Welcome back to the Naples Life Insurance & Annuity Advisors blog! Lately on our blog, we have been focusing on various aspects of life insurance and, ultimately, how it can best serve you. A life insurance policy can fill in the gaps of various financial needs and so can work for anyone. A young twenty-something can start investing in their future and protect their parents from debt if they should pass away prematurely. A senior citizen can invest in a policy so they can leave their partner protected no matter when they should pass.

To learn more about how life insurance can fill in the gaps, contact the financial advisors at Naples Life Insurance & Annuity Advisors. We would love to help you find a policy that works for you!

Diabetes and Life Insurance

If you’ve never purchased a life insurance policy, you should know that your health plays a key role in determining the premiums of your policy and if you can get a policy through a particular provider. Lifestyle choices such as smoking as well as chronic illness like diabetes affect your health and your life expectancy and so naturally it influences your ability to gain a policy. Interestingly enough, some who would be considered fit, such as those who do triathlons and other intense races, are making lifestyle choices that insurance companies will be less apt to cover.

According to one article it is estimated that 26 million people have diabetes and a portion of those people haven’t been diagnosed yet. Because diabetes affects your entire body, it makes you a high-risk life insurance applicant.

Why Does It Matter?

When you are applying for life insurance the underwriter will determine if the risk that you pose fits within the policy and insurance company’s risk margin. Diabetics are considered high-risk policyholders; when an underwriter looks at a person’s health to determine whether they will cover the individual, they analyze:

  • Age
  • Gender
  • Marital status
  • Income and occupation
  • Medical history
  • Family medical history

For diabetics, they will also look at:

  • Type of diabetes
  • When you were diagnosed
  • Blood sugar and glucose levels
  • A1C
  • Medication

Anything that will affect your life expectancy is taken into consideration when an underwriter is considering you as a policyholder.

How Does This Affect My Policy?

If you have diabetes, don’t despair! You can still get the coverage that you need. When looking for insurance, you should expect that those with Type 1 diabetes will pay more than those Type 2 diabetes, and those who were diagnosed with diabetes later in life to pay less than those who were diagnosed earlier. To learn more about finding a policy that will work for you, contact the advisors at Naples Life Insurance & Annuity Advisors and stay tuned for upcoming, informative blog posts.