I wanted to stop by here and ask, does anyone have Life Insurance? If you do what companies are you using? And are you having to pay a higher cost because you are Type One Diabetic? I know throughout my lifetime my parents were always looking to purchase Life Insurance for me because they were always afraid of what Diabetes would do to me (And they had already experienced losing one child), and they wanted to be sure that if something did happen that they were prepared. But they never found a company that would offer me Life Insurance without paying out the behind for it because we were High Risk. Now that I'm married my husband wants to find one for me too, and I was just wondering "Are their any companies out there that cover Diabetics?!" Thanks in advance for your answers, they are greatly APPRECIATED!!!
I "automatically" have life insurance at 150% my annual salary through my employer, they foot the bill, no physical.
I could get more above and beyond that but would have to take the insurance company physical and based on my experiences earlier in life am pretty sure I would automatically be denied.
Of course if/when I stop working I lose this benefit. So I pretty much have to keep on working forever, as far as I can figure out, but there's a lot of other economics driving that decision other than just life insurance. I once tried to make a grand matrix of all my income and expenses after retirement, including cost of living, health care, housing, fuel, interest rates, stock market, etc., and came to the conclusion that by some bizarre coincidence, the day I get to retire, will also be the exact same day that the sun turns into a cold ball of lead.
I have life insurance from Banner Life Insurancefor 2-3 years now. The policy is big enough to support my family for a while if anything was to happen to me. I do pay a premium for the contract, but I discussed it with a finacial planner and they said the policy was 'well worth' the extra premium.
It took me a while to secure the policy. I had to release my medical records to them, fill out a lenghthy questionaire about my history and risks. Then a nurse came and took a blood sample. My A1C came back in the 'not-diabetic' range and they supplied me a contract to look over and execute.
From your history we have both had T1 for similar amounts of time and are likely a similar age. If you are interested I would suggest giving them a call and get your A1C as low as possible. As you likely know; a main known dependent variable to T1 longevity is A1C score. So the lower your A1C, then the more desirable you are to insure.
I went through this a few years ago. I have Life insurance through Allstate.
There is a formula that they use to assess the risk including your weight, your cholesterol, your a1c and the meds you are taking.
Believe it or not you move up in cost if you take statins, more than if you have type 1 diabetes. I don not take statins, and I am at level +4. That means 4 levels higher than the standard rate. That is pretty good considering most T1 diabetics are started at +7 .
My cholesterol is low and my weight is good. My a1c came in at 5.9 %. All helped a lot.
If your A1c is over 7% I suggest not applying because, my agent told me you will not be covered if you are not in "average control" or better, This boils down to 7% or under.
The sooner you get insurance the better off you are because rates go up as you age.
I got $500,000 at $900 per month for 25 years.My daughter will be grown and the house paid off by then so I figure that is all I need.
Whole life will be difficult and very expensive for you. Besides everyone says Whole life is a scam even for healthy people with no medical conditions. ( my financial adviser told me that)
So it is free to get screened and apply so I suggest that you do it, however if you are turned down, it makes it harder to get insurance when they see that you wee turned down.
$900/mo -- $10,800/yr... Was that a typo?!?!?!?
That's over $250,000 over the 25 year period of the contract. Doesn't seem like a very good deal to me for half a mil of coverage.
probably meant $90/month? a little more realistic..
Definitely hoping that he made a typo. I don't know anyone that could afford paying $900 a month for life insurance. Heck your better off saving the $900 a month.
This whole life insurance thing is a common worry for us. But before asking ourselves whether we can get something inexpensive, it is best to determine what role life insurance plays in our lives. In my case, I wanted life insurance while my kids are in the house so that I can assure them (and my wife)support until they got through college. After that, I actually will "self insure." I have to ask you why someone that is young really wants life insurance? Is it because of kids? Is it as an investment?
ps. There are options for life insurance that are reasonable. We will almost never get offered the preferred rates, but you can find affordable reasonable rates.
I have it through work which is nice however they are changing it from 10X salary to 100K flat 01/01/14 so I'm going to start smoking Luckies now to make sure I keel over by New Year's Eve....
Yeah 900 I certainly hope is a typo. I pay 23 a month for my 500k policy issued before D
I have several policies but most of them started as a employer provided one then I was able to convert them when I left the job. I have one policy that I got in my 30s. Get this, they are currently reassessing it because I quit smoking a few years ago. You would think that was a good thing but I'm wondering if I'm going to lose the policy now that they are getting a chance to do so. I probably should have paid the smoking premium instead of asking for them to change my policy to non-smoking. They did insure me without a physical for 120k after I was diagnosed T2. US Financial Life.
If you, or your husband? Has policies available through employer these are usually the best place to start as they are often group plans that are very affordable and fixed price and availability regardless of situation. P
Policies are available through most insurers, and yes they do cost more for people with health problems… That’s only fair though really. I see advertisements on TV for policies a available with no physical or health history, I would have to assume that they must be charging high premiums for these. Just browse the Internet and apply for a couple policies they’ll have a salesman on the phone with you within minutes. The lowest quotes I’ve ever gotten were from genworth financial but that was before I had any health issues
Yea whoops it is 900 per year.
Yes I do have it and I got it post diabetes from Western Southern, you will have to pass a physical, yes they knwo you have diabetes but they will want to knwo your A1c and blood pressure etc. Also you will have to endure two years of no coverage in order to get full coverage. No problem however, if you were to die the company gives you back your premium if you die during the first two years. this prevents a pump and dump mentality. IE(getting insured knowing you are ill, and dieing quickly with no long term premiums. the younger you get it the better off you are. expect to get a maximum of $50,000 to $100,000. and it will be expensive, about $100.00 / month I bet.
at your age you can get it. My family had to face the fact that my life insurance would not do a traditional job of replacing my income for long. What it would have and still does is get a funeral paid for and wrap up some expenses like my car etc. No one gets rich on a $50,000 policy. But it is what we could afford and though the years I have wanted to increase it. That has never happened. (too costly or now the INS. agent just says you wont qualify).
Which brings to the 2nmd kind of plan, the employers, If you become employed take as much as you can afford. Since it is a group plan you cannot by law be singled out medical underwriting. That means that so long as you are in the sign up period you get to choose and the life company will not medically underwrite ( or give scrutiny too) you. So get what you can afford at work.
Rick