Diabetes doesn’t pick its victims. This severe health condition causes the body’s blood sugar to spike at levels higher than the norm. It occurs when the body cannot use its internal insulin reserves to allow cells to absorb glucose or sugar properly. If you or a loved one has diabetes, consider applying for a diabetes life insurance plan. Finding life insurance with diabetes can be a little more challenging, as various life insurance companies will view a person with a chronic illness differently.

What is Life Insurance?

Life insurance is a contract or policy between an insurer, or insurance company, with a policyholder. The insurer guarantees a set amount of money to the registered beneficiaries when the insured dies. 

People take advantage of life insurance plans to provide financial protection and support to the surviving beneficiaries or dependents. Applicants need to analyze several factors to check and determine the amount of financial assistance required to address the living costs of the living dependents. 

What are the Types of Life Insurance Policies?

Various life insurance companies offer different coverage plans to their customers. For instance, you may avail of life insurance for diabetics based on the specifications and terms addressed during application. 

A few types of life insurance plans you can avail of include:

Term Life Insurance

Term life insurance plans will only last for the period stated in the policy. For example, if the term indicated in the policy is 10 years, and the policyholder dies on the 11th, the beneficiaries might not gain anything from the coverage. 

Whole Life Insurance

Contrary to term life insurance, whole or permanent life insurance doesn’t expire as long as the policyholder maintains the coverage by paying the premiums. Whole life plans might be more expensive than term life policies, but they tend to have more benefits. 

Universal Life Insurance

Both permanent and universal life insurance plans accumulate cash value over time. This extra money will go to the death benefit, so beneficiaries might have more financial security upon claiming the death benefit. 

But, the difference between universal and whole life is that the former allows the policyholder to use the accumulated cash value to pay premiums.

Other life insurance plans you can avail are variable, variable universal, and simplified issue life insurance policies. Consult your insurer for the best option after considering factors like the financial needs of your dependents.  

Why is Life Insurance Important?

Life insurance for families is essential for a variety of reasons. The amount gained from the death benefit is non-taxable at the time of death. So, your loved ones can use this financial aid to:

  • Cover mortgages
  • Pay for loans
  • Ensure the education of children
  • Buy groceries

The Importance of Life Insurance Plans for Diabetics

Diabetes patients should avail of life insurance plans as early as possible. Many insurance companies grant life coverage to diabetics, especially if you have the disease under control. 

However, the premiums for diabetes patients tend to be more expensive than paying for the costs as a healthy person. Insurance firms determine the cost of the coverage by considering factors like:

  • The time and date of the initial diagnosis
  • Family history
  • Current height, age, and weight
  • Medical history
  • Type of diabetes

The importance of providing accurate information is critical for the insurer to accept the application for the life insurance plan. Failure to comply with legitimate data might result in the cancellation of the coverage. 

Take note that the approval process may not happen overnight. There might be some investigation involved before the authorization (or denial) of the life insurance application for people with diabetes. The insurance company may deny applicants who supply incorrect information. 

Also, the insurance company may have the right to refuse death benefit claims once the insurer finds out the policyholder supplied the firm with falsified information. In other words, your dependents may not receive a single cent in the event of your death if you lied in the life insurance plan.  

Don’t lie about any information you provide to the life insurance company, especially when the insurer asks you about your diabetes maintenance procedures. The insurance firm might lower the price of the premiums if you aim to live a healthy lifestyle despite the illness. 

Remember that insurance companies see their policyholders as liabilities. But lessening the extent of that liable trait may result in better coverage and lesser costs.

Applying for a life insurance policy if you have diabetes isn’t impossible. But the application process might be more challenging as compared to applying for the plan as a healthy person. 

As per a study from the years 2000 to 2004 published in the American Diabetes Association (ADA), there’s still a considerably high chance of early mortality in diabetes patients if these individuals don’t commit to a healthy lifestyle. Unhealthy habits like smoking, overindulgence in alcohol consumption, and overeating may lead to the early death of people with diabetes. 

Another factor that may lead to the early mortality of people with diabetes is diseases from genetics. For example, people with cardiovascular diseases might find it challenging to apply for a life insurance plan. These individuals might not be living an unhealthy lifestyle, but their family histories may make it difficult for the insurance company to authorize the application. 

Hence, people with diabetes must apply for life insurance plans, especially if they’re the breadwinners of households. You can’t predict when you might die, even if you’re following a fit and healthy lifestyle you will require cheap life insurance to cover your funeral costs. The important lesson here is that you shouldn’t “wing it” in specific aspects of your life, especially when the financial health of your dependents are the main subject. 

Giving your life up to chance without taking specific precautionary measures might make you regret your decisions when you’re beyond the grave. Apply for life insurance now despite being a diabetic, and you won’t regret leaving the world behind to your loved ones. The financial security you’ll leave behind will support their monetary needs for a reasonable amount of time. 

Conclusion

Don’t underestimate the peace of mind that a life insurance plan offers to diabetes patients. Whether it’s a term or whole life insurance, you should always prepare for the worst that might come into your life by applying for a life insurance plan today. Let this post help you understand the importance of possessing a life insurance plan, especially if you have diabetes.