How to Avoid Paying Hugh Premiums on Life Insurance?
With the increasing number of Canadians being diagnosed with type 2 diabetes, many are facing difficult decisions when their term insurance comes up for renewal at a four to six fold increase in price. They were expecting to just get a new policy at standard rates. Most cannot afford the renewals so they either eliminate or reduce their coverage.
We have been involved with helping diabetics for several years and have attended a number of association meetings. Most are surprised to learn that diabetics can qualify for a new and affordable life insurance policy – particularly if the diagnosis was made after the age of 50 and they are compliant with their treatment. In fact, some will qualify for a standard rate like they had in the past. If not, then the additional premium will be only moderately higher.
The Key Factors For Determining Price:
- The age they were diagnosed
- The type of diabetes
- The control and compliance
- Complications (if any)
- Other conditions (high blood pressure, hyperlipidemia, obesity, smoking, family history, etc.)
What about diabetics who are less controlled and do not fall within these guidelines?
Provided they have complied with their treatment and their medication has remained constant for at least three months, we have an option for $150,000 of coverage at a reasonable price – again less than twice the normal rate (or less than a smoker would pay).
Finally, if you have no other symptoms other than your diabetes, there is a company that will cover your mortgage for up to $500,000 at near standard rates as well.