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Diabetes Life Insurance is More Affordable than You Think!
We help hundreds of Canadians with diabetes get proper life insurance coverage each year. However, we find that many people with diabetes and other similar insurable illnesses go without life insurance.
Reasons Why Diabetics Go Without Life Insurance
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Assume they will not be able to qualify for any coverage, so they don’t even bother inquire
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Do not purchase a life insurance policy because they feel it will be too expensive or unaffordable
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Feel they are unable to buy life insurance as they have been previously declined by an insurance company
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Purchase “No Questions Asked” policies without exploring other options that they may help them save premium dollars
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“Just do not get around to it” is the worst, i.e. not dealing with it at all is the bigger issue
5 Tip for Diabetics When Considering Life Insurance
How We Help Canadians with Diabetes Buy a Life Policy
Every single life insurance company has their own unique underwriting guidelines. We know them inside and out. Don’t try to go at it on your own when you can lean on us to do all the work and guide you.
Using our experience helping people with diabetes looking to purchase life insurance, we take the time to ask you a number of questions about your diabetes and any other illnesses and create a detailed understanding of your health.
We generally know the likely decision for a given situation, but sometimes we need to request an anonymous preliminary inquiry including this information which we forward to a number of Canadian insurance companies for their preliminary life insurance opinion, e.g. standard, indicate they want the client to share the higher risk their case represents by paying a surcharge, often called a rating, or they could say the do not wish to make an offer, called a decline. We use a reference code rather than your name for privacy reasons, which also keeps this inquiry anonymous.
When we receive the life insurance quotes back, usually within five business days, we will discuss them with you to determine the best strategy. If the quotes include a modest rating (higher premium) or none at all, we will complete the application with you at a convenient time.
On the other hand, if the insurance companies say that the ratings could be high or possibly a decline, we have several other companies that ask only a limited number of questions so that we can almost always get some life coverage although it does cost more. We do this first because if we apply for a traditional life policy and you get declined, then these companies will no longer offer this life insurance – we believe in getting something in place first.
Once the non-medical policy is issued, which is typically at least double the cost of a medically underwritten plan, we may suggest applying for the traditional underwritten life insurance and, if we obtain a better offer, you accept it and cancel the first non-medical life policy given it was more expensive.
It worrisome to see diabetes-managed people purchasing simplified life or guaranteed life policies that is very expensive when they could qualify for a lower cost policy by working with our experienced agents.
Take the First Step – Speak to Us
What is the first step? We really need to talk, so please complete the “Life Insurance Quotes” form and one of our experienced life agents will provide you with accurate quotes usually the same day, if not, the next business day. There is no obligation or cost for this-we are paid by whichever company works best for you when you purchase the life policy.
We also have a division that specializes in travel, health and dental coverage for people with pre-existing medical conditions. If you are planning to travel or you are looking for a supplementary medical dental plan for your family, reach out to help so we can help.
Video shown above courtesy of Life Happens, a nonprofit organization dedicated to helping people take personal financial responsibility through the ownership of life insurance and related products. IDC Insurance is an affiliate member of Life Happens PRO.
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