If you are diabetic and have a need for life insurance, there are several important factors to determine which company will give you the lowest life insurance rates. Whether you are interested in term life insurance, universal life insurance, or whole life insurance, the premiums are always based on the risk classification assigned by the company you apply with. These risk classes will vary greatly between carriers, often between a standard plus rate (above normal life expectancy) and a substandard rate (less than normal life expectancy, also called a table rating).
Substandard rates are labeled using table numbers (1-10) or letters (A-J). Each increase of one table is the generally the equivalent of a 25% rate increase over the standard risk class rates. As an example, a Table 2 risk class would equal the standard rate plus 50%, a Table 4 risk class would equal twice the standard rate, and so on.
The main factors in determining the risk class (and therefore the premiums) a carrier will assign for life insurance for diabetics are:
- Most recent A1C hemoglobin readings, compared with history of prior readings
- When the diabetes was first diagnosed
- Recent and history of glucose readings
- Type 1 or Type 2 diabetes
- Current height/weight profile
- Prescription medications
- Any complications from the diabetes (e.g. heart disease, problems with your kidneys, eyes, or feet, etc.)
- Other risk factors (e.g. blood pressure treatment, cholesterol, etc.)
Term Insurance Brokers specializes in high risk life insurance cases and has secured coverage at the lowest possible rates for many diabetic individuals. We also use a special program known as table shaving that is available with select companies to get a standard risk classification for diabetics that may be in substandard health. With the use of table shaving, a life insurance policy that is guaranteed for life can often be nearly the same cost as term life insurance.
If you would like a free life insurance quote, please fill out the short form below. When prompted, you should use the “standard” risk classification as a basis for running your own instant life insurance rates. Please feel free to give us a call at 1-800-571-2980 any time from 9 AM to 9 PM or e-mail us at [email protected] 24 hours a day for immediate assistance. We look forward to helping you!