can a diabetic get affordable life insurance [Archive]

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christie

07-13-2005, 01:05 PM

Middle Aged Man

07-13-2005, 02:22 PM

i was wondering if diabetics still have problems getting life insurance? my dad tried to get me some when i was a teenager and because of t1 he had alot of problems getting some that was'nt through the roof.i know when you work full time most jobs offer it but it is possible to get a policy for those who don't work full time or want some extra?

Christie - I don't honestly know. I had my life insurance in place long before my diagnosis, so I got through that.

I don't know that you'll find a AAA rated policy, but you might be able to find some insurances that are offered without health screenings from the lesser firms. I'd suggest you check some online web sites and independent agents and see what you can find out. Also, if you have kids, buy the policies for them as early as possible before the diabetes issue even creeps into their lives. That will bypass the problem for them.

Also, there are some life insurance policies issued by employers, professional organizations, credit card firms, credit unions, and the likes without health screening mandates. They often aren't high dollar, but they may fit your needs. I believe the Automobile Association of America offers some. Two of my credit unions have as well.

HeatherP

07-13-2005, 02:23 PM

It was basically impossible a few years ago when my husband and I were shopping it around. Even w/ an A1c in the 6's they'd only give me a maximum benefit of $20k for a ridiculous premium.

A while back, one of our members found a company that was willing to work with him. His name is Statdeac and if you do a search of his posts (possible even the ones he started) you should be able to find it. Good luck!

TAutry

07-13-2005, 05:51 PM

Hi Christie,

It has been about 15 years since my diagnosis. It was right after my diagnosis that I started looking for life insurance. I found a company that offered 'level premium' term insurance. I got $100k for $42.00 per month. That is two or three times the prices that were advertised for my age group at the time I began the policy(I was 23.). The original company that issued my policy was absorbed by some other company. Without looking it up, I believe the name of the company in its present form is Mid Continent Life.

You might do a search on level premium insurance. The premium is more expensive when you are younger than average, but doesn't increase as you age.

Travis

christie

07-13-2005, 07:39 PM

i was curious, i was looking for some for my mom and it seemed like everyone i looked at asked if you were a diabetic,which to me feels like a discrimination.i thought that maybe over time companies got a little lenient(sp?) towards diabetics i know when i was a teenager my dad hard a hard time finding some, i think they got a policy for 5,000 and they are still paying it.i don't think these days 5,000 would cover a funeral.

archimeech

07-14-2005, 03:49 AM

Middle Aged Man

07-14-2005, 07:02 AM

This is the reason I went to work for the Federal Government. My insurance premiums are $89 every 2 weeks. I have a good fairly comprehensive plan with Blue Cross and they pay for just about everything, minus a standard deductible. Good luck finding it on your own.

Archimeech - Blue Cross would be health insurance. And you are right, the Federal Government doesn't allow exclusions of pre-existing conditions from their insurers. However, the question is life insurance. The Feds again do offer a no background life insurance plan to their new employees, but it is also a term policy that rapidly grows in cost as you age. I'm not sure if the poster wanted term or whole life, but the point is good . . . just that FEGLI (Federal Employee Group Life Insurace) and FEHB (Federal Employee Health Benefits) are different programs.

archimeech

07-15-2005, 06:41 AM

Oops, thanks Middle-aged. I read through here too quickly and saw Insurance and didn't pay attention to the type.

I suggest you try to get one of the plans that doesn't require a health exam. Depending on the State laws governing insurance you may be able to hold our a couple of years and wether you have a pre-existing or not, they can't cancel your insurance.
for example:
State of South Carolina
If you lie on the policy and state you are in perfect health and keep up your premiums; after 2 years if they find out you have diabetes, heart condintion, whatever, they can't cancel you insurance due to the condition. even if they do, they are required to reimburse you all of your premiums.

I also have FEGLI, and signed up for 5 times my salary in life insurance. I pay $8.00/2 wks for the policy. I'm 34, so my premium is going up, next year, I think. I suggest you check into what your state laws regarding policies sold in the state and wether or not, you can buy policies from other states...

Middle Aged Man

07-15-2005, 09:13 AM

If it helps, my wife tried to buy whole life from NY Life recently. When the agent told us they declined coverage (pregnant with gestational diabetes), they offered a group of other options for coverage.

We're fans of AAA rated insurance, so we're holding off a while and going back. It's a 7 year medical history, so we're hoping to get 7 years out of the gestational period. Fortunately, she still has lots of time.

I also have FEGLI and some random policies from credit unions and other organizations.

jeggeman31

07-15-2005, 02:41 PM

i was wondering if diabetics still have problems getting life insurance?

I have been denied twice for Life Insurance.

statdeac

08-26-2006, 01:14 PM

Hey, guys! U.S. Financial Life Insurance Company is the name of the one that I found.

If your A1c is good, and other test results are in line, they factor all that stuff in and don't just deny you or blow you away with a high premium because you have diabetes.

In fact, I was able to get $250,000 for $400/yr. Not bad.