Thursday, 24 March 2011 00:13

Insurance Underwriting Criteria Have Loosened Up

Written by  Leigh Ann Woodruff
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There is good news about insurance options for people living with type 1 diabetes. “Many people who in the past have been declined life insurance and long-term care insurance (LTC) solely on the basis of their type 1 diabetes diagnosis are now seeing some of the barriers come down,” said Danny Mensh, president of Mensh Insurance. “Under certain circumstances, several major carriers are now willing to underwrite and issue both long-term care insurance and term life insurance policies.”

In the past, insurance carriers did not know how to price the risk on life insurance and long-term care insurance for people with type 1 diabetes and automatically declined their applications. However, within the last 24 to 36 months, the insurance industry has become more lenient on this chronic condition. “Due to improved medications, advancements in the manner in which they are distributed and more precise blood sugar level monitoring, underwriters are increasingly more comfortable with the longer life prospects and health maintenance of those with stable histories of type 1 diabetes,” Mensh said.

Some of the basic underwriting criteria for issuing policies to a person with type 1 diabetes include:

  • Controlled A1c < 8
  • < 60 units of insulin
  • Controlled height and weight
  • Average fasting blood sugar < 200
  • Blood pressure , 140/90
  • No transient ischemic attacks (TIAs) within past five years
  • No smoking within last two years
  • No cardiac complications or retinopathy associated with eye impairments
  • No chronic steroid usage

“Many people with type 1 diabetes are very stable and can easily demonstrate via medical records that they should qualify for approval from major insurance carriers,” Mensh said. “It has been exciting to open up the options for future financial planning to people with this chronic condition.”

Last modified on Monday, 19 December 2011 02:23
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