Life Insurance

bobby 58
By bobby 58 Latest Reply 2012-07-15 15:45:21 -0500
Started 2012-02-28 16:20:11 -0600

Hello Everyone
I was wondering if anyone had any information on getting life insurance while having Diabetes. From what iv'e been told it is near imposable any information would be appreciated

6 replies

red flower lady
red flower lady 2012-03-03 18:33:52 -0600 Report

Also, when you are eligible for insurance, if you take out the life insurance at that time, then it usually isn't a problem.

Nick1962 2012-02-29 15:01:27 -0600 Report

Shouldn't be a problem. Since 2009 most states have a law that insurance companies offer policies that cover diabetes even as a pre-existing condition.
However, the type and your treatment of it may effect your premiums wildly.
If you are a T2 like me who was overweight, you can with some comapnies "buy down" your premium by successfully participating in one of their programs.

bobby 58
bobby 58 2012-02-29 21:40:44 -0600 Report

Thank you for the information i'm from N.Y. and T2 i will look into it more but a couple of co's say they either wouldn't or said i would never be able to afford it

Nick1962 2012-03-01 08:59:18 -0600 Report

Depending on your age (I’m assuming you’re around or below 30 or you would already have it), there are a lot of factors in getting life insurance. Spectrum Group is just one of many group type insurance providers that can find affordable insurance for you. Their site explains what hoops you need to jump through, and it’s pretty typical across the board if it’s a stand-alone policy not issued by an employer.
As a T2, you can control your condition and minimize risk to them. Take a look at the site and see what their criteria is, and if you can meet it. If you can’t right now, take a year and work on getting you A1c down and strictly following any plan your doctor has prescribed. Showing you see your doctor regularly also tells them you’re serious about your condition and are doing your part to minimize their risk as well. In the meantime, if you can afford it, put away the money you would be spending on premiums, because basically what life insurance is, is a bank account for your family when you pass on.

Jerry Edwards
Jerry Edwards 2012-07-15 15:20:43 -0500 Report

Controlling your A1C is paramount as well as a good overall health history. You might look for a Guaranteed Issue Life policy for Diabetics that asks no health questions or requires any exams. There is one on the market now that only requires you to be working 30 or more hours a week and be between 18 and 64 years old. Runs $111 a month or less I think.

Nick1962 2012-07-15 15:45:21 -0500 Report

Hey good point there Jerry! If you gotta have life insurance, it is out there and the cost seems to hinge on your risk. Mine runs about 35/month (but i got it pre-diagnosis) and I've been paying in almost 30 years.

Hey, looks like you're new here. Welcome to the party!