You’re very fortunate if you already purchased life insurance before you came down with diabetes. Depending on the insurance company with whom you’re applying for coverage, you could be charged a higher premium or be turned down altogether. Many people also suffer from pancreatitis which is a very serious condition since the pancreas is responsible for secreting the insulin individuals need to control their blood sugar level. This is why many diabetics who were able to maintain their blood sugar level with exercise and proper foods from a diabetic menu, must take insulin after an attack of pancreatitis.
This is not to say that you won’t be able to buy life insurance; just that you may pay a higher premium. Consider an insurance company and it’s view of certain diseases and the risks involved. Since they insure ‘risks’ of every kind, they must keep abreast of all their insureds along with every sort of risk. They know from their own statistics, and the actuarials who monitor risks for them, what particular age group carries a lesser, or higher, risk than others. If they do insure people with a disease, they already have a figure alerting them to how many will pass on during the year. They will also have an idea of how much money the company will have to pay out verses how much money will be paid in premiums by all insureds.
If you have diabetes and you’re already insured, but want to increase your insurance amount, call a company that works with other independent companies. By doing this, you’ll save money because they’ll put you in contact with a company that charges lower premiums. If you don’t have any insurance and want to buy a new policy, you’ll find that companies will charge a higher amount because you’re a greater risk. If you have diabetes, but visit your doctor regularly and take your medication the way you’re supposed to, you have more chance of getting the cover.
Diabetes doesn’t mean a person won’t get insurance coverage. It does mean that clients will more than likely pay more for the life insurance policy. Great strides have been realized in controlling diabetes in many people and insurance companies take a client’s medical history into account. Log on to genesage.com/diabetes-life-insurance for more information.