Not all life insurance policies are for those that do not have any medical conditions. There are life insurance companies that do specialize in certain medical conditions so that policyholders do not have to pay more. Policies for diabetics would be an example. Diabetic’s life insurance can be broken down into two different policies. One is for diabetics whose diabetes is under control along with limited medications. Those whose diabetes is high risk and unpredictable would be in another group.
Affordable life insurance plans do exist for people living with diabetes. Companies will look at whether the policyholder in question has type 1or 2 diabetes and how it is managed. Your rate is rather reasonable if your blood glucose level is good and you lead a healthy lifestyle. When looking for a policy, shopping around is going to be your best bet. Try visiting websites, calling life insurance companies, or consult an insurance agent who specializes in finding policies that cater to diabetics.
Clinical underwriting is a term you should become familiar with. This simply means that a life insurance company will look at your overall health instead of focusing on one medical condition. Concern yourself with companies like this when you start applying. Remember a “no” on a application from one company does not mean that all life insurance companies will reject you. Keep trying until you find the one that suits you and your condition best.
The application process for diabetics is the same as someone who does not have diabetes. A questionnaire concerning your health and overall information is required by most life insurance companies. These companies need to know what kind of health you are in or if you are a risk before they start coverage on you. Be completely honest when answering the questions. It will only benefit you later. A medical exam may be required before a company will accept you as a policyholder. This is completely normal and happens all the time to both applicants of good health and those with medical conditions. This is a great time to see if your diabetes is under control and do not cause you any more related conditions. That would have an effect on your life insurance premium.
If your diabetes is not under complete control, then there is no need to worry. Even if your blood glucose level is high, you can still find a policy that fits your specific needs. It will take time and effort, but when you find that policy, it will be worth it. Certain life insurance companies out there realize that not every diabetic is the same. For this reason, policies are available that will give higher risk diabetics affordable coverage.
Life insurance is important for all. Those with medical conditions should not be left out or treated any differently than other policyholders. Do understand that diabetics are a risk for companies so that is why there are companies that specialize in that specific condition. They give diabetics a policy tailored to their needs that are still affordable with possible savings.
Listed below are some important (and often obscure) terms used in the insurance world; for your benefit, you should become abreast of their meanings and the context they can be used in. This way, you van have a clear understanding of all aspects of buying insurance. These are the definitions to know, to help you a little better understand the lingo which can be hard at times.
Bodily Injury Liability: When the policyholder causes injuries to another, this policy will cover medical expenses.
Claim: When property is lost, damaged, etc, a policyholder will request compensation.
Collision: This covers damage to the policyholder's car from any collision. A collision can occur with another car, a curb, light post, etc.
Comprehensive: For damage to the policyholder's car that doesn't involve hitting another car. This can include a variety of things: fire, flood, civil unrest, etc.
Deductible: The portion of losses that you agree to pay in the event of an accident. Higher deductibles lower premiums significantly, but will come back to haunt you in the case of an accident, especially if you're at fault.
Exclusions: If an accident occurs that is not covered by your policy, it is called an exclusion and is not part of your coverage.
Full Coverage: This indicates that you have all the minimum coverage for your state of residence; it does not necessarily mean you will always be fully covered.
Income Loss Coverage: This policy will cover the income you lost while injured.
Limits: The maximum amount of money your insurance company will pay for your losses.
Medical Payments or Personal Injury Protection (PIP): PIP covers the treatment of injuries to the driver and passengers of the policyholder’s vehicle. On some occasions, it may even cover medical payments and wages that were lost due to an accident. Consult with your agent to see how far your PIP policy will cover you.
No-Fault Insurance: For the policyholder to receive his/her money, this does not require blame for any problem to assigned.
Property Damage Liability: Pays for damage the policyholder causes to someone else's property.
Tort: The term that describes when someone is deemed legally responsible for injuring another person or damaging his/her property.