Diabetic Life Insurance
- Thread starter Blessed
- Start date
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- Tags
- life insurance
- Staff
- #2
- 15,041
Diabetics are no different than other prospects. Getting them coverage isn't that hard. The biggest obstacle diabetics face in getting coverage is the same all prospects pay. The willingness to pay the premium. The problem is the premium is often substantially more depending on the age diagnosed, how it is progressed, how it is managed and what if any complications have arisen.
- Staff
- #4
I agree with everything said here. Your best bet is to get information on each case individually and shop around and then start making a list of carriers that fit what you are selling.
Things to look for:
-Most recent A1C and glucose readings
-How are they treating the diabetes? Diet and exercise, pills, or insulin?
-Type 1 or type 2?
-How long have that had diabetes, better to get initial diagnosis and how long they have been on insulin if possible.
-Any complications? Macular degeneration, neuropathy, erectile dysfunction, etc. This is usually type 2. If they have these things, are they being treated?
-Pay attention to the medications they are taking. See what other health issues they have and if the diabetes exasperates the issue or if they are a complication from diabetes and the client doesn't know. For example, Gabapentin/Neurontin is for neuropathy.
There is probably more but these are a few things to look at specifically for diabetes. If you have these things down then you know what further things to ask for. Once you have these, talk to an underwriter. That will help you determine the proper company to use.
Hope that helps!
Things to look for:
-Most recent A1C and glucose readings
-How are they treating the diabetes? Diet and exercise, pills, or insulin?
-Type 1 or type 2?
-How long have that had diabetes, better to get initial diagnosis and how long they have been on insulin if possible.
-Any complications? Macular degeneration, neuropathy, erectile dysfunction, etc. This is usually type 2. If they have these things, are they being treated?
-Pay attention to the medications they are taking. See what other health issues they have and if the diabetes exasperates the issue or if they are a complication from diabetes and the client doesn't know. For example, Gabapentin/Neurontin is for neuropathy.
There is probably more but these are a few things to look at specifically for diabetes. If you have these things down then you know what further things to ask for. Once you have these, talk to an underwriter. That will help you determine the proper company to use.
Hope that helps!
- Thread starter
- #6
- 24,978
Good start. I would add, get a couple good DM questionaires. Pick the best parts and build your own. Makes it easier to send the info to different carriers. Also they are all quoting the same set of variables.
Do agents really mostly use FE for diabetics? I've written diabetics, and I certainly didn't use an FE policy to do it.
If you want to go fully underwritten, the answer to this situation is a health questionnaire up to an informal inquiry (if the case is large enough).
Knowing "what" to ask isn't nearly as important as knowing whom to ask what they want to know.
Like all cases you match circumstances with the company that will work best.
Getting people who aren't in perfect health isn't magic.
If you want to go fully underwritten, the answer to this situation is a health questionnaire up to an informal inquiry (if the case is large enough).
Knowing "what" to ask isn't nearly as important as knowing whom to ask what they want to know.
Like all cases you match circumstances with the company that will work best.
Getting people who aren't in perfect health isn't magic.
As with any other case, whether or not to use an FE product for a diabetic (particularly insulin dependent or onset before age 50) depends on the need. For smaller policies the FE will normally be as cheap if not cheaper than a rated fully underwritten policy.
