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Diabetes is one of the most common conditions today and can strike anyone. It’s not just genetics, but what you eat and how you care for your body. People who are being treated for diabetes require special attention when it comes to buying the best final expense insurance or burial insurance. Heart conditions in combination with diabetes, or neuropathy as a result of diabetes is a little more difficult to work around, but we’ve got the companies to accomplish it. It’s a tricky condition when your looking for life insurance and should not be left up to chance.
Which companies offer the Best Final Expense Insurance with Diabetes?
We’ve looked at the companies by what type of death benefit they offer. If you are using insulin, this part of the article is for you…If you don’t use insulin but your taking oral medications, you should consider all of the following companies plus a few more. We’ll be able to work around it and steer you toward the Best Final Expense or Burial policy.
KSKJ Life – Age 50+ This is our #1 pick if you have never had insulin shock, been in a diabetic coma, had an amputation caused by diabetes or were diagnosed with diabetes prior to the age of 30. You could qualify for their Preferred rates for an immediate death benefit with insulin use and even the immediate death benefit Standard rates if you use insulin.
Transamerica or Motorists – These would be the companies we would look at first if the applicant is under the age of 50. There are many more, but our agents are going to try these first because of the rates and success of getting a diabetic approved.
Assurity Life would only take a person if the the diagnosis occurred more than 12 months ago, has been well controlled for the last 12 months, and had no complications or any other conditions as a result of diabetes. They may qualify for the immediate death benefit if they do not have insulin use with a combination of heart disease or stroke.
Not all final expense policies will accept diabetics, but if you are working with our independent agents, they will know which companies to look at, and which ones to stay away from. You don’t want to just apply for this type of insurance by mail and risk being declined. Believe it or not, being declined can really hurt your chances of being approved for another company. Once a person is declined, other companies may use that information to either not offer you coverage that you otherwise would have been approved for.
There are several key questions you’ll need to answer before applying for a final expense policy. It’s important to choose the best company if you have been diagnosed or treated for any type of diabetes. That includes both Type I and II diabetics.
- Does the applicant use insulin or not?
- Is the person on oral medications such as Metformin, Glyberide, Actos, Januvia or Glympizide?
- When did the person start to use insulin. Before the age of 30, 40, or 50?
- How much insulin is used on a daily basis? Under 40 units? Under 50 units?
- At what age was the person diagnosed with Diabetes? Has is been less than two years? Less than one year?
- Was the applicant ever in a Diabetic coma?
- Did the person ever have insulin shock?
- What is the most recent A1C? Is it over or under 7. Does the doctor feel the diabetes is controlled?
- Have any new medications been added in the past 12 months? Past 24 months?
- Does the applicant have any other problems that are related or caused by Diabetes? Does the person have neuropathy, retinopathy, or glaucoma. Is the person taking Gabapentin or the brand name Neurontin?
- Has the person received any wound care in the last 12 months? Last 24 months?
- Is the applicant being treated for any type of diminished kidney function including medications or kidney dialysis or a kidney transplant?
- Is there any type of heart disease?
- Is the person’s body mass index over the limit for acceptable weight?
All of the these things will play a part in determining which company should be used. The goal is always to get the client a final expense burial plan with the best benefits. That means getting you a policy that pays immediately if you die, without a two to three year graded or modified period. There are a lot of policies out there that will not pay the full benefits until a period of two years or even three years has passed. Once it is known which companies you can get the immediate death benefit with, then it’s about the lowest rate. Again, only consider permanent polices including Whole Life and No Lapse Universal Life for final expense and burial. Never term!
Get it right the first time!
Why is it so important to pick the right company to use the first time? Let’s take for example Trinity Life. Trinity is one of the few companies that offers the use of a Direct Express, debit or credit card. If you have been declined by another company for any kind of life insurance, they will want to know why, and may decline you too. Sometimes if the underwriters sees that one company felt you should not be offered coverage, they might not want to chance approving you either. When you only have a hand full of companies to use to begin with, you shouldn’t take that chance.
No one likes to think about it, but we really don’t know when we are going to pass. Unfortunately we have seen it it happen–a sudden death while the person is going through the process of applying for life insurance or more commonly while the insurance company is waiting for the payment. So sad….this is not something to play guessing games about or take your time. Find it, apply for it, and pay for it! Your loved ones will thank you.