2023 Guide to Final Expense Life Insurance for Diabetics
Undoubtedly, final expense life insurance for diabetics is crucial for seniors who want to protect their families from financial burdens after they pass away. However, for individuals with diabetes, securing an affordable policy can be a challenge due to the increased health risks associated with the condition.
Indeed, obtaining an affordable policy can be a daunting task for those with diabetes, given the heightened health risks they face.
To address this issue, this guide aims to provide seniors with diabetes valuable tips and insights, assisting them in finding the best final expense life insurance policies while navigating the complex insurance landscape.
Table of contents
Understanding Final Expense Life Insurance for Diabetics
Final expense life insurance, also known as burial insurance, is designed to cover end-of-life expenses such as funeral costs, medical bills, and outstanding debts.
For seniors with diabetes, obtaining a policy can be more challenging, as insurance companies consider diabetes a high-risk condition.
However, with the right knowledge and approach, it is possible to secure an affordable policy tailored to your needs.
Benefits of burial insurance for diabetics:
- Provides financial security for loved ones: Burial insurance ensures that your family members are not burdened with funeral expenses or any outstanding debts after you pass away.
- No medical exam required: Many final expense insurance policies for diabetics do not require a medical exam, making the application process faster and less invasive.
- Flexible coverage options: Final expense life insurance policies often offer a range of coverage options, allowing you to choose a plan that best fits your financial situation and desired coverage level.
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5 Tips for Diabetics Seeking Final Expense Life Insurance
Research Diabetic Burial Insurance Options
- Explore different types of policies: Final expense life insurance policies come in various forms, such as term, whole, and guaranteed issue. Research and compare each policy type to determine which one best suits your needs.
- Compare coverage and rates: Obtain quotes from multiple insurance companies and compare the coverage options and rates offered. This will help you identify the most affordable and comprehensive policy for your specific situation.
Maintain Good Diabetes Management
- Impact of diabetes control on insurance rates: Insurance companies may offer lower premiums to individuals who demonstrate effective diabetes management. This includes maintaining a healthy lifestyle, consistent blood sugar monitoring, and adhering to prescribed medications.
- Tips for managing diabetes effectively: Work closely with your healthcare team to develop a diabetes management plan that includes a balanced diet, regular exercise, and medication adherence. To summarize, this will not only improve your overall health but also increase your chances of securing affordable life insurance rates.
Choose an Insurer with Diabetic Life Insurance Expertise
- Importance of working with a specialized insurer: Some insurance companies have expertise in providing coverage for individuals with diabetes and are more likely to offer affordable rates and tailored policies.
- Finding the right insurer for your needs: Research insurance companies that specialize in diabetic coverage and read customer reviews to gain insight into their customer service, pricing, and policy offerings.
Consider No Medical Exam Policies
- Benefits of no medical exam policies for diabetics: These policies do not require a medical exam, making the application process faster and easier. They also provide more privacy, as your medical information remains confidential.
- Potential drawbacks and limitations: No medical exam policies may come with higher premiums and lower coverage amounts. Therefore, it is essential to weigh the pros and cons of these policies before making a decision.
Consult an Independent Insurance Agent
- Advantages of working with an independent agent: Independent insurance agents work with multiple insurance companies, allowing them to provide unbiased advice and help you find the best policy for your needs.
- How an agent can help you find the best policy: An experienced agent can
- navigate the complex insurance landscape on your behalf, identify the most suitable policies, and negotiate the best rates for your specific situation. In addition, they can also provide guidance on managing your diabetes effectively to secure more favorable insurance rates.
Comparing Carrier Prices For Diabetics
When it comes to life insurance, carriers often view individuals with diabetes differently, and rates can vary significantly from one company to another.
In addition, diabetes is considered a high-risk condition, which means that insurance providers take into account various factors, such as age at diagnosis, type of diabetes, treatment, control, and overall health, to determine coverage eligibility and premium rates.
Specifically, some carriers may offer better rates and more lenient underwriting guidelines for diabetics compared to others, depending on their risk assessment criteria.
In fact, it’s crucial for individuals with diabetes to compare multiple carriers and plans to find the most affordable and suitable coverage for their specific needs and circumstances.
Sample Rates For 65 Year Old Male For $15,000 In Coverage
|Continental Life||$985.00||$82.08||Protection Series Preferred|
|Mutual Of Omaha||$933.90||$83.12||Living Promise|
|Liberty Bankers||$915.50||$84.68||SIMPL Preferred|
|Columbian Life||$978.78||$85.15||Dignified Choice Classic Elite|
|Royal Arcanum||$965.55||$86.86||Simplified Issue Whole Life|
|S.USA / Prosperity||not calculated||$87.15||New Vista Level|
|Am. Amicable (Choice)||$1,003.35||$88.29||Senior Choice Level|
|Occidental Life||$1,003.35||$88.29||Senior Choice Level|
|Royal Neighbors||$1,018.70||$88.65||Level Benefit|
|Great Western||$1,009.60||$90.86||Great Assurance|
|United Home Life||$1,054.25||$91.72||Express Issue Premier|
|Security National||$1,093.75||$92.97||Loyalty Preferred|
|United Home Life||$1,274.75||$110.90||Express Issue Deluxe|
|Columbian Life||$1,297.68||$112.90||Dignified Choice Classic Select|
|Security National||$1,336.15||$113.57||Loyalty Preferred Standard|
|Liberty Bankers||$1,368.50||$126.59||SIMPL Standard|
|Columbian Life||$1,494.10||$129.99||Simple Security (Bank Draft)|
Above all, finding the best whole life insurance rates for diabetics requires research and comparison across various carriers, as each company assesses risk differently and offers unique pricing structures.
By thoroughly exploring your options and understanding how carriers view diabetes, you can secure the most suitable and affordable coverage to protect your family’s financial future.
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How Final Expense Carriers Evaluate and Rate Diabetes
When it comes to determining life insurance rates for diabetics, final expense carriers take several factors into account. These factors help them gauge the risk associated with providing coverage and calculate appropriate premium rates.
Some key factors considered include the type of diabetes (Type 1 or Type 2), the duration since diagnosis, blood sugar control (measured through A1C levels), any diabetes-related complications, and overall health.
Additionally, carriers assess lifestyle factors such as weight, tobacco use, and exercise habits.
By understanding how diabetes is managed and the potential risks associated with the condition, final expense carriers can offer tailored policies designed to meet the needs of individuals with diabetes while ensuring the financial stability of the insurer.
Carrier Rating For Diabetics
|Diabetes (No Complications)||Carrier Rating|
|Aetna (Protection Series)||If “Insulin use?” answered “Yes”, Decline. If “Uncontrolled diabetes in the past year?” answered “Yes”, Decline. If “Has the prospect had any changes in their diabetic medications, or in the dosages for said medications, in the past year?” answered “Yes”, Decline|
|American Amicable (Senior Choice)||If “Insulin use?” answered “Yes”, Immediate. If diagnosed prior to age 49, ROP|
|CFG||If “Insulin use?” answered “Yes”, Elite. If diagnosed prior to age 49, Advantage Graded. If “Uncontrolled diabetes in the past 3 years?” answered “Yes”, Advantage Graded|
|CVS (Aetna Accendo)||Preferred|
|GPM||If treated within 2 years, Level. If “Insulin use?” answered “Yes”, Level. If units of insulin taken per day is greater than or equal to 81, Graded|
|Great Western||If diagnosed prior to age 30, Guaranteed Issue|
|Guarantee Trust Life||Graded|
|Liberty Bankers||If “Uncontrolled diabetes in the past 2 years?” answered “Yes”, Decline. If diagnosed prior to age 9, Decline. If “Insulin use?” answered “Yes”, Standard|
|Mutual of Omaha (Children’s Whole Life)||If treated within 3 years, Decline|
|Mutual of Omaha (Living Promise)||If diagnosed prior to age 49, Graded|
|Prosperity (New Vista)||Level|
|Royal Arcanum (Graded Benefit)||Graded|
|Royal Arcanum (SIWL)||If “Was the prospect’s most recent a1c reading less than 8%?” answered “No”, Decline. If “Uncontrolled diabetes in the past 2 years?” answered “Yes”, Decline|
|Royal Neighbors||If “Insulin use?” answered “Yes”, Level. If diagnosed prior to age 29, Decline|
|SBLI (Living Legacy)||Preferred|
|Security National (Loyalty Plan)||If “Insulin use?” answered “Yes”, Preferred. If diagnosed prior to age 39, Modified. If units of insulin taken per day is greater than or equal to 121, Modified|
|Sentinel||If treated within 5 years, New Vantage I (Level). New Vantage II (Graded). If “Insulin use?” answered “Yes”, New Vantage I (Level). If units of insulin taken per day is greater than or equal to 51, New Vantage II (Graded)|
|Trinity Life||If “Insulin use?” answered “Yes”, Level. If diagnosed prior to age 39, Decline|
|UHL||If treated within 2 years, Premier. If “Insulin use?” answered “Yes”, Deluxe|
Frequently Asked Questions (FAQ)
Can diabetics get affordable final expense life insurance?
Yes, diabetics can secure affordable final expense life insurance by researching available options, maintaining good diabetes management, and working with specialized insurers or independent agents.
What factors impact final expense insurance for diabetics’ coverage and rates?
Insurers consider factors such as age, type of diabetes, duration of diabetes, blood sugar control, overall health, and lifestyle when determining life insurance rates for diabetics.
How does the type of diabetes (Type 1 or Type 2) affect life insurance rates?
Typically, Type 1 diabetes is considered higher risk due to its earlier onset and the need for insulin injections. However, insurance companies will also assess individual factors such as blood sugar control, overall health, and lifestyle when determining rates for both Type 1 and Type 2 diabetics.
Are there any specific life insurance companies that specialize in coverage for diabetics?
Yes, several life insurance companies specialize in providing coverage for individuals with diabetes. Research and compare these insurers to find the one that best meets your needs in terms of coverage, rates, and customer service.
What should I look for when comparing diabetic life insurance rates and policies?
When comparing life insurance policies for diabetics, consider factors such as coverage amounts, premium rates, policy types, waiting periods, and additional benefits.
Importantly, it is also essential to assess the insurer’s reputation and expertise in providing coverage for diabetics.
Securing affordable final expense life insurance is a critical step for seniors with diabetes who want to protect their families from financial burdens.
By following the tips provided in this guide, you can navigate the complex insurance landscape with confidence, ultimately finding a policy that best fits your needs and provides peace of mind for your loved ones.
Remember, being proactive and well-informed is key when seeking life insurance coverage as a diabetic.
Don’t let diabetes be a barrier to providing your family with financial security; explore your options, consult with experts, and take control of your financial future today.
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