Life Insurance for Senior Diabetics
Great news for those Seniors who were diagnosed as being diabetic and need life insurance. A very well-known life company recently updated their underwriting guidelines to allow obtaining life insurance with diabetes easier and the rates are now a lot more affordable. Many Senior diabetics can actually qualify for a non-diabetic rate! Yes, you can receive the standard rating which is the same health class that the average American receives.
How Do I Qualify?
For seniors who are over the age of 50 and have been diagnosed with diabetes within the past 15 years, AND have an A1c of 7.0 or less then you can qualify for the average, non-diabetic rate class. If you were diagnosed over 15 years ago with an A1c under 7.0 then you can qualify for the next rate class below, Table B, which is still very good.
Seniors between the ages of 60 to 79 can qualify for the standard or average rating class as long as their A1c is 7.0 or less.
The caveats to qualify for these low rates (standard rate class) include: you have to be at least of an average build -determined by the company build chart, i.e. a 6’0’’ male needs to weigh 240 lbs or under in order to qualify for the non-diabetic rate. Also, there can’t be any complications from the diabetes or other major health problems such as a heart attack or neuropathy.
Factors The Underwriter Will Evaluate:
*Age of onset
*Current A1c reading
*Medications being taken
*Any other health and lifestyle issues
Sample Rates for Seniors with Diabetes:
A 55-year old male, $100k 10-year term, non-smoker with an A1c of 6.8, recently diagnosed with diabetes-$54.36 month
A 60-year old female, $100k 20-year term, non-smoker with an A1c of 6.8, diagnosed with diabetes 8 years ago-$67.95 month
A 65-year old male, $100k 10-year term, non-smoker with an A1c of 6.8, diagnosed with diabetes 10 years ago-$130.50 month
A 70-year old female, $100k 10-year term, non-smoker with an A1c of 6.8, diagnosed with diabetes 5 years ago-$176.76 month
As you can see, this is great news for Senior diabetics who need fully-underwritten life insurance. These new guidelines can not only get you approved where you may have been denied before but also you can receive a lower premium and save a ton of money.
See what rates you qualify for, use the quote section on this site
*Rates as of 4/02/2013. The information in this post is for informational purposes only and is not a guarantee of rates and insurability. Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live.