If you are one of the millions of people in the world who have been diagnosed with diabetes, you may have heard that your life insurance possibilities will be pretty limited. While that is true to some degree, there are some companies who are more than willing to offer whole life insurance to diabetics – they are just harder to find.
The first thing you must understand on your quest for whole life insurance is the fact that your monthly premium will be rather large due to your illness. Insurers base premium costs on the amount of liability they will have, and the reality is that having a preexisting condition places them in a high-risk category for paying a claim.
Once you start searching, you will see insurance companies who will try to offer you term life insurance. This may seem like an attractive option since the premiums are lower and no medical exam is required. The reality is that there are two bad points to this decision.
The first problem is the fact that a lower premium means a lower payout in the event of your death. Funeral and after-death expenses can be very costly and your family may not have enough to handle everything. The other problem is the fact that you are only insured for a predetermined time. At this point, you will lose all of the money you have invested and will be forced to start over.
Yes, you will have to pay a hefty amount in order to qualify for whole life insurance, but your family will be more than taken care of after you are gone. You should try your best to focus on this benefit while seeking a company who is willing to insure you, instead of focusing solely on the negative financial aspect.