Is it possible to find affordable life insurance for diabetics? These steps will help you save money on life insurance. This is how to save money on diabetic life insurance.
1. Take control of your diabetes
It is likely that you are aware of the importance of controlling your blood sugar. You may not realize that your lifestyle can make a huge difference in your life insurance premiums. You can control diabetes by following these tips:
Make sure you eat the right foods.
Exercise regularly.
Maintain a healthy weight.
For check-ups, see your doctor.
Follow all instructions from your doctor.
Ask your doctor questions to learn how you can better manage your blood sugar, and follow his advice.
Regularly check your blood sugar levels and adjust your diet, medication, and insulin.
Keep track of your exercise, blood sugar levels, and food intake.
Discuss with your doctor what you can do to improve your diabetes control.
Insurance companies recognize that people with diabetes who have good control of their disease are healthier. All companies consider how well you manage your diabetes when assessing you for insurance.
2. A professional independent agent who is experienced in underwriting for diabetes
Different life insurance companies have different underwriting guidelines, different ways of looking at diabetes, and different approaches to managing other health conditions. Finding the right company that offers better diabetes underwriting is key to saving money on diabetic life insurance.
A good guide is an independent agent with experience in dealing with diabetics. A professional agent who has experience underwriting diabetics may also be able to assist you with the application process.
Matt Schmidt with Diabetes Life Solutions notes the following “any time you live with a disease such as diabetes, you’ll definitely want to work with agents who specialize in this field. By working with an independent agent, you could stand to save thousands of dollars over time. As an example, we have options that provide discounted life insurance for type 1 diabetics that are lower priced than our competitors.”
3. Get ready for your exam
A blood test is required when you apply for life insurance. An AC1 blood test is used to determine how well your diabetes has been controlled over the last several months. A paramedic will examine you for height, weight, and any other health indicators.
To help you get the best exam results, your agent will provide you with instructions. It is important to get the best possible results because insurance companies will consider your lab results to be the most current information about you.
4. Use Technology
Technology is not always your friend. It is usually your friend when it comes to diabetes and life insurance rates. The technology we use can help a diabetic’s overall health.
Consider an insulin pump or continuous glucose monitoring device for type 1 diabetes. You may be eligible for a discount on your insurance premiums by using diabetes-related technology. These types of devices are viewed favorably by companies and may result in better life insurance offers than those who don’t use it.
5. Tobacco Products should not be used
Your insurance premiums will rise if you smoke or have diabetes. An insurer will assign a tobacco user rating as the first step. This instantly raises your rates by 20% to 33%. Life insurance companies state that smokers who have diabetes are at greater risk of developing diabetes-related complications.
Life insurance companies will add a table score to your plan if you smoke or have diabetes. Every table rating means a 20% to 25% increase or more in your supplementary life insurance premiums.
Diabetes and tobacco do not mix well. These policies are not recommended if you’re thinking about getting life insurance. It doesn’t matter if you smoke a pipe or a cigar every now and again. These items may be allowed by some insurance companies, but you will not be considered a smoker.