If you are a type 1 diabetic also known as insulin-dependant diabetic and been told you would not qualify for burial insurance for type 1 diabetics you heard wrong. When it comes to burial insurance companies there are plenty of options for you to protect your family from your funeral expenses.
According to beyondtype1.org
1.6 million Americans have type 1 diabetes.
Insurance carriers know there are a lot of consumers that have this disease and we here at ParamountQuote know exactly which carriers will easily accept you with type 1 diabetes. We specialize in burial insurance for type 1 diabetics.
Burial insurance is the last way to say “I love you” to your family and show them how much they meant to you by sparing them from the burden of final expenses.
In this article, we will cover all of the most important information you need to know in order to qualify for burial insurance to protect your family from your final expenses.
Related: Life Insurance for Diabetics
For an accurate quote and to speak with one of our agents fill out the form to your right.
Table of contents
No Medical Exam Life Insurance for Diabetics
Above all, When it comes to burial insurance for type 1 diabetics these policies have easy underwriting because they are final expense life insurance also known as whole life. Burial insurance is just a marketing term for these policies.
Furthermore, a burial insurance policy will never require a medical exam. They will only look at your medical information bureau health report and run a script check to underwrite your application.
Medical Information Bureau
The Medical information bureau or MIB for short contains your whole health history. Every time you go to the hospital or doctor that visit is copied published into the MIB files. This is what carriers pull during the application process.
The carriers just want to know how well your diabetes condition is managed. This helps them determine your eligibility for coverage.
“How does type 1 diabetes affect life insurance?”
Burial Insurance carriers are only looking at how well your diabetes is managed. The better it is managed the easier it is to qualify.
Burial Insurance Compared to Term Life Insurance
Term life will perform a medical exam they will send a medical examiner to your home to check your blood work and a1c levels. This typically can result in higher premiums even if you only have type 2 diabetes. Term is not permanent coverage either it has an expiration date which makes it a product not designed for final expenses.
Best Life Insurance for Type 1 Diabetes
The best burial insurance for type 1 diabetics depends on your unique health situation.
Finding the best life insurance coverage depends on the niches of the carriers themselves which is what our agency specializes in getting you placed with. Life insurance companies may ask how long ago were you diagnosed with diabetes and some won’t ask the questions at all.
Furthermore, this is where working with one of our licensed agents comes in after a few simple health questions about your diabetes they will know exactly what carrier will take you. This is key to finding you the best life insurance rates.
Factors That Make a Carrier One of The Best
The key factors that make a carrier the best are only 3.
- Are they A-Rated?
- Have they been in business for 60 years?
- Do they have a perfect record?
The only carriers our brokerage works with must have these 3 key factors. This is what makes a carrier an elite among other companies.
Life Insurance Options for Type 1 Diabetics
We help 90% of our clients get day one level coverage with diabetes type 1. That being said there are factors with type 1 diabetes that make your options different for the carrier who issues insurance.
Factors that affect eligibility
Neuropathy – Typically needles and stinging pain in hands or feet.
Top Option – Level Day One Coverage
Nephropathy – Affects the kidneys and can lead to kidney disease and dialysis. This is a result of uncontrolled diabetes. The only option in this scenario is a guaranteed issue policy.
A guaranteed issue policy has a waiting period of 2 years that you must live through in order for your beneficiary to receive the death benefit.
Top Option – Guaranteed Issue Coverage
Retinopathy – Eye problems resulting from diabetes
Top Option – Level Day One Coverage
Insulin Shock – This condition just depends on the time frame of when it occurred.
Over 2 Years ago – Level Day One Coverage
Within the Last Year – Guaranteed Issue Coverage
Diabetic Coma – This also depends on the amount of time since your diabetic coma occurred.
If your diabetic coma occurred over 2 years ago
Top Option – Day One Coverage
If your diabetic coma occurred within a year ago.
Top Option – Graded Policy
Getting the best option for burial insurance for type 1 diabetics depends on how well your diabetes is managed and how long you have kept it under control without an incident.
Furthermore, burial insurance companies will look at your prescriptions.
Best Burial Insurance for Diabetics
Here we will list the best burial insurance companies for diabetics. These carriers have excellent customer service and offer high benefit amount. Their policies are permanent life insurance products. They are also accepting of health issues like diabetes diagnosis.
These companies will look at your health conditions through the Medical Information Bureau Health report but they will not ask to test your blood sugar or anything like that. These companies are A-Rated and maintain high customer satisfaction ratings.
When you work with one of our insurance experts by filling out the form to your right they will go over the insurance for diabetics cost and find you the best plan. We specialize in burial insurance for diabetics type 1. These companies offering coverage will accept people with type 2 diabetes or type 1.
Mutual of Omaha offers this type of coverage and is one of our most notable.
The following companies below are perfect for diabetics:
Guaranteed Issue Life Insurance for Type 1 Diabetics with Amputation
When it comes to burial insurance for type 1 diabetics another big question is have you had an amputation due to your diabetes? If you answer yes to this question your only option is a Guaranteed Issue life insurance policy.
Diabetic amputation is a result of poor management of your diabetes and that is what carriers will think as well. When a carrier is considering your insurability they want to know how long you can be expected to live. Part of this is looking at your medical history and seeing how well you have stayed on top of your health.
For consumers with diabetes in poor health such as nephropathy or amputations, the carriers look at that as someone not taking their health seriously. This puts you into a high-risk classification, the good news is you can still be covered just with a small waiting period involved.
Guaranteed Issue Policy Waiting Period
The waiting period on our guaranteed issue policies is only 2 years. This means you would have to live a total of 24 months before your beneficiary would receive the benefits. If you pass from an accident the policy will pay the full benefit regardless of the waiting period. If you pass away within the waiting period your beneficiary will receive the premiums you have paid into the policy plus 10%.
These policies are a great option for our clients that cant qualify for day one coverage. The sooner you start the waiting period the sooner the waiting period is over and your beneficiary receives the full amount to protect them from the burden of your final expenses.
Here at ParamountQuote, we help 90% of our diabetic clients qualify for day one level coverage.
Furthermore, We make the process simple, fast, and easy. You simply fill out the quote form on the right of this page with some basic information and you will see pricing from all the top carriers in your state. After that you will receive a call from one of our agents who will confirm your information and begin the field underwriting process.
The agent will ask questions like:
When was your diabetes diagnosed?
Have you ever had insulin shock?
Have you ever had a diabetic coma?
Have you ever had an amputation due to diabetes?
Have you ever had nephropathy or kidney issues?
After you answer these questions the agent will know exactly what carrier to place you with for the best rate and coverage available. Then you will begin the enrollment process.
There are 2 ways to enroll:
- Voice Signature – This is a 3-way call with you, the agent, and the insurance carrier. The carrier will ask you the health questions on their application and look at your MIB and prescription history. Depending on your answers the carrier will let you know after you apply your voice signature to the forms if you are approved on the call.
- E-mail Signature – This is done between you and the agent. The agent will send you an email with a Docusign link for you to sign your application electronically at that point you will know if you are approved or denied.
Both methods only take 30 minutes or less and an instant decision is reached.
The agent you work with on that call will also become your personal advisor for life! They will be available any time during the day to answer any further questions or assist you with any policy services you may need. They will also ask if any of your family members or friends are searching for burial insurance.
We pride ourselves on our long-standing relationships with our clients. We believe very strongly in the relationships we build with clients and their families. We are passionate about providing clients with the means to protect their loved ones from their final expenses.
We talk with clients every day that have a story to share of a loved one that passed away without burial insurance in place and as a result, their family had to go into debt to help pay for the funeral and make sure their loved one gets treated with dignity. We know the financial burden this puts on families all throughout America.
We are with our clients for the long haul. We specialize in burial insurance because it is that final gift to leave to your family your last way to show them how much you care and we help clients every day achieve that for their families.
Fill out the form to your right to get started and you will be a client for life.