How Diabetes Affects Life Insurance
Diabetes can impact your ability to get life insurance, but it doesn’t mean you won’t qualify. Insurance companies assess the risk by considering several factors:
- Type of Diabetes: Type 1 diabetes is generally considered riskier than Type 2 because it is often diagnosed earlier in life and can lead to more severe complications.
- A1C Levels: Insurers look at how well you manage your blood sugar. Lower A1C levels indicate better control of your diabetes, which may result in lower premiums.
- Overall Health: Other health factors, such as your weight, blood pressure, and cholesterol levels, also play a role in determining your premiums.
Types of Life Insurance for Diabetics
When it comes to choosing life insurance, diabetics have several options:
- Term Life Insurance: This is usually the most affordable option and provides coverage for a specific period, such as 10, 20, or 30 years. If you’re in good health with controlled diabetes, term life may offer you a large death benefit at a reasonable price.
- Permanent Life Insurance: Permanent life insurance, including whole and universal life policies, offers lifetime coverage. These policies are more expensive but include a cash value component that grows over time.
- No-Medical Exam Life Insurance: Some companies offer no-exam policies for diabetics. While convenient, these policies typically come with higher premiums and lower coverage limits.
7 Best Life Insurance Companies for Diabetics
When clients tell me they have diabetes and can’t find good life insurance coverage, I will usually start with these companies first:
- Mutual of Omaha: Best for Type 1 Diabetics
- Protective: Best for Type 2 Diabetics
- John Hancock: Best for the Health-Conscious
- Foresters: Best for No Medical Exam
- Prudential: Best for Complex Health History
- AIG: Best Term Life Insurance for Diabetics
- American National: Best Affordable Life Insurance for Diabetics
Mutual of Omaha: Best for Type 1 Diabetics
Mutual of Omaha is among a handful of insurers recognizing the differences between types 1 and 2 diabetes. This company offers higher coverage amounts, up to $300,000 for term life insurance applicants with type 1 diabetes. You can find term, whole, and universal coverage with or without a medical exam.
Protective: Best for Type 2 Diabetics
Protective Life Insurance’s rate reconsideration program makes it a good choice for type 2 diabetics. You can get a better rate on the same coverage later by improving your health metrics such as weight and A1C levels.
John Hancock: Best for the Health-Conscious
John Hancock Insurance’s Aspire with Vitality program is designed for people with diabetes. It rewards healthy lifestyle choices by offering premium discounts, making it ideal for those focused on managing their condition and improving overall health.
Foresters: Best for No-Exam Term
Foresters Life Insurance offers competitive rates for no-exam life insurance policies for diabetics. With a fast and easy application process, you can get up to $400,000 in simplified issue coverage without a medical exam.
Prudential: Best for More Complex Health Histories
Prudential is a great option for diabetics with complex health conditions beyond diabetes. They offer a range of life insurance products, from term to whole and universal, and provide comprehensive coverage even for clients with multiple health concerns.
AIG: Best for Term Life Insurance
AIG is well-suited for diabetics looking for customizable term life insurance. They specialize in tailoring term policies to meet specific needs, even for those with health challenges.
American National: Best for Competitive Rates
American National offers competitive rates for diabetics and a variety of policy types including term, whole, and universal life insurance. Their underwriting process is favorable to applicants with diabetes, making them a strong option for affordable life insurance.
What Factors Affect Life Insurance Premiums for Diabetics?
Several factors will influence your premiums as a diabetic, including:
- Age of Diagnosis: If you were diagnosed later in life with Type 2 diabetes, you might get better rates than someone with Type 1 diabetes diagnosed in childhood.
- Blood Sugar Control: Keeping your A1C levels in check is crucial. Many insurers will offer lower premiums to diabetics who manage their blood sugar well.
- Overall Health: If you have other health issues, like high blood pressure or heart disease, your premiums may increase.
- Lifestyle Choices: Smoking and being overweight can significantly increase your premiums. Making healthy lifestyle changes can help lower your costs.
How to Lower Your Life Insurance Premiums as a Diabetic
While it’s true that diabetics may face higher premiums, there are several steps you can take to reduce your costs:
- Manage Your Diabetes: Keeping your blood sugar levels and A1C in check is crucial. Many insurers will reward good diabetes management with lower premiums.
- Improve Your Overall Health: Lose weight, exercise regularly, and quit smoking to improve your overall health and lower your premiums.
- Consider a No-Exam Policy: While these policies may have higher premiums, they can be an excellent option for those with difficulty passing a medical exam.
Life Insurance for Gestational Diabetes or Pre-Diabetes
Women who are pregnant face the risk of gestational diabetes, but this isn’t a permanent condition and shouldn’t have much, if any, impact on your life insurance choices. A diagnosis of pre-diabetes can increase your life insurance rates, but you can often reverse pre-diabetes by adopting a healthier lifestyle.
FAQs: Life Insurance for Diabetics
Can diabetics get life insurance with affordable premiums?
Yes, diabetics can qualify for life insurance with affordable premiums, especially if their condition is well-managed. Factors like your A1C levels, overall health, and the type of diabetes you have will affect the cost. Some insurers specialize in covering diabetics, offering more favorable rates.
What factors affect life insurance premiums for diabetics?
Several factors influence life insurance premiums for diabetics, including your type of diabetes (Type 1 or Type 2), the age of diagnosis, how well you manage your blood sugar, and any other health conditions, such as high blood pressure or heart disease. The better your health, the lower your premiums may be.
Can I get life insurance without a medical exam if I have diabetes?
Yes, there are no-exam life insurance options available for diabetics. These policies often come with higher premiums and lower coverage limits compared to traditional policies, but they offer a convenient way to get coverage without undergoing a medical exam.
How can I lower my life insurance premiums as a diabetic?
You can lower your premiums by managing your diabetes effectively, keeping your A1C levels within a healthy range, maintaining a healthy weight, and avoiding tobacco. Some insurers offer rate reconsideration if your health improves over time.
What is the best type of life insurance for diabetics?
The best type of life insurance for diabetics depends on your specific needs. Term life insurance is generally more affordable, while permanent life insurance offers lifelong coverage. No-exam policies are also available for those who prefer a quicker application process.
