[amg1099]

I have applied for a life insurance but I was denied coverage. I think it's because of being diabetic. Has this happened to anyone? Were you able to obtain life insurance somewhere else? Let me know which company offers this for someone who is diabetic. Thanks.

 

[jwags]

Life Insurance is based on accuarial tables. It is all about risk. Diabetics are considered high risk. Also as you age it is harder to buy large insurance policies. These companies like to insure young and healthy people who are at a low risk of dying. Some companies will underwrite you but it will be extremely expensive for a low amount of insurance.

 

[DeniseM]

Some life insurance company will deny coverage to those with diabetes but there are other companies who use a different underwriting system. Such companies will also look at the gravity of your disease and consider your overall health profile—current medical conditions, family health history, etc. You’ll find these companies easily through online life insurance quotes providers. Such sites offer free life insurance quotes. Because they represent hundreds of life insurance companies, and have thousands of policies in their database, you’ll definitely have a better chance of finding the most affordable life insurance policy, despite health conditions.

 

[foxl]

Aw, amg, don't sweat this -- there are much better ways of investing your money, even for your survivors, than life insurance. Find something else to put into. Did you know, an IRA can be passed WITHOUT taxation, to your heirs? Talk to a Certified Financial Planner, about your options.

 

[John.in.France]

I have applied for a life insurance but I was denied coverage. I think it's because of being diabetic. Has this happened to anyone? Were you able to obtain life insurance somewhere else? Let me know which company offers this for someone who is diabetic. Thanks.

I can only comment from the point of view of a retired British insurance company staff member.

As has been said, life assurance is based on actuarial evaluation of mortality and the accepted wisdom is that diabetes increases the risk of death within a given period over that for a non-diabetic.

In my days, a diabetic seeking cover would be medically examined and based on factors such as weight, medication, evidence of complications and term of cover requested, would either be offered cover at an increased cost or declined. (Although we did have diplomatic ways of saying b....r off :wink

With the increase in costs of medical examinations, there was a growing tendency to avoid the issue - and just say "no" at the start.

I suspect the American market is very similar in approach and finding cover will involve some serious hunting round.

 

[jd0268]

I have a good life insurance I purchase when I was younger, and have one on myself and on my individual family members through my work, but . . . I agree that individual investment with spouse of family member as beneficiary works best. I am investing in more 401K through my workplace than I am in insurance.
Just my 2 cents.

 

[Daytona]

I'm uninsurable too. They won't even cover me through my employer sponsored life insurance. It's frustrating, especially since they won't do a real physical to make the decision. Just check this box if you have been diagnosed with diabetes. No question of "is it under control?" is it type 1 or type 2, etc. Once you check that box... no insurance.

 

[John.in.France]

I'm uninsurable too. They won't even cover me through my employer sponsored life insurance. It's frustrating, especially since they won't do a real physical to make the decision. Just check this box if you have been diagnosed with diabetes. No question of "is it under control?" is it type 1 or type 2, etc. Once you check that box... no insurance.

Unfortunately I think the (British) insurance game has become contaminated with the simple marketing philosophy - "stack them high - sell them cheap".

In other words, if the insurer has to investigate the risk - the cheap answer is "no". So that's the one you get.

It's frustrating when you're on the wrong end of the "quick" decision but with term assurance, competition keeps the premiums too low to allow any real underwriting of the risk. (At least that's the line the company will give you )

However there are some companies in the UK who specialise in handling impaired life risk cases. Not cheap, and the best (sometimes the only accepted) approach is through a specialist insurance broker. But cover can be found - at a price. I always assumed that the USA would have an equivalent specialist provider group?

John

 

[Daytona]

There probably is a high risk life insurance company in the US but I doubt I would be interested in nor capable of paying for it.

I have more experience with getting denied health insurance. Even wehn you pay out the rear to be in a high risk state pool, nothing is really covered anyway and you end up paying for most things yourself. Health care / insurance in the US is depressing on many levels... I am so thankful that my husband recently got a government job, having someone help pay for specialist visits and procedures is a huge load off my mind.

 

[Cadydid]

I wish I could help.. but what the others have said is true.. there are beter ways to esnure that your family is provided for.

This is one area that makes me angry.. it's like being diagnosed with diabetes puts this "stamp" on you. No matter if you have it under control and are heathier in every other area than you were before you were diagnosed, it's still a no go on insurance of all kinds. Makes one want to scream

 

[John.in.France]

I wish I could help.. but what the others have said is true.. there are beter ways to esnure that your family is provided for.

This is one area that makes me angry.. it's like being diagnosed with diabetes puts this "stamp" on you. No matter if you have it under control and are heathier in every other area than you were before you were diagnosed, it's still a no go on insurance of all kinds. Makes one want to scream

Definitely the case on Health insurance - on some forms of Life insurance (investment based), you can get cover at a cost.

The problem is the mindset of the underwriters. Many years ago, I had a chat with a doctor (generally very reasonable about medical issues). I said something like "... if a diabetic manages his medication sensibly there doesn't seem to have any major reason to charge an extra premium....."

His response: "...well, short term perhaps, but in the long run the complications that inevitably hit him in his 50s and 60s will....."

And this was a very positive forward looking (and at that time) fairly young doctor.

With mind sets like that, they don't hear "well managed" or if they do they think like the ADA in terms of A1cs around 7% and post prandial readings of 180mg/dL.

Bottom line - sorry but we're .......(insert appropriate expletive)