If you are a diabetic, you probably know that you will be paying more for life insurance than someone who is not a diabetic. However, do you know how to find the best life insurance company for you? Why are some companies better than others for life insurance for diabetics?
What Makes a Company Good for Diabetics
First of all, you need to know that insurance carrier underwriting guidelines are not all the same. Every company has their own niche(s). These niches cater to making insurance underwriting guidelines more affordable for a certain group. They aren't necessarily the best carrier for all issues!
Some companies have guidelines that are more lenient for heart issues, others are more lenient on cancer. What a diabetic needs is a company which has underwriting policies that are more lenient about diabetic issues. You want a company that wants your business!
How Do Diabetics Find a Good Company for Term Life Insurance?
Even though you might be tempted to shop around for a good company using a quote engine, diabetics can't find out which companies are good for them that way. Diabetics need an experienced independent life insurance agent who is familiar with many different companies and their underwriting policies.
An independent agent can ask enough questions about your particular health situation that they can match your application to the right company to get you the best rate. Did you know certain companies will give credits for good health items or history and this can improve your rating?
How Do You find Good Permanent Life Insurance for Diabetics?
Because a diabetic tends to have more health problems as they age, you may want to consider getting permanent life insurance. Permanent insurance is more expensive than term insurance, so you need to have an agent who knows the carriers and any special programs like table shaving.
In determining your price for insurance, the company underwriting the policy give you a rating based on your health. However, some companies will offer permanent life insurance applicants a "table shaving" program (placement in a better rating category than their health issues would normally get).
An independent agent knows about table shaving and other special programs which can help you get a better deal on insurance.
What About Life Insurance for Multiple Health Issues?
Diabetes can cause many other health problems and if you have multiple health issues you need to be sure that you get expert help from an independent agent in order to find life insurance.
Getting life insurance can be difficult if you have many health problems, so an agent who has an in-house underwriter can help. The in-house underwriter can help present your case in the most favorable manner. They can discuss your file with the insurance company underwriter and this may assist in you getting a better rating.
The Bottom Line
If you have diabetes, you need to get life insurance sooner rather than later. But don't try to get it on your own. Get the help of an experienced independent agent who specializes in helping people get life insurance for diabetics. An experienced agent can help you understand your options and make the best choice of insurance for you. You can also be assured that with an independent agent's help, you should get the best possible insurance for the best possible premium.
Photo Credit: Mike Schinkel