If you're taking insulin for your diabetes and are looking for instant quotes, complete the form on the side and choose "Regular". This is the best case scenario if your a1c's are under 7.5.
Securing the best rates while taking insulin for your diabetes really depends on a number of factors. Including:
- Are you injecting, using a pump or taking insulin orally?
- How long have you been taking insulin?
- Current age?
- Any diabetic complications now or in the past?
- Current control of a1c's?
...plus any other underlying health issues such as someone searching for life insurance for overweight people.
Over time, diabetes takes a toll on your vascular system. The longer diabetes is present, the greater the likelyhood of complications and that's why if you were diagnosed at a young age, your rates for life insurance will be a lot more expensive than if you were diagnosed at an older age.
As a rule of thumb, if you're diagnosed under the age of 18 with Type 1 or Type 2 diabetes, you'll likely qualify for a minimum Standard Table 4 rates with most companies if your diabetes is under control. Table 4 rates mean it's double the rates of a standard health classification. To be completely transparent, you have to have excellent control of your diabetes to qualify for this rating.
If you're diagnosed over the age of 18 and all the way up to age 45, you're looking at a Table 2 rating as a rule of thumb to start at if you're taking oral medications. Which means your rates will be 50% more expensive than Standard rates. If you're injecting insulin you're looking at a starting point of a Table 4 rating.
Again, these are all general numbers and for exact quotes, give us a call.
If you're diagnosed over the age of 45, Standard rates are possible if your a1c's are under control and you're taking oral insulin like Metformin. If you're injecting insulin, again you're looking at a Table 4 classification.
You should be seeing a trend here. If you're injecting insulin or using an insulin pump, you're looking at Table 4 rates for traditionally underwritten life insurance.
Control and Compliance Matter
The better your control of your diabetes with insulin, the better your life insurance rates will be. Life insurance companies measure it by your a1c levels. Having an a1c level under 7 consistently demonstrates good control. An a1c over 10 demonstrates poor control and you'll likely be declined for life insurance.
So if you're taking insulin and your a1c's are fluctuating, that doesn't demonstrate control. Either your body isn't reacting to your insulin or you're not taking your insulin with any regularity and that's where compliance comes in.
Life insurance underwriters want to make sure you're serious about taking your insulin and following the doctors orders. If you have a history of not taking your insulin regularly, that doesn't look good to an underwriter. They consider you a higher risk to have complications in the future.
What Else Are Underwriters Looking For?
Underwriters will review your lab results from the medical exam you took along with your medical records to see how well controlled your a1c levels are, how long diabetes has been present and if there has been any complications.
On top of that, underwriters are looking for regular exercise, consistency in visiting your doctor and other positive lifestyle habits. That's why it's important for your life insurance agent to write a cover letter to the underwriter (we do this with all clients) to highlight these positive lifestyle factors. Without a cover letter, they're only seeing a portion of your overall health.
Case Study #1
Randy, a 55 year old man, was diagnosed with diabetes 4 years ago and has been injecting insulin for all 4 years. He wants life insurance to protect his income until he retires - so he only needs a 10 year term policy.
He sees his doctor regularly and has demonstrated excellent control of his diabetes. He exercises, cleaned up his eating habits and his a1c's have never been above 7.5 since he's been on insulin. We were able to secure Randy a Standard Table 2 Classification and secure the best term life insurance rates available after considering over 50 of the nations top rated life insurance companies.
Case Study #2
Sandy, a 35 year old woman, has Type 1 diabetes diagnosed in childhood. She's been injecting insulin for over 25 years of her life. She works full time, no complications with her diabetes and she keeps it under control with her a1c never going above 8.0.
Samdy was been declined for life insurance twice. Once by Primerica and another time by State Farm life insurance. We were able to secure Sandy a Standard Table 4 health classification and get coverage in force to protect her husband and kids as she was a co-bread winner in the family.
It matters what life insurance company you use. If you've ever been declined for life insurance because of your insulin use, you probably used the wrong life insurance company and the wrong life insurance agency. It takes experience in navigating the risk and underwriting guidelines of different life insurance companies.
If you don't have control of your diabetes or you're having complications with your diabetes, there are other options available that don't require a medical exam. Granted, they're more expensive options, but some coverage is better than nothing. You can always cancel the more expensive coverage you place in force now as you gain control of your diabetes and secure better rates in the future.
The key is actually getting coverage in force now and protecting your family. Last year, I gave rates to someone who told me they wanted to wait for their a1c levels to come down before applying - I gave him the same advice: get some coverage in force now and cancel it when you get your a1c levels down. He was too proud and 6 months later, his daughter calls me back because she found my information on his desk at home to see what life insurance he purchased. I had to tell her he didn't purchase anything. He passed away in an accident.
Whatever your situation is, we can help you purchase life insurance with your diabetes and insulin use. Don't let previous results stop you and if you have coverage in force, call us for a second opinion. Worst thing that can happen is you'll feel confident you have the best life insurance rates available.