The American Diabetes Association reports that the percentage of diabetes among persons aged 65 or older remains at an all-time high at 26.8% — that’s about 14.3 million seniors with diabetes that’s either diagnosed or undiagnosed¹. Unfortunately this condition can spark a chain reaction of different illnesses to surface other than high blood glucose levels. Hence it is why these low-cost life insurance options have made their way to market to financially ease the cost of avoiding these developments.
The Right Option For You
The process of searching for life insurance can vary drastically from person to person, demographic to demographic. However, the worry for seniors all across America is how to find the best affordable life insurance options for them and their needs. This worry is heightened when they have a pre-existing health condition like diabetes.
Looking For A Plan Is Easier Than Ever
While online options are speedy and can offer a simple way to get a number of different quotations, it may lack a personal touch that so many seniors appreciate. Here is where traditional methods of finding life insurance emerge where you can meet and exchange information with an insurance agent about the type of coverage you’re looking for the options it will allow you. Consider any preexisting health conditions or any complications that may be associated with your diabetes or any complications that arise from it. What medication do you require? Do you foresee yourself requiring any health procedures or operations in the future?
Still, whether you’re searching online of meeting in-person with someone, ensure you reflect firstly on your needs because at the end of it all, the best life insurance should fit within your budget and support your long-term goals. And of course, it should protect you financially and ensure your loved ones are taken care of should any unexpected health issues arise.
Two Commonly Sought-after Insurance Options
Trusted Choice⁴ provides a great overviews of two commonly sought-after insurance options:
Term Life Insurance
Pays death benefits only, and can be an ideal form of life insurance for the purpose of income replacement. Term insurance is purchased for periods of time such as 10, 20, or 30 years. You can also get a term policy that covers you to a specific age, such as 65 years old. Premiums are guaranteed for the life of the term, and the death benefit is paid to the beneficiary as a non-taxable lump sum.
Permanent Life Insurance
Permanent life options such as whole or universal life insurance are also available for diabetics, but they will be more expensive than they are for non-diabetics, and will also be more expensive than a term life insurance policy. The cash value accumulation feature can significantly increase your premium.
How to Get the Best Rates for Life Insurance Policies
You can save money in a few ways and get affordable rates for your life insurance policy. To do so, make sure you compare plans while shopping around online and don’t hesitate to ask for information on special rates, offers, and discounts. You may also be able to get a better rate if you’re careful about not overspending and refrain from purchasing a large policy off the bat. A good rule of thumb is to have a plan that’s just large enough so that it pays out your annual salary ten times over. You might also appreciate that paying a lump sum for yearly premiums is another way to save cash, as companies tend to add fees to individual monthly payments.
Start Searching for a Life Insurance Policy Today
Owning a life insurance policy is something everyone should consider. While access to certain companies and the requirements that come with each will inevitably differ, a life insurance policy goes a long way in ensuring your loved ones are accounted for down the line and gives you the piece of mind you need to continue being your best self no matter your health condition. With the right research a little patience, we’re certain you’ll find the best life insurance you need to suit you and your family’s needs.
[1] “Statistics About Diabetes: Overall Numbers.” American Diabetes Association, accessed July 2020. https://www.diabetes.org/resources/statistics/statistics-about-diabetes
[2] “What Is Diabetes?” National Institute of Diabetes and Digestive and Kidney Diseases, accessed July 2020. https://www.niddk.nih.gov/health-information/diabetes/overview/what-is-diabetes#:~:text=Diabetes%20is%20a%20disease%20that,to%20be%20used%20for%20energy.
[3] “Affordable Life Insurance for Diabetics.” Diabetes Life Solutions, accessed July 2020. https://diabeteslifesolutions.com/
[4] Huneck, Jessica. “Protect Yourself With Life Insurance For Diabetics.” Trusted Choice, February 27th, 2020. https://www.trustedchoice.com/life-insurance/personalized-coverage/diabetes/#:~:text=You%20can%20get%20life%20insurance,if%20you%20are%20insulin%20dependent.
