With November being National Diabetes month, we wanted to share some great news! Diabetes 365 conducted a survey with several Life Insurance carriers, and we have some good news to share.
According to the American Diabetes Association, nearly half of American adults have diabetes or prediabetes; more than 30 million adults and children have diabetes; and every 21 seconds, another individual is diagnosed with diabetes in the U.S.
Life insurance companies have taken notice of this, and have made positive changes over the years. Medical advancements and modern technology are playing huge factors into the recent innovations that make life insurance more affordable for individuals with diabetes. We are lucky to be living in a day and age where medical technology is advancing at a rapid pace. With a little over 9% of the population, roughly 30 million Americans have a form of diabetes and these medical advancements open the door to many more companies who offer life insurance. The better medicine and treatment out there, to help with the long-term problems caused by diabetes, will help reduce your risk factor in the eyes of the insurance companies. Not only do these advancements offer the ability for life insurance but the life insurance companies have started to reward diabetics for making healthier life choices. Currently we have been experiencing life insurance rates the lowest they have ever been in the past 30years!
In addition to lower rates, companies are now offering more options to people with Diabetes. People with Type 1 Diabetes used to be lucky, to find companies who would offer coverage. Now, not only can they qualify for traditional policies, but they can also get No Medical Exam policies that are instantly approved!!!
Why is Life Insurance so Expensive for People with Diabetes?
Individuals with diabetes are considered a high-risk applicant primarily because their condition could ultimately turn into some serious health issues. Insurance companies see red flags when they come across an applicant with diabetes. They see the potential for kidney disease, heart attacks, stroke –all conditions that could be fatal and a huge investment risk for them. However recent studies have come out indicating that life insurance rates are more accessible for diabetics now than ever.
Diabetes 365 found that almost half of individuals living with diabetes are worried they will be unable to qualify for life insurance, while the other half deem life insurance as too expensive. We are trying to help debunk those outdated thoughts that are currently circulating through the diabetic community. According to Jon Hancock in the past 18 months more than 88% of individuals with diabetes type 2 who were looking for life insurance qualified for life insurance and received a standard or better rate! This is a perfect example of how life insurance companies are understanding the true risks, of people who live with Diabetes
Policies That Benefit Diabetics
John Hancock life insurance offers a type of policy for diabetics that encourages them to make healthier life choices every day. Their Vitality rewards program helps promote a healthy lifestyle by setting up goals and rewards for healthy eating, exercising, and visiting the doctor. These rewards can go to the purchase of an Apple Watch that will allow them to help track and monitor their activity progress. Not to mention hundreds dollars of savings on healthier food purchases that will result in a 15% savings for their life insurance premiums! That same study showed that 75% of the individuals agreed that this type of life insurance was more appealing and would help motivate them to live a healthier lifestyle full of information that would help provide them additional support to manage their diabetes.
Diabetes Life Solutions also announced that over the past few years, there have even been life insurance companies who offer coverage to juvenile children with diabetes. In the past, if your child had Diabetes, you may have to wait until they were an adult, to find coverage.
Where should you go to find life insurance???
There are several companies out there that can now assist you with finding the coverage you need. The key is to know how to find the best policy. Make sure you work with an independent agent, that represents several of the top insurance carriers and are familiar with which companies are more apt to underwrite those who have diabetes.
Unlike a traditional insurance agent, independent brokers work with dozens of highly rated companies across the nation. This is important as they can then impartially “shop” your policy to many different companies. From there, they can present to you several options and solutions.
