Orlando Harmon
Life insurance is a crucial safety net for individuals and their loved ones, but finding the right policy can be challenging, especially for those with health conditions such as diabetes. Diabetics often face higher insurance rates and may even be declined coverage by some companies. However, several insurance carriers offer competitive rates and flexible options for diabetics, including Legal & General America, Mutual of Omaha, John Hancock, AIG, and Protective. These companies take into account various factors, such as the type of diabetes, treatment plans, and overall health and lifestyle, to determine eligibility and rates. Shopping around, comparing quotes, and working with experienced agents or brokers well-versed in insuring diabetics are key steps to securing the best life insurance policy at the most affordable rate for those living with diabetes.
| Characteristics | Values |
|---|---|
| Companies offering the best rates for diabetics | John Hancock, Mutual of Omaha, Ethos, Legal & General America, Banner Life, American General, AIG, Protective, Pacific Life |
| Factors that determine eligibility and rates | Severity of diabetes, type of diabetes, treatment plan, family health history, age, lifestyle, diet, blood sugar levels, A1C score |
| Tips for finding the best rates | Shop around, work with an experienced agent or broker, use an independent agent that specializes in placing coverage on diabetics, take a medical exam with companies using clinical underwriting |
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Type 1 vs Type 2 diabetes
Type 1 and Type 2 diabetes are two different conditions with distinct causes, treatments, and risk factors. Here is a detailed comparison of the two types of diabetes:
Type 1 Diabetes:
Type 1 diabetes occurs when the body's immune system attacks and destroys the insulin-producing cells in the pancreas. As a result, the body cannot produce insulin, a hormone that helps regulate blood glucose levels. People with Type 1 diabetes are insulin-dependent and usually need to start insulin injections immediately upon diagnosis. They also need to carefully manage their diet to avoid spikes in blood glucose levels. Type 1 diabetes can develop at any age but is more commonly diagnosed in children or young adults, and it accounts for about 8% of diabetes cases. It is important to recognize the signs and symptoms of Type 1 diabetes, as a delay in diagnosis and treatment can lead to serious health complications.
Type 2 Diabetes:
Type 2 diabetes, on the other hand, is not an autoimmune condition. It occurs when the body produces insulin, but the cells do not respond to it properly, a condition known as insulin resistance. This can happen for various reasons, and it results in heightened blood glucose levels. Type 2 diabetes is often associated with obesity and rising BMI levels, and it is more easily controlled through diet and lifestyle choices. Type 2 diabetes usually develops in adults, and the risk of developing it increases with age. It is the more common form of diabetes, accounting for about 90% of cases.
Life Insurance for Diabetics:
When it comes to life insurance, people with diabetes may face challenges due to their condition being considered a risk factor. However, many life insurance companies offer coverage for diabetics, with some specializing in providing competitive rates. John Hancock and Mutual of Omaha are known for offering affordable rates for both Type 1 and Type 2 diabetics. Ethos, a tech company, offers term and whole life insurance options without a medical exam, which can be more affordable for people with diabetes. Legal & General America has also been recognized as a top life insurance company for diabetics.
To find the best life insurance rates as a diabetic, it is recommended to shop around and compare quotes from multiple companies. Maintaining a healthy diet, regular exercise, and a healthy weight can also help improve your overall health and potentially lower your insurance rates. Additionally, managing your blood sugar levels and controlling your diabetes through medication, doctor's visits, and a healthy lifestyle can increase your chances of obtaining better insurance rates.
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Medical exams
If you would prefer to apply without a medical exam, there are policies available, but they are generally more expensive. These policies are typically not available for more than $500,000 of term life protection or $50,000 for whole life. You may still have to fill out a diabetes-related questionnaire and grant permission for the life insurance company to request your health records.
Skipping the medical exam can speed up the process of getting life insurance, as the exam and waiting for the results is usually the longest step. Additionally, if your diabetes is more advanced, skipping the exam can allow you to get coverage without the insurer knowing as much detailed medical information about you.
However, it is important to note that insurance companies that do not use clinical underwriting automatically issue a substandard rate to most applicants treated for diabetes. Therefore, it is usually recommended that you take a medical exam with companies that use clinical underwriting. Clinical underwriting considers your overall medical history and control level when applying for coverage.
Some smaller permanent life insurance policies may not require a medical exam. Additionally, final expense insurance is a small whole life policy that typically has lower premiums and may not require a medical exam. However, the death benefit is smaller, and these policies are generally purchased by seniors to cover funeral expenses.
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A1C scores
An important factor in determining life insurance rates for diabetics is the A1C score, which indicates the average blood sugar level over the past three months. A1C scores typically range from 5.5 to 9.0. A score below 7.0 indicates that diabetes is well-controlled, and a score above 8.0 suggests poor blood sugar control or a lack of response to medication.
A Type 2 diabetic with an A1C score of 7.0 or lower will generally find it easier to obtain affordable life insurance and may even be eligible for Standard or Standard Plus rates, depending on their age. Some carriers will offer Standard Plus rates to those with an A1C score below 6.0 who have demonstrated excellent control through diet and exercise.
For Type 1 diabetics, obtaining a decent rate for life insurance can be more challenging. Most Type 1 diabetics will receive a substandard rating, resulting in higher premiums. However, carriers are becoming more competitive, offering better rates each year.
It is recommended to shop around and compare quotes from multiple insurance companies, as rates and underwriting guidelines vary. An experienced agent or broker who specializes in securing coverage for diabetics can help individuals find the lowest rates and navigate the complexities of diabetic life insurance.
Additionally, some companies do not require a medical exam for Type 2 diabetics, although premiums may be higher due to the inability to accurately measure risk factors. Clinical underwriting, which considers overall medical history and control level, is generally recommended for more accurate quotes.
In conclusion, while A1C scores play a significant role in determining life insurance rates for diabetics, other factors such as age, overall health, lifestyle, and treatment plans are also considered by insurance carriers.
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Term policies
Term life insurance is a temporary form of coverage that exists for a specific term, often 10, 20, or 30 years. It is designed to offer affordable rates to people looking for coverage for a specific period.
When it comes to term life insurance for diabetics, it is important to note that people with diabetes are generally considered high-risk. This means that working with an experienced agent or broker is one of the best ways to find lower costs. They will know which companies are likely to give you the best rate and can shop your application around anonymously.
It is also worth noting that Type 1 diabetics will often be offered higher rates than Type 2 diabetics. This is because Type 2 diabetes is more easily controlled through diet and lifestyle choices, whereas Type 1 is insulin-dependent.
Some of the best term life insurance options for diabetics include:
- AIG, which offers flexible terms and coverage limits, allowing you to choose the number of years you need coverage, from 10 to 35 years.
- Mutual of Omaha, which offers competitive rates for people with Type 1 diabetes and has customizable term policies of 10, 15, 20, and 30 years for those aged 18 to 80, starting at $100,000 in coverage.
- Ethos, which offers term insurance options that do not require a medical exam, with coverage ranging from $20,000 to $1.5 million for applicants aged 20-65.
- Lincoln Financial, which offers two term life insurance options that typically do not require a medical exam, with death benefits ranging from $100,000 to $2.5 million and terms of 10, 15, 20, and 30 years.
- Protective, which offers competitive quotes for diabetics and level term lengths of 35 and 40 years, which can be renewed until age 95.
- Legal & General America, which offers some of the longest term lengths of up to 40 years and competitive rates, even for those with a history of medical conditions.
It is important to shop around and compare quotes from different insurers to find the best policy for your needs.
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Online quotes
There are a variety of online tools that can be used to obtain quotes for life insurance for diabetics. These include:
- MoneyGeek: MoneyGeek has analysed thousands of life insurance quotes for people with diabetes and other health complications. It suggests that John Hancock offers the best life insurance for Type 2 diabetics, while Mutual of Omaha has the best life insurance for Type 1 diabetics. Mutual of Omaha also allows quotes online, making it easy for you to find out how competitive their rates are compared to other life insurance for people with diabetes.
- Forbes: According to a Forbes Advisor analysis, Legal & General America is the best life insurance company for diabetics. Forbes also highlights that Banner and Pacific Life offer low life insurance rates for diabetics.
- Affordable Life USA: This website offers a step-by-step program for those who need life insurance and have a medical condition. It recommends taking a medical exam with companies that use clinical underwriting, which considers your overall medical history and control level when applying for coverage.
- American Term: This website provides a list of life insurance companies that do not require an exam or blood test and that offer guaranteed level rates and death benefits.
- Special Risk Term Life Insurance: This website recommends using an independent agent that specialises in placing coverage on diabetics. It also provides contact details for an agent with over 30 years of experience in finding coverage for those with past or current medical history.
- JRC Insurance Group: This website provides charts to compare quotes for Preferred, Standard, and Table B or Table 2 ratings for both males and females of different ages, who are non-smokers and live in California.
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Frequently asked questions
Some life insurance companies that offer good rates for diabetics include John Hancock, Mutual of Omaha, Ethos, AIG, Protective, Banner, Pacific Life, and Legal & General America.
To find the best life insurance rates as a diabetic, it is recommended that you shop around and compare quotes from multiple insurance companies. It is also important to work with an experienced agent or broker who specializes in securing coverage for diabetics.
Life insurance rates for diabetics are influenced by various factors, including age, health, lifestyle, and medical history. The type of diabetes (Type 1 or Type 2) and the severity of the condition also play a role in determining rates. Additionally, your A1C score, which indicates your average blood sugar level, can significantly impact your rates.
Some life insurance companies do not require a medical exam for diabetics, especially if they have Type 2 diabetes. However, the premiums may be higher without an exam because the insurance company cannot accurately assess your risk factors. Clinical underwriting, which considers your overall medical history and control level, is recommended to obtain more accurate rates.
