Life Insurance and Type 1 Diabetes
If you think you can’t get life insurance if you have type 1 diabetes, you may be pleasantly surprised.
However, the answer isn’t a simple yes. Although there are set guidelines (called underwriting), every individual is different, and this means their insurance policies are different too.
An easy way to look at it is by the potential outcomes. You could be declined, or you could be offered a policy with higher premiums. A typical offer for a healthy well controlled Type 1 Diabetic is 250% of the standard rate with the best case being 200%.
Below are some factors that life insurance company underwriters take under consideration with regard to your diabetes when they assess their risk to insure your life.
- Your current age
- Blood pressure
- When you were diagnosed and how old you were
- Degree of control you have over your diabetes
- Your blood sugar readings
- Complications (neuropathy, retinopathy, nephropathy)
The above criteria is standard for diabetes. The following relates specifically to type 1 diabetes:
- Accelerated CAD
- Kidney disease
If these complications exist resulting in a reduced life expectancy, life insurance companies want to know about it.
As we mentioned earlier, a healthy applicant with type 1 diabetes will likely be offered a rate of 250% of the standard table rates; but to be prepared for your application, there is information you need to help the insurance company balance your risk.
The more prepared you are, the faster you’ll get an answer if you’re accepted, and how you’ll be rated. Let’s take a quick look at these.
What you Need to Apply for Life Insurance if you Have Type 1 Diabetes
- An attending physicians statement – the insurance company will order this directly from your doctor but you may need to unsure you’ve seen your doctor within the past 6 months
- Records from any other doctor who has treated you
- Your age when you were diagnosed
- History of your blood sugar control (blood test copies that include Hemoglobin A1c – if possible)
- Details of any risk factors
- Proof that you live an active lifestyle
The last one is because insurance companies want to know that you’re doing what you can to help yourself through diet and exercise.
Probably Outcome of Your Life Insurance Application
If you have insulin dependent type 1 diabetes but have excellent control over it and have no complications, you shouldn’t have any problem getting life insurance. On the other hand, if you don’t control it or have complications, you may be declined.
If you don’t qualify for traditional insurance, you are still a candidate for simplified issue (no medical test involved) or guaranteed issue insurance. While the premiums may be slightly more, these policies are designed for people with health conditions such as type 1 diabetes.
At Shelter Bay Financial Corp., we are insurance experts and can help you with any questions you have. If you want to buy life insurance but aren’t sure if you’ll be accepted, you can get advice by calling us at 1.888.498.5288.