Diabetics and life insurance

Seeking a diabetic term life insurance quote? Many consumers use the Internet for two reasons. (1) They have diabetes and they need life insurance, and (2) they are interested in term life insurance as opposed to permanent life insurance.

Here are a few pointers regarding diabetics and life insurance.

Insurance specialists for diabetes

Diabetic term life insurance is an "art form" for the field underwriter. Therefore, you must pay attention to the broker's background, his experience level, and his degree of commitment to the hard work.

Indeed, if the broker does his home work - and he knows which carrier to approach for your particular circumstances - that is half the ballgame. Life insurance companies specialize in the types of risks they underwrite. Some will have aggressive underwriting for people with diabetes; others will be competitive for people with cancer; still others will specialize in those who participate in rock climbing, and so on.

Prequalification for diabetes

The other half of the ballgame is selecting a broker who knows how to properly prequalify a candidate for a diabetic life insurance quote.

For example, carriers need to know specific medical information when assessing a diabetic risk. This list includes such factors as daily blood sugar readings, A1C history, medications taken and their dosages, and whether or not other complications have developed.

If the broker skillfully and accurately collects and compiles this information, then prequalification is possible. A broker that can provide the consumer with prequalification can provide an accurate quote without risking a decline or rating. In this way, the consumer can shop for an accurate rate without risking his or her MIB record.

Never underestimate the value of prequalification, properly done.

In my professional experience, prequalification is possible even for candidates who've been declined or rated elsewhere. A broker who maintains high standards - and develops quality relationships with the carriers - is in a good position to account for a client's health history and provide the perspective needed for a favorable reassessment.

Prequalification is a candidate's best hope for obtaining the most favorable diabetic term life insurance quote.

Term life insurance or permanent?

Certainly, term life insurance can be the "Product of Choice" in many applications, such as indemnifying a mortgage or bank loan. Term life is generally considered the most cost-effective option.

However - depending on the severity of the diabetic history - more favorable underwriting is sometimes available for permanent insurance as opposed to term insurance. Each diabetic client must be assessed on a case by case basis. People looking for a diabetic term life insurance quote should open themselves to the possibility that permanent could be cheaper.

This can come as quite a surprise, and I coach my diabetic clients to not mentally lock themselves into term life insurance. Yes, you want to purchase the least expensive coverage - but keep an open mind that a permanent policy may be the cheapest policy available.

Summary

In summary, people looking for a diabetic life insurance quote can find surprisingly satisfactory results in the brokerage marketplace - under the tutelage of a broker that specializes in finding policies for diabetics - and who is proficient in the prequalification process.

As always, our toll-free line is open at your convenience. Please do not hesitate to contact me with any questions or concerns.

Best wishes for health and success,

Steve Kobrin