Getting diagnosed with diabetes is a life-changing moment.
All of a sudden, your world has been upended. To have a chance at a healthy and full life, you must make several lifestyle changes, including eating healthier and exercising regularly.
That’s not to mention that many people must also start taking medications.
As scary as a diabetes diagnosis can be, medical advancements have ensured most diabetics can now live normal lives as long as they stick to proper treatment.
That’s good news for diabetics interested in life insurance.
The advanced treatment and management of diabetes means your chances are good for qualifying for life insurance.
But what kind of coverage is right for you?
Burial insurance can be purchased separately or alongside whole life or term life coverage. As the name implies, it consists of a benefit paid to help with funeral and burial costs.
Below we look at how a diagnosis of diabetes affects your eligibility as well as how to find the best burial insurance for diabetics.
More On Diabetes, First
Diabetes is a very common medical condition in the United States. It affects over 27 million Americans each year.
According to the National Institute of Diabetes and Digestive and Kidney Diseases, diabetes is when your blood sugar levels are too high.
This problem is caused by high blood glucose levels. Normally, insulin, a hormone produced in the pancreas, controls glucose levels. When insulin isn’t produced correctly, glucose levels skyrocket, leading to diabetes in short order.
The symptoms of diabetes are quite serious. If left untreated, they include chronic thirst, frequent urination, fatigue, and even loss of vision.
Serious complications can arise if treatments aren’t stuck to a T. These include heart disease, stroke, and even loss of limbs due to amputation.
The Types of Diabetes
The National Institute of Diabetes and Digestive and Kidney Diseases goes on to state that there are two main types of diabetes.
Most importantly, the bodies of people with type 1 diabetes can’t produce insulin at all. This means that they must take insulin medication on a daily basis to survive.
The bodies of those with type 2 diabetes can produce insulin. However, for various reasons, too little insulin is created or it isn’t used well. Some of these people can treat their condition through lifestyle changes alone, though many need some form of medication.
Other much less common forms of diabetes include gestational diabetes, monogenic diabetes, and cystic fibrosis-related diabetes.
Who Gets Diabetes?
Anyone can get diabetes, though certain people are at a greater risk for developing it.
Risk factors include being overweight/obese and a family history of the disorder. People over 45 years old are also at a much greater risk.
Other factors that increase risk are physical activity, high blood pressure, and prediabetes.
What is Burial Life Insurance?
As mentioned above, burial life insurance is a form of life insurance coverage that many people, not only those with diabetes, desire.
It’s pretty much exactly what the name makes it out to be. It’s a set benefit that is used to take care of your funeral and burial expenses.
Burial life insurance also covers other final expenses such as outstanding medical costs and legal bills. Many policies also provide coverage for unpaid debts, such as credit card bills.
Though numerous options for burial insurance are available, most of the policies are available in the $5,000 to $25,000 range.
Note that burial life insurance typically doesn’t provide as high of a benefit as other types of life insurance. Yet it’s usually cheaper with greater eligibility.
You can buy burial life insurance alone or alongside another life insurance policy.
Pros and Cons of Burial Life Insurance
The benefits of burial life insurance are numerous.
Chief among them is helping cover the cost of your funeral expenses after you die.
Planning to financially cover these expenses before the end of your life can lift a heavy burden from grieving loved ones when the time comes.
Burial life insurance also helps ensure that your funeral or cremation and any associated ceremony goes exactly how you’d like.
Most burial life insurance policies allow your beneficiaries to use the money from the death benefit in any way they’d like.
This extends from your funeral expenses to help pay for associated travel costs or taking care of unpaid debt.
The biggest negative to this form of life insurance coverage is that it’s not as extensive as other types of coverage. This means that it doesn’t provide as large of a benefit or cover as much.
However, burial life insurance in the form of a death benefit is one of the cheapest options available. It’s also one that the vast majority of people will be able to qualify for.
How Diabetes Affects Your Life Insurance Options
Like any medical conditions, both type 1 and type 2 diabetes will affect your life insurance options.
Namely, they will affect what types you can qualify for and what rates you’ll pay.
Whenever you apply for life insurance, especially traditional whole life coverage, a team of underwriters assess your application.
Their job is to gauge your risk to the company. The greater the risk, the more you’ll pay in way of premiums. Sometimes people that pose too great a risk are denied from coverage altogether.
Fortunately, some types of coverage are more lenient towards diabetes and other medical conditions. This includes term life insurance.
It also includes burial life insurance. Most death benefit policies don’t require a medical exam – meaning almost anyone will qualify.
Of course, the downside to this is that burial life insurance isn’t very comprehensive.
It only covers one aspect of your final expenses. It doesn’t provide nearly as large of a benefit to your family as whole life or term life coverage. Still though, almost anyone with diabetes, whether that’s type 1 or type 2, will be able to qualify for burial life insurance at an affordable rate.
Find the Best Burial Life Insurance with Diabetes
Don’t just go out and purchase the first burial life insurance policy that you hear about.
The fact is that not all of these policies are created equal. In fact, the companies that offer them vary greatly in a number of important ways.
It’s essential to take your time, do some research, and select several companies to apply to so that you can compare and contrast the coverage and rates you’re offered.
Doing this will allow you to find the most comprehensive burial life insurance at the best rate, even if you have diabetes.
And, remember, it’s a perfect time to look into other forms of life insurance coverage when you’re in the market for burial life insurance. Depending on the specifics of your diabetes, you might be eligible for term life or whole life coverage.