One thing that we’ve come to understand here at TermLife2Go is that there are over a million different reasons why an individual will decide to purchase a life insurance policy on themselves.
Often times, it takes a “life changing” event to “wake up” an individual to the fact that they really ought to make purchasing a life insurance policy a priority. That’s why it’s so frustrating for us to get a call from a client who is currently pregnant and has been diagnosed with gestational diabetes.
It’s hard to think of a bigger “life changing” event than having a baby! But the problem is that most (if not all) life insurance companies are probably going to “postpone” your life insurance application until after, you’ve had your baby and presumably, your gestational diabetes has gone away.
Postponed vs Denied.
At this point, it probably makes sense to discuss what it means to have your life insurance application “postponed” vs having it “denied”. So, let’s first start off with what it means to be denied coverage.
When an insurance company chooses to deny an application, it means that their underwriters have decided that you are an “unacceptable” risk for them to insure. This denial could be based on a wide variety of causes, some medically related while other may be due to some type of lifestyle choice.
For example, you could be denied coverage because you weigh 700 lbs, or you have cancer or you work as a rodeo clown, who knows!
In cases like these, insurance companies are choosing to deny your life insurance application because they don’t see anything changing within the foreseeable future that will make you an “acceptable” risk.
When it comes to “postponing” someone’s life insurance application, what the insurance underwriters are basically saying is that:
“Right now, you’re not insurable, but you may BECOME insurable soon.”
Examples where this may be the case may include:
- Those with “non-medical” issues that need to be resolved prior to being eligible for coverage such as:
- Temporarily suspended driver’s licenses.
- Active court procedures.
- Scheduled travel destinations to dangerous locations.
As well as situations where one has some potential health issues which may need to be “resolved” before an insurance underwriter will be willing to “determine” if you are an acceptable risk. Many of these “types” of postponements may be determined due to an “unexpected” result during their life insurance medical exam.
Common medical causes leading to a life insurance postponement may include:
- Newly diagnosed and/or uncontrolled:
- Blood pressure/hypertension,
- Cholesterol levels,
- Type 2 Diabetes,
As well as gestational diabetes.
Because all of these “types” of pre-existing medical conditions can usually be insured once they become managed through diet and/or exercise, insurance companies will often choose to “postpone” one’s life insurance application for a period of time rather than simply deny one coverage.
What difference does it make to me, the uninsured?
For the uninsured, having your life insurance application postponed vs denied doesn’t make a ton of difference because at the end of the day, you’re still uninsured.
That being said however…
It’s always better to avoid getting “denied” life insurance because that denial will be recorded, and shared, with other insurance companies through what is called the Medical Information Bureau.
And while having a denial in your record isn’t the worst thing in the world, one should try to avoid being denied coverage, if possible, simply because in the future you will be asked about this “denial” if and when they choose to apply for coverage again in the future.
It should be noted…
That insurance applications will also ask applicants about any prior “postponed” applications that they may or may not have on their record.
However, in theory, if you’ve only had your application postponed, theoretically, you should be able to take the necessary steps to get this application either approved or denied which in turn would mean that you no longer have a “postponement” on your record.
So… If I’m currently pregnant and have been diagnosed with gestational diabetes, what should I do?
Our advice to anyone who is currently pregnant and has been diagnosed with gestational diabetes is to just give us a call. This way we can get a general “feel” about your application and “run” it by a few underwriters working with different insurance companies so that we can see what they think about your situation.
To do this properly…
We’ll want to know few things like:
- What trimester are you currently in?
- What is your current height and weight?
- What month during your pregnancy were you diagnosed with gestational diabetes?
- What are you daily blood sugar levels?
- How has your doctor chosen to help you manage your gestational diabetes?
- Are you experiencing any other complications with your pregnancy?
From here, we should generally have a pretty good idea of how an insurance underwriter is going to “view” your life insurance application and should also have a pretty good idea if it makes any sense in trying to apply for coverage before you give birth.
One thing that is commonly left out of many discussions about getting approved for life insurance with gestational diabetes is that even if you get approved for coverage, the PRICE that you’ll likely be required to pay is PROBABLY going to be much higher than you would need to pay if you simply waited till after your pregnancy and after your gestational diabetes goes away.
Can you see why we get so frustrated!
You see, we never want to see somebody who needs life insurance go a day without life insurance, but we also don’t want to see someone get ripped off! So, if it turns out that you can qualify for a traditional term or whole life insurance policy… GREAT!
Everything we can to help you purchase the amount of life insurance that you’re looking for the lowest price (think 10 year term) because we know that once you’ve delivered your baby and your gestational diabetes has gone away, we’re going to want to “re-apply” for coverage and now get you that rate that you truly deserve (think 30 year term or whole life). At this point we may even be able to take advantage of a no medical exam life insurance policy as well!
We’ll be the first to admit that this article doesn’t provide a whole ton of concrete black and white answers. But the truth is, when it comes to helping someone who has been diagnosed with gestational diabetes, those types of answers simply aren’t available.
What we can tell you…
Is that if you give us a call here at TermLife2Go, we promise that we’ll do our very best to help you find the “best” life insurance policy that you can qualify for.
Now if that means applying for coverage now and simply “re-doing” your policy 3 months from now, so be it! We can do that!
What we want to avoid…
Is wasting your time applying for a life insurance policy that you simply won’t be able to qualify for right now! Instead, we’d rather leave you alone until which time you can qualify for the coverage you need at the price you deserve!
So, what are you waiting for? Give us a call today or visit our Online Life Insurance Quotes page and see what we can do for you!
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