How To Get The Best Life Insurance Rates For Diabetics In 2023.

 

Life insurance is a contract between you and an insurance company that promises to pay a sum of money to your beneficiaries when you die. Life insurance can provide financial security and peace of mind for your loved ones, especially if you have significant debts or dependents. But if you are a diabetic, getting life insurance can be a challenge. Diabetics face higher health and mortality risks than non-diabetics, which means they have to pay higher rates and premiums for life insurance. Diabetics also have fewer choices and options when it comes to life insurance products and policies.

But don’t despair. There are still ways for diabetics to get the best life insurance rates and coverage for their needs and goals. In this article, we will show you how diabetes affects your life insurance rates, how to find the cheapest life insurance companies for diabetics, how to lower your life insurance rates as a diabetic, and how to prepare for the future of life insurance as a diabetic.

How Diabetes Affects Your Life Insurance Rates

Diabetes is one of the most important factors that affect your life insurance rates and premiums. Diabetes increases your health and mortality risks and impacts your life expectancy. According to the American Diabetes Association (ADA), diabetes causes about 270,000 deaths per year in the U.S., or one in every seven deaths. Diabetes also increases your risk of developing various complications and conditions, such as heart disease, stroke, kidney disease, nerve damage, eye problems, etc.

Life insurance companies use these statistics and data to assess your risk profile and determine your life insurance rates and premiums. The higher your risk profile, the higher your rates and premiums will be. Life insurance companies also consider other factors, such as your type, severity, duration, and control of diabetes.

• Type: The type of diabetes you have can affect your life insurance rates and premiums. There are two main types of diabetes: Type 1 and Type 2. Type 1 diabetes is an autoimmune disease that occurs when your pancreas produces little or no insulin, a hormone that regulates blood sugar levels. Type 1 diabetes usually develops in childhood or adolescence and requires daily insulin injections or pumps to manage blood sugar levels. Type 2 diabetes is a metabolic disorder that occurs when your body becomes resistant to insulin or does not produce enough insulin. Type 2 diabetes usually develops in adulthood and can be managed with oral medications, diet, exercise, or insulin injections or pumps. Generally speaking, Type 1 diabetes is considered more serious and risky than Type 2 diabetes by life insurance companies, which means that Type 1 diabetics may have to pay higher rates and premiums than Type 2 diabetics.
• Severity: The severity of your diabetes can affect your life insurance rates and premiums. The severity of your diabetes depends on various factors, such as your blood sugar levels, hemoglobin A1c levels, complications, medications, etc. Blood sugar levels measure how much glucose is in your blood at any given time. Hemoglobin A1c levels measure how well you have controlled your blood sugar levels over the past two to three months. Complications refer to any health problems or conditions that are caused or worsened by diabetes. Medications refer to any drugs or devices that you use to treat or manage your diabetes. Generally speaking, the higher your blood sugar levels, hemoglobin A1c levels, complications, or medications are, the more severe your diabetes is considered by life insurance companies, which means that you may have to pay higher rates and premiums than someone with less severe diabetes.
• Duration: The duration of your diabetes can affect your life insurance rates and premiums. The duration of your diabetes refers to how long you have been diagnosed with or living with diabetes. Generally speaking, the longer you have had diabetes, the higher your rates and premiums will be by life insurance companies. This is because having diabetes for a long time can increase your chances of developing complications or worsening your condition.
• Control: The control of your diabetes can affect your life insurance rates and premiums. The control of your diabetes refers to how well you manage or regulate your blood sugar levels with medications, diet, exercise, or other methods. Generally speaking, the better you control your diabetes, the lower your rates and premiums will be by life insurance companies. This is because controlling your diabetes can reduce your health and mortality risks and improve your life expectancy.

Depending on these factors, your life insurance rates and premiums as a diabetic can be two to three times higher than those of a non-diabetic. For example, according to MoneyGeek, the average monthly rate for a 20-year, $500,000 term policy for a 40-year-old male diabetic is $71.25, while the same policy for a 40-year-old male non-diabetic is $24.82.

There are different types of life insurance products and policies that are available for diabetics, such as term, whole, universal, or guaranteed issue.

• Term: Term life insurance is the simplest and cheapest type of life insurance. It provides coverage for a fixed period of time, such as 10, 20, or 30 years. If you die within the term, your beneficiaries will receive the death benefit. If you survive the term, your coverage will expire unless you renew it at a higher rate. Term life insurance is suitable for diabetics who need temporary protection or who have a limited budget.
• Whole: Whole life insurance is a type of permanent life insurance. It provides coverage for your entire life, as long as you pay the premiums. It also accumulates cash value over time, which you can borrow or withdraw for various purposes. Whole life insurance is more expensive than term life insurance, but it offers more stability and benefits. Whole life insurance is suitable for diabetics who need lifelong protection or who want to build or preserve wealth.
• Universal: Universal life insurance is another type of permanent life insurance. It provides coverage for your entire life, as long as you pay the premiums. It also accumulates cash value over time, but it offers more flexibility and options than whole life insurance. You can adjust your coverage amount, premium rate, or policy term according to your changing needs, goals, or circumstances. You can also invest your cash value in various funds or accounts to earn higher returns. Universal life insurance is more expensive than term life insurance, but it offers more customization and potential growth. Universal life insurance is suitable for diabetics who need lifelong protection or who want to optimize their financial planning.
• Guaranteed issue: Guaranteed issue life insurance is a type of permanent life insurance that provides a small amount of coverage, usually between $5,000 and $25,000. It is designed to cover your final expenses, such as funeral costs, medical bills, or other debts. Guaranteed issue life insurance is easy to qualify for, as it does not require a medical exam or extensive health questions. It is also affordable, as it has low premiums and fixed rates. Guaranteed issue life insurance is suitable for diabetics who are older, in poor health, or have limited income or savings.

How To Find The Cheapest Life Insurance Companies For Diabetics

As a diabetic, you may think that finding cheap life insurance is impossible. But that’s not true. There are still ways for diabetics to find the cheapest and best life insurance companies and providers for their needs and goals. Here are some tips and tricks to help you find the best rates and coverage as a diabetic.

• Compare quotes from multiple life insurance companies and providers: One of the best ways to find the cheapest life insurance rates and coverage as a diabetic is to compare quotes from multiple life insurance companies and providers. Different companies and providers have different underwriting guidelines, risk assessments, pricing models, and product offerings for diabetics. By comparing quotes from multiple sources, you can find the best deal that suits your needs and goals. You can use online tools, platforms, or brokers to compare quotes from multiple companies and providers easily and quickly.

• Choose a reputable and reliable life insurance company or provider: Another important factor to consider when shopping for life insurance as a diabetic is the reputation and reliability of the life insurance company or provider. You want to choose a company or provider that has a strong financial strength, high customer satisfaction, wide product variety, and good features. You can check the ratings, reviews, complaints, and feedback of different companies and providers from various sources, such as AM Best, J.D. Power, Better Business Bureau, etc. You can also ask for referrals or recommendations from your friends, family, or colleagues who have experience with different companies or providers.

• Save money on life insurance as a diabetic: There are also some ways to save money on life insurance as a diabetic, such as:

• Buying online: Buying life insurance online can save you money on commissions, fees, or charges that you may have to pay if you buy through an agent or broker. Buying online can also save you time and hassle by allowing you to compare quotes, apply for policies, and manage your account online without any physical interaction or paperwork.
• Choosing a shorter term: Choosing a shorter term for your term life insurance policy can save you money on premiums, as shorter terms have lower rates than longer terms. However, you should make sure that the term covers your longest financial obligation or goal, such as paying off your mortgage or sending your kids to college. You should also consider the possibility of renewing your policy at a higher rate when the term expires.
• Bundling with other policies: Bundling your life insurance policy with other policies from the same company or provider can save you money on premiums by giving you discounts or incentives. For example, you may be able to bundle your life insurance policy with your auto, home, or health insurance policy and get a lower rate or better coverage.

How To Lower Your Life Insurance Rates As A Diabetic

The best way to lower your life insurance rates as a diabetic is to improve your diabetes management and control. Improving your diabetes management and control can significantly reduce your health and mortality risks and improve your life expectancy. This can result in lower rates and premiums for your life insurance policy over time.

However, improving your diabetes management and control is not easy. It takes time, effort, and commitment. It also requires proof and verification from your life insurance company or provider.

Here are some steps to follow if you want to lower your life insurance rates as a diabetic by improving your diabetes management and control:

• Monitor your blood sugar levels: The first step to improve your diabetes management and control is to monitor your blood sugar levels regularly and accurately. You need to check your blood sugar levels at least once a day, preferably before and after meals, exercise, or bedtime. You also need to record your blood sugar levels in a logbook or an app and share them with your doctor or health care provider. Monitoring your blood sugar levels can help you track your progress, identify any problems, adjust your medications, diet, exercise, or other methods accordingly.
• Lower your hemoglobin A1c levels: The second step to improve your diabetes management and control is to lower your hemoglobin A1c levels. Hemoglobin A1c is a blood test that measures how well you have controlled your blood sugar levels over the past two to three months. The lower your hemoglobin A1c levels are, the better your diabetes management and control are. The ADA recommends that most adults with diabetes aim for a hemoglobin A1c level of less than 7%. Lowering your hemoglobin A1c levels can help you prevent or delay complications, improve your quality of life, and reduce your life insurance rates and premiums.
• Prevent or manage complications: The third step to improve your diabetes management and control is to prevent or manage any complications that may arise from diabetes. Complications refer to any health problems or conditions that are caused or worsened by diabetes, such as heart disease, stroke, kidney disease, nerve damage, eye problems, etc. Preventing or managing complications can help you improve your health and well-being, extend your life span, and lower your life insurance rates and premiums.
• Prove your diabetes status and improvement: The fourth step to improve your diabetes management and control is to prove your diabetes status and improvement to your life insurance company or provider. You need to inform your company or provider that you have improved your diabetes management and control and request a lower rate or policy review. You also need to provide evidence or verification that you have improved your diabetes management and control for a certain period of time, such as taking a hemoglobin A1c test, submitting medical records, or signing an affidavit.
• Enjoy your lower rate: The fifth step to improve your diabetes management and control is to enjoy your lower rate for your life insurance policy. Depending on your company or provider’s policies and procedures, you may be able to get a lower rate or policy review after six months to two years if you have improved your diabetes management and control and maintained it for at least three months. However, some companies or providers may require longer periods of improvement or more stringent proof or verification before they lower your rate or policy review.

Besides improving your diabetes management and control, there are some other ways to improve your health and lifestyle as a diabetic that can also lower your life insurance rates, such as:

• Exercising: Exercising can help you improve your physical and mental health, reduce your stress, boost your energy, and strengthen your immune system. Exercising can also help you lower your blood sugar levels, hemoglobin A1c levels, blood pressure, cholesterol levels, and weight. Exercising can also help you prevent or manage complications, such as heart disease, stroke, or kidney disease.
• Eating well: Eating well can help you improve your nutrition, digestion, metabolism, and immunity. Eating well can also help you lower your blood sugar levels, hemoglobin A1c levels, blood pressure, cholesterol levels, and weight. Eating well can also help you prevent or manage complications, such as diabetes, heart disease, stroke, or kidney disease.
• Managing stress: Managing stress can help you improve your emotional and psychological well-being, enhance your mood, sleep quality, and concentration. Managing stress can also help you prevent or cope with anxiety, depression, anger, or other mental health issues. Managing stress can also help you lower your blood sugar levels, hemoglobin A1c levels, blood pressure, cholesterol levels, and weight. Managing stress can also help you prevent or manage complications, such as heart disease, stroke, or kidney disease.

How To Prepare For The Future Of Life Insurance As A Diabetic

The future of life insurance in 2023 and beyond is uncertain and unpredictable for diabetics. The life insurance industry is constantly changing and evolving due to various factors, such as new technologies, regulations, competitors, customer expectations, etc. These factors can affect the life insurance rates and products for diabetics in different ways.

Here are some key trends and developments that will affect the life insurance rates and products for diabetics in the future:

• New technologies: New technologies, such as data, analytics, artificial intelligence, blockchain, etc., will continue to transform the life insurance industry in terms of risk assessment, pricing, product innovation, customer experience, etc. These technologies can create new opportunities or challenges for diabetics, depending on how they are used or regulated by life insurance companies or providers. For example, new technologies can enable more accurate and personalized risk assessment and pricing for diabetics, which can lower their rates and premiums if they have good diabetes management and control. However, new technologies can also enable more invasive and discriminatory risk assessment and pricing for diabetics, which can raise their rates and premiums if they have poor diabetes management or control.
• New regulations: New regulations, such as privacy, security, disclosure, etc., will continue to affect the life insurance industry in terms of data collection, use, and sharing, product design and delivery, customer protection, etc. These regulations can create new benefits or burdens for diabetics, depending on how they are enforced or complied by life insurance companies or providers. For example, new regulations can protect the privacy and security of diabetics’ personal and health data, which can prevent them from being exploited or discriminated by life insurance companies or providers. However, new regulations can also limit the access and availability of diabetics’ personal and health data, which can prevent them from getting the best rates and coverage from life insurance companies or providers.
• New competitors: New competitors, such as tech giants, insurtech startups, online platforms, alternative providers, etc., will continue to disrupt the traditional life insurance models with innovative offerings and immersive experiences. These competitors can create new choices or challenges for diabetics, depending on how they compete or collaborate with life insurance companies or providers. For example, new competitors can offer lower prices, faster processes, better customer service, or niche solutions that cater to diabetics’ specific needs or preferences. However, new competitors can also pose a serious threat to the incumbent life insurance companies or providers that rely on traditional distribution channels, products, and processes. They can erode their market share, revenue, profitability, and customer loyalty.

The future of life insurance in 2023 and beyond is bright and exciting for diabetics who are willing and able to adapt and innovate. Diabetics who can improve their diabetes management and control and leverage the latest and best technologies, regulations, and competitors can get the best life insurance rates and coverage for their needs and goals. However, the future of life insurance in 2023 and beyond is bleak and daunting for diabetics who are unable or unwilling to change and improve. Diabetics who neglect their diabetes management and control and ignore or resist the latest and best technologies, regulations, and competitors can face higher life insurance rates and premiums, lower coverage options, or even denial of coverage.

Are you ready for the future of life insurance in 2023 and beyond as a diabetic? If not, don’t worry. We are here to help you. Contact us today and let us guide you through your life insurance journey as a diabetic.