Life insurance is an essential to help take care of your family and your final expenses when you pass away. Although it might not be pleasant to think about, it’s important to think about life insurance now rather than later. Unfortunately, you have probably found that it’s difficult to purchase life insurance when you have diabetes.
Many insurance companies refuse to cover diabetics at all. Others charge extremely high premiums. Luckily, there are a few tips that you can follow to purchase the coverage that you need.
Look for a Policy That Does Not Require a Health Exam
The majority of life insurance policies require a health exam. In this exam, your medical history and current state of health will be looked at rather aggressively. Luckily, some life insurance companies offer policies that do not require a health exam, which can make it easier for you to qualify.
Consider Investing in a Smaller Policy
You might have a tough time getting a large policy when you have diabetes. In many cases, insurance companies have tougher requirements for these larger policies and might be stricter when reviewing your application. Instead, try shopping around for a smaller policy. Remember that you can purchase multiple policies from multiple providers if you want to, so you could find that it is cheaper and easier to be approved if you go that route instead of looking for one larger policy.
Provide Proof of Proper Self-Care
How well you take care of yourself and your diabetes can make a big difference in whether or not you will get approved for a life insurance policy and how much you will have to pay. Gather up documentation from your team of doctors that shows that you take good care of yourself, monitor your blood glucose levels, take your medication like you are supposed to and otherwise take good care of your disease. This proof can show the life insurance company that you aren’t as much of a risk as many diabetics, and you might even qualify for regular coverage.
Apply with Multiple Companies
Life insurance companies use various equations to determine a person’s risk level and to determine whether or not they qualify for their policies and how much they will have to pay as their premiums. Therefore, the company that is best for one person and one situation might not be the best for you. Even if you have heard good things about a life insurance company or have other policies through the company, don’t assume that it’s your only option. It’s best to apply to a lot of different companies; then, you will have a greater chance of finding one that will approve you, and you can also find the most affordable rate and the highest level of coverage.
Although many people think it is impossible, it is possible to purchase life insurance when you have diabetes. Don’t go without this important coverage just because of your disease. Instead, follow these tips; if you do, you might be surprised by the great policies that you might qualify for.