If you are diabetic and have tried to get life insurance, you probably already know that a diabetic faces special challenges when buying life insurance. Let’s start at the bottom line: almost all diabetics can get insurance. However, the challenge is to find the best rate for your situation.
The secret of getting the best insurance rate is also the secret to a longer, healthier life: controlled diabetes. Insurance companies look at controlled diabetes in a completely different way than they do uncontrolled diabetes. This is just logical, as the insurance company is taking a greater risk insuring someone with a chronic disease than it does when insuring a healthy person. Each day that diabetes is uncontrolled, a person’s organs are suffering damage, and he or she is at greater risk of being a fatality. Controlling your diabetes will lengthen your life, as well as lower insurance premiums.
The first step in getting the best insurance rate is to be good to yourself. Make blood glucose testing part of your daily routine, and log those results. Seeing your doctor regularly and documenting those visits is vital. The tests your doctor administers, such as measuring blood pressure, looking for signs of vascular disease and neuropathy, and administering an important blood test called the HBA1c will paint the picture of how well you are doing. Diabetics who have an HBA1c level of 7 or lower are normally considered controlled. A level of 10-11 indicates that your disease is uncontrolled. At 12 or higher, there is much less chance of approval.
Since diabetes can result in damage to your eyes, an annual visit to an ophthalmologist is crucial, and so is the documentation of the visit. Eye damage diagnosed and treated early can help you avoid further deterioration.
All of these measures together will allow you to present a picture of control to the insurance company. When you are seeking approval to buy term insurance, this controlled picture is important. Some insurance companies may also require evidence that the medication you are taking and other maintenance measures are making a significant improvement in your health.
The insurance company will give each diabetic a rating based on the information you provide. The usual ratings are: Super Preferred, Preferred, Standard, and Substandard. A well-controlled diabetic will receive a Super Preferred rating, paying less for insurance than a diabetic with a Standard rating. A diabetic with a Substandard rating may not be able to buy medically-underwritten insurance.
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