Is Life Insurance an Option for Those with Diabetes?

Is Life Insurance an Option for Those with Diabetes?

There are many misconceptions people have about being able to get life insurance when you have diabetes. Many wonder if a good rate is possible.

Diabetes is not a serious disease if you manage it properly. But, unfortunately, most people do not manage it and complications can arise. These can include heart disease, stroke and more deaths a year than breast cancer and AIDS combined confirmed by the American Diabetes Association.

Diabetes can be deadly.

It is not true that being overweight or obese will cause diabetes. Other risk factors such as a family history may also play a role. Being overweight or even eating too much sugar does not mean that you will develop diabetes

People with diabetes do not need to be committed to a special diet but a healthy one that is low in saturated fat, with meals based on lean protein. Sweets and chocolates can be included in your diet.

What are the types of diabetes?

· Type 1 is diagnosed in children and young adults and was previously known as juvenile diabetes. Only five percent of people with diabetes have this form. In this type, the body does not produce insulin and needs insulin therapy as well as other treatments to manage the condition.

· Type 2 is the most common form of diabetes and causes blood glucose levels to rise higher than normal. But over time, insulin keeps blood glucose at normal levels starts to decline. With the correct treatment, you may be able to delay complications.

· Gestational diabetes occurs in pregnancy, usually around the week 24. It is characterized by high blood glucose levels. This does not mean that your baby will have diabetes after birth or that you will too.

Another fact is that life insurance is available for those who suffer from diabetes. Life insurers varies widely on how they underwrite and assess those with diabetes, which underscores the importance of shopping around and in dealing with an agency that represents many companies.

Assuming no other rate-able health conditions exist, here are examples of monthly premiums for women and men that reveal the best possible prices for type 2 diabetics considering a 20 year, medically underwritten, level term life policy that covers death by any cause, at any time, in any place, except for suicide within the first two policy years (one year in some states). Women who are 25 can get a $500,000 policy, 20 year term for approximately $35 dollars a month, men the same age for approximately $40 per month. At age 50, women can get a $500,000 policy for less than $100.00 per month.

Guaranteed life insurance, with no medical exam, is also available for those with diabetes but may be more costly. A good diet, exercise, self-management without medications and a later-in-life diagnosis will offer a better rate.

In celebration of National Diabetes Month, you may want to donate your time or dollars to the finding a cure for this disease. Many decide to charitably give through life insurance by making organizations their beneficiaries. Make a gift of a life insurance policy currently owned, donate a new life insurance policy, or have the charity purchase life insurance on the donor’s life and pay the annual premiums (assuming insurable interest and state law permits). Each of these allows a current income tax deduction.