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Hi I'm Mark Spokesperson for LSM Insurance
A diagnosis of Diabetes means many new challenges in your life, not the least of which is trying
to obtain life insurance. The insurance companies can choose not to insure you, based on your
diagnosis or build in an extra premium based on your health. It's important to work with
a seasoned broker who has experience dealing with diabetics. After all, getting insurance
as a diabetic is difficult, but not impossible. Knowing the following seven variables insurance
companies will consider when determining if you qualify, could mean the difference between
insured and uninsured:
1. If the insured is insulin dependent - All things being equal, an insulin-dependent diabetic
will pay a higher premium than those who don't depend on insulin. Insulin dependent diabetes
is considered a chronic disease that usually begins in childhood, but it's not the most
common form of diabetes. Insulin dependent diabetics account for only 5% of diabetics
in North America.
2. The age when the insured was diagnosed - Younger diabetics are usuallly underwritten
more carefully than older diabetics. In fact, diabetics 50 and over with no other health
issues can qualify for the same standard rates as non-diabetics.
3. Duration of diabetes - Once diabetes is under control you should work to obtain life
insurance as soon as possible, since it can lead to other extraineous health issues that
can make it even more difficult to obtain life insurance.
4. Insulin Control - Readings over 9.9 on your A1c Hemoglobin Test (the standard test
for measuring insulin control) can spell problems when it comes to qualifying for life insurance.
5. Renal Damage - If you have renal damage as well, applying for insurance will be much
more challenging. We can't stress enough how important it is to apply for life insurance
as early into your diagnosis as possible.
6. Height and weight - Traditional insurance is normally unavailable if you're diabetic
and overweight.
7. The Life Insurance Company - Each life insurance company has its own unique underwriting
criteria. It's crucial that your broker be aware of the guidelines from each carrier.
It's also important to add a cover letter explaining your medical history if you are
a potential high-risk case.
Term and conditions can vary dramatically from company to company. For more details
contact us at 1.866.899.4849.