as blood sugar medications, stand to harm your body.
  • Is your diabetes under control? Are you responding well to treatment? What healthy lifestyle changes have you made?
  • What type of medications are you currently taking?

While a type I diabetic taking insulin is considered more at risk than a type II diabetic taking oral medications or a diabetic controlling their blood sugar through diet, there are options for everyone. The key is to follow your healthcare provider’s treatment plan and remain diligent in controlling your blood sugar.

What Other Factors Might Influence My Rates?

If you’ve been diagnosed with other health conditions, in addition to diabetes, it could influence your ability to find an affordable life insurance policy.

Influencing health conditions include:

  • A history of smoking
  • Uncontrolled blood pressure
  • Uncontrolled cholesterol
  • History of heart disease
  • Kidney disease
  • Neuropathy, particularly in your extremities
  • Vascular disease
  • Obesity

What Aspects of My Diagnosis Will Affect My Eligibility and Rates the Most?

If your diabetes is not under control, underwriting will likely deny your application. Underwriting will also consider the following factors:

Your A1c level: Anything below 7.5 is considered good. Some underwriters, however, will accept an A1c level of up to 8.5.

Your fasting blood sugar level: While applicants with blood sugar levels of up to 180 are often considered, 140 and below is viewed as the ideal range. Some insurance companies consider fructosamine levels during the application process. Ideal levels are 1.5-2.5.

Current medications: What medications are you currently taking and how effective are they at controlling your levels? How well are you monitored by your physician?

Age of diagnosis: What age were you diagnosed? The older in life you were diagnosed, the more likely you are to qualify at an affordable rate.

What Can I Do to Get the Best Life Insurance Rates?

Your best bet is to identify insurance carriers that specialize in high risk policies or one that offers “clinical underwriting.” The “clinical underwriting” process looks at the full picture, evaluating your overall health, rather than focusing on specific health risk factors.

There are a number of insurance carriers that offer affordable policies. When you are ready to begin the process, consider working with a reputable insurance agent in your community. They’ve built professional relationships with each carrier. Their experience will offer invaluable insight into which carrier is the best fit for you and your unique situation. Disclose all details of your health history; surprises could lead to higher rates or, in some cases, policy denial. Most importantly, work daily to live a healthy lifestyle and control your blood sugar. Not only will this assist in finding the most affordable rates, it will ensure your life insurance policy isn’t needed in the near future.

Does Family History Really Affect Life Insurance Premiums?

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Once you have applied for life insurance, an underwriter will review your application to determine eligibility and identify your rate class. There are several factors the underwriter will consider during this process. They will include: age, current health status, extracurricular activities, and family history.

Yes, that’s correct, your family history does play a factor. You could be in the greatest of health, but still be affected by a family history of poor health. If your family’s health history is less than stellar, this probably raises a lot of questions for you. The purpose of today’s blog is to answer those questions. So, let’s get started.

Why Do They Care About My Family’s Health?

Modern advances in medicine have revealed that many disorders occur more frequently in some families than others. If an immediate family member (father, mother, and/or siblings) have been diagnosed with a serious medical condition, the underwriter will delve a little deeper into their history post-diagnosis. Depending upon the severity, as well as a number of other factors, you could be facing higher policy premiums. In extreme cases, an applicant could be denied coverage.

What Are They Looking For?

While there are a number of health conditions your underwriter will consider, two in particular raise the most concern. Dubbed “The Big Two,” a family history of heart disease or cancer will send up red flags to your life insurance underwriter. Both have been linked to early mortality and are the leading causes of death in the United States. If several family members have been diagnosed with either condition before the age of 60, you will likely be placed in a higher rate class, resulting in a higher premium.

In addition to “The Big Two,” a family history of the following diseases/medical conditions could result in higher premiums:

  • epilepsy
  • cystic fibrosis
  • eye disorders
  • deafness
  • motor neuron disease
  • kidney disease
  • blood disorders
  • liver disease
  • Alzheimer’s disease
  • musculoskeletal
  • bowel disorders
  • Tay-Sachs disease
  • neurological/psychiatric
  • PKU
  • drug dependency
  • respiratory
  • alcoholism

While it is possible that your family’s health history could result in a denial of coverage, do not let that discourage you. The Vista Insurance Group specializes in helping high-risk clients obtain the coverage they need.

What If I’m Adopted?

If you are adopted, finding out your family history could prove difficult, if not impossible. You will not be penalized for this. Note this information on your application and the underwriter will work solely off of your medical history.

Can’t I Just Leave That Information off My Application?

Falsifying or omitting information on your application is considered insurance fraud. If discovered, you could face probation, community service, fines, or even jail time. And, since life insurers have access to MIB (Medical Information Bureau) reports, it’s highly likely that they will uncover the truth.

While most insurance companies will not take the time to prosecute in these cases, the lies will have consequences. It can slow down the underwriting process or, in some cases, cause them to decline the application altogether.

Should you make it all the way through the underwriting process and the policy is issued, you and your family are still at risk. Before paying out, insurance companies investigate death benefit claims. If your lies or omissions are discovered, the insurer has every right to deny or reduce payout to your beneficiaries.

Does Every Insurance Carrier Follow the Same Set of Rules?

No, each insurance carrier follows their own set of underwriting guidelines. Some may place more emphasis on an applicant’s parents’ medical history, while others place equal importance on both parents and siblings. One may deny coverage when both parents have a history of kidney disease, while another may only qualify you for a Standard rating.

If members of your family have been diagnosed with a serious medical condition, the best thing to do is be honest and up-front. The Vista Insurance team is here to assist you in finding the very best coverage at the most affordable rate. We have built relationships with a number of reputable carriers and are here to ensure you obtain the coverage you need for your unique situation.

What to Expect From the Life Insurance Application Process

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We’ve spent the last few weeks educating you on the life insurance underwriting and paramedical exam process. But, what about the steps leading up to the medical exam? What can you expect from the application process and how long does it all take? Today, we’ll review each step in detail, hopefully preparing you for what lies ahead.

Step 1: Compare Quotes

Once you’ve spoken with an insurance agent and identified how much coverage you need, it’s time to start comparing quotes. Your goal is to identify the most financially secure company with the most affordable rate. While many quotes can be obtained online, it’s often time-consuming and overwhelming. Working with an independent agent is the easiest and most efficient way to comparison shop.

Tip: Don’t base your final decision on price alone. Only consider insurers who are rated A- or higher by A.M Best. Hopefully, your loved ones won’t need to cash in on that insurance policy for many years to come; you need a company that will still be around in 30 – 40 years.

Step 2: Application

Now that you’ve selected the policy that best fits your needs, it’s time to fill out the paper application. This is usually a fairly simple and quick process, lasting for 10 to 30 minutes.

You’ll be asked some basic information regarding:

  • Your health history
  • Family’s health history
  • Prescription medications you’re taking
  • Criminal and driving record
  • Dangerous hobbies you participate in

You’ll also want to come prepared with the following information:

  • Beneficiary information, including social security number and date of birth
  • Contingent beneficiary information
  • Your social security and drivers license number
  • Latest tax return income information
  • Your primary doctor’s contact information

Tip: Lying on an insurance application is considered fraud and could result in some serious penalties. Don’t offer any information that isn’t asked, but never lie.

Step 3: Paramedical Exam

Once your application has been submitted, a medical technician will contact you to set up your paramedical exam. You’ll be asked for additional information regarding your health and the nurse will check your weight, height, and blood pressure. They’ll also take urine and blood samples. This process should take between 15 and 30 minutes, depending upon the specifics of the policy you’ve applied for.

Tip: If you’re concerned about the medical exam, our blog goes into greater detail on what to expect and what steps you can take to better prepare yourself.

Step 4: Phone Interview

Some insurance companies require applicants to undergo a phone interview. This is a fairly painless and speedy step; plan on spending 15 to 20 minutes on the phone.

Tip: Again, don’t volunteer information that’s not asked of you. Answer the questions honestly and briefly.

Step 5: Underwriting

Once you’ve completed these steps, all the information that’s collected is forwarded to the underwriter. While this is typically the longest part of the process, it doesn’t require any action on your part. The underwriter will review the details of your application, medical, and personal history and assign you a health/rate class.

Tip: This can take anywhere from 3 – 6 weeks, sometimes longer if they have to request medical records from your doctor. It doesn’t mean there’s anything wrong or that you’ll be denied, so don’t start thinking the worst.

Step 6: The Decision

Once the underwriter has had an opportunity to review your information, the company will come back with a decision. Hopefully, your policy will be accepted at the rate you applied for. If it comes back “other than applied,” it can mean one of two things – you either qualified for a lower rate, or a higher rate.

Tip: If it comes back at a higher rate, discuss your options with your insurance agent. Some applicants choose to reduce their coverage amount or drop the policy term, while others opt to go with another carrier entirely.

Step 7: The Policy Takes Effect

Upon making your decision, notify your agent or the insurance company. Your policy will then be processed and forwarded to you for review. Once your signed policy and first premium payment have been received, the policy is officially in force.

Tip: Inquire about using a conditional binding receipt, which would put your policy in force immediately. Additionally, make sure you notify the beneficiaries that they’ve been named on your policy.

If your worst fears come true and you’re denied coverage, schedule a meeting with your agent to discuss your options moving forward. Don’t make the assumption that you’ll be denied with another carrier, as each company has their own set of underwriting guidelines. Many even offer policies that do not require a medical exam for a slightly higher policy premium.

Preparing for a Life Insurance Medical Exam? Find Out What to Expect

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While it’s possible to secure a life insurance policy without a paramedical exam, there are some instances where one could be required. If you’ve never had one before, you probably have some questions, and even a little anxiety.

Today, we’re going to walk you through the process and provide answers to some of the most commonly asked questions. Hopefully we can put your mind at ease. Worrying about the exam only puts undue stress on your body, potentially harming your exam results.

Scheduling Your Paramedical Exam

Once your life insurance application has been received, a licensed medical professional will contact you to schedule the exam. They’ll come to either your home or office, whichever is most convenient for you. The average exam lasts 15-30 minutes.

An important tip to remember – The examiner will be taking several vials of blood, so you’ll need to fast for at least 8 hours leading up to the exam. If possible, schedule your appointment for first thing in the morning. When you wake, your fasting will be complete and you’ll be ready to take the exam. It’s ok to drink a glass of water that morning, but wait until after the tests are complete before eating breakfast and drinking your morning coffee.

Stages of the Life Insurance Medical Exam

The medical exam will be broken down into two steps:

A medical questionnaire, where the examiner will ask you a series of questions about your health.

A physical exam, where the medical professional will draw blood and collect a urine sample. He/she will also record some basic measurements, including your height and weight, blood pressure, and pulse.

If you’re applying for a face amount or are 60 years of age or older, the insurance company may require an EKG. When scheduling your appointment, ask the technician if this will be required of you. If so, plan on the exam taking 30-45 minutes.

Depending upon the findings on your application and medical questionnaire, further checks into your personal history may be required. If you have a history of drug or alcohol abuse, a criminal record, or engage in any dangerous hobbies, be prepared to provide additional details. Remember, the purpose of this exam is to determine eligibility AND rate class. So don’t assume, just because you jump out of planes on the weekend, you’ll be denied coverage.

An important tip to remember – To verify your identity, the examiner will ask to see your driver’s license. So, make sure you have it easily accessible before getting started.

What Happens Now?

Upon leaving the exam, the medical professional will submit your lab work for processing. Samples will be screened and the results will be sent to the underwriter for consideration. If necessary, underwriting may request additional medical records from your private physician. After a thorough review, the life insurance company will assign you a rate class, which is what determines your premium amount. Should you accept their policy offer, a policy will be sent to for you to review.

An important tip to remember – Within 7-14 days, your lab results will be completed. Be sure to ask for a copy of the results for personal review.

Frequently Asked Questions Regarding a Life Insurance Medical Exam

What is the insurance company testing for? Blood and urine samples are collected to test for irregularities in your:

  1. Heart and Arteries
  2. Kidney and Bladder
  3. Liver
  4. Pancreas

Additionally, they’re looking for traces of Cotinine, the main byproduct of nicotine, which can remain in your system for up to 3 months and Serum HIV, the virus that causes AIDS.

How much does my paramedical exam cost? Your exam is part of the life insurance underwriting process. The company absorbs all of the cost. And don’t forget to ask for your free copy of the results!

What if I believe the results are inaccurate? If you feel some of the results are off, contact your agent. They can contact the insurer to see if they’ll accept a second medical exam. If the results of the second exam offer different information, the underwriter will consider both when determining your rating.

If I die before the results are in, will the beneficiary receive payment? There’s no set rule for this scenario. Generally speaking, if underwriting comes back that you would have been accepted, the beneficiary would receive the death benefit. For more detailed information, consult with your agent. They can help you understand the intricacies of the policy you’ve applied for.

Once I’ve applied and taken the medical exam, am I obligated to purchase the policy?No, you’re not obligated to purchase the policy, even after you’ve taken the exam. In fact, if you’re considering another carrier, you can even avoid a second exam by sharing a copy of the results with them. They just require that the paramedical exam was taken in the last 6 months.

As you can see, the life insurance paramedical exam is a fairly quick and painless process. If you’re still concerned about the exam, there are No Medical Term Life Insurance policies available. Because the insurance company collects limited health information from you for these policies, the premiums are typically quite a bit higher.

Stay tuned next week, as we offer some tips on how to prepare for your life insurance paramedical exam.