How to get guaranteed life insurance for diabetics. 34 million Americans are affected by diabetes. In this article we will discuss how these people with diabetes can get a guaranteed issue life insurance policy. What a waiting period is and how it effects your death benefit. And what you can expect from the underwriting process.
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What is a guaranteed life insurance policy?
A guaranteed issue policy is a whole life policy that does not require you to answer any health questions, take a medical exam, or allow the insurance company to get your prescription records. Guaranteed issue polices are meant for people who are extremely sick and will get disqualified by the medical questions on the life insurance application. This is greatly beneficial to people with diabetes because of the chronic complications that come with diabetes. Because the longer you have diabetes the more risk you have developing additional health problems such as heart disease, kidney disease, and eye diseases.
This means, the longer clients live with diabetes, the more risk you have of developing complications from an elevated A1C. Some complications could be heart disease, kidney disease, or nerve damage. Chronic complications could lead to serious surgeries like amputation. These complications are what disqualify people with diabetes from getting fully underwritten life insurance. This is what leads them to getting a guaranteed issue policy.
Key points
- Guaranteed issue is a whole life policy
- It is for extremely sick people
- Guaranteed issue takes you as is
- You are subject to a waiting period set by the insurance company
- There is no medical exam
- There is no prescription medication check
What is a waiting period for guaranteed life insurance
A waiting period is a time from when the policy is taken out, to when the death benefit is paid. The reason that there is a waiting period is because guaranteed issue life insurance is for very sick people. If the insurance companies did not have a waiting period then people could get life insurance on their death beds and then when they die, the insurance company would have to pay out the whole death benefit. No insurance company would be able to stay in business that way.
- It is a time frame that the insured must wait to get the full death benefit
- It is determined by the insurance company
- Usually 2-3 years
- If you die during the waiting period, then you will get refund of the premiums you paid
- Plus interest
How long the waiting period is depends on
- Your age
- Your health
- Your gender
Guaranteed issue with diabetes
Diabetes effects 34 million Americans. The number one problem diabetics have getting life insurance and guaranteed life insurance, is called Duration. When underwriting diabetes, the rate tables increase with younger ages. This is one of the drives to why clients living with Type 1 diabetes, diagnosed early in life, have more challenges qualifying for life insurance coverage. The complications that diabetes causes could be serious enough to disqualify someone from a fully underwritten policy.
Getting a guaranteed issue policy with diabetes is a simple as completing the application with a licensed life insurance agent who knows what carries are best for people with chronic complications from diabetes.
- Diabetes affects 34 million Americans
- The longer you have diabetes the more likely you are to get chronic complications from diabetes
- Chronic complications such could disqualify someone from a fully underwritten policy
- You can apply for a guaranteed issue policy with a licensed life insurance agent
For more on this check out our article Diabetic guide to lower A1C
What will guaranteed issue not cover?
They are called guaranteed issue polices because the insurance company will issue the policy as you are. There are other restrictions. Such as age. Ages for guaranteed issue polices are usually 50-85 years old. If you are not in that age range you can still get a guaranteed issue policy, but you will have less options. Each carrier has different risk categories for different conditions. Each condition has a different risk classification based on the mortality tables. So, if you have diabetes, you will be in a different risk class than someone else with AIDS or Cancer.
- What will disqualify you from getting a guaranteed issue policy
- You are terminally ill with a life expectancy of less than two years
- You are on dialysis
- You have Alzheimer’s or dementia
- You are in a nursing home or hospice
- You have cancer
- You have AIDS or HIV
- You are in a wheelchair due to chronic illness
How to get a guaranteed issue policy
The best way to get a life insurance policy is to go through an independent life insurance agency. Independent life insurance agencies can shop around the best carries. Independent life insurance agencies work with the insurance companies not for them like captive agents do. By working for more than one insurance company it gets you the lowest price possible while getting the most coverage with the best carrier.
Working with an independent life insurance agency gets you
- the lowest possible price
- the best carrier for your unique situation
- the most coverage possible
Expense Mutual is that independent life insurance agency specializing in getting people with diabetes permanent life insurance coverage at affordable rates. We shop all the top carriers and have exclusive products for diabetes and getting guaranteed life insurance for diabetics. That have relaxed underwiring guidelines for people with diabetes. All the carriers we work with are A rates or better and nationally known companies like Mutual of Omaha, Met Life, Gerber, and Foresters. We work with all kinds of people and have gotten hundreds of families the coverage they need.
Get your free life insurance quotes online today!