Life Insurance for Diabetics - Get the Best Possible Rates!

Why should it be so difficult to get approved for life insurance when taking simple steps can make all the difference. Whether you have type 1 or type 2 diabetes, it is possible to get approved and get good rates on life insurance.

Step 1 - A diabetic should be medically fit

One of the first thing insurance companies will want to see is that you have your diabetes under control. We don't mean under control this week and out of control the week before. This control has be for at least one year. If your diabetes was newly diagnosed, six months of control may be good enough. That will all depend upon the insurance company you select.

Step 2 - Prepare for the exam (the insurance exam that is)

It is very likely that, to get the best possible rates, you will need to take an insurance medical exam. We highly recommend that you do not eat a high carb breakfast the same morning before your exam. Just having the wrong food before your insurance exam is not likely to get you the greatest results and may even get you declined for insurance. The insurance company may allow for some room with your results but if your A1C numbers are way high that day, the underwriter may get worried that your diabetes is out of control. Life insurance and out of control lab results are not a good combination. When the examiner calls you for your exam appointment, ask him or her what you should eat or not eat before the exam date.

Step 3 - Select the right insurance company

Believe it or not, when it comes to health impairments, not all insurance companies are alike. Using the same medical results, we have found that while one company may give you standard rates, another company may decline you or give you a high rating. How do you find an insurance company that is likely to give diabetics the best possible life insurance offer? Give your broker all the information you have on your diabetes and other medical history and request that the underwriter review the information. The underwriter should be able to give you a good, general idea of the potential final outcome. Then select the company that offers the best outcome as close to standard rates as possible. Make sure to insist that you want as realistic of a quote as possible. If you have other medical issues in addition to your Diabetes, like blindness, neuropathy, heart issues or kidney disease you need to be even more selective with your choice of insurance company.

Ste 4 - Be truthful on your life insurance application

Do not hide any information about your diabetes history. Make sure to write down whether you are a type 1 diabetic or type 2 diabetic. If you have the information, give the insurance company your lab results such as last A1C readings. If you have medical records don't hesitate to submit them with the application. Contrary to some beliefs, insurance companies tend to offer better rates if you give them as much as you have on your medical history. Also, don't be afraid to apply to more than one life insurance company. Particularly, if you have a more extensive medical history (such as heart issues). we recommend that you apply to as many as three life insurance companies.

Some more recommendations

1. A good Hemoglobin A1C is one of the most important blood levels in acquiring the absolute best life insurance rate possible.
   
2. Your height and weight are another major factor in acquiring the best rate.
   
3. The final piece of the puzzle in acquiring the best life insurance rate if you have Diabetes is your age. The older you were when you were diagnosed, the better, as far as life insurance underwriting is concerned.
   

Some insurance companies are better for younger Diabetics, some are better for older ones. Some companies are better for Diabetics on oral medications or diet control only and some companies are much better than others for insulin dependent Diabetics. In cases where gestational diabetes is the issue a preferred rate may even be possible.

We hope this short article will help you get the insurance you need at great rates and easily. As we say in all of our articles, please ask, ask and ask more questions before applying for life insurance and certainly after you receive an approved policy. Be well.

Life Insurance for Parents

We have had several calls from children about friends whose parents had no life insurance and who had to come up with last minute funds to cover basic final expenses or liquidate with major losses some or all of the parent's assets. The story is always the same and so is the realization that had the parent had life insurance, it would have been much easier on the children (and cheaper too). Why do parents wait to get needed life insurance? All we have to do is look within ourselves and most of the answers are their. Procrastination, cost, the unwillingness to consider death as a near possibility or simply a lack of caring.

What can children do?

If your parent is cooperative, and it is not always the case, then we suggest a standard life insurance policy with full underwriting. If the need is under $25,000, then a simplified issue final expense or burial policy is probably best. If the parent is not cooperative about getting life insurance, then children may only be able to do a no exam, simplified issue whole life insurance plan. We have had very few situation were the parent does not want to sign for any life insurance. In that case, there is nothing you can do. By the way, It is illegal to take out a life insurance policy on anyone without their permission. For the very difficult parent, you may want to try an online only application. Somehow clicking a few boxes online may not be as much of an issue as signing a form. There are many companies that will take online applications (again, your parent must agree to do this and sign online were required).

Which types plans are best for parents who need life insurance?

When it comes to purchasing life for parents, there really are three basic choices. Term life insurance universal life and whole life. If you will only be covering small final expenses then we recommend that you do a whole life insurance. The whole life insurance should at least be guaranteed to run with level premiums and a level face amount to age 100 (120 is better). If the need is large and also long term, then we recommend a universal life plan. Again, this plan must guarantee that your premiums and face amount will be level to at least age 100. Last, if the need is temporary, such as in the case of a short term loan, then term life is most likely best. As every case can be very varied, a combination of policy types is not unusual. For example, if you need to buy life insurance for your mother or father and they have 10 years remaining on a $50,000 mortgage. Then a 10 year term life to cover the mortgage loan and a small ($10,000 to $20,000) whole life for final expenses and burial cost should be enough.

How about if my Parent has Other Assets to Cover Final Needs?

It may or may not be a good idea to consider using all or some of the liquid and not liquid assets when deciding if your mother or father (or both) need a life insurance policy. Due to the intricate nature of this decision, if your parent has a more complicated estate, we strongly recommend that you speak with an estate planner. In any case, here are some basic guidelines. You should be OK on planning to use very liquid assets to pay for final expenses, debts... You should be very careful with non-liquid assets though. You would not want to have to run a fire sale on their house, or liquidate mutual fund holdings to pay for final expense and other needs. The cost of doing that could be huge!

We hope that this short article will help you make better decisions. As we say in all of our articles always ask, ask and ask more questions. Feel free to ask us too. Be well.

...if you first do an application on the insurance plan that requires an exam and the exam uncovers some bad health news, then you could end up with very expensive coverage or no coverage at all. We recommend you do a no exam plan first and secure as much life insurance as you can. Then, apply for a regular insurance plan, and if rates on the regular plan come out better than with the no exam plan, then you cancel the no exam plan and have lost at most one month of higher premiums. Of course, you can always take the risk and just go straight to a life insurance application which will require an exam. Sometimes, you may not feel you have a choice as you may need $1,000,000 or more in life insurance, and no exam plans may not be able offer anywhere near what you need.

What plans are available to people 65 and older? Just about any! As far as no exam plans, if all you need is $150,000 or less, there are excellent term life insurance and whole life insurance options. Possibly some universal life insurance options too. With no exam insurance each plan may have its limits. Can you apply to multiple plans? Most times, it is fine. This way you can secure a higher amount of coverage from multiple insurance companies and get as close to your insurance goal as possible. Once all or some of your insurance needs have been secured, you are ready for the exam required plan. On the amount of insurance available, the sky is about the limit. You can apply for as much as $5,000,000+ and select from whole life, universal life and term life insurance (there are many other plan options but those are really just variations of any of the three basic plans mentioned).

How about underwriting! First thing first. Tell the truth about your medical history. No point applying for a policy, lie about your medical history, get approved and never know if your family is actually protected. Keep in mind that the insurance company may have at least two years or more to rescind (cancel) the policy. If that happens, good luck getting another policy somewhere else. even if you can qualify, the insurance company will see this nasty code on your records and run for cover. Please tell the truth. Besides, it is the right thing to tell the truth anyway. Second, if you do have medical issues, give the insurance company as much detail as possible. That should always include the right doctor's name, address and phone number (maybe even fax). One of the biggest delays in getting an answer for insurance is medical records. Grant it, doctors are not so exited about getting more, low paid, work to mail medical records but giving the insurance company the right Dr. info can save you at least two weeks of underwriting. Next, make sure all your basic information (date of birth, social security number..) is entered and entered correctly. Last, but not least, get back to your broker or agent or whoever is your contact for the insurance company whenever they call, e-mail, fax or even instant message you. Not getting back to the person who is helping you with the underwriting of your application may not only delay an answer but may also show a lack of interest. No one wants to spend time on an applicant who is not really interested in the insurance they just applied for. Particularly if the person assisting you has shown great interest in your well-being.

To recap: Apply for no exam insurance plans, then apply for a lower quoted exam required senior plan, be thorough and honest with the application and keep in touch with the person assisting you with the application. One last thing, ask questions before, during and after the underwriting process. Be well!

Life Insurance for People Who Are Diabetic (Type I and Type II)

It seems that many people who have diabetes feel that applying for life insurance is either a big waste of time because they will be declined or, if they do apply, the rates will be so high, they might as well not apply. This may have been true at some point in the past, but diabetes is not as much of an issue when it is being treated and is under control. Key word here is "under control". One of the first question an insurance company may ask is just that, "is your diabetes under control". If it is not under control, as with most other illnesses, a decline from a standard insurance company is very likely.

Now, lets assume that yours is under control (as it seems to be with most people we speak to). The next two questions you will most likely be asked is "how is it treated and when was the onset?". In other words, diabetes before age 40 seems to be a bigger issue than at older ages. For some reason, the age at which you developed diabetes may have an effect on your longevity (or at least insurance companies think so). So, if you were diagnosed before age 40, it does not mean you will be declined, it just means that you will need to more carefully select the insurance company and final rates may come out higher. I said may because age of onset is only one factor of many. As we said, one of the main factor is control. If your diabetes is controlled by diet, you may even get preferred rates and many companies will approve you (make sure to get many quotes). If it is controlled by pills, that is almost as good as diet controlled, and again, you should be OK when applying for life insurance. For some reason, Type 2 diabetes or insulin dependent diabetes is a bit more complicated. Which does not mean you will not get good rates. But it does mean that you will need to do more company research and if you have a good insurance consultant, he or she will help you communicate medical information to the underwriter for most favorable results. Believe it or not, the more information you give the insurance company about your medical condition(s), the better the results should be.

One other factor that seems to greatly affect results is if you have or have had other medical issues. One big one seems to be vascular issues. If you have had a stroke or a heart attack, you may find it more difficult to secure any reasonable life insurance. Vascular issues and diabetes seem be a major no no when it comes to life insurance. Again, it does not mean an automatic decline and you should make sure to speak to different insurance companies. We have seen a few cases were people had been declined by one company and were approved at good rates by another. Sometimes, it is just a matter of who the underwriter is and how knowledgeable they are about your medical condition(s).

The no exam life insurance plans - Some people who have health issues sometimes feel that it would be best to do a no exam plan when applying for life insurance. Most times our answer is no. Unless, you are afraid of needles, it has been found that, no exam companies, who offer more limited underwriting, tend to decline more people or charge higher premiums than companies who do a more thorough underwriting job and request an exam. If your lab test numbers are good, do the exam. Of course, only some of the main points can be covered in this short article but it should at least get you started and open ideas on what questions to ask.

In conclusion, do not automatically believe that, because you are a diabetic, you will need to pay high life insurance premiums or be declined for life insurance. That is not so! We do recommend, of course, that you get life insurance when you are still healthy. Also Note, for people who already have diabetes, it is best to wait about six months to a year after diagnoses then apply for life insurance. The wait is because many insurance companies want to see that your diabetes has been under control for a few months before they consider your case. It is also recommended that you apply as soon as you decide you have a need for llife insurance coverage because if you develop other medical issues along with the diabetes, it may make it very difficult to impossible to secure any life insurance coverage.

As we say in all our articles, always ask, ask,ask many questions.

Life Insurance for Police Officers and Other Law Enforcement Individuals

First thing first, is there such a thing as police officer life insurance? Not really, but there is such thing as the right company and underwriter for life insurance for police officers. Life insurance is life insurance no matter what other term precedes or follows the word life insurance. In other words, you want to make sure that whatever the policy is called, it pays a death benefit in case of natural or accidental death to your beneficiaries. You also want to make sure that the policy does not have exclusions specific to your job duties.

Before anything though, you need to make sure you get approved and get approved at affordable rates. That is when selecting the right company is important. If you were to call three different life insurance companies about your life insurance needs, as a police officer, you would likely get three different answers. One may not like the fact that you work in a large city or one may not like the fact that you are part of a swat team. An easy way to weed out the wrong companies is to fill out a special police officer questionnaire forward it to a trusted advisor. In turn, he/she should be able to send it to select companies and narrow down the choices. By the way, if you find out that more than one company is offering the best options, it is OK to apply to more than one company. As a matter of fact, if you case is more complicated (you work in rescue, carry heavy weapons and work in the worst neighborhoods) you should not hesitate to apply to at least two insurance companies for your insurance.

How about health issues. That really is part of one of our other articles (to see article enter keyword in google: bad health life insurance article mcdlife.com). Briefly, if you have health issues. it may make things more complicated but don't despair. Approval for life insurance depends upon your health issues and the company selected. As a police officer, we fist suggest that you narrow down by profession and then further narrow it down by health issues.

If you are a police officer or another law enforcement individual, how likely are you to get approved and let alone get good rates? As long as you follow the simple guidelines above, you are very likely to get an affordable insurance policy. It may take more work than if you worked at a desk job and carried no gun, but the extra work will be well worth it. particularly in the long run.

What insurance policies are available to police officers and other law enforcement individuals? Just about any and all. In the end, it will be dependent upon your budget and the length of overage you need. In other words, if you have a very limited budget, then term life insurance should be considered. If you have a bigger budget and you need long term coverage, universal life is what would recommend. ultimately, the choice is yours and the best way to make the right choice is to ask as many questions as you need to.

Life Insurance for Seniors and the elderly

What is considered senior life insurance? Well, in our many years of experience we have seen senior life request come from individuals in age ranging from late 40's to over a 100! Actually, most quotes are requested by the children of the seniors. Particularly, if the seniors is over 70.

How easy is it to get coverage once you are a senior? The truth is, it is a bit more difficult than getting life insurance for a 20 year old but the bottom line is the same whether you are in your 20s or 80's. Are you healthy enough to qualify? And if you qualify, what plan can you get? For most people over 65, whole life tends to be the plan of choice. Particularly if they want to keep the process fast and simple. No exam whole life insurance is by far the easiest to apply and qualify for. Some companies will even just take a paper application, do a quick phone interview (and sometimes not even that) and that is it. You can get a final answer in as fast as 2 days! One limitation to these plans is the amount you can qualify for. The most we have seen with one company is $75,000. The rates tend to be on the higher side too. Which makes sense, since the insurance company is accepting more risks.

If you need life insurance in the $100's of thousands, can you get it? Of course! Just be prepared for a longer wait (4+ week average), more health and other questions, more background check and, of course, an exam by a nurse. The exam can include a blood profile, urine analysis, EKG...and sometimes even an MD exam. All that at the expense of the insurance company requesting the exam (that is one way to get a thorough exam for free - not so honest though!). The advantage of this plan for seniors is the potential for much better rates and higher available amounts - as high as $10,000,000 in insurance. Although most will not need that. Unless you are the owner of a large corporation. The average elderly life insurance we see is around...are you ready...a big...$35,000! That is it. Actually, at $25,000, if you are in good health, a senior can get up to $25,000 in no exam term life insurance is as fast as 3 days (max age 75).

Overall, if you are considered part of the older group, getting life insurance is not so complicated if you have the help you need. As we have always advised, ask a lot of questions, request brochure, policy samples and once you receive your policy, review it to make sure it is what you wanted. BEWARE, some clients have called us all upset because their parents were sold accident only life insurance instead of regular insurance. Want to know about accident only life insurance. I guess you will have to read another one of our articles. Be well!

Life Insurance for Seniors Over 70

Selecting a life insurance plan when you are a senior over 70 does not have to be so complicated. It really all comes down to the same questions one may ask when they are under age 70. What does the plan cover and how long is my coverage good for?

What should your plan cover if you are over 70?

Fist of all, if at all possible, your plan should offer immediate coverage. In other words, should the insured die shortly after the coverage is in force, the full face amount should be paid to the beneficiary(ies). Although cash value is a nice added benefit, we do not feel that it is of prime importance to a senior's life insurance plan. Some may say that with full endowment polices, the senior will have the advantage of getting the full face amount of their policy in cash at the end of the term. We do not feel that this is a great advantage as, unlike the face amount, the cash value may be taxable. So, what should have been a tax free payment upon death becomes a possible taxable payment to a senior who outlived the insurance policy. If at all possible, if a insured outlives a whole life insurance policy, the owner of the life insurance policy, should request an extension of coverage rather than a cash payout.

Some insurance policies will also offer a terminal illness rider. That rider is often included at no extra cost to you but it may need to be requested to be included. The terminal illness rider, allows for the insured senior to use a portion of the face amount of the policy before death and in case of a covered, diagnosed terminal illness. Another rider that may be important, although not often available, is the long term care benefit rider. This rider can be very useful, particularly if you do not carry a long term care insurance policy. Briefly, long-term care (LTC) is a variety of services which help meet both the medical and non-medical need of people with a chronic illness or disability who cannot care for themselves for long periods of time.

Please be aware that some whole life insurance policies, when the insured is not in the best of health, will postpone coverage for two to three years. What that would mean for the senior or mainly the beneficiary, is that during first the two to three years of coverage, should the insured die, the face amount will be limited to the premiums paid plus some interest. If applicant cannot qualify for a standard life insurance policy, we have found these polices (graded life insurance) are a very good choice. After all, some of these policies may pay you 5% to 10% on your money for the first two to three years until the full face amount kicks in. How many people can get 5% to 10% on there money without risk in bad or even in good economic times. So if you are a senior over 70 and cannot qualify for level whole life insurance, then graded life insurance may be a very good choice.

How long should coverage and rates be guaranteed on life insurance policy for a senior over 70?

The answer is simple, as long as possible! The reason is that many seniors today will live to age 90+. So if a senior over 70 gets a term life insurance policy and, most likely, will only be able to get a 10 to 15 year term, the insurance coverage may run out at a time it will likely be most needed. In a situation where the life insurance coverage, a senior needs, is very specific to a liability (mortgage, car loan...) a term life insurance policy may be the better choice. Most senior policies are used for the purpose of taking care of final expenses including among other things, burial cost though. Your coverage is more likely to be a long term need and if you do a term life insurance plan, after it runs out, you may have to get re-approved for coverage and will pay much more in premiums and are more likely to be highly rated or declined (depending upon your health and other factors). If a term policy is absolutely needed, we recommend that seniors over 70 also take a whole life policy. The whole life should guarantee rates and full coverage to at least age 100 or longer (age 120 maybe available). Beware of whole life polices, particularly group sponsored or government issued whole life policies, that grade down the coverage after age 70 or 75. Those could be as bad as having term life insurance. Get your own senior life insurance plan!

Exam or no exam life insurance for seniors over 70?

We have covered the exam or no exam issue in many other articles. We felt though that it would be important to mention the major factors for seniors over 70. Simply, if you need a smaller amount of coverage such $5,000 to $50,000, we recommend the no exam route. The policy is more likely to be approved and approved fast. If you need a large amount of coverage, then the no exam plans will either not be available or become too expensive. The full underwriting exam route is best.

Irregardless of which plan you select, as we say in all of our articles, ask, ask and ask more questions. Be well.