Life insurance for diabetics is not as hard as it sounds. There are more insurance companies today than ever who offer cheap and low-cost life insurance options specifically for diabetics. The best way to make sure you are getting the right coverage for your budget is to comparison shop several options before you decide on a specific plan.
To be eligible for this type of insurance, you must have a good health condition. Your primary care provider may not provide such an option and you may have to pay higher premiums. However, many insurance companies cover certain medical conditions and you can get the same coverage without having to pay a premium at all.
If you are already insured with an insurance company or have a family member who is insured, you should start by asking about life settlements. These are payments made to you in the event of your death. This option can be very beneficial as there is no need to borrow money to pay for the funeral. You may also decide to include a burial plot. You can make decisions as to what you would like to see.
You must be sure, however, that life settlements do not mean that you would receive nothing if you are diagnosed with a life threatening condition such as heart disease or diabetes. Instead, these types of plans are designed so that you can receive a portion of your medical costs if you should pass away.
Life settlement plans come in both fixed and variable annuities. For diabetics who already have a good health condition, a fixed annuity is the ideal choice. However, there are several insurance companies who offer some variable plan options and you will want to review their options in detail.
If you opt for a variable option, you would be responsible for paying monthly premiums that are based on your current age, gender and health status. The amount paid would be determined according to your health condition. If you become diabetic, you could pay more than if you don’t. It is important to note that not all plans will provide this type of coverage so it is important to do some research on the company.
Some life settlement options include guaranteed life plans, guaranteed investment plan and a combination of these two. In the case of the first two, your insurance company assumes that you will not pass away while the third plan will payout to your beneficiaries if you do. Of course, this type of plan depends a lot on the health condition of you.
Always ask about all the details, including whether your insurance company pays any kind of dividends and which tax advantages you will qualify for. A good health plan will also help reduce your premium cost.
You can get life settlements from any source, including banks and lending institutions. The key factor in getting the best deal, however, is to negotiate. Getting the most affordable payment can sometimes take a lot of time, but the peace of mind you will get will last a lifetime.
Plan early. You may decide to postpone the purchase of the plan until you are 50 years old or until you have a good health condition. If you are diabetic, a well-crafted policy will help you save money and make planning easier down the road.
As always, do some research before buying a life settlement. Get recommendations from friends and family.
You might also be able to obtain a better deal by obtaining multiple quotes from one insurance company. This way, you can compare their rates and the benefits.