A majority of people suffer from diabetes today due to busy lifestyles and other factors that affect them in various ways. Therefore, diabetic patients should know how to protect their families from financial setbacks when the risks are high. Diabetes can even lead to sudden death, and patients should consider choosing a life insurance plan from a provider. This will help a family claim the insurance amount when a policyholder is not alive.
On the other hand, life insurance can become complicated for those living with diabetes, and they should get ideas on how to select the right policy that caters to their needs. “Any time a person lives with a chronic illness such as Diabetes, it’s important to work with financial professionals, who are properly trained.” Says Matt Schmidt, a Diabetes Life Insurance expert.
What are the benefits of life insurance plans for diabetic patients?
1. Financial security
Diabetic patients can ensure financial security for their families through a life insurance plan in the event of their death. They can reduce the financial burden and help them manage expenses with ease.
2. Customisable options
Many insurance companies provide flexible policies to diabetic patients that are tailored to meet their unique needs.
3. Access to additional resources
Some insurers allow policyholders to get additional resources and diabetes management programs to promote better health.
4. Legacy planning
Life insurance for diabetic patients lets them plan their estate planning broadly to ensure a legacy for their beneficiaries.
What are the key factors that can influence life insurance policies for diabetic patients?
1. Diabetes type
The diabetes type can influence life insurance premium rates and eligibility of policyholders considerably. Therefore, individuals should navigate their options with more attention that helps them make informed decisions. Everybody has a different health profile, so there isn’t any one size fits all life insurance provider.
2. Health status
Insurers will evaluate the health status of diabetic patients, such as BMI, blood sugar control, and other health complications that can influence the terms of a policy. The better your health profile appears, the lower your premiums will be.
3. Age
Age is another factor that can influence life insurance policies for diabetic patients because many insurers will calculate the risk assessment depending on it after the diagnosis. Locking in a policy at a younger age will help keep premiums to be affordable.
4. Lifestyle choices
Lifestyle choices such as smoking, alcohol consumption, exercise habits, and diet will play a key role in a policy’s underwriting. Living a healthier lifestyle allows policyholders to ensure better premiums. Such underwriters may offer healthy lifestyle credits to your profile, which will lead to less expensive life insurance premiums.
5. Treatment adherence
Effective diabetes management, consistent follow-up appointments, and medication compliance are some other factors that can influence a policy’s premium rates. Make sure you’re compliant with your medical teams treatment plan.
How to get life insurance after being diagnosed with diabetes?
It becomes difficult to get life insurance after being diagnosed with diabetes. Those who want to choose a policy should follow the below tips to accomplish their goals, and reach to Diabetes Life Solutions.
1. Maintaining a healthy lifestyle
Maintaining a healthy lifestyle provides ways to lower premiums that help save money. One should focus on exercise, diet, health check-ups, and blood glucose control to reduce high premium expenses.
2. Evaluating specialized policies
Anyone who has been diagnosed with diabetes should look out for insurance companies that offer policies tailored for them that come with better premiums and terms.
3. Providing accurate information
Diabetic patients should provide accurate details while choosing an insurance plan that helps them avoid complications later.
4. Knowing the documentation process
Understanding the life insurance documentation process enables diabetic patients to submit medical records, including lab results and treatment history.
4 tips for diabetic patients to avail a life insurance policy
1. Assessing health status
Assessing overall health and diabetes management lets diabetic patients provide accurate information to insurers while processing an application.
2. Researching insurers
Diabetic patients should compare insurers online and from other sources to select a life insurance plan accordingly. Diabetes Life Solutions provides the best insurance policies for diabetic patients from over 70 providers. It is an ideal destination for finding a life insurance policy at affordable rates.
3. Consulting with experts
Seeking advice from experts or insurance advisors allows diabetic patients to get more ideas about life insurance policies with ease.
4. Evaluating the insurance costs
It is wise for diabetic patients to evaluate the insurance costs that allow them to spend money that fits their budget. They can get quotes from various insurers by providing important details that let them proceed further.
What are the types of life insurance policies available for diabetic patients?
A diabetic patient should know the life insurance policies available in the market which help choose the right one.
1. Term life insurance plan
Term life insurance is only active for some period, which can last between 10 years and 30 years. It is one of the affordable policies for individuals who want to get coverage for some years. On the other hand, the policy doesn’t include a cash value component compared to other insurance plans.
2. Whole life insurance plan
Whole life insurance is permanent life insurance that includes a death benefit and a cash value component that accumulates value over time. However, they are expensive and guarantee payouts to beneficiaries after the death of a policyholder.
3. Universal life insurance
Universal life is another permanent life insurance that comes with a death benefit and a cash value component. It enables policyholders to adjust the death benefit or use the cash value component to pay the premium. Three types of universal life insurance policies are available for policyholders, and each of them uses different investment strategies.
4. Guaranteed issue life insurance
Guaranteed issue life insurance, also known as guaranteed life insurance, doesn’t require any medical exams or health questionnaires to get approval. This insurance is the right option for senior citizens with a history of health problems or those who don’t qualify for traditional life insurance.
It may not pay death benefits for a few years, and a beneficiary will receive only partial benefits when a policyholder dies within the first few years. Furthermore, policyholders can obtain quotes online with minimal information, and a portion of each payment contributes to a cash value account. At the same time, the cash value accumulation is typically lower compared to other permanent life insurance plans.
Conclusion
Getting life insurance for diabetic patients involves various parameters, and they should know them to ensure financial protection for their loved ones in the event of death.
