Last Updated on May 14, 2025<\/p>\n
Life insurance can provide people with great certainty and peace of mind in a world filled with uncertainty. It serves as a safety net for those looking to protect their family financially if they pass away. Life insurance provides financial stability<\/a> to the remaining family members, allowing them to pay medical expenses, funeral costs, and other debts that can result from the policyholder\u2019s death. Or your policy could provide living death benefit riders<\/a>, where the policy would pay out to you if diagnosed with a terminal, chronic, or critical illness.<\/p>\n As you are finding out, having a form of Diabetes can make things slightly challenging, when looking for coverage.\u00a0 If you have Type 1<\/a>, Type 2<\/a>, Gestational<\/a>, or Pre-Diabetes, all insurance providers will view your profile differently.\u00a0 Because of this, we\u2019d encourage you to request a quote from us<\/a>, or call us at 888-629-3064 to discuss your options.\u00a0 We understand how important a life insurance policy is for your family, and we\u2019d love to help you find the best policy possible.\u00a0 Not all insurance products are created equally, and we\u2019d help you find the ones with the most valuable riders<\/a>.<\/p>\n Here\u2019s what we\u2019ll cover in this post:<\/p>\n<\/div>\n We like to think that nearly everyone could benefit from having some form of life insurance.\u00a0 But to keep things simple in this article, we\u2019ve highlighted some sample situations, where a life insurance policy would be a must have financial product.<\/p>\n If you have any dependents, then you need life insurance.\u00a0 It\u2019s that simple.\u00a0 In the event of an untimely death, your family would depend on replacing your income.\u00a0 We all know how expensive kids are.\u00a0 Daycare, sports, clothes, food, summer camps etc.<\/p>\n You may even wish to have a policy to help address higher education expenses.\u00a0 Life insurance would be the most efficient way of making sure all of these expenses could be addressed.<\/p>\n We could argue that if\u00a0 you have a mortgage, then you need life insurance. Many of our clients prefer to have enough coverage that would satisfy this financial obligation in the event of your death.\u00a0 Your beneficiary could use the death benefit to make sure the mortgage is covered<\/a>.<\/p>\n If you are a business owner, life insurance is an extremely important part of your financial plan.\u00a0 You may need a life insurance policy to satisfy an SBA Loan<\/a>.\u00a0 Or you might need to have a larger policy in place in case of your death.\u00a0 The proceeds from your life insurance policy can help keep the business running and address any debts of the business.<\/p>\n Like most of us, you may have taken out various forms of Student Loans at some point in time.\u00a0 When considering how much, or if you need life insurance, you\u2019ll definitely want to take in consideration the amount of loans you owe.\u00a0 Taking out a policy will insure that your named beneficiary can pay off any outstanding loans at the time of your death.<\/p>\n Having a spouse is usually the number one reason for needing a life insurance policy.\u00a0 Being in a marriage means you are relying on one another.\u00a0 If you were to die, we are quite certain you\u2019d wish for your spouse to have the same lifestyle they are currently enjoying.\u00a0 A tax free death benefit<\/a> via a life insurance policy is a great way to make sure your spouse is financially set should you pass away.<\/p>\n Credit cards, car loans, medical bills and other type of debt would be a great example of needing a form of life insurance.\u00a0 Obviously, you would not want to burden your family with having no way to pay off your debt should you pass away prematurely. Life insurance is the perfect financial tool to address these financial obligations.<\/p>\n Stay at home moms and dads are great candidates for needing proper life insurance coverage.\u00a0 While their job is unpaid, it\u2019s nearly impossible to put a dollar amount on what they contribute.\u00a0 If a parent were to pass away, you\u2019d most likely have to pay for childcare, transportation of your kids, hiring a maid or even a nanny.\u00a0 All of these scenarios are a perfect example why a stay at home parent needs life insurance<\/a>.<\/p>\n If you live with a form of Diabetes, we\u2019ll be the first to tell you that you most likely can qualify for the same types of life insurance that people without Diabetes do.\u00a0 Below are the most common types of life insurance:<\/p>\n Whole life insurance<\/a> is a type of policy that is designed to stay in force for the insured\u2019s entire life.\u00a0 Premiums will be higher compared to term life and universal life insurance products.\u00a0 But the reason for that is part of the premium paid is directed to a cash value portion of the policy.<\/p>\n For many people, a whole life insurance policy can be a great financial product to help accumulate retirement income in the future.\u00a0 Or to use to cover burial and funeral expenses.\u00a0 Your whole life insurance policy cash value can be accessed in the future via a policy loan, or surrendering of the insurance contract.<\/p>\n Like the name suggests, term life insurance<\/a> is a form of temporary coverage.\u00a0 Many companies offer 10, 15, 20, 25, 30, 35 and 40 year term durations.\u00a0 The younger you are, the more likely you\u2019ll need coverage for one of the longer term periods.\u00a0 Term life insurance will not have any cash value component, rather it\u2019ll just provide a defined death benefit.<\/p>\n While a person could outlive their term policy<\/a>, you would have the opportunity to convert to a form of permanent insurance in the future.\u00a0 Or you could always reapply at a later date, and ladder multiple policies together<\/a> or replace an older policy.<\/p>\n GUL is a form of permanent life insurance that is mainly designed to provide life insurance for the insured\u2019s entire life.\u00a0 There is a cash value component to the policy, but the accumulation will be minimal.\u00a0 These types of policies are ideal for a person who simply wishes to guarantee a death benefit payout to their beneficiary.<\/p>\n Variable universal life insurance is similar to universal life insurance. Still, with one key difference: the cash value component is invested in stocks and other securities rather than being held in a savings account. It means that the cash value can grow more quickly but also carries more risk. Variable universal life policies typically have flexible premiums, meaning that the policyholder can choose to pay more or less each month.<\/p>\n Survivorship life insurance (also known as mutual life insurance) is a policy that insures two people, typically spouses or domestic partners. The policy pays out a death benefit when both insured individuals have died. Survivorship policies are often used to help provide financial security for loved ones after the death of one spouse or partner.<\/p>\n Indexed universal life insurance is similar to universal life insurance. Still, with one key difference: the cash value component is invested in an index fund rather than being held in a savings account. It means that the cash value can grow more quickly should the stock market rise.<\/p>\n There is no market risk with these products.\u00a0 If the index your IUL is invested in drops, your cash value will not decrease.\u00a0 An IUL is a great product for people who wish to have a death benefit product, along with the opportunity to accumulate cash value over time.<\/p>\n Choosing the right policy for yourself can be an intimidating decision. You need to ensure that you are selecting a plan that offers comprehensive coverage for your circumstances but does not break your budget. Before selecting any plan, it is essential to research the different options and compare them in terms of coverage, cost, and payment flexibility.\u00a0 Everyone\u2019s financial situation is different, so please don\u2019t make the mistake of following advice from the Dave Ramsey\u2019s of the world.\u00a0 ( Dave is great a financial advice outside of life insurance recommendations )<\/p>\n While looking into different plans, ask any lingering questions you might have about the details and requirements around each policy before making a final decision.\u00a0 You need to speak with an agent or financial professional.\u00a0 Please do not make any financial decisions such as life insurance, before getting some advice from an industry professional.<\/p>\n There are many benefits to owning a life insurance policy.\u00a0 Let\u2019s explore some of the main advantages to being insured.<\/p>\n One of the primary benefits of having a life insurance policy is that it can provide financial security for your family at the time of your death.\u00a0 Replacing lost income due to death is a concern for most people with a family. If you are the primary breadwinner for your family, or even a stay at home parent, your death could leave them in a difficult financial situation. A life insurance policy can help to ensure that your family can maintain their standard of living in the event of your death.<\/p>\n Another benefit of having a life insurance policy is that it can be used to pay off debt. If you have outstanding debts, such as a mortgage, car loan, business loan or credit card debt, a life insurance policy can be used to pay these off so that your family is not left with this burden.<\/p>\n A life insurance policy can also cover final expenses, such as funeral costs. Funeral costs can be expensive and put a financial strain on your family at an already difficult time if there\u2019s no money readily available to cover these costs.. A life insurance policy can help ensure your family is not left with this burden.\u00a0 Many families can benefit from owning a burial insurance policy<\/a>.<\/p>\n If you have children or other loved ones, you would like to provide for; a life insurance policy can create an inheritance for them. You can use the death benefit from your life insurance policy to fund a trust<\/a> or other account that will be used to provide for your loved ones after your death.<\/p>\n Another benefit of having a life insurance policy is that it can be used to donate to charity. Suppose there is a particular charity that you would like to support and leave money to. In that case, you can designate them as the beneficiary of your life insurance policy, and they will receive the death benefit after your death.\u00a0 This could be a Diabetes Non Profit, University, Church, or any other organization you have an attachment to.<\/p>\n One of the most significant benefits of having a life insurance policy is that the death benefit is tax-free. 401K\u2019s, IRA\u2019s and other types of saving accounts cannot provide this type of luxury.\u00a0 Your beneficiaries will not have to pay any taxes on the money they receive from your life insurance policy, which can help them to make the most of their inheritance.\u00a0 Life insurance is the most tax efficient way of transferring wealth.<\/p>\n Since life insurance comes in many types of products, and amounts, you\u2019ll want to review your current financial objectives before deciding on what type of policy, and how much.\u00a0 Here are some tips that will help you ultimately choose the best product.<\/p>\n There are many different types of insurance policies available, and choosing the one that best suits your needs is essential. For example, if you\u2019re a homeowner who wants to cover a mortgage, you\u2019ll need a different type of policy than someone who wants a cash value based policy.<\/p>\n Once you\u2019ve decided on the type of policy you need, you\u2019ll need to determine how much coverage you need. It will depend on factors such as the number of years of income you\u2019d like to replace.\u00a0 Or the amount of debt you\u2019d like to make sure is covered by a life insurance policy.<\/p>\n Insurance companies use your current, and past health information in order to determine final rates.\u00a0 Information such as Glucose levels<\/a>, A1C readings, type of diabetes you have all are apart of how companies will underwrite you.\u00a0 For many people who live with a chronic illness such as diabetes, you may not be able to afford as much life insurance as you\u2019d like due to paying higher premiums.<\/p>\n When choosing an insurance company, it\u2019s essential to ensure they are financially stable. They should be able to pay out claims promptly and have a good rating from independent organizations like A.M. Best or Standard & Poors<\/a>.\u00a0 We recommend only work with B+ or higher rated companies.<\/p>\n Choosing an insurance company with a good customer service record is also essential. They should be easy to reach and quick to respond to any questions or concerns you may have.\u00a0 Also you\u2019d want to work with an agent who\u2019s always there to help out in the future.<\/p>\n Before buying an insurance policy, be sure to find out how the company handles claims<\/a>. You should know how long it takes for them to process claims and what type of documentation they require.\u00a0 Also, make sure the agent you work is familiar with how to handle the death claim process.<\/p>\n Certain life insurance companies may offer lower premiums or discounts if you live a healthy lifestyle.\u00a0 Meaning if you have a regular exercise routine, see your Doctor on a regular basis, or use diabetes technology such as an insulin pump<\/a>, you may receive lower premiums.\u00a0 Every little discount helps and goes a long way.<\/p>\n Here\u2019s seven common misconceptions that several of our clients had, before they worked with us.<\/p>\n Life insurance costs are often based on factors such as age, health, and lifestyle. Even those with Diabetes can qualify for affordable life insurance.\u00a0 Don\u2019t think it\u2019s too expensive, until you speak with us.\u00a0 We have several tips on how to save money on life insurance<\/a>.<\/p>\n Everyone\u2019s life is valuable, and life insurance can help protect your loved ones financially if you die unexpectedly. If you have dependents, such as a spouse or children, life insurance can help to ensure that they are taken care of financially if you are no longer around.\u00a0 No matter what age or stage of life you\u2019re in, you most certainly can benefit from owning a life insurance policy.<\/p>\n Life insurance policies can be complex, but many resources are available to help you understand them. You can speak with us at any time, and we\u2019d be thrilled to go over the pros and cons of various life insurance products.\u00a0 We are well known for making life insurance easy and we love to explain things in easy terms.\u00a0 Not to mention, for many people no examinations are needed <\/a>when applying.<\/p>\n There is no minimum or maximum age for purchasing life insurance. However, your premiums will be higher if you purchase a policy at an older age, as you will be considered a greater risk to the insurer.\u00a0 The younger and healthier you are at time of applying, the lower your premiums will be.<\/p>\n While having children is one reason to purchase life insurance, there are many other reasons. If you have a spouse or partner, they may rely on your income to cover expenses such as the mortgage or car payments. If you have any debt, such as student loans or credit card debt, life insurance can help to ensure that it is paid off if you die unexpectedly.<\/p>\n![\"\"](\"https:\/\/diabeteslifesolutions.com\/wp-content\/uploads\/2023\/03\/8027_C_SFL_fev_art2_1012_571.jpg\")
<\/p>\nQuick Article Guide<\/strong><\/h2>\n
Who Needs Life Insurance<\/strong><\/h2>\n
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If You Have Dependents<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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If You Have a Mortgage<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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If You Own a Business<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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If You Have Student Loans<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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If You Are Married<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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If You Have Debt<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Stay at Home Parents<\/strong><\/h3>\n<\/li>\n<\/ol>\n
Types of Life Insurance Policies to Consider<\/strong><\/h2>\n
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Whole life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Term life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
![\"\"](\"https:\/\/diabeteslifesolutions.com\/wp-content\/uploads\/2023\/03\/Can-You-Get-Mortgage-Forbearance.jpg\")
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Guaranteed Universal life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Variable universal life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Survivorship life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Indexed universal life insurance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
How to Choose the Right Policy for You<\/strong><\/h2>\n
Benefits of Having a Life Insurance Policy<\/strong><\/h2>\n
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Financial Security for Your Family<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Pay Off Your Debt<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Covering your Final Expenses<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Create an Inheritance<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Donate to Charity<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Tax-Free Death Benefit<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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<\/p>\nConsiderations Before Buying a Policy<\/strong><\/h2>\n
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The type of policy you need<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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The amount of coverage you need<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Your health profile<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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The insurance company\u2019s financial stability<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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The company\u2019s customer service record<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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The company\u2019s claims process<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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Any discounts available<\/strong><\/h3>\n<\/li>\n<\/ol>\n
Common Misconceptions People Have About Life Insurance<\/strong><\/h2>\n
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It\u2019s too expensive<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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I don\u2019t need it<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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It\u2019s too complicated<\/strong><\/h3>\n<\/li>\n<\/ol>\n
![\"\"](\"https:\/\/diabeteslifesolutions.com\/wp-content\/uploads\/2023\/03\/Family-Conversation.jpg\")
<\/p>\n\n
I\u2019m too young or too old<\/strong><\/h3>\n<\/li>\n<\/ol>\n
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I don\u2019t have any kids, so I don\u2019t need it<\/strong><\/h3>\n<\/li>\n<\/ol>\n