Finding good disability insurance coverage is a challenge; with diabetes it can be especially difficult. However, if you and your insurance agent are both willing to put in the time and effort and are prepared to handle a few rejections, you can obtain a solid contract.
Diabetes is a chronic, degenerative disease that can be controlled, and if you are a diabetic and want one of the best disability insurance policies in the marketplace today, you need to be able to show an insurance company that you have excellent control of the disease.
What Are Your Diabetic Risk Factors
The Hemoglobin A1C blood test gives an insurance company an idea of your average blood glucose levels during the preceding three months. An insurance company will perform this test at the time of application, and they will also want to see that you have had an HA1C below 6.2 for at least a year prior to the test. If you can show a record of having the disease under control for a long period of time, you are in a good position to receive a solid offer.
The following risk factors combined with diabetes may make you a substandard risk for insurance companies:
- A smoker
- Diagnosed before age 28
- Advanced age at time of application
- Have diabetic complications, such as eye disease, neuropathy, skin disease, high blood pressure, kidney disease, and cardiovascular disease
How to Apply for Disability Insurance If You Are a Diabetic
Above all, be realistic with your expectations going into the application process. Your risk factors will determine your level of eligibility. Assess you current situation; if your control of the disease is excellent and there are no other adverse factors against you, go ahead and apply for the best coverage available with the understanding that you will most likely get a shorter benefit period and a rating. If you don’t have excellent control or there are a couple of other risk factors, start at the middle. Some diabetics may need to start with a sub-standard policy.
Do not apply with several carriers at once and then see who comes back with the best offer. Instead, with low risk factors, at the beginning start applying with one of the better insurance carriers. If you are denied, go on down the line applying with less desirable ones. When all else fails, get a contract from one of the sub-standard carriers. A diabetic who has excellent control of the disease and no other health problems can start with some of the best disability insurance contracts in the industry.
Don’t expect the first application you make to be the best offer you will get, but always take the first offer you get. Place that policy in-force, because it may be the only offer you will get, and you can always look for better offers later.
