Hi there…More than 15 years ago, my wife’s type 2 diabetes diagnosis was made. We got her a term life insurance policy not long after that diagnosis. The premiums were commensurate with the disclosure of the sickness at the time. She started taking insulin shots and other prescriptions, but she did not take them consistently, and she kept eating more sugar than was healthy. She has only started taking her medications more seriously in the last few years, and at our local diabetic clinic’s recommendation, she is now wearing a blood sugar sensor. She still consumes sugar on a daily basis, though, and the sensor’s readings during the day are on the high side. Despite showing indicators of weakness when it comes to moving about and mounting stairs, among other things, she has never experienced any kind of incapacitating event in all these years. Given the following details, may an insurance claim be rejected in the case of her demise?
No, insurance policies have a two-year look-back period. As long as the application was truthful during that period, there shouldn’t be an issue. However, with a term policy, it will eventually expire, and as your wife ages, she may develop other health issues. My advice would be to check if your term policy is convertible to whole life or consider getting a whole life policy now.
Your wife has had diabetes for more than 15 years and she has life insurance. You are worried about whether the insurance will pay out if something happens to her. It’s not easy to know for sure without looking at the insurance policy itself. The policy has all the details about what happens if someone dies with a health condition like diabetes. Different things could cause the insurance company to refuse to pay out, depending on how her diabetes played a part and how truthful you were when you first got the insurance.
Here’s what you can do:
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Check the Policy: Read through the life insurance documents to find out what they say about pre-existing conditions and what happens if someone dies because of them.
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Talk to the Insurance Company: Give the insurance company a call and explain your situation. Ask them how her history with diabetes and recent efforts to manage it might affect whether they’d pay out if something bad happens.
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Appeal if Necessary: If they say they won’t pay out, there’s usually a way to appeal their decision within the company. You might need to provide paperwork showing when she was diagnosed with diabetes, how it was treated before, and any improvements she’s made recently, like using the blood sugar sensor.
Diabetics can often get approved for term life, although it may be with a higher premium. If you are approved for a term life policy, consider longer coverage periods. This will lock in your premiums, which rise as you get older or your health changes.
The policy payout will not be denied. It is advisable to obtain a whole life insurance coverage because a term policy will expire.
I do have some base coverage through work though, a minimum that doesn’t require medical qualification.