The Best Funeral Insurance for Diabetics in 2020
In the last 20 years, the number of adults diagnosed with diabetes has more than doubled as the American population has aged and become more overweight or obese.
Is it possible to get Funeral Insurance as a diabetic?
Yes! However, not all carriers will accept you. Make sure you are working with an agency that has access to the carriers who make acceptance possible.
Best Funeral Insurance for Diabetics
Why Does Diabetes Matter to Insurance Companies?
Diabetes is the 7th leading cause of death in the United States and could be underreported.
Given that it can lead to several other complications it put those with diabetes at a higher risk of early death. This is the reason that these companies look at diabetes as high risk, often with higher rates.
After all, these companies don’t offer coverage out of the goodness of their hearts, it is a money-making business in which they assess their financial risk right alongside the risk of your lifespan.
But here is the great news!
These companies WILL STILL INSURE DIABETICS!
It may not even cost you more than someone without a diabetes diagnosis!
Here is the deal…every company has a different tolerance when it comes to covering the life of someone with diabetes, or any other health condition for that matter.
It depends on several things, we will get into this shortly.
But first, it is critical to understand that if you have any sort of health condition in ADDITION to being a diabetic, that condition is just as important when applying and qualifying for Funeral Insurance.
When it comes to obtaining coverage with any health complication, especially diabetes, it is vital to work with an agency that has access to multiple carriers since they each have vastly different criteria. The agency you work with should be well versed in accommodating people with a wide range of health problems and have the appropriate carriers in their toolbox.
A good independent agency will try to get to know you and your personal health history before beginning an application to place you with a carrier.
Your agent may start out by asking broad questions about your health and then specific follow-up questions based on your answers and their industry knowledge. They are only asking these questions to help find the best plan possible for YOU.
Remember to be open and honest to ensure that you have the most streamlined process as possible.
The application for coverage could ask for the following information.
What They May Ask:
- Your Height & Weight
- Your Age at Diagnosis
- How you Treat & Manage (Prescriptions, Insulin, etc.)
- Insulin Shock
- Diabetic Coma
- Diabetic Complications including Cardiovascular disease, Nerve damage (neuropathy), Kidney damage (nephropathy), Eye damage (retinopathy)
- Amputation due to Diabetic Complications
- Kidney Failure
- Alzheimer’s Disease
Most carriers will check your prescription history & Medical Information Background (MIB) to make sure everything lines up to your application answers.
What They Will NOT Ask:
- A1C levels
- Glucose tolerance test results
- Foot damage
- Skin conditions
- Hearing impairment
No medical exam means that they will never test your blood sugar levels to determine coverage.
Best Funeral Insurance for Diabetics with No Exam
ALL FUNERAL INSURANCE IS OBTAINED WITHOUT AN EXAM. There is not one company in this niche that will offer a discount or a better rate for taking an exam.
With that said, the below companies will accept diabetics on certain terms. If your circumstance fits their criteria, they would be a great option for you.
#1 Mutual of Omaha
A. Has the Proposed Insured ever been diagnosed with insulin shock, diabetic coma, or had an amputation due to diabetic complications or diagnosed with End-Stage Renal Disease or requiring dialysis?
B. Has the Proposed Insured ever received care or treatment for, or been advised to seek treatment for diabetes before age 50 or diabetes at any age with complications of Retinopathy (eye), Nephropathy (kidney), Neuropathy (nerve) or Peripheral Vascular Disease (PVD or PAD)?
This company will have the most competitive rates with NO WAITING PERIOD if you can answer “no” to the above questions.
If you think Mutual of Omaha is the right choice for you but still want more information read the full review on our blog.
#2 Foresters Financial
A. Within the past year (12 months), have you been advised to have, or have you had kidney dialysis?
B. Have you ever received, or been advised to receive, an organ or bone marrow transplant, or had an amputation that you were advised was due to complications of diabetes?
C. Have you ever been diagnosed with diabetes and have also been diagnosed with, or advised to receive treatment for:
I) Retinopathy (problems with your eyesight)?
II) Nephropathy (kidney disease or kidney damage)?
III) Peripheral Neuropathy (nerve damage or numbness)?
D. Within the past 2 years (24 months), have you been hospitalized for 48 hours or more that you were advised was due to diabetes?
These rates are also competitive if you are a male between the age of 55-70, if you can answer “no” to the above questions and has NO WAITING PERIOD.
#3 Royal Neighbors of America
A. Has the Proposed Insured ever been diagnosed as having or been treated for Insulin shock, diabetic coma, amputation caused by disease, or taken insulin shots prior to age 30?
B. During the past 24 months, has the Proposed Insured been diagnosed as having, or been treated for kidney failure (including dialysis)?
If you answer “no” to the above questions you can qualify for this great plan with NO WAITING PERIOD.
This is one of the more diabetic friendly carriers but is slightly more expensive which is why they are not listed at number one.
#4 Guaranteed Trust Life (GTL)
A. Within the last twenty-four (24) months, have you been receiving kidney dialysis?
This company does not offer immediate coverage but accepts most applicants due to their relaxed underwriting. They also offer coverage for people ages 40-90 which is a much larger age range than other carriers.
The 2-year waiting period payout structure is such that if the insured passes away in
- months 0-12 the beneficiary receives the premiums paid plus 5%
- months 12-24 the beneficiary receives 50% of the total death benefit
- months 24+ the beneficiary receives 100% of the total death benefit
As you probably know, having diabetes increases your risk of some certain, very serious, complications. If you have had any of the above complications due to your diabetes diagnosis, this will usually put you in an even higher risk category when being considered for coverage.
There are a few companies that will not insure you with these complications, while others will but at a higher rate. Depending on the complication, you may have a 2-year waiting period. Again, it is best to work with an agency that has access to multiple companies.
As an independent agency that specializes in this niche, Willamette Life will do everything in our power to get you immediate coverage.
Why Your Age at Diagnosis Matters
It may seem a little obvious but the earlier in life that you were diagnosed, the longer you will have to battle diabetes. This is important because the longer your body is under the stress of this condition, the more time you have to develop related complications.
For this reason, carriers usually look more favorably onto people who have been diagnosed later in life.
a. You CAN get coverage with no waiting period.
b. Complications due to diabetes may reduce your chance of immediate coverage but you still have affordable options.
c. Make sure you select the right independent agency to work with that represents multiple carriers.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.