Type 2 Diabetes and Life Insurance
Posted by Lenny Robbins on Fri, Feb 11, 2011 @ 04:06 AM
Type 2 diabetes, also known as adult onset diabetes is the most common form of diabetes in the country. Diabetes affects 25.8 million people of all ages in the U.S., a whopping 8.3% of the population. Among other things, having diabetes will affect your life insurance rating. There are some things to know before you apply for life insurance.
An important measure to be aware of is your A1C level. This is a blood test that reflects your average blood sugar level for the past two to three months. The lower your A1C level, the better your blood sugar control. Generally 7.0 or below is considered good control by the life insurance underwriters. It stands to reason that if your diabetes is poorly controlled you are at greater risk of complications and therefore a poorer risk for life insurance. If you don’t know your A1C, check with your doctor before you begin to look at life insurance.
When were you diagnosed with diabetes? This will have a bearing on your insurance as well. We have seen several clients who were unaware that they were diabetic find out during the life insurance application process! Once they have good sugar control for 6 months, we could help them get insurance. The insurance companies like to see good control for a minimum of 6 months. The longer you have been in good control, the better!
Do you see your doctor regularly? The insurance company is going to order your medical records. They will look for long term control, any other medical conditions you may have, medications you are taking, and to see if you have any complications of diabetes. They will also check your build (height and weight) over time.
If your diabetes is controlled, you will most likely receive a life insurance offer with a standard or Table 2 rating. (The approval ratings go from preferred best, preferred, standard plus, standard and Table 1 through Table 10). If your diabetes is not controlled, you may receive an offer with a higher Table rating, or be postponed or even declined. The good news is, once you are back in control for a period of time you can apply again.
Each insurance company has a slightly different approach to diabetes. It’s a good idea to work with an independent life insurance agent to help you consider which company will be best for you.
