Life Insurance Options For Diabetics: What You Need To Know

People with diabetes can get life insurance, but the options available to them will depend on several factors. These include the type of diabetes they have, how well they are managing their condition, their age, lifestyle, and other health conditions. The cost of life insurance for people with diabetes is generally higher than for those without the condition, as it is considered a pre-existing condition that increases the policyholder's risk of an earlier or sudden death.

Life insurance for type 1 diabetes

People with type 1 diabetes are considered higher-risk than those with type 2 and may have more challenges finding life insurance. Insurance companies consider type 1 diabetes less manageable, especially if insulin is needed. Type 1 diabetes is often diagnosed in children or teens, which means higher risk.

If you have type 1 diabetes, you can generally get life insurance, possibly even at a competitive rate. However, different companies have different rules about life insurance for diabetics. Your policy and pricing options will depend on how well you are managing your diabetes.

If you are a diabetic shopping for life insurance, choosing the right provider is important. The best life insurance companies for diabetics offer affordable rates, multiple policy options, and living benefit riders.

John Hancock's Aspire program is tailored to diabetics. People living with type 1 or type 2 diabetes can get life insurance with a variety of unique benefits and a potential discount of up to 25% on their policy.

Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths—up to 40 years—and the most competitive life insurance rates available, even for people with a history of medical conditions. If you have type 1 diabetes and your condition is controlled with fewer than 50 daily units of insulin, Legal & General America will usually approve your application, while other insurance companies might turn you down.

Life insurance for type 2 diabetes

Life Insurance for Type 2 Diabetics

If you have type 2 diabetes, you can generally get life insurance, possibly even at a competitive rate. However, the options available to you will depend on several factors, including how well you are managing your diabetes, your overall health, and the insurance company's specific rules and policies. Here are some key things to know about life insurance for type 2 diabetics:

Eligibility and Factors Affecting Premiums:

People with well-managed type 2 diabetes can usually qualify for life insurance and find rates that fit their budget. The better controlled your diabetes is, the more likely you are to get affordable coverage. Here are some factors that can affect your eligibility and premium rates:

• Management of Diabetes: Insurance companies will want to know how you control your diabetes, such as through diet and exercise, medication, or a combination of methods. Keeping your blood glucose and A1C levels stable and within the recommended range can result in more favourable rates.
• Age: Younger applicants with type 2 diabetes may see larger increases in their insurance quotes compared to older applicants.
• Other Health Conditions: The presence of additional medical conditions, such as high blood pressure, heart disease, or a history of cancer, can increase the cost of life insurance.
• Type of Diabetes: Type 2 diabetes is generally considered less risky and easier to manage than type 1 diabetes. As a result, people with type 2 diabetes may have an easier time obtaining coverage and may qualify for lower premiums.

Types of Life Insurance for Type 2 Diabetics:

There are several types of life insurance policies available to individuals with type 2 diabetes:

• Term Life Insurance: This is usually the most affordable option and guarantees rates won't change during the term of the policy (e.g., 10, 15, 20, or 30 years). Term life insurance can replace your income during prime working years and help your family pay off debts.
• Permanent Life Insurance: This option is more expensive but provides a death benefit and can also build cash value within the policy. Permanent life insurance lasts your entire life as long as premiums are paid and can supplement retirement income or pay for medical bills.
• Guaranteed Issue Life Insurance: This type of policy does not require a medical exam, and you cannot be rejected for coverage. However, it is typically more expensive and offers smaller coverage amounts.
• Group Life Insurance: This type of insurance is provided through your employer and covers all employees without requiring them to disclose their medical history. Death benefits are usually low, but you can often increase coverage without providing proof of insurability.

Recommended Insurance Providers for Type 2 Diabetics:

According to Investopedia, the following are some of the best life insurance companies for individuals with type 2 diabetes:

• John Hancock Life Insurance: Offers the Aspire program, which provides unique benefits and discounts of up to 25% on policies for individuals with type 1 or type 2 diabetes.
• Banner by Legal & General: Individuals with well-managed type 2 diabetes may qualify for their standard plus underwriting class and purchase term or universal life insurance.
• Mutual of Omaha: Offers guaranteed-issue coverage, which may be suitable for diabetics who have struggled to qualify for coverage elsewhere.
• Pacific Life Insurance: Known for excellent customer service and a wide selection of policy types, including term, whole, universal, indexed universal, and variable universal life insurance.

Life insurance for diabetics: cost

If you have diabetes, you can generally get life insurance, possibly even at a competitive rate. However, the cost of life insurance for diabetics depends on a variety of factors.

Type of Diabetes

People with Type 2 diabetes generally find it easier to qualify for life insurance than those with Type 1. This is because Type 2 diabetes is often managed through lifestyle changes such as weight loss and medication, whereas Type 1 diabetes requires lifelong insulin therapy and is considered harder to control. As a result, Type 1 diabetics are usually considered higher-risk by insurance companies and often pay higher premiums for the same amount of coverage.

Management of Diabetes

The management of your diabetes will also impact the cost of life insurance. If your diabetes is well-controlled through diet, exercise, and stable blood glucose and A1C levels, you may be able to qualify for lower rates. On the other hand, if you are dependent on insulin or have complications from diabetes, your insurance rates may be higher.

Other Health Factors

In addition to your diabetes, insurance companies will consider other health conditions you may have, such as high blood pressure, heart disease, or cancer. The presence of these additional medical issues can increase the cost of life insurance.

Age and Gender

Life insurance costs are also influenced by your age and gender. Younger applicants with diabetes will typically see bigger increases in their insurance quotes compared to older applicants.

Policy Type

The type of life insurance policy you choose will also impact the cost. Term life insurance is generally the least expensive option and guarantees your rates for a specific term, such as 10, 15, or 20 years. Permanent life insurance, such as whole life or universal life, costs more but provides coverage for your entire life and can build cash value.

Insurance Company

Different insurance companies have varying rules and rates for life insurance for diabetics. It is important to compare quotes from multiple companies to find the best option for your needs.

While life insurance for diabetics can be more expensive, it is still possible to find coverage that fits your budget and ensures your loved ones have a secure financial future.

Life insurance for diabetics: coverage

If you have diabetes, you can generally get life insurance, possibly even at a competitive rate. However, different companies have different rules, and your options will depend on several factors.

Types of Diabetes

The type of diabetes you have will affect your life insurance options. Type 2 diabetics generally have an easier time getting coverage than Type 1 diabetics. This is because Type 2 diabetes is often manageable through lifestyle changes, such as weight loss and medication, whereas Type 1 diabetes is an autoimmune disease that usually requires lifelong insulin therapy. As a result, Type 1 diabetes is considered a higher risk by insurance companies, leading to higher premiums or even disqualification from certain policies.

Management of Diabetes

The management of your diabetes will also play a significant role in determining your life insurance coverage. If your diabetes is well-controlled through diet, exercise, and stable blood glucose and A1C levels, you may qualify for more competitive rates and a wider range of policies. On the other hand, if your diabetes is not well-managed or requires medication and insulin therapy, you may face higher premiums or limited coverage options.

Timing of Application

The timing of your life insurance application can also impact your coverage. If you already have a life insurance policy before developing diabetes, your premiums will generally be lower than if you apply after being diagnosed. Additionally, waiting until your diabetes is under control can result in more favourable rates and options. For those with gestational diabetes, it may be advisable to wait until after pregnancy, as gestational diabetes often resolves on its own.

Types of Life Insurance Policies

The type of life insurance policy you choose will also depend on your condition and management of diabetes. Traditional term or permanent life insurance policies may be available to you if your diabetes is well-managed, and you are relatively healthy. If you are older, have poor health, or struggle to control your diabetes, you may need to consider non-traditional policies, such as final expense or burial insurance, simplified issue policies, or guaranteed issue policies, which have lower coverage options and higher costs but do not disqualify based on health.

In conclusion, while life insurance coverage is generally available for diabetics, the specific details of your condition, management, and chosen policy will determine the extent and cost of your coverage. It is important to compare quotes from multiple providers and choose a provider that offers affordable rates, multiple policy options, and living benefit riders.

Life insurance for gestational diabetes

Life Insurance for People with Gestational Diabetes

Gestational diabetes can lead to questions when applying for life insurance. While it is possible to get life insurance if you have gestational diabetes, the options available to you will depend on your specific circumstances.

Applying for Life Insurance with Gestational Diabetes

When applying for life insurance, you will likely need to disclose that you have gestational diabetes to most protection insurers. You may be asked questions such as:

• When were you diagnosed with gestational diabetes?
• How many times have you had the condition?
• What is your current weight?
• What was your pre-pregnancy weight?
• What are your symptoms?
• What medication have you taken?
• If you have given birth, are you now fully recovered?

Your application will be assessed on a case-by-case basis, and the insurance options available to you will depend on your individual circumstances. If your HbA1c level is high, you may be offered life insurance at a higher premium.

Waiting for Gestational Diabetes to Resolve

Gestational diabetes often resolves after pregnancy. If you are otherwise in good health, waiting until your blood sugar readings return to normal and you have no lasting complications may result in more insurance options at lower prices.

Ongoing Diabetes After Pregnancy

If you continue to have diabetes after giving birth, life insurance will likely be offered in a similar way to type 2 diabetes. Your premiums may be affected, and some insurance providers may be reluctant to accept your application during pregnancy.

Specialist Insurance Brokers

Specialist insurance brokers can help people with gestational diabetes find life insurance, critical illness cover, and income protection. These brokers can advise on the right company to apply to in order to get cover at the right price.

Frequently asked questions