Nearly 10% of women experience gestational diabetes during their pregnancy and few end up developing type 1 or 2 diabetes in the future. Most women will take it as a warning sign which results in positive lifestyle changes in diet and exercise. This really helps to make sure that you don’t develop diabetes in the future. Now when it comes to applying for life insurance you would think that since the condition is temporary you wouldn’t get any issues. Unfortunately that is not the case and most companies will penalize you for the next 5 years with a history of gestational diabetes in a form of higher monthly payments. So lets see what factors are considered and how you can get the best outcome.
Determining Factors
Having gestational diabetes causes the life insurance companies to assume that you have a higher likelihood of developing diabetes down the road. Hence the expectation of being a higher risk. But besides that the companies will use a few other factors to determine your overall health and eligibility. Your current build, lifestyle habits, overall health and other medical conditions will be used to determine your final rate class. Some companies will also look into family history of diabetes.
Life insurance premiums are determined by the rate class you get assigned which will range from preferred plus, preferred, standard and substandard. Typically you will get standard rates with history of gestational diabetes if there are no other risk factors. But we are trying to get preferred rates since there can be a difference in pricing. For example a 35 year old female looking for $500,000 of life insurance coverage for 20 years would pay $19.60 monthly if she gets preferred rates and $41.91 monthly with standard rates. Thats double! Women that can show normal sugar levels right after pregnancy along with a healthy lifestyle have the best chance of getting the rock bottom life insurance rates.
Best Outcome
As mentioned before most life insurance companies will offer standard rates at best. The key to getting the best outcome with gestational diabetes is picking the right life insurance company. Best way to do that is to work with an independent agent that can shop with all the top companies and find the company with the best offer. Not only this will save you time and frustration but you will also save a significant amount of money. Another quick tip is that when you do your life insurance medical exam be sure to eat clean a few days prior and have adequate water intake to make sure your lab results are favorable.
If you already got stuck with a policy with a higher rating you can still shop around. Just be sure not to cancel your existing policy until your new policy goes in force. It is also important to remember that you should only expect preferred rates if you consider yourself in overall great health. If you are interested in getting quotes feel free to use our quote engine to compare premiums from all the top companies out there such as MetLife, Prudential, Fidelity and Nationwide just to name a few. We usually only recommend this to get an idea of pricing out there, because you should really speak with an experienced agent to make a final decision on who to apply with. That’s us, feel free to call us today at 888-492-1967.
