Life insurance is something that is extremely important for every person to have for the financial security of their loved ones. However, people who have conditions that are pre-existing need to pay insurance premiums that are much higher than people who do not have these conditions. This is also the case with other types of insurance. Diabetes is a pre-existing condition that would cause a life insurance policy to have higher premiums. If you are a person with diabetes that is interested in taking out a life insurance policy, here are a few things that you will need to keep in mind:
1. You will first need to locate an insurance agent that specializes in finding policies for people that are considered to be an impaired risk. This type of agent will be aware of the best carriers to approach for your particular situation.
2. Insurance companies do not look at all diabetes patients equally. One of the main factors that they use to determine the cost of your policy is your ability to manage your diabetes. You have a good chance of getting lower premiums if you do not have any complications from diabetes, your lifestyle is considered to be healthy, you have good control of your blood glucose and if your A1C is low.
3. Make sure that you only submit applications to insurance carriers that utilize clinical underwriting. This is basically a process that analyzes your overall health, not only the specific health conditions that may be affecting you.
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4. As with most major purchases in life, it would be wise for you to shop around as much as possible. It may be time consuming to contact many insurance companies. However, the time you spend researching various insurance companies and the rates they offer could potentially save you many thousands of dollars during your lifetime. Because you have a unique medical condition, you will not be able to simply look at a company’s website to get an idea of what their rates will be. You will need to actually speak to one of their representatives. If you have an agent that is helping you to locate impaired risk policies, tell them to give you a big selection to choose from.
5. Another important factor you must consider is what type of insurance you will buy. You will also need to decide how much to purchase. Most people believe that term life insurance is the most ideal. It has a lower price than whole life insurance. It is more important for you to be insured when you are younger. This is because you are more likely to have a family that depends on you for financial support. When you become a senior citizen, your children will be grown and they will not be dependent on you financially anymore. There is also a chance you have built up a nest egg at this point. Therefore, it is not as important for you to be insured. In order to determine how much life insurance to purchase, you need to decide how much income you are going to need to replace. You may also want to have enough money to allow your family to pay off your mortgage or send your children to a good college.
Most experts agree that you only use roughly 5 percent of your money each year to replace your income. This means that you will require life insurance equal to roughly 20 times the amount that you are trying to replace. There are many different calculators online that can help you figure all of this out. If you do not have a nest egg built up to protect your family, it is critical that you get life insurance.