If you are wondering if you can get burial insurance for diabetics keep reading. Yes you can get affordable burial insurance for diabetics with no waiting periods if your condition is controlled. Uncontrolled diabetes with complications such as neuropathy or diabetic amputation will usually only qualify for a final expense policy with a 2 year waiting period(guaranteed issue or modified plans).
Select companies like Royal Neighbors of America, Aetna, Prosperity will offer coverage with no waiting period to diabetics with neuropathy, nephropathy, diabetic coma, and retinopathy but other than that options are limited for diabetics with complications. The time line of when your complications were diagnosed is what matters the most. Conditions that were diagnosed over 2 years ago are more favorable than conditions diagnosed within 1 year.
According to cdc.gov
1 in 10 Americans has diabetes.
In this article, we will discuss how diabetes affects burial insurance, requirements, and understanding the underwriting process.
Table of contents
- Affordable Life Insurance for Diabetics 9 Companies
- Can I Get Life Insurance if I am Diabetic?
- No Medical Exam Life Insurance for Diabetics
- Guaranteed Issue Burial Insurance for Diabetics
- Shop over 10 Burial Insurance Companies
- Burial Insurance for Diabetics Risk Factor Classification
- How to get started with ParamountQuote
Affordable Life Insurance for Diabetics 9 Companies
The best life insurance companies that offer the most affordable life insurance for diabetics are going to be:
- Mutual of Omaha
- Aetna Accendo/CVS
- American Amicable Life Insurance
- Prosperity Life Insurance Company
- Royal Neighbors of America
- Guarantee Trust Life Insurance Company
- American General
- Great Western
Those life insurance companies offer the most affordable life insurance for diabetics. Their policies are whole-life final expense insurance which is designed to cover end-of-life expenses such as a funeral, medical bills, and other final expenses.
They provide a quick death benefit payout so the beneficiary on your policy can use the money to pay for your funeral. This ensures your family’s peace of mind through such a difficult time.
Can I Get Life Insurance if I am Diabetic?
The answer to this question is a resounding YES!
Furthermore, it is important to know that it depends on the type of life insurance being applied for.
Term Life Insurance
Typically term life insurance will do a full health history check along with a medical exam. This makes the process of getting approved coverage longer if you can even get approved.
Term carriers typically take weeks to even hear back on approval or results in general. When they perform the medical exam they will want to know everything from your a1c levels to your cardiovascular health and blood work.
Above all, these factors typically can result in much higher life insurance rates or being denied altogether by the life insurance companies. This is why for diabetic seniors we do not recommend life insurance products like term life.
It is important to know that burial insurance is a marketing term for final expense life insurance also known as simplified issue whole life insurance. This is what we specialize in for type 1 or type 2 diabetics, for seniors with diabetes this is the best of all life insurance options.
Furthermore, with well-kept diabetes even with insulin dependency, you can qualify for level day one coverage due to the easy underwriting of burial insurance carriers. This coverage guarantees a death benefit to your loved ones when your time comes.
No Medical Exam Life Insurance for Diabetics
As we mentioned previously burial insurance carriers have easy underwriting this means that you are not required to take a physical or medical exam ever to qualify for life insurance coverage.
What Burial Insurance Carriers Look for
The carriers only look at 2 things when qualifying you for coverage. They will use your Social Security Number to look at your Medical Information Bureau Health Report and perform a script check on your current prescriptions.
Medical Information Bureau
The Medical Information Bureau has a database of all the times you have ever seen a doctor. Think of it almost like a credit history report for how many times you’ve been to a doctor’s office and for what health issues.
They can see in your diabetic life how often you’ve been to a doctor to get an idea of how well your diabetes is managed.
This helps the carrier determine your rate class and assess your risk.
How well your diabetes is managed plays a huge role in how affordable life insurance will be for you.
This is when the carrier looks at your prescription history some medications prescribed to diabetics can raise red flags at how it looks like your diabetes is managed.
For example, the prescription drug is known as Gabapentin.
Gabapentin is typically prescribed to diabetics that are experiencing neuropathy from their diabetes. Neuropathy is nerve pain that is a result of poor diabetes management.
This pain is found in the hands and feet in most cases and can feel like a pins and needles sensation.
Now there are plenty of carriers that we work with that will get you approved with that medication but different carriers look at your medications for reasons like that example above.
Furthermore, you will see very specific questions on burial insurance applications concerning diabetes.
These questions include:
Has the proposed Insured ever been diagnosed or treated for:
insulin, shock, diabetic coma, amputation caused by disease, or taken insulin shots prior to age 30?
The carriers want to understand how well your diabetes is managed if you have never had any of those conditions above you manage your diabetes very well.
Guaranteed Issue Burial Insurance for Diabetics
If you are diabetic and have had an amputation due to your diabetes then the only burial insurance for diabetics option available to you is a guaranteed issue policy.
Diabetic amputation is very serious and shows very poor management of the disease. burial insurance carriers look at this as a very high-risk case.
The good news is you cannot be denied coverage with guaranteed issue policies you just simply have to get through a 2 year waiting period for your policy and your family will receive the full face amount. If you were to pass away before that your family would receive the premiums paid into the policy plus 10%.
If you have had an amputation due to diabetes then apply for coverage with us right away. The sooner you start your waiting period the sooner your family will be protected.
Burials are typically between $8,000 – $12,000 this is why getting a policy started right away will protect your family from that massive funeral bill when your time comes.
It is the last way to show your family how much you cared and how much their financial well-being meant to you.
Most guaranteed issue policies can provide a maximum of $25,000 of coverage this is typically what we recommend depending on the funeral.
Shop over 10 Burial Insurance Companies
Get Burial Insurance Quotes for Diabetics
Burial Insurance for Diabetics Risk Factor Classification
Depending on what type of diabetes you have will determine your risk factor to a carrier.
Insurance is the transferring of risk. For a carrier to accept you for policies with level day one coverage they need to make sure you are an acceptable risk. This is where their easy underwriting comes in.
This is the best classification to be in, this will guarantee you day one level coverage. This is for diabetics that manage their diabetes extremely well through their diet and making sure they stay on top of their medications.
If you have managed to get yourself off of medications and on to diet-controlled diabetes this is even better.
If carriers see you have a history of controlled diabetes and a clean bill of health on other health issues you are a low-risk applicant.
This is a poor classification to be in. This is would be applicants who have a history of uncontrolled diabetes and other health issues that result because of it.
This would include diabetic retinopathy, nephropathy, neuropathy, and others.
This can result in problems with blindness, kidney function, and nerve damage. This type of classification would make you a fit for either a graded or modified plan.
Royal Neighbors of America, Aetna, Prosperity Life, and Great Western will all offer coverage with no waiting period and the lowest premiums to diabetics with retinopathy, neuropathy, nephropathy, previous diabetic coma.
If any of those conditions were diagnosed over 2 years ago with no further complications you can be approved for no waiting periods.
How to get started with ParamountQuote
Working with us for burial insurance for diabetics is very simple.
First, fill out the quote form to your right with some basic information. At that point, you will see pricing from our carriers. Shortly after that, you will receive a call from one of our agents. They will confirm your information and proceed to field underwrite for your policy.
Once they are finished with that they will confirm the amount of coverage being applied for and proceed with the enrollment process.
The enrollment process is very simple and there are 2 different ways to enroll depending on the carrier selected.
- Voice Signature – Done with you, the agent, and the insurance carrier on a 3-way call. You apply your voice signature to the necessary forms and answer the carrier application questions truthfully to the best of your ability.
- Email Signature – Done with you and the agent. The agent will email you a Docusign to complete via email.
Once the signature processes are complete the carrier will let you and the agent know on the phone call if you are approved or denied.
That is how quick and easy the process is it only takes 30 minutes or less to start and complete the process.
Here at ParamountQuote we specialize in burial insurance this is why we help so many diabetic clients find affordable day one coverage. Our world-class training helps us know the niches of each carrier we work with to isolate and guarantee you the best coverage and rate available in your state.
Our agents also become your personal service agents when you purchase your policy so if you ever have questions or need anything further with your policy you will always have an agent in your corner to assist you with anything you may need.
We pride ourselves on our long-standing relationships with our clients as well as holding our client’s hands every step of the way.
Furthermore, we make sure you are educated so you can make an informed decision that is best for your family so they are protected when you pass away. No one wants to leave their family with thousands of dollars of debt to take care of. This is why we are always here for our clients and their families.
To get started fill out the form to your right within 5 minutes you will be a client for life!