Diabetes doesn't have to make life insurance impossible
Life insurance plays an important role in any complete financial plan as it provides financial security for your family when you are no longer there to do it yourself. However, many people who have been living with diabetes are concerned that obtaining life insurance would simply not be possible or would be completely un-affordable. However, in a vast majority of cases, these assumptions couldn't be further from truth. Though premiums for diabetics are generally higher than those for non-diabetics, that doesn't mean you need to over pay or put your family at risk by not having any.
Different Types of Diabetes
Whether you suffer from Type 1 or Type 2 diabetes, life insurance specifically designed for people who are diabetic can be a realistic and affordable option.
Thanks to the developments in medical research, many diabetics are now able to use a combination of health and drug therapy to control their condition. These improvements and the resulting reduction in the relative risk associate with the disease means that the cost of insuring individuals who suffer from the condition is better than ever. As the degree with which an individual is able to control their condition varies, so does the price of the premium that a diabetic would be expected to pay for life insurance. While some Type 2 diabetics are able to manage their condition purely with diet and exercise, those Type 1 sufferers with insulin dependency may find that their overall symptoms are more difficult to manage. However, with insurance premiums now priced based on the health condition of the individual it is possible for diabetes sufferers to be charged a range of differing prices dependent on the level of their condition and pay a realistic price for their coverage, no matter what their medical history.
Getting the Right Price
The key to obtaining the right price for any diabetes life insurance is to provide full and complete medical information on the application. The more information the underwriter has to work with, the fairer their rating can be. Make sure you have a copy of your medical notes , family doctor information and all the information relating to your condition when applying for life insurance. In this way you can quickly and easily provide clear and factual information that represents the full picture of your condition.
If you have diabetes and are searching for life insurance, make sure you find the most coverage at the lowest cost. Underwriting standards vary from insurance company to company and an experienced broker can help you with the application process. Using a broker can be a fast and effective way to get the complete picture of how much your coverage is going to cost , show you the variety of premiums and policies that are available to you and you may be surprised just how affordable they are.
By Andrew W Bradley a licensed Insurance Broker helping Ottawa families since 2011. Combining this with his previous working experience with the Canada Revenue Agency enables him to help a wide range of individuals, families and businesses. As an Independent Broker he devotes time to educating the consumer and implementing comprehensive financial plans for both individuals and businesses in areas including insurance and investments.
The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.