Qualifying For Term Life Insurance For Diabetic Seniors

Mark Burback | Term Life Insurance | 14 Sep, 2015 | No Comments

Did you know that over 9% of the population in the U.S. has some form of diabetes? This equates to roughly 29.1 million people. Many diabetics and particularly senior diabetics fear that they will not be able to qualify for affordable life insurance. While diabetics do face a unique set of challenges when it comes to qualifying for term life insurance, there is some good news.

Obtaining affordable coverage is not impossible for diabetics. In fact, it is very plausible. While no single factor alone will determine your coverage, there are a few things to keep in mind that can help you obtain affordable coverage.

If you’re a senior diabetic who is looking for answers when it comes to life insurance, this guide is for you. We break down what you need to know when it comes to your coverage and what you can expect.


What is Term Life Insurance?

First, let’s give a brief explanation of what term life insurance is. While you might have an understanding of what life insurance is, you may not be so clear when it comes to understanding what term life insurance is.

Term life insurance is typically purchased for a period time, often between 10-30 years. Unlike whole life insurance, term life insurance relies on a fixed set of payments over a defined period of time.

Seniors who are able to qualify for term life insurance will often be able to obtain lower rates than if they opted for whole life insurance. Thus, term life insurance is often a better choice for diabetic seniors looking to qualify for affordable coverage.


Who Can Qualify For Term Life Insurance?

Perhaps one of the most important questions, exactly who can qualify for term life insurance? After all, qualifying for lower rates is great, but there are a number of factors that are involved in order to obtain this level of coverage. While diabetics may not qualify for the lowest term life insurance rates possible, they don’t have to qualify for the highest rates either.

In fact, if you are a senior diabetic who is in an overall good state of health, there is a very likely chance that you will be able to qualify for average or even low-cost rates. On the other hand, if you are a senior diabetic who is also facing preexisting conditions and have an overall poor family health history, there is a chance that you can be denied for term life insurance. However, keep in mind that this is on a case-by-case basis.

You should always speak to an experienced life insurance professional to learn about all of your options. It is better to be aware than left in the dark. Never assume that you cannot qualify.


What Should I Expect To Pay?

When it comes to being insured, one of the biggest questions that may be on your mind is, what should I expect to pay? After all, even though you may qualify, the rates you qualify for can be a very different story. Luckily, you’ll find affordable options with term life insurance.

In fact, you can likely experience lower rates even as a diabetic senior if the following describe you:

*Condition-insurers like to see that you are in relatively good overall state of health. Meaning, your diabetes is in control and have not suffered from any complications. In addition, if you can manage on less than 40 units of insulin a day, this will also work in your favor.

*History-a healthy family history can go a long way. If you have an overall healthy family history, you can often expect to qualify for lower rates.

*Related Risks-outside health conditions can make obtaining coverage for seniors with diabetes particularly challenging. While not impossible, the more outside conditions and associated risks you have, the more you can expect to pay.

Overall, the better your overall state of health, the higher the likelihood that you will qualify for lower rates. Even as a diabetic, you can still be in a relatively good state of health. As long as you are managing your condition and showing that you are taking care of yourself, the better you can expect your coverage options to be.


What To Do Next

Now that you have a better idea of what it means to obtain term life insurance as a diabetic senior, it’s time to take the next step. Qualifying for affordable coverage is possible. Reach out to a term life insurance specialist today to learn more about your coverage options

Featured image via 50andbeyond 

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