If your child is a minor (under 17) and has Type 1 (juvenile) diabetes, finding life insurance can be difficult. As you may already know, in most cases, carriers will not consider coverage. There are some, however, who will…you just need to find them. Also, there is at least one trick to getting coverage in place in these circumstances.
How Do I Find A Carrier?
I know this sounds like a cop out, but you need to find a specialist who knows this market. Carriers who will accept this type of risk are very hush hush about it because they are scared a disproportionate amount of risk will flood into the policy. This is why you will never see ads pointing out this liberal bar within their polices. You literally have to find someone with “inside” knowledge of these policies or stumble across them accidentally.
So, what’s the “trick”?
If you cannot find a policy that will issue directly, you may be able to get coverage using a guaranteed child insurance rider attached to a policy for a parent or legal guardian. Again, however, the vast majority of existing riders for children are underwritten and will generally not issue on a child with juvenile diabetes (or other serious health issues). So, like above, find a life insurance specialist who knows where to look. One thing to note: If you already have a policy with a child rider and another child is born into your family, the newborn is usually automatically included under the terms of the existing rider.