February 12th, 2007 | 
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shine asked:
Ok, so I filled out one of the online forms that compare major insurance companie’s quotes for term life insurance, answering all questions honestly. What I got was at least three phone calls a day from agents on both my land line and cell phone..daily. A company called Matrix (not the one that quoted the best price the I checked), anyway they kept calling because by the time I got home they were closed due to the time difference in Hawaii. When I finally did speak with someone, they went through all the same questions again, and at the end the statement was “No insurance company will insure him(he is 55) because he is too high of a risk with type 2 diabetes”. (This was not for me, but for a relative who has quit smoking, but it has not been a year). Is this true???
Tiara Reznicek
Ok, so I filled out one of the online forms that compare major insurance companie’s quotes for term life insurance, answering all questions honestly. What I got was at least three phone calls a day from agents on both my land line and cell phone..daily. A company called Matrix (not the one that quoted the best price the I checked), anyway they kept calling because by the time I got home they were closed due to the time difference in Hawaii. When I finally did speak with someone, they went through all the same questions again, and at the end the statement was “No insurance company will insure him(he is 55) because he is too high of a risk with type 2 diabetes”. (This was not for me, but for a relative who has quit smoking, but it has not been a year). Is this true???
Tiara Reznicek
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Yep, lesson #1, online quoting sites REALLY harvest your information, and sell them to agents as leads. Any quotes you DO get, are completely unbinding, as they aren’t underwritten yet.
No, it’s not true that you can’t get insured just because of type 2 diabetes. You can. BUT, it’s going to cost a way lot more. You need to stop trying to shop around yourself, and go to a local, independent agent. If they can’t find a carrier willing to take you on, ask them for a high risk agent.
If money is no object, ANYONE can buy life insurance. It just might cost as much as the payout.
Again, doing this yourself, is going to be VERY frustrating for you. If you go to a local agent, they will NOT harvest your info and sell it to a gazillion other agents as a lead.
Online life insurance companies either sell your information to strangers before you know if they can help you, or they represent one biased view-point. With your relative not yet being 12 months out from not smoking, I don’t foresee a standard insurer offering life insurance for the time being.
Clarifinancial will be up and running in a few months. You might be better off using a service like this. You would be able to receive customized quotes from a number of agents without all the hassle you described. If you see a quote you like, only then would you receive contact from the one you choose. That way, you know up front who can really help you the best.
A single local agent wouldn’t be able to cast their net as wide as multiple agents online. Plus, there are so many agents, how would you know which one is the best fit? Fortunately, there are easy solutions.
1: NEVER SHOP ONLINE FOR INSURANCE! online quotes are almost 100% of the time based on super preferred health status so their quote comes up on top. Super PRefered health status is essentially subhuman health….hardly had a cold in your life type of thing. If you have any doubts that you are super prefered, don’t apply online, if you get approved, you’re rates will be increased in most cases.
Go to a lisensed insurance broker so they can assess your situation fully and recommend a company that suits you need best.
#2 MANY insurance companies will insrure people with Type 2 Diabetes. IT depends on the severity of it though (if you’re insolin dependent then it’s tougher to get). My mother has applied and been approved with a standard rate and she has Type 2 Diabetes, high blood pressure and a family history of cancer, heart disease and strokes. Not every company underwrites the same and some look at different things different.
As mentioned, contact a broker in your area, go through your situation with them and they will be able to recommend someting that will suit your needs specifically. Every company is a little different, so the broker will take your information and contact each one and say “If I submitted an application for someone like this: **explains your situation**, what are the chances of getting approved” Kind of like a trial application.
I do agree that there may be carriers that will insure you, but you have to locate those that may specialize in high risk coverage. You can contact a local agent for life insurance and ask if they have acces to life insurers that insure people with type 2 diabetes.
Also, you may want to consider guaranteed acceptance life insurance from a carrier like Stonebridge Life or Colonial Penn, which provides limited or graded benefits for the first 1-2 years of the life insurance policy.
Also, you may want to search on google for “life insurance for diabetics” and research articles and carriers that way.
I hope that helps. Best of luck to you.