Even some younger people fear that they cannot get covered when they suffer from a chronic health condition like diabetes. While life insurance rates for diabetics may not be as cheap as they are for perfectly healthy people, there is no reason to assume that you can’t find affordable coverage if the condition is well managed. In fact, many of the best life insurance companies offer good senior life plans with fairly relaxed underwriting rules, but these mostly offer fairly modest death benefits.
If you need help comparing companies, policies and premiums, we can help with our online life insurance quotes. Just key in your home ZIP code to see a list of good insurers that offer plans in your town or city. If you have additional questions, you are also welcome to call us and speak with an agent.
Term Life Insurance for Seniors with Diabetes
Many people prefer term insurance because the average rates are cheaper than they are for permanent policies. If you want no medical exam life insurance for seniors, it might still be available for younger seniors, but it will be harder to find after retirement age.
These are things other that you should understand when looking for term coverage that doesn’t require a physical:
- Application process: Even if you don’t have to take a medical exam, you still probably have to answer health questions. These questions get verified against sources like the Medical Information Bureau. In some cases, an underwriter may also ask for a doctor’s statement to verify the information that you supply.
- Policy face values: Typical death benefits will be limited to a few hundred thousand dollars.
- Underwriting: Some insurers use digital underwriting services, and they may approve very quickly. Others have a manual underwriting process, and it might take a couple of weeks to hear back about acceptance.
A few insurers now offer no exam term policies for older people who can demonstrate that they can control their medical condition very well. For example, seniors with Type II diabetes who manage to control their condition by following their doctors instructions have a good chance to find an affordable policy. In these cases, applicants might be better off just taking the physical exam and getting a fully-underwritten policy in order to prove their case. A good broker can provide advice for unique situations.
Additionally, insurers may consider more than one risk factor. While it might be very possible to find good rates for diabetics who live a very health lifestyle, it might be tougher to find a policy for diabetics who are also smokers. The combination of one risk factor with something like tobacco use can raise a red flag for underwriters.
Simplified Issue Whole Life for Seniors with Diabetes
Many older people begin to turn to permanent coverage. Even though term costs less, it does not provide lifetime coverage and cannot grow a cash value. Many of the best life insurance companies offer smaller whole life insurance policies for people between the ages of 50 and 85, and most of these do not require a physical. In fact, some of these policies do not even ask any health questions at all, a policy that that does not ask ANY health questions would be referred to as guaranteed issue life insurance.
Let Us Help You Find the Best Life Insurance Rates for Diabetics
Our fast online life insurance comparison tools can help you compare the best insurers in your area. Simply key in your ZIP code to begin. After browsing your choices, you are also free to call us for assistance from an experienced agent. We are eager to help all of our clients find the right life insurance at a reasonable price.