Term Life Insurance Articles
Factors For Term Life Insurance Quotes For People With Type 2 Diabetes
2010-02-20
If you have type 2 diabetes, you know it is very hard to find an insurance company willing to provide you with affordable term life insurance. The law allows insurance companies to charge a higher premium based on health because diabetics are likely to die younger than non-diabetics. If you're more likely to die, the company will charge you more in order to mitigate some of the risk they are taking that they will have to pay out your policy.
The best thing you can do to help you get an affordable term life insurance quote is to show that you are controlling your diabetes. Show the insurance agent proof that your condition is under control and that you are visiting your doctor regularly and taking your medication. It shows the agent you are actively working to stay healthy and can reflect well on your term life insurance quotes in the same way that showing you regularly exercise helps you get lower quotes. The longer that you can show you have kept your condition under control, the more likely you are to get a better diabetes term insurance rate and those savings can be substantial over time. The insurance company will also look at your hemoglobin A1C count for evidence that your diabetes is being controlled. If it is between 6 and 7 (a non-diabetic is 6 or lower), it shows you are controlling your condition well and you can probably get a non-diabetic's rate. It's when your A1C count becomes 10 or higher that your rates quickly rise and a count over 12 will usually mean you won't even be offered a policy unless you can lower the count significantly.
The next thing you'll want to do is ask for term life insurance quotes from an insurance agent who has experience with diabetes term life insurance or an agent who specializes with impaired risks. These agents know which companies are aggressive about insuring diabetics, are more likely to provide better rates for diabetics and also what you can do to get a better rate. The agents will also know which companies have a standard plus rating class. This is a rating class that falls between standard and preferred ratings and it is a rating that a diabetic could get easily.
Age will play a factor in the insurance quotes you receive, but it is a double-edged sword. The older you are when you are diagnosed with diabetes, the easier it will be to get an affordable rate. Type 2 diabetes tends to develop in the middle-aged so that is the good news. However, the older you are when applying for life insurance, the higher your rates will be.
