We specialize in high-risk health situations such as diabetes and can very likely get you approved for the following life insurance policies even if you have been previously declined.
Term Life Insurance
Term Life Insurance is the most affordable life insurance policy you can get. Simply put, a Term Life Insurance policy only covers a lump sum nontaxable death benefit.
It’s called Term because even though you’re covered for life, life insurance companies sell in a packet of years such as 10, 20 or more years.
Term insurance can cover you for either short periods or longer periods such as when you are most vulnerable financially.
Whole Life Insurance
Whole life insurance is also called ‘Permanent Insurance’. It’s intended to cover you for life. It provides a complete insurance coverage package.
It consists of 2 components including death benefits that exist for the life of the policy. The death benefit is tax-deferred which means that it cannot be taxed when it is paid out.
You also have the advantage of a cash accumulation. This means a portion of your premium is set aside and invested by the insurance company in a tax-sheltered investment account. Over time, it grows. Like the death benefit, the cash accumulation is tax exempt.
Universal Life Insurance
Universal life insurance is also a type of permanent insurance. It’s similar to a whole life but with a difference.
There are two features for this policy including death benefits and a cash value accumulation.
A portion of the premium is invested by the insurance company into an investment portfolio of your choosing. You are guaranteed a specific rate of return regardless of how well the market does. But, if your investments perform better than the minimum guaranteed amount of investment, you reap the benefits as well.
This is the big difference between universal life insurance and a whole wife policy. Why? With a whole life policy, you can’t change the premiums to suit the economic situation.
Final Resort Life Insurance Coverage
However, we have another type of policy that is available in most states that even if your diabetes is more serious you may still be able to qualify for.
This life insurance policy is designed for high risk diabetes sufferers who are generally considered uninsurable for the traditional types of whole life insurance coverage.
You can get coverage for between $5,000 to $25,000. Issue ages are 25-80 in most states.
If you qualify. your death benefit will be paid out in what’s called a Graded Benefit. If you die within the first two years after the policy was issued, your death benefit will be limited to your amount of premiums plus 12% per year, unless you die accidentally in the first 2 years you will receive the full death benefit.
After the second year, the full death benefit is payable upon death regardless of the cause of death.
This coverage is exempt for the following states – NC, MN, MA, WA, and ID.
What The Life Insurance Companies Will Want To Know
Diabetics can qualify for good coverage and even be qualified for the best life insurance rate premiums.
The life insurance companies will want to know a few more specific things about your life insurance such as:
1. Your Diabetes Treatment
If you’re able to keep your diabetes under control with diet and exercise, then that’s the best scenario. Even so, maybe you have to take a pill or could be insulin dependent. The main thing is that insurance companies like to see fewer meds for better ratings.
2. What’s Your ALC Level?
If your a1c level is lower than 7.0, that’s considered great news by many insurance companies, and if you have no other health issues, you could qualify for standard rates or possibly better.
If you have between 7.0 to 7.5 then this is considered average control, and you can still get insurance.
3. Other Medical Issues or Factors
If you smoke or are overweight, these health issues increase your risk factor as a diabetic and make you a higher risk to insure.
Or, if you have or have had any other medical issues such as heart disease or had a heart attack, this also increases the risk to insure diabetics, so you can still likely get covered but at a sub-standard rating.
4. What’s Your Age and How Long Since You Were Diagnosed?
Here’s something interesting. An insurance company will give a better rating to people who are older when they are diagnosed with diabetes, and especially if they were diagnosed in the just past few years.
Why We Can Get You Coverage
It’s all about taking the case to the right company which is the one that will be most obliging to your particular diabetes risk.
We also have some companies who have credit programs or table shave programs, both of which reduce the total class rating and premium.
