It can be an uncomfortable conversation and one we certainly don’t enjoy talking about or planning for, but planning life insurance for aging parents with diabetes is an absolute necessity. While it may be uncomfortable now if you don’t arrange life insurance and your parents were to pass away, you could be left with a significant financial burden. But, there’s good news!

Buying life insurance for your parents is easier than you may think.

Here’s what you’ll need to secure a policy for your parents:

  • Demonstrate an “insurable interest.” If you can prove that you will suffer financially when your parents die, your insurer will be more likely to underwrite a policy. Since debt and final expenses are often passed on to the next of kin, family members often don’t have an issue proving insurable interest.
  • Get their consent. You can’t buy life insurance for someone without their knowledge. So, your parents will need to approve and sign off on the policy before their coverage is able to take effect.

How to buy a life insurance policy for your parents with diabetes:

  1. Determine how much coverage you will need. To do this, you should take into consideration a few things including: your parents’ assets, debt, savings and other financial obligations. Once you have that information sorted, you should choose a policy that matches.
  2. Choose a policy type. There are two main categories: term life insurance lasts a set period of time, while permanent life insurance offers lifelong coverage and builds cash value over time. Term life insurance is sufficient for most people, but if your parents have a higher risk tolerance and want to treat their policy as more of an investment, permanent life insurance might be a better fit.
  3. Compare quotes. Premiums can vary greatly between insurers, especially for seniors or middle-aged people living with diabetes.
  4. Decide on the owner and beneficiary of the policy. 
  5. Apply for a policy.

It becomes a little more difficult to buy life insurance policies for ill people or people suffering from chronic conditions like diabetes. But, if this is the reason you or your parents have been putting off buying a life insurance policy, it’s not impossible. You could opt for a guaranteed life insurance policy, these policies are usually sold to seniors to cover end-of-life expenses, guaranteed issue life insurance doesn’t require a medical exam or health questionnaire. These policies are a little more expensive but are a way to guarantee coverage for your parents with diabetes.

While it can seem scary and sad, purchasing life insurance for your parents is actually one of the best gifts you can give them and yourself. Your parents will have peace of mind knowing that should anything happen, you will be taken care of. You will have coverage for medical bills, funeral costs and anything else that comes up. Click here to learn more about Diabetic Direct and get coverage for your loved ones in as little as 10 minutes.