Choosing and purchasing the right life insurance policy is not a one policy fits all situation. There are many factors that play into making the best choice, including what type and how much coverage is desired, the ability to make payments, and the individual’s specific health and lifestyle needs, not to mention, there are many different insurance policy options from which to choose.
Some serious health conditions, such as Type 1 Diabetes, weigh heavily on those looking for insurance coverage. Type 1 Diabetes is a serious condition that has often been linked to other health issues, such as circulation problems, nerve damage, and kidney failure.
Many individuals with Type 1 Diabetes and other pre-existing conditions believe that it is not possible for them to get proper life insurance coverage. Luckily, with help from Genesage Life Insurance, the right policy can be secured for these individuals.
Options Available to those with Type 1 Diabetes
If an applicant with Type 1 Diabetes has no other serious health issues, it is generally very easy to arrange life insurance coverage for them. In the best case scenario, insurance underwriters will approve the application right at the time of submission.
But, if an applicant has high HbA1c readings or other health issues, insurance companies may require the individual to submit a full health assessment. Although this may prolong the application process, it also helps the insurance company to make sure all of the applicant’s needs regarding health are covered completely.
Although coverage is possible, individuals with Type 1 Diabetes usually see an increase in premium payments. These increases are based on a variety of factors, including HbA1c readings, other health concerns, and the length of the diabetes diagnosis.
Applicants who have handled their diabetes diagnosis for an extended period of time and have had consistent, good HbA1c readings can usually arrange much lower premium payments than those who diabetes is not well managed. Because the management of Type 1 Diabetes plays into the cost of life insurance, it is important to have all recent medical information available when applying.
Critical Illness Coverage and Income Protection for those with Type 1 Diabetes
Although acquiring life insurance for those with Type 1 Diabetes is possible, it is important to remember that there are some life insurance options that may not be available to them. For example, Critical Illness Coverage is not extended to those with pre-existing conditions, such as diabetes, although some insurance companies have begun extending this type of coverage for those with well managed Type 2 Diabetes.
Income Protection is also unavailable to those with Type 1 Diabetes – this coverage is often given to company directors in specific situations, but it is hoped that it will be offered across the board in the future.
Additional Coverage Options for those with Type 1 Diabetes
Income Protection and Critical Illness Coverage are the main two options that individuals look for when choosing life insurance coverage but there are also other options available. Some of these coverage options include Sickness, Unemployment, and Accident Coverage. All these coverage types are available to those with Type 1 Diabetes and talking to an experienced insurance agent at Genesage Life Insurance can help.