November is Diabetes Awareness Month. Do you know the implications of this disease with regard to obtaining Life Insurance?
Diabetes does not prevent you from buying Life Insurance but it comes with a significant price increase. For example, a 57-year-old man with Type 2 diabetes and an A1C below 6.7 can buy a 20 yr. term policy for approximately $155 per month with a $250,000 death benefit, while the same man with an A1C above 6.7 and below 7.5, the premium would be approximately $232 per month for the same coverage. The premium amounts are estimates but clearly show the difference between how the amount you would pay for Life Insurance differs. The reason for this is that a person with a serious health condition such as diabetes is put in an insurer’s substandard class due to a higher risk of death. Sounds frightening? It is!
Is there anything you can do to avoid the higher premium and the high-risk category? You can wait until your A1C is controlled for a minimum of 6 months before applying for Life Insurance. There are also some companies that will accept proof that you have maintained a healthy diet and exercise program as well as maintained your medication schedule for a period of time and will make you eligible for the lower premium policy. This information varies from carrier to carrier. The best way to safely obtain this information is to purchase Life Insurance through a certified Life Insurance Representative.
If you would like more information on purchasing Life Insurance with diabetes or any other special health condition, contact Steven Visco at C.H. Edwards, Inc./Visco Family Insurance at 516-249-5200 or visit our website at www.chedwards.net.
by Denise Visco