Quick Summary: No exam coverage IS available if you have diabetes. The maximum coverage will be $500,000 with one carrier. Your type of diabetes, medications, and overall health will determine how much you pay. Just because there is no exam does not mean there is not underwriting.
Shopping for life insurance with certain health issues can be a challenge. As a diabetic, you may have already experienced this frustration. Many life insurance companies will charge higher rates or flat out deny you.
Advancements in medicine and underwriting have made life insurance for diabetics not only possible but available without taking a medical exam for many.
Diabetes affects over 30 million people in the US, of which about 5% are type 1. You are well aware that these days, diabetics can live a long and healthy life. So why should you not be able to have life insurance like everyone else? You can.
How Does No Exam Life Insurance Work?
Typical life insurance traditionally requires the applicant to undergo a physical exam. This is usually done by a paramedical that comes to your house or place of business. During this exam, you'll submit a blood and urine sample, as well as have your blood pressure taken.
No exam coverage is just like it sounds, there is no medical exam required. Some of the main reasons this type of coverage is popular with many people are:
- Scheduling the exam is hassle
- Fear of needles or blood
- Need life insurance coverage in place fast
Once the exam is done, the results are sent to the lab for review. This whole process typically takes several weeks. So skipping the exam speeds things up considerably.
For those with diabetes, no exam coverage can allow some people to be approved when they otherwise would not be.
What Types Of Policies Can Diabetics Get?
You are not limited at all at a diabetic. Term, universal, and permanent policies are all available to you, and most all with no exam options.
Face amounts for no exam policies range from $5,000 to $1,000,000. You can also stack multiple policies together from different companies to achieve the level of coverage you need.
Many no exam policies also offer riders to customize your policy such as living benefits which allow you to take receive a portion of the death benefit early, while still living if you develop a critical or terminal illness.
Conversion options to permanent insurance are also very common. These are great since it gives you the option down the road to move into a permanent policy before the term period is up. With most insurer's, you can do this without even having to demonstrate health and prove insurability. We never know what the future will hold, so it's nice to know you can still keep your life insurance if your health deteriorates.
Bottom line: Diabetics do have options without the necessity for a medical examination.
Who Can Apply?
I don't have to tell you this....
All diabetics are not exactly the same. These days we are seeing eligibility, even without the exam, for the following types of diabetes:
- Type 1
- Type 2
- Insulin controlled
- Oral medication controlled
Since not everyone is the same, it will depend on your own personal situation including not only your diabetes, but everything else in your medical history. An independent broker can educate you on the right moves to take to find the best fit.
What Will They Ask About my Diabetes?
On the application, you will be asked the regular questions about your age, gender, health history, tobacco use, alcohol use, family history, employment, and any dangerous hobbies you participate in such as rock climbing.
Relative to your diabetes, be prepared with the following information:
- How often you visit the doctor. What is the plan of treatment?
- When were you initially diagnosed with diabetes?
- Type 1 or Type 2 diabetes
- Last blood sugar reading
- Average blood sugar reading
- How often do you check your blood sugar?
- Last AC1 reading
- Insulin usage history
- Oral medication history
- Have you ever experienced a diabetic coma?
- Have you ever had insulin shock?
How to Lower Your Rates as a Diabetic
Controlling your diabetes to the best of your ability is the way to lower the rates you'll pay for life insurance. A healthy diet and exercise can contribute to a lower body weight and lower A1C levels, very good things for your premiums.
These same things can help reduce the risk of other health complications as well as lower both cholesterol and blood pressure levels, again, great for the rates you'll pay.
Best Companies - Type 1
Find the Best No Exam Policy as a Diabetic
There are lots of different companies offering life insurance without the physical exam these days.
How do I pick the right one for me?
The difference in just one level of health class can mean you pay much higher rates. Without researching and calling every single company, you may not know if you are choosing the right one for your diabetic condition and health history.
As an independent broker, we are not loyal to any one insurance carrier and can aggressively shop around on YOUR behalf. Take advantage of our experience and knowledge in the no medical exam area. There is no cost or pressure to talk about options. Happy to help.