Over 26 million Americans have diabetes, and another 79 million have prediabetes or are at risk of developing diabetes. Those are sobering numbers. And the American Diabetes Association (ADA) is taking proactive measures to reduce those numbers.
Today is American Diabetes Association Alert Day. The ADA is billing it as a one-day wake-up call for Americans. The organization is urging Americans to take a Diabetes Risk Test to find out if they are at risk of developing Type 2 diabetes. The online test includes simple questions about potential risk factors and only takes a few minutes to complete. Also, the ADA has announced the company Boar’s Head will donate $5.00 for every test taken between March 26 – April 9!
Type 2 Diabetes Means Higher Term Life Insurance Costs
Type 2 diabetes is one of the most common chronic illnesses we see on term life insurance applications. If you have Type 2 diabetes and are applying for coverage, life insurance companies will look at the following factors when determining your eligibility.
- Age of onset
- Duration of disease
- Treatment plan/medications
- Disease control/A1C reading
- History of physician follow-up
- Overall health and presence of other medical conditions
The majority of diabetic applications we see are given a rating class in the range of Standard down to Sub-Standard (levels 2+). Some companies such as Pruco Life Insurance Company (Prudential) may offer a rating class better than Standard if the condition is well-controlled, with an A1C level below 7.0 and the absence of other risk factors.
Here’s what annual premiums would look like for a male, age 65 with Type 2 diabetes applying for $100,000/10-yr term life insurance.
|Standard Plus||Standard||Sub-Standard Table 2|
|Type 2 Diabetes|
So don’t delay .. take the test today! See if you are at risk and if so, see your physician right away. And remember, you can still get term life insurance if you have Type 2 diabetes. Just make sure you begin a treatment plan and take control first.