You may also want to read our article Life Insurance with type 2 Diabetes
When life insurance companies create commercials and advertisements, they like to promote rates for clients that are in excellent condition in their 30’s and 40’s. They’ll usually quote a 10 year term policy mainly because these rates are really good at getting people’s attention.
Ever heard the commercial?
“John, a 42 year old man in good health can get a $500,000 term policy from a highly rated insurance company for less than $25.00 a month”
Which is true, but what if you’re not in great shape? What if you have some high risk condition? What if you are currently taking some prescription medications? What do you do then? This is when getting life insurance goes from “processing an order” to “needing an expert”.
The good news is that the life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share.
These niches may vary but generally insurance carriers do become known within the industry to focus on certain market populations. For this reason, it’s key for you as a consumer to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different carriers out there. Only by doing this can you insure that you are getting the best policy for you and your family.
For example, let’s look at folks that are currently shopping for a traditional term or whole life insurance policy while taking Actos (Pioglitazone). Actos is an oral diabetes medicine that helps control blood sugar levels. Actos (Pioglitazone) is for patients who have been diagnosed with Type 2 diabetes, and is not used for those suffering from Type 1 diabetes.
Now as those who suffer from Type 2 diabetes know, there are many variations of symptoms from one case to the next. Mild cases may only see polyuria (frequent urination), polydipsia (increased thirst) and/or polyphagia (increased hunger), while other more severe cases can lead to an increased risk of cardiovascular disease, stroke, blindness and kidney failure. Which is why, a careful examination of each individual’s health history is needed to be made before simply submitting ones applications.
At this point it needs to be pointed out that not all carriers look at clients who are looking for life insurance while taking Actos the same. Some carriers may consider applicants who are using Actos a “standard rate”, while others may lower them to what is considered a “Table Rating”. To confuse matters even more, some carriers “Table” rates may be more expensive than other carriers “Standard” rates. It really does depend on the particular situation.
Totally confused?…. Don’t be, this is where TermLife2Go steps in, as an independent agency our agents are committed only to you and your family. Our sole purpose here is to help guide you through the process of:
- First, choosing the right type of policy, whether it be Term, Whole Life, and Universal Life etc..
- Second, determining the appropriate coverage amount.
- And lastly, determining which carrier will most likely give you the best rate available.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!
Lastly, because well controlled diabetes can possibly qualify for a traditional term or whole life insurance policy without having to take a medical exam, we would encourage you to take a look at our Life Insurance Quotes page that allows you to compare prices of policies that will require you to take a medical exam vs those that won’t.
And since we still have your attention…
It’s fair to say that most people who decide to purchase a life insurance policy do so that they can protect their loved one’s financial future in the event of their death.
But what happens if you get sick but don’t die?
Is your family’s financial future still protected? Probably not. Which is why we would encourage you to also take a look at the following articles which will discuss some other “types” of life insurance policies that can not only protect your family’s financial future, they could also significantly help our your own as well.