I had a stroke 4 years ago and was recently diagnosed with diabetes is there any life insurance  that will cover me?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, there is life insurance that will cover someone with a stroke and diabetes. Since your stroke was over 2 years ago, there are some simplified issue policies that you can get, as long as you can do all your own ADL's (activities of daily living). If you are unable to bathe, dress, etc on your own, there are guaranteed issue policies that you can get.

    While some agents may suggest going the route with medical underwriting, my experience is that this option will not be available to you due to the combination of conditions. I hate to see people go through an extensive underwriting process, only to be declined. You will know the minute you apply whether or not the policies I mentioned will accept you. Sometimes that shot in the arm means as much as the coverage itself.
    Answered on December 31, 2014
  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! There are a lot of people out there that are afraid that their health issues will keep them from being able to get life insurance. It's something that sadly keeps many from even looking. I'm really glad that you were brave enough to find out.
    There are definitely insurance companies out there that will write a policy for you, don't worry. The trick is to find the one that will do it the cheapest, and with the best terms.
    Insurance companies use a "look back" period, and they will vary from company to company. I have some I work with that go back 5 years, and some that go back 2. The severity of the diabetes weighs more heavily with some than others also, (especially if it was a contributing factor to the stroke, or any other health issue that you might have) depending upon the type and how it's regulated.
    The agent will help you find a policy that will work for you. There are 3 basic categories of insurance - immediate issue (premier, ultra, etc.) that allows for the whole death benefit to cover as soon as it's issued; a 'graded or modified' policy will have a period of time where the death benefit is limited (most often 2-3 years, and usually just what you've paid in premiums and maybe a little interest); and 'guaranteed issue' (also a graded policy, but with no health questions at all, and generally the most expensive, since they cover almost everyone). A good independent agent can help you find the best of these for you. I hope that helps- thanks again for asking!
    Answered on December 31, 2014
  3. 11498 POINTS
    Jason Goldenzweig
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    You can go about securing coverage in one of two ways for this type of medical history. A route with no medical questions would be issued under a guaranteed-issue, graded benefit whole life insurance policy (2-year waiting period for full coverage to start - accident only coverage in years 1 and 2). The maximum amount of coverage you can secure under one of these programs is between $20,000-$25,000. Please note, most guaranteed-issue life insurance policy have a minimum age requirement of 45 or 50 years old and a maximum age allowance of 80 or 85 years old.

    The 2nd route is going to be the most advantageous If you're looking for more coverage than that, but you would need to go through full underwriting. These programs would allow you to secure full coverage from day 1 of the policy (no waiting period under a graded benefit). The specific details regarding the stroke history (e.g. was there any paralysis and where, were there any lingering effects, are you still taking medications to treat lingering effects as a result of the stroke, etc.) as well as the diabetes history. For the diabetes history, the most recent A1C reading, when was it diagnosed, how is it being treated, etc. will affect the risk classification a carrier can/will offer (this determines the rates (cost) for the coverage, if approved).

    You will need to shop the case among multiple companies to see which carriers can consider coverage at what risk class. Every company has their own underwriting guidelines so some companies may be able to work with the medical history where others may not - for this, I highly recommend shopping the case first before applying for ANY coverage because throwing mud against the wall to see what sticks (applying to multiple companies) can work against you as it can become a red flag to insurance companies when they see declines in the MIB (Medical Information Bureau) records.

    An independent insurance broker such as myself can do this for you. My group is licensed in over 35 states and with over 50 insurance companies and we charge no fees to our clients for our services. We can help you with the entire process from start to finish. If you'd like assistance in buying a life insurance policy, please send me a message and we will help you shop the case so you can secure the desired coverage at the lowest possible cost - my contact information is provided on my profile.

    I hope the information is helpful - thanks very much for your question.
    Answered on December 31, 2014
  4. 947 POINTS
    Jose S Sanchez JrPRO
    President, The Insurance Advisor, Burr Ridge, IL
    Everyone has given some great responsive to this question but I don’t think anyone has pointed you in the right direction of a company. There are Two Great companies that you should look into, on is Vantis. They are priced lower than many of the other companies out there. The other company is Kemper, either of these companies should fit your needs. If you have any other questions please feel free to ask, that why we’re here.
    Answered on January 2, 2015
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