Many people who have type 2 diabetes wonder if they'll be able to find life insurance that they can afford. After all, insurers rate risk primarily on age and health, and they'll price premiums accordingly. Thankfully, it's typically easy for people with type 2 diabetes to find life insurance, and there are steps that you can take to reduce your monthly premiums when you're applying. To find out how to keep your life insurance premiums low when you have type 2 diabetes, read on.
1. Control Your Diabetes
When life insurers are trying to determine your premiums, two of the most important factors that affect cost are the age at which you were diagnosed with type 2 diabetes and how well you are controlling it. People who are diagnosed at a young age will typically face higher premiums.
You can't do anything about the age of diagnosis, but you'll be able to reduce your premiums by proving that your type 2 diabetes is under control. Insurers typically use your A1C levels. It's an excellent measure of how well you're controlling your diabetes since A1C represents your average blood glucose level over the past three months. Generally, an A1C of under 7% is considered to be ideal for someone who is managing their diabetes, so you should aim for this number.
The method you're using to control your diabetes is another factor that insurers will consider. If you're dependent on insulin, they'll consider you to be a higher risk than if you were controlling your diabetes with diet and exercise alone. Oral medications, such as metformin, don't influence your premiums as much as insulin. Ask your doctor about what you can do to reduce your A1C levels since keeping them low will reduce your life insurance premiums.
2. Eliminate Reversible Comorbidities
Life insurance companies look at your overall health when they're determining your premiums. Type 2 diabetes is associated with numerous comorbidities, like high blood pressure, congestive heart failure, kidney disease, and obesity.
While some of these comorbidities aren't reversible, you'll be able to reduce your premium by reversing the ones that are. Losing weight and controlling your blood pressure with antihypertensive medication, for example, will improve your overall health in the eyes of a life insurance company.
3. Avoid Guaranteed-Issue Life Insurance
Guaranteed-issue life insurance is a type of insurance that can't deny for you for any reason, including medical reasons. However, the premiums are extremely high compared to other types of life insurance. In addition, the maximum coverage amount tends to be very low. Even if you're worried about getting denied for insurance due to type 2 diabetes, you should avoid guaranteed-issue insurance if you want low premiums.
4. Take the Insurer's Medical Exam
Most life insurance policies require you to take a paramedical exam or get a full physical from a doctor during the underwriting process. No-exam companies allow you to skip this step when you apply for insurance. Some people think this allows them to receive insurance that doesn't take their medical history into account.
However, this isn't true. You'll still have to release your medical records to them as part of the application process. If you've been diagnosed with type 2 diabetes, they'll know it from your medical records. Premiums for no-exam insurance are almost always higher than premiums for insurance that requires you to take a medical exam, so it's a good idea to select an insurer that requires you to take one.
5. Shop Around for Special Plans
Some life insurance companies have special plans for people with type 2 diabetes. These plans allow you to reduce your monthly premiums by taking care of your health while you're enrolled. For example, you may be able to receive a premium reduction for exercising regularly or for going to your annual physical. These plans help you reduce your monthly premium while also inviting you to stay healthy.
Finally, don't forget to shop around for life insurance. Depending on how a particular insurer rates different medical conditions, you may find that one offers better premiums for a person with type 2 diabetes. As long as you have been keeping your diabetes under control, you'll often be able to find a plan that fits within your budget by shopping around.
For more information, contact a life insurance provider today.
Share26 August 2020
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