You Can Get Disability Insurance If You Have Diabetes

by Michele Postler, Monday, December 31, 2012

Most people think that because they have diabetes they will not qualify for disability insurance but this isn’t exactly the case. Most insurance companies now realize that the consequences of diabetes can be controlled and that people live normal lives without much interference from effects of diabetes.


What do Insurance Companies look for?

The insurance companies look at a lot of factors for each individual when applying for a policy whether you have diabetes or not. Each of these factors contributes to the costs and provisions of your policy.

Some main factors that they take into consideration are if your diabeteshas been steadily under control. Controlled diabetes means that you see your doctor regularly and that your haemoglobin AC1 rating is below 6.2 for at least a year. The insurance companies also request results from previous testing done from your doctor to see the pattern. This reading will not guarantee you an acceptance from a major insurance carrier but it adds to other factors that determine if you are eligible for disability insurance.

Along with the blood tests done, they also take into consideration if you are overweight. Individuals who are overweight with diabetes are a major risk to insurance companies and they will probably decline or rate your policy more than 200 percent. They also look at if you are a smoker as this not only contributes to poor health but the risk factors are enhanced with diabetes. A couple of other risk factors that they consider are if you were diagnosed with diabetes before age 28 and if you have previously had any diabetes related complications. All of these factors are weighed together to determine if you are even eligible for a disability insurance policy or if you will be rated on a non standard basis.


Policy options that you can hope for

Most companies take into consideration all of your diabetes history and make a decision based on that information. If you are very healthy and don’t present any signs that you have been affected by your diabetes they will most likely rate your policy at 50 to 100 percent extra premium. This means that you will pay 50 to 100 percent more than the average person for the disability policy. There are some things that the companies may take away from a basic policy, the most important being that the policy will last you until the age of 65 provided you continue to pay the premium. If a top rated insurance company approves you for a policy that lasts until age 65 then you have a great policy and it shows that you are taking care of your health and diabetes condition. If you continually are declined for a policy from a large top rated insurance company you can opt to go further down the line to an insurance company that will approve you with more restrictions on the disability insurance. It’s not ideal but at least it will provide you with some disability coverage.

The good news is that disability insurance is available for people living with diabetes and can be obtained if you are willing to put in a little work. The first place to start is to find out what a policy would cost you from the top rated insurance companies. Most of them can provide disability insurance quotes online. From there, you can determine your next steps depending on what they outcome of the first application was.