Where is a good place to go for a life insurance policy for Type 1 diabetics. Was turned down through the life insurance offered by my employer. Am curious as to where other Type 1 diabetics go to for their policies.
Life insurance for T1 diabetics is expensive from any company. My wife (who does not have diabetes) and I needed to purchase it for estate purposes. I had had diabetes for more than 35 years at that point. The cost effective solution was for us to purchase a joint policy with 2nd to die insurance, i.e. it only pays out when both of the insured are to die. This was close to cost for joint policy for couple with no diabetes. We purchased two policies, from Met Life and Trans America Whole, but I don’t think they are necessarily better than other companies.
2nd to die is by far the most cost-effective route. You first need to determine your goals and reasons for obtaining life insurance. Burial expenses? Taxes on accumulated wealth or passing on a business, keyman insurance, etc. will determine if you are better off with whole-life or term insurance. You may also want to look into trusts depending on your situation. We are all different and therefore all have different opportunities. What works great for one person, can be a horrible solution for another.
You may want a financial advisor, a fiduciary that does not have a vested interest in selling you a specific product. Brokers will not charge you for advice and will all tell you that the product that returns them the highest commission is what you need. They work in their best interest, not yours.
depending on age the over 55 no health question policies are usually a good choice. These are usually 25K or less and depending on age have reasonable cost associated with them. The younger the better.
I bought a policy from Allstate they checked my a1c and determined my bmi and all that fun stuff. I think it put me at their 7 or something like that. It was a couple hundred a month for 20 year term. 300,000. That seemed like a lot at the time just expired last year, and the renewal was just stupid came to 1,000 per month but then again I’m 57 now we we only got the policies tolast till my daughter turned 18. I bet I could outlive another 20 year term.I think age is a bigger factor than diabetes
I was never able to get life insurance; T1 = too-high-risk. It’s not worth it; don’t do it.
My employer gives me about 1 years’ salary if I die but that’s all I have. We don’t really see the need to buy life insurance. (Just me and my husband, and we both make good enough money to take care of ourselves if the other one dies.)
My concern is more looking into long-term care insurance. I’m 35 and think about this a lot…
Long term care insurance is a hard no. No one will cover you. I looked into it as well, and if I could get it , it’s prob a good buy
However I decided that I don’t want to be bed ridden.if it’s temporary from injury it’s ok, but if I’m at a point where it’s just the reality, I prefer to go. Easier said than done because we might still be strong enough to keep going. My favorite things include being outside. It’s nearly impossible for me to imagine being in a board and care or nursing home. My family knows and it’s in my will. Don’t save me from a natural death don’t prolong my life. I’m healthy and happy now, but I turned the corner pretty recently in how I want my old age to be. I’m PNW my 20s and 30s on her own soon, we are thinking about retirement in the next 10 years, death is just part of the equation. I would fear it. Now my daughter is grown and will be 100% I’m ready when it comes
I am surprised you were turned down by your employer’s policy. These are almost always group policies and don’t turn down anyone. I have been Type 1 for almost 60 years and I always got my life insurance through my employer’s plan and was never even charged extra because of being a diabetic. (Now being a smoker is another story – I handled the technical side of all our HR plans and smokers were always charged more.)
In many small business the life insurance is not a group policy but it is sold on an individual basis. This often happens (though may occur in other situations) where the employer has 25 or less employees.