Best rates for key person life insurance for diabetics
Finding the lowest rates for key person life insurance for diabetics does not have to be difficult if you know a few secrets:
- Use an independent life insurance broker
- Use a broker who deals with carriers that specialize in key person life insurance for diabetics
- Let your broker do the work negotiating with the different carriers
- Keep your diabetes in control by regularly monitoring your blood sugar
- Be sure to see your doctor on a regular basis
Let’s breakdown each of the above and why they are important in order to find the lowest rates for key person life insurance for diabetics.
Why an independent insurance broker
An independent life insurance broker simply gives you the best shot at finding the lowest rats. Independent agents represent typically dozens of carriers.
Unlike a captive agent, the independent agent will simply have more than one option to choose from.
Why use a specialty broker
An independent life insurance broker who also specializes in representing carriers that underwrite key person life insurance for diabetics will put you a head of the game.
You see most life insurance companies quite frankly don’t like diabetics. A typical life insurance carrier that does not specialize in underwriting diabetics could highly rate or even decline your application.
Just like certain doctors have certain specialties such as a heart doctor or brain surgeon, insurance companies do also. In fact, many of the best companies to underwrite key person life insurance for diabetics you may never have heard of.
Also, it’s important to make sure the broker has plenty of experience with special risk life insurance. An agent who has worked on cases for diabetes, heart disease, MS, etc. will know the best way to present your case to the carrier.
An agent with no experienced will sometimes just throw out information to a bunch of different carriers hoping one will stick. This is not the way to get the best offer for coverage.
Only a knowledgeable and experienced agent can provide you with the best shot at success.
Let the broker do the negotiating
In the game of special risk life insurance a knowledgeable broker can be your best ally. He will know the questions to ask in order to find out which carriers to go to. He will know how to present the case to the underwriters. But, most importantly, when all the offers are made your broker can then negotiate between the carriers to lower the rates.
In a way its a bit of a game. If carrier A is offering a rate, then you can go to carrier B and have them compete against it. If carrier B wont play the game, then move on the carrier C and see if they will play.
Again, only an experienced agent in the special risk arena will know how to properly work the marketplace.
Maintain good blood sugar control
Of course whenever you are underwriting a key person life insurance policy for diabetics the number one issue is control.
The A1C factor gives the underwriter the most information on whether you are controlling your blood sugar. This 3 month figure will basically tell the underwriter what he needs to know about your due diligence with your blood sugar.
If you were diagnosed after the age of 50 and your A1C reading is normal then you could be looking at standard rates.
If your A1C is elevated above the normal range and depending on how elevated it may be harder to get standard rates.
Now, if you were diagnosed as a juvenile diabetic and are currently taking insulin then standard rates are typically not in the cards. But, it is important to remember again that all life insurance carriers look at health differently.
Your agents job is to help you find the one carrier that will underwriter you the most favorably.
See your doctor on a regular basis
Other than A1c reading, the one thing underwriters want to see when evaluating your protection is maintenance. If you are seeing your doctor every 3-6 months and following their guidance, you have a much better shot at a better rate.
But, if you are not following guidance such as not exercising or still smoking or gaining weight and if you are not following up with your doctor routinely your chances for a good rate are slim.
Underwriting life insurance carriers like to see good follow-up and prescription maintenance.
Top carriers for underwriting diabetic life insurance
Okay, so who are the best carriers in the special risk marketplace for diabetics? We have found the following to be the very best.
- Prudential
- Mutual of Omaha
- Banner Life
- Principal Life
- North American Life
- American General
- Lincoln National
- Protective Life
- Phoenix Life
- Transamerica
- American National
Conclusion-
Key person life insurance can play an important role for any business. All businesses have a key employee who is critical to the performance or even the life of the business. If you need help determining the amount of coverage you need you can go here.
When looking for this protection for someone with a pre-existing condition such as diabetes, it is imperative that you use a professional who specializes in this coverage.
Fortunately, you have landed on this page. We are specialist in key person life insurance for diabetics. Give us a call at 1-678-207-8160 or email mike@specialriskterm.com for a free analysis of your situation.
