From 1980 through 2002, the number of Americans with diabetes more than doubled, from 5.8 million to 13.3 million, according to the United States Centers for Disease Control.
Furthermore, according to the CDC, adult-onset diabetes (often called Type II diabetes) may now be accounting for about 90% to 95% of all diagnosed cases in the U.S.
Most experts agree that a key factor behind this upward trend is the fact that Americans are “super-sizing” their eating habits. That leads to obesity, which often leads to diabetes. That is the bad news! The good news is that the underwriting departments of most life insurance companies are very aware of this fact and are making great strides in the way they underwrite diabetic clients.
It was not too long ago that a person with diabetes had very few options of where to get their life insurance coverage at an affordable rate. At that time, they were either highly rated or declined coverage altogether.
Fortunately, that is no longer the case. This is mainly due to the amount of research that has been done on diabetes and the effect the disease has on mortality. It has been determined that diabetics who have optimum control of their disease can expect their mortality to be similar to that of someone without diabetes.
Now that you know that diabetes is an insurable disease, what are the basics that you need to know in order to get your client a quote for life insurance coverage?
First, you will want to know their age of onset. In other words, how long have they had the disease? You should know there are 2 types of diabeticsType I, generally referred to as Juvenile diabetes, and Type II, the Adult-Onset diabetes referred to above.
Second, you will need to ask them for their latest A1C reading and/or current blood sugar level. You may feel reluctant to ask this because you think they might not know their level. Rest assured, if a person has diabetes, he or she will know both of these numbers!
Third, you will want to find out how they are controlling their diabetes. There are basically 3 ways diabetics do this: Through diet, oral medication or insulin.