Some people think that there is no way to get life insurance if they already have some kind of a medical condition.
Although this was true in the past, it is no longer the case.
These days, there are many types of coverage available to those who need insurance.
There is something available for everyone, regardless of age, mental health, or even conditions such as diabetes.
Can I Get Life Insurance With Diabetes?
Those seeking this type of specialty insurance should expect to need a medical examination, although this is not the case for group term life insurance policies or age specific policies. It is also possible that premiums will be higher because it is an actual condition, but that does not mean that there is not coverage available.
This news, however, is not all bad. Some insurance providers are nervous about particular medical conditions because patients who do not manage them properly could cause their condition to be accelerated.
For example, a diabetic who does not take proper care of themselves could have some type of seizure or coma. This is the reason that health insurance companies encourage proper maintenance for these conditions.
Someone with diabetes who hopes to find a good value premium will have much more luck if they have a history of managing their condition properly. They should be prepared to provide documentation from their health care provider proving that they have been caring for their condition.
Potential Issues for Diabetics and Life Insurance Providers
As previously stated, whether or not a potential client properly manages their disease will play a significant role in a company accepting them. If someone is in poor health to begin with or has a history of neglecting their health needs, it is not likely that a company will be willing to cover them for any type of life insurance.
In order to find a company that will cover someone with an existing condition, it is important to have the right documentation. Before applying for coverage from a company, it is important to get organised and have everything in order. Genesage insurance professionals can assist in getting everything together before the application is submitted.
If the proper documentation is not prepared, it could be a serious problem. Once one company has turned down coverage, other companies will see this and will be less likely to provide coverage. It will not matter to them that it was an issue of paperwork. They will only be concerned with the fact that another company already declined to cover the patient.
Diabetes Life Insurance Video (Content Applies To Our Insurance Providers)
It is important to keep in mind that someone with this condition should expect to pay a higher premium.
Regardless of whether or not they control their condition, the risk for the insurance company is higher when they are covering someone with a condition as opposed to someone who is perfectly healthy. The degree of the risk will be clear in the final cost of coverage.
How Can Problems Be Avoided?
To put it simply, careful record keeping and close documentation from health care providers of diabetes management can help avoid any issues. It is also important to live a generally healthy lifestyle. For example, someone may manage their disease properly but a provider will also look at whether they are overweight or a smoker.
There may be a different set of concerns for someone will get a policy through their place of employment. They might, for example, decide to leave their job after their diagnosis and would lose coverage on their last day of employment.
It may be possible to absorb the cost and continue with coverage, but they may need to apply to a new provider. This is an important issue that any diabetic must discuss with human resources.
Someone who was covered before their diagnosis should still make sure that they are taking the proper care of their condition and documenting it thoroughly.
They never know when they may lose their coverage and will need to go through the process of proving to a new company that they are not an unreasonable risk for coverage.