Impaired Risk Life Insurance – Diabetes
What Life Insurance Companies Offer the Best Rates for Impaired Risk Life Insurance or Disability Life Insurance. We can help you find out: http://www.lifeinsurance101.com/impaired-risk-life-insurance/
Life Insurance Companies differ in their “underwriting philosophy” when it comes to diabetes. Offering life insurance for diabetics can be risky if the underwriters are not fully trained. Underwriters at the insurance companies that are fluent in underwriting diabetes have the ability to look at all of these factors and determine if the company will accept them as a risk. Moderately controlled diabetes cases would usually merit a “rating” or an increase in the premium, but not necessarily a declination for coverage. If the client with diabetes that is looking for life insurance is not controlled, then there are options – it will just cost them more for coverage!
Diabetic Life Insurance can be obtained no matter how severe the diabetes condition is. If the proposed insured has well controlled diabetes and a history of compliance with what the Doctor reccomends, then the rate for insurance will naturally reflect that. The better the control, the better the rate. Clients with well controlled diabetes have a great chance at getting a lower rate from a regular insurance carrier and would qualify for a policy that is fully underwritten. If, at the other extreme, the client has very poor control over the diabetes, the rate will be higher and the client will have to go with a life insurance plan that guarantees acceptance. This type of life insurance is called “guaranteed issue life insurance”.
Guaranteed issue life insurance for diabetics is more expensive than regular (fully underwritten) life insurance and is only sold as “whole life insurance”. This type of insurance can be advantageous, though, because it builds cash value and is intended to cover the client for their “whole life” as opposed to a “term” period of time. Another provision of guaranteed issue is that the premiums paid into the policy would be paid to the beneficiary PLUS 10% interest if the insured dies within the first 3 years of the policy’s inception. After that 3 year period of time, the guaranteed issue policy would pay the full death benefit to the beneficiary.
Fully Underwritten policies take the client’s full medical records into account. The doctor’s records are ordered, blood is drawn, a urine sample is taken, and a full screening is done to evaluate the client. If the insurance company decides to insure this applicant, it is after the company’s underwriters look at the case. If the client is fully underwritten and passes through underwriting, then they would have more options than just whole life insurance (in the case of those who are in need of guaranteed issue whole life insurance). Term insurance, Universal Life Insurance, Survivorship Universal Life Insurance, and regular Whole Life Insurance would be available to these applicants that are fully underwritten.
When evaluating a client with diabetes, the underwriters at the insurance company take into account whether the client is a type one diabetic (type I diabetic, type 1 diabetic, type 1 diabetes, type I diabetes) or a type two diabetic (type II diabetic, type 2 diabetic, type 2 diabetes, type II diabetes). Another thing that the underwriters look at is whether the client is a juvenile onset diabetic or an adult onset diabetic. And yet Another determining factor is the Hemoglobin A1C level (this is a more comprehensive test, showing the blood sugar levels over about a 3 month period of time as opposed to a quick “snapshot” blood level test).
If the client’s A1C level is below 8, then fully underwritten life insurance may be available subject to the client’s full medical file. If the client’s A1C level is above 8, then guaranteed issue life insurance is a more realistic goal.
One of the things that applicants fear in the case of insulin dependent type 1 diabetics is whether or not their insulin pump will prevent them from getting a life insurance policy. An insulin pump is actually a positive factor where life insurance underwriting is concerned because the client’s insulin level is kept at a constant level.
How often the client monitors their sugar or glucose levels in their blood is another factor. If the client habitually monitors their glucose level, then this is seen as evidence of compliance on the part of the client. If, on the other hand, the client does not monitor these sugar levels, then this could be seen as a negative in the eyes of the insurers and underwriters.
Article Source: EzineArticles.com/53285
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Why You Need Life Insurance
Life insurance is something that people rarely enjoy paying for, and it is only natural to consider cancelling your policy at some point during your life. Life insurance can be expensive and in this economic climate it is normal to find yourself wondering if you would be better off using the money to pay for something else instead. However, before you cancel your life insurance policy stop and think for a moment about what would happen to your family if you were to die or become incapacitated. If you are the sole income earner then a life insurance policy is a must-have.
Imagine that you are involved in an accident which leads to your death. Your life insurance policy would help your family to pay for your funeral and cover other expenses. Thinking about your own mortality is not pleasant, but it is important. The last thing you want to do is leave your loved ones with a financial mess to deal with during what is already a traumatic time for them.
Most life insurance policies do not just cover your funeral and burial costs, they will also cover your family’s other expenses for a year or more after your death. This will give your family time to mourn and offer a buffer period so that they can find a new means of earning an income.
If you are struggling to meet your existing life insurance payments, consider shopping around with Primerica Life Insurance Company and comparing costs. A life insurance policy for a healthy person who is a non-smoker and who does not work in a high risk environment should not be expensive. There are a lot of affordable policies that offer good rates of cover. If you spend a small amount of money each month you will get peace of mind for yourself and your family.
Why You Need Life Insurance
It is in most of us to brush off investments that we do not directly benefit from; like life insurance perhaps? Or maybe feel the economic heat and instead choose to cancel the monthly premium payments for savings instead, but is it really worth it? All bread winners should know that life insurance is more of a need than a luxury if family truly does come first.
Most fatalities, deaths, or disasters are unforeseen and should something happen to you, what happens to your beloved family? Life insurance guarantees a lump sum amount of payment in case you pass on, which your beloved members can use to handle the death related costs. The grief that comes with death can be quite overwhelming and you do not want to laden your family with having to come up with fund raising techniques to cater for your casket, hospital bill perhaps or even related services.
Most families go through a lot of lifestyle changes when the bread winner passes on and this not only affect them emotionally, but physically too. A life insurance policy can be used to cushion your family financially through catering for their living expenses, for a certain period of time. Depending on your policy, the amount can cater for expenses up to a year which is indeed sufficient before other options are pursued. This can even be true for older couple without children. An over 60 life insurance policy can make sure that your spouse does not have to worry about debt or living expenses when you pass.
There is a wide range of life insurance policies available and you should make it your personal goal to find the right one that matches your needs. Take quotes from a number of reputable service providers and you should be able to get a good deal in regards to rate especially if healthy and you do not wield any risky lifestyle habits such as smoking. Majority tend to leave behind some form of inheritance when they pass on, and life insurance does prove to be the best form of inheritance you can offer your beloved.
There Are Many Life Insurance Options For People Over 50
Ideally, a person starts carrying a life insurance policy that they chose when younger and kept through the years. However, the fact of the matter is people switch life insurance companies and also a huge percentage of people wait until later on in life to get a life insurance policy. And, shouldn’t those people be able to get what they need at their age as well? Of course, and while policies were available in the past, many companies have now made even more options available for those seeking life insurance over 50.
Colonial Penn is one of the major companies, and you see their television commercials and their brand name in other places. The idea here is you want to be dealing with a company that not only offers life insurance for older people but actually specializes in those types of situations. You want someone used to dealing with handling requests from people just like you.
As you get older, especially in your golden years, you start to think about your affairs. Perhaps you have neglected to get the life insurance policy you have thought of many times before. If so, then it’s about time you thought about it now. And, since a policy to someone your age is widely available, you can be guaranteed that you are going to secure one.
Think about your estate when you pass away. Perhaps you’ve got an account set aside for dividing your estate and certain people inherit money and real estate, etc. Burial expenses still exist, and you don’t want it to cut into the estate money. Or, say you’re not leaving a big inheritance, but you’re not leaving any bills and you want to cover any burial expenses. These expenses can be expensive, so the best thing to do is to realize there is always time, even at your age, to get a good life insurance policy.
Diabetic Life Insurance is Available to Those Who Are in Control
Diabetes is now ranking as one of the main health issues that plague our society. Since it became more common the development of new efficient drugs has taken place and they are now being used in the treatment of diabetes.
As a result from this, it has become a lot easier for suffers to qualify for diabetic life insurance; the main problem with the insurance policies is how to keep down the costs and control them.
Probably the most significant factor is keeping your A1C in line. The insurance companies have no problem covering someone who lives with diabetes. Their problem is with those who have the disease and are not in control of it, as uncontrolled diabetes leads to other health complications and issues it also shorten the lifespan of the individual.
This is not saying all the insurers will decline you should your A1C levels not be in check; your options of diabetic life insurance policies will be limited though.
Understanding how these insurance companies work will benefit you when looking for diabetic life insurance. Know that insurance companies do not all underwrite in the same way. Some are rather determined and concerned with insuring diabetics, while others are not that keen on or lack the experience needed to handle your case and offer you the best results possible.
When you are in the process of selecting an insurer try to ascertain the underwriting process they use and compare all the quotes you get as well as the quote ranges, the range that is the better option to go for is the narrower one.
It is understood that living with diabetes is challenging, but in order for you to qualify for life insurance you need to keep control over your disease, and try to live a healthier lifestyle as this will strengthen your case when you apply for insurance.