Permanent or Term Insurance for People with Diabetes?

6/13/2012

Should people with diabetes get permanent insurance such as Whole Life or Universal Life that is guaranteed to not to go up in price for the rest of their lives? Or should they get Term insurance, where the price stays the same for a shorter period of time, and thus usually costs less? It can help to look at diabetes itself, in making your decision.

Permanent Insurance for Diabetics

Diabetes is a chronic disease, which means it lasts a long time (usually a lifetime). Most types of diabetes can usually be well controlled with good medical care and a healthy lifestyle. However, if someone has diabetes for many years, it is very difficult to avoid some of the complications of diabetes. Therefore, permanent coverage can be a good choice. It means you will never have to worry about qualifying for life insurance again for the rest of your life!

Temporary (Term) Life Insurance for Diabetics

If you need a large amount of coverage to pay off your mortgage, get your children through college, or cover a business loan, getting it all in permanent insurance can be quite expensive. Besides, those needs do not last a lifetime; they have an end in sight. So purchasing Term life insurance could be your best choice for those “temporary” needs. Some people take their life insurance in part Term and part Whole or Universal Life. This takes care of their temporary needs like mortgages and raising children, but also gives them a policy that they can keep the rest of their lives. This smaller, permanent policy is used for their funerals, pay off final debts, and leave something to their families.

Let Us Help You Decide

Some people with diabetes have few life insurance choices because their diabetes has been hard on their overall health. It’s not so hard for them decide what type of life insurance to get because of having fewer choices. Outlook Life’s trained counselors will ask about your health, budget and desires and help you find a policy that best meets your needs at the lowest cost.

Peg Mace, www.outlooklife.com