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If you suffer from diabetes, you might be feeling frustrated by the difficulty you are facing with obtaining life insurance coverage. The reality is that insurance companies are legally able to determine your rates based upon your level of health and, when you suffer from a chronic condition such as diabetes, the company considers you to be a high risk client.
While this may not seem fair, it is certainly understandable when considering the facts. According to the American Diabetes Association, the death rate of diabetics due to heart disease is as high as 75%. As such, insurance companies need to protect themselves and their other clients by denying insurance to those with diabetes or by charging high rates. At the same time, if you can demonstrate that you are properly handling your diabetes and that you are otherwise healthy, you can still obtain a life insurance policy at a reasonable rate.
By leading a healthy lifestyle and keeping your diabetes under control, you can significantly increase your chances of obtaining a reasonably-priced life insurance policy. To make this happen, try doing the following:
Simply put - the better you manage your diabetes and maintain a healthy body, the more likely an insurance company will be to provide you with a policy at a reasonable rate.
Now that your health is in check, it is time for you to start seeking out a life insurance policy. Keep in mind that comparison shopping will be an integral part of this process, as rates can vary by 50% or more from one company to the next. It is also in your best interest to review the financial strength of the insurance company. By selecting a company that is rated as "A" by the A.M. Best Company, you can be certain it will be able to pay off your claim if and when the time comes.
It is also a good idea for you to select a company that provides a "free look" period. Many life insurance companies will allow you to review your policy for ten to thirty days and, if you are not satisfied with the company or with your policy, you will be able to return it and obtain a full refund of the premiums you have already paid.
It is also important for you to determine the length of time you will need the policy to be in place. If you only need coverage for 5 years, for example, you will likely have more luck with obtaining a policy than if you need it for 20 years.
When it comes to determining your life insurance premium rates, insurance companies will consider your age of onset of diabetes, how well you have managed your diabetes and any complications that have developed from your diabetes. While you cannot control when your diabetes was diagnosed, you do have control over how well you manage the condition and how well you reduce your risk of developing complications. So, eat healthy, take your medicine and get exercise on a regular basis and you will see those insurance premium rates drop.