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ASK KIM
Health Problems? Shop Around for Life Insurance
by Kimberly Lankford

Where can I find life insurance for high-risk people, such as diabetics?

Unfortunately, no one insurer always offers the best rate for people with health problems. Some insurers will offer good deals for people with certain diseases (or certain forms of the disease), while others will reject those folks. So you'll need to shop around.

But you're searching at a great time. Many insurance companies that rejected people with medical conditions in the past now offer them policies at good prices. You may finally be able to get a policy -- or find one with a lower rate than you're paying now -- if you have diabetes, asthma, heart disease, hepatitis C or if you've lost weight, stopped smoking or haven't had cancer treatments for the past three years.

Insurers will only offer these good rates, however, for people who can prove that they've successfully controlled the disease. Diabetics will get the lowest rates if they have a non-insulin dependent form of the disease that is well-controlled by diet or oral medications, says Rich Boutilier, vice president of life underwriting for John Hancock.

Since insurers are looking for these details, the more information you can submit with the application, the better. Instead of just checking "diabetes" on the form, include a letter explaining how you've controlled the disease and providing any other information that shows how healthy you are.

It pays to work with brokers who specialize in finding insurance for people with medical conditions. They'll know what information would strengthen your case and which insurers tend to offer the best deals for people with particular conditions.

When you first talk with the agent, be up front about your condition so they can quote rates you would actually get. You're not doing yourself any favors by neglecting to mention your condition. The insurer will find it in your medical records, and by then it may be a huge hassle to start your search again with an insurer who offers good rates for people like you.

Members of the risk-appraisal forum specialize in finding insurance for high-risk people. AccuQuote also has a lot of experience helping people with medical conditions find coverage. Even though they provide online quotes, it's better to call them and discuss the specifics of your situation if you aren't in good health.