Just got approved for a $500k life insurance policy with living benefits at $230 per month… Getting approved itself feels like a win, but I’d love to hear what you all think before I commit.
Details:
Female
44 years old
Type 1.5 diabetes, diagnosed over 10 years ago
Insulin dependent
High blood pressure
Bilateral hip replacement (they seemed to care about this a lot)
Is this a fair deal? Should I be looking somewhere else for better rates?
Edit: Adding more details—
30-year term that can be renewed… something along those lines. It’s Forester’s Strong Foundation 30-year non-med policy.
$500k coverage with accelerated benefits for chronic, critical, and terminal illness.
Stormy said:
Is this term or whole life? From what I remember, Foresters is pretty lenient with diabetes cases. (Also, type 1.5? That’s a new one for me.)
If it’s a 30-year term, it’s probably their ‘Your Term’ product. Their final expense whole life maxes at $50k, and I think their participating whole life is capped at $250k.
If you’re getting a 30-year term, the rate is decent, plus it’s convertible.
Stormy said:
Is this term or whole life? From what I remember, Foresters is pretty lenient with diabetes cases. (Also, type 1.5? That’s a new one for me.)
Haha, yeah, it’s a thing! Just wanted to make sure I described it exactly as it’s on my medical records.
For a 44-year-old female, non-smoker, insulin-dependent diabetic (10+ years), a $500k 30-year term with chronic, critical, and terminal illness benefits usually ranges from $158 to $180 per month.
The lower end of that range assumes well-managed diabetes (A1C around 7.5 or lower), no major complications, good height/weight, cholesterol, and blood pressure.
You might qualify for a better deal, but since you’ve already been approved with Foresters, you could lock it in now and switch later if you find something cheaper.
@Slate
A1C was 6.2 two months ago
BP today was 133/90
Height: 5’9", Weight: 145-150 lbs
Cholesterol is slightly off but nothing crazy
Hip replacements were in April, so not even a year yet, but I’m recovering well.
Any other companies that are good with diabetics?
I’m planning to sign on Monday just to have something in place.
@Baylor
With those numbers, you might qualify for something cheaper.
For term life with good living benefits, the best options are usually Ameritas, Corebridge, North American, National Life, Nationwide, Foresters, Transamerica, and Columbus Life. Might be others, but these tend to have solid rates.
Also, check the conversion option on your Foresters policy—it might only be convertible until age 65, so that’s something to keep in mind.
Non-med term policies usually cost more. If you’re open to doing labs, you might get a better deal. Things like height, weight, diabetes history, A1C, meds, any complications, hip recovery, and blood pressure all play a role in pricing.