How to Deal With Life Insurance as a Diabetic
Diabetes Mellitus, or simply known as diabetes, is a condition wherein a person has high blood glucose (i.e. blood sugar) either because his or her insulin production is inadequate, or because the body’s cells do not respond properly to insulin, or both. It is a long-term condition, marked by various types, which needs to be addressed properly because it can lead to many other complications.
The statistics are astounding over the years and has become one of the more prominent illnesses in the US alone. In 2012, 29.1 million Americans, or 9.3% of the population, have had diabetes. What is alarming is the fact that about 208,000 Americans under age 20 are estimated to have diagnosed diabetes – that is approximately 0.25% of the population.
This is why many people today are adamant in finding ways to aid them in this arduous circumstance. They go out of their way to find ways to relieve the stresses that this ailment may cause medically, emotionally, socially and even financially.
In recent years, one of the more proactive measures people with diabetes opt to in order to support themselves is getting a life insurance.
Life insurances provide a wide array of benefits for people who avail it because it paves a way for a more proactive path in their finances. While most people don’t like the idea of discussing the benefits of life insurance, there is certainly a need for it in one’s overall financial planning. In fact, without the protection of life insurance, patients’ loved ones may experience drastic changes in their lifestyle should the unexpected occur.
In addition to being used for providing income and funds for a policyholder’s dependents, life insurance policies are also used by both individuals and businesses for a variety of other needs as well. Over time, life insurance has come to be used as a primary component of overall financial, estate, and business planning purposes.
Getting life insurance with diabetes can prove paramount in today’s rising number of cases. Fortunately, there are companies such as Big Lou which make your options easier. Specifically, there are reasons as to why it has become a need rather than a luxury.
People get access to Professional Care and Medication
Health coverage proves to be the best benefit of having a life insurance for diabetics. This is because it is a long-term disease which needs to be attended with constancy. Diabetes is primarily a self-managed disease. In order to stay healthy, a person with diabetes needs supplies like test strips, meters and insulin.
Specifically speaking, the rising cost of insulin has made it difficult to patients all over the world. The cost of a vial of insulin starts with how the pharmaceutical company sets a price for insulin or any other drug. Algorithms and formulas, along with basic business decisions, inform this price. Companies might increase the price, for instance, if sales are lower than expected, a competitor will be coming on the market soon, or the patent on a drug is expiring. They may also set the price to match or undercut a competitor to win more market share.
The pharmaceutical company’s price setting, called the average wholesale price, is not the price that anyone will theoretically pay. This makes it harder for people with diabetes to get the right access to this drug. Health coverage from insurance policies makes it easier to have these drugs at hand. Adequate and affordable health insurance is important for people with diabetes to help them access the supplies, medications, education and health care to manage their diabetes and prevent, or treat, complications.
People are motivated to be Healthy
Getting life insurance as a diabetic can be difficult. Premiums on life insurance for diabetics are likely to be higher than for non-diabetics, as it has been proven that people with diabetes are a higher risk for insurance companies. Overall, life insurers are concerned with how risky an applicant will be in terms of potentially having to pay out a costly claim should the company accept the person for coverage. With that in mind, a carrier will need to know how and how well, a patient’s body responds to any of the treatments received for the diabetic condition.
According to the National Diabetes Information Clearinghouse, Type 2 diabetes affects approximately 90 to 95 percent of those who have diabetes in the United States. Over the past several years, this condition has actually become much more common than it was in the past. However, Type 2 diabetes is also more responsive to both diet and exercise than Type 1 diabetes. In addition, this type of diabetes is also more responsive to oral medication and insulin. Therefore, there are a number of questions that the life insurance underwriters will ask a patient regarding treatment.
While life insurance for diabetics may be a bit more difficult to obtain, it is not impossible, provided that a patient is prepared with the information that the insurance underwriters will want to know. One will not typically be approved for life insurance policies if his or her diabetes is not under control. One may be able to purchase specialty life insurance options like guaranteed-issue life insurance, but he or she has to pay hefty premiums coverage. This is the reason why it can be concluded that people are more motivated to stay healthy when availing life insurance.
Another reality as to why people with diabetes are highly enticed to keep themselves fit and healthy is because of the fact that the most affordable life insurance policy will be available to an applicant if the diabetes is under control. Say for example, a person who has a lower A1C levels as well as low glucose levels, can be seen as more acceptable applicant by the underwriter, thus, they can have rates which are more affordable as compared to those who have left their condition astray.
Personal and Familial Financial Security
Advantages for life insurance don’t end in healthcare. Other benefits for life insurance for diabetics may include the subsidy of future expenses for the insured’s beneficiary, whether his or her children, grandchildren or even their parents.
With the high – and recently rising – cost of living, life insurance can help a policyholder to keep his or her promise to loved ones of giving them the best future – from providing for the best education and obtaining a college degree, to setting up a worry-free life from debt and preparing an opportunity-abundant life for years to come.
In special future cases wherein the insured eventually incurs additional expense after they pass, such as estate tax, purchasing a life insurance policy serves as a proactive measure to ensure readiness in paying the amount due when the need arises.
Oftentimes, an individual’s loved ones are left to come up with the much needed estate tax funds by selling assets for below market value. Having readily available cash through estate planning and having life insurance policy can rectify this situation, leaving family heirlooms and other important assets in-tact.
Furthermore, life insurance proceeds can be used to equal out an inheritance. For example, if an individual has two children and he wishes to leave his home to one child, he could purchase a life insurance policy in the amount of the home’s value and name his other child as the beneficiary of the policy. This way, each child will receive an inheritance of relatively equal value.
These personal benefits equal the familial benefits life insurance for diabetics provide. It is an essential tool which can secure finances in a very efficient way, while also taking into account the high demands of the long term disease.