Life Insurance for Diabetics?

Re: Life Insurance for Diabetics?

• MommyLiberty5013 member

  

  November 2014

  Is he eligible for LI through a group policy at his job?

  If he doesn't know, he should ask his HR department.

  
  

  Report0 Reply
• short+sassy member

  

  November 2014

  I have Type 1 diabetes also (diagnosed at 20).  No complications.  I got a quote from MetLife about 4 years ago...but it was expensive for not much coverage.  I want to say it was $75-$80/month for $150,000 in coverage.

  Personally, I think people in our situations should self insure.  As in, take the same money and invest it in a safe mutual fund or pay down the principal on a home loan.  That kind of thing.  It is not a perfect answer and is a terrible answer if someone dies young, but to lay out close to $100/month for money that is hardly life changing is not worthwhile to me.

  I do have a small Gerber policy that my parents bought for me when I was a baby.  Thank goodness it is something!

  Report0 Reply
• wesleycrusher member

  

  November 2014

  I'm not sure if this is the best "money matters" way, but I will tell you what we did. Not T1 but my husband has health problems that put him in the same boat. He was denied term coverage and it wasn't available at his work. Because I knew I would be staying at home while we have kids, it was important that he have some coverage.  So we took out a whole life policy- because we can't guarantee that his health wouldn't deteriorate- it seemed the best choice to at least have some coverage. It is pricey and It's not for the total amount we would like to have, but luckily when he got a new job it offered term insurance that doesn't need a health exam (up until a certain amount) so we took that out, too.  With both policies combined it is enough.  

  
  

               my future's so bright I've got third degree burns
  

  
  

  

  Report0 Reply
• Meeshe member

  

  January 2015 edited January 2015

  Are you well-controlled?  I'm surprised you can't get coverage.  My husband is T1 and we've purchased a million dollar policy on him.  True we definitely pay more, but to not get it is odd to me unless it's documented that he's not controlling it well.
  

  Report0 Reply