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Applying for Life Insurance with Diabetes

Diabetes and Life Insurance

One of the many challenges facing a diabetic is when it comes to qualifying for life insurance coverage.

When a person is diagnosed with diabetes, life insurance policies can become unaffordable or unobtainable. This is because life insurance policies are underwritten by the insurer and they can charge a premium based upon an applicant's health status. In addition, the insurer can choose not to issue the policy based on information from the applicant's health status. One of the major factors in approved premiums is control. How well is the Diabetes under control?

When it comes to applying for life insurance as a diabetic you need to know your options and and come up with a strategy accordingly. For example if you are a dependent on insulin, because it is a chronic disease you will pay higher for your premium that is, if you are even approved at all. It may be tough to get coverage but not impossible.

No doubt you do not want to get stuck without having coverage so one of the strategies is that you may want to look at is applying for a simplified issue or guaranteed issued life insurance policy first. These policies are designed for those that are hard to insure. They offer less coverage at a higher premium than traditional life insurance but at least you will have coverage in place.

Assumption life for example has a policy that can cover you up to $50,000 for life insurance if you answer no to 7 general and health questions. One of the questions is “Within the past two years, have you had an application for insurance rejected or postponed?”. This is why it may be a good idea to get covered with a simplified issue policy like this first and then apply for traditional life insurance after this is approved.

Here are some highlights of the assumption life Total Protection insurance coverage.

  • No medical exam required.
  • For individuals from 18 to 80 years of age.
  • Protection from $5,000 to $30,000
  • Competitive premiums.
  • No waiting period for accidental death coverage.
  • Premiums reimbursed, with 3% interest, if death occurs in the first two years.
  • Protection that could double in case of accidental death.
  • Cash value available from third anniversary of coverage.
  • Living benefit included at no additional cost.

For more information on simplified/guaranteed issue insurance policies or how to get insured as a diabetic please contact us.

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Alliance Financial Group
Investia Financial Services Inc.