It is a commonly held belief by many Americans that if they have a chronic illness such as diabetes that they either won’t be able to get insurance at all or if they can, it will be at a very high cost. The ability to get life insurance and how much it will cost will depend largely on whether or not the diabetes is under control. If you can demonstrate that your diabetes is under control, then life insurance is available for you.
If your diabetes is problematic, there are still options for getting coverage. In that type of situation, it will take more effort, but there are policies available even when diabetes is not fully under control. Some networks are capable of working with many different agents and insurers, and they can work to help you find an insurance option that is right for you. The most important thing is that you recognize that you can get the life insurance you need.
Diabetes Is On The Rise
It is estimated that tens of millions of men, women, and children have diabetes and the number represents close to 10% of the entire population. Some experts say that that number is expected to rise to as high as 30% over the next two or three decades. Of those that have diabetes only about two-thirds of them have been diagnosed. The remaining 1/3 have the disease but are unaware of it.
Regardless of whether or not you have type 1 or type 2 diabetes, it will make it far easier to get a reasonably priced life insurance policy if you can demonstrate that your sugar levels have been under control for 6 to 12 months. Even if you are insulin dependent, it is still possible to get life insurance. Some of the additional factors that can determine whether or not you are eligible for a policy will depend on if, in addition to diabetes, you have other issues such as being obese, having heart disease, high blood pressure, or if you are a smoker.
Is It Possible To Get A Life Insurance Policy Without Any Kind Of Medical Exam?
In some cases, it is possible to get a life insurance policy without an exam, but even in that case, they will usually give you a questionnaire about diabetes that you must answer. It’s easier to get a policy with no exam, but these policies often come at a premium. The reason for this is simply that the insurance holder is taking a higher risk by providing insurance to someone who wasn’t examined.
It’s very imperative that when you do have an exam that you provide completely accurate information to the best of your ability. Life insurance policies can be contested for up to two years, and if you provided any false information, you could lose your premiums and your policy. The insurance companies are allowed to investigate your health history, and if any information is found to be false, then the policy can be canceled without any further application on the company’s part.
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