I sell Life insurance and I specialize in diabetics. I was trying to do some research on a client of mine and more specifically trying to understand how her doctor is managing her condition and I stumbled across this community. I did a quick search about life insurance to see how you were fairing and realized that insurance is like diabetes, what you don’t know is what is killing you.
I see a lot of people trying some much fruitless ways of trying to get life insurance. So I decided to sign up and give you some insight into how to get life insurance. For those who want to go further you can contact me and I’ll walk you through specifically what you are looking at with your situation.
First, you are not eligible for simplified issue products. Simplified issue was designed for people of “Preferred” underwriting who are willing to pay standard prices for the convenience and speed of this product. If you can’t show how healthy you are without doctor’s proof, this product automatically declines you.
Second, guaranteed issue products are your last resort. The cost per thousand, the benchmark for comparing policies, is the highest in the industry. You also have a 2 year wait, called a graded period, while your paying insurance that they don’t provide coverage. They will just give you your money back. Do not confuse this with the 2 year contestability period, all policies have this and it is a legal allowance to review a death for fraud.
Now what you really need to know, you will need to be looking at a policy of $100,000 or more. This is the minimum with the good diabetic underwriters to get in to have your policy reviewed, Make sure that you are current with any doctor requirements and you will need to do a complete paramedical exam. During the exam they will take blood and urine samples and you are going to demonstrate that your a1c is under control.
What you can expect, for type II late onset with a1c’s <6.5 and no other health concerns, a super standard rate with the 2 best companies is average. For a 50 year old male buying a $100,000 10 year term you are talking about $24.35 per month.
Type 1’s are more confusing, first they are going to take into account how young you were at onset. The younger the lower in the ratings you go and the longer of good control they are looking for. A 11 year old onset will typically be looking at 20 years of control before they can get into this type of product. Then they are looking at roughly 6 degrees below standard without any extra medical conditions. For a 30 year old male looking at the same thing you are talking roughly $19.25 per month.
As you can see the price for a 30 year old and a 50 year old that is almost the same means they are really taking it to the 30 year old in this situation. Yes, but this is where good planning comes in. The 30 year old needs to do a bit more planning to lock and design policies to get the most benefit for the longest time.