How Insulin Use Affects Life Insurance Rates
6/13/2012
What effect does the use of insulin have on life insurance rates? There is no clear cut answer for every company or product. Each life insurance company sets its underwriting criteria based on the niche they want to fill in the industry, considering their business principles and goals. Therefore, one life insurance company may look at use of insulin totally differently than another.
Insulin and Type 1 (Juvenile) Diabetes
One thing most life insurance companies see the same is the use of insulin fortype 1 diabetes, or juvenile diabetes. The pancreas of the type 1 diabetic person does not produce any insulin at all, and the person with type 1 diabetes is dependent on an outside source of insulin to survive. Food intake and physical activity largely dictate how much insulin the person with type 1 diabetes needs to inject. There are many companies that will underwrite a type 1 diabetes policy as long as the diabetes is well controlled with minimal or no complications. There are also a number of No Exam life insurance policies available for people whose type diabetes is uncontrolled, or who have kidney disease or other complications after years of being on insulin.
Insulin and Type 2 Diabetes
If insulin use is to supplement oral medication in a person with type 2 diabetes, or if the type 2 diabetic has advanced to only insulin after years of being on oral medication, insurance companies rate differently. Some, especially No Exam Life Insurance companies, will put all persons who use insulin in the same category, whether they have type 1 or type 2 diabetes. Some will rate insulin use in the type 2 diabetic person the same as they would rate them if taking only oral medication. Of course, if large amounts of insulin must be used because the diabetic person is not following their diet, that can affect rates, as well. Striving to have good control of your diabetes, whether by using insulin or oral medication or both, is the best way to get the most affordable diabetes life insurance rates.