Best Life Insurance For People With Diabetes in February 2024?

Find the best life insurance for people with diabetes that gives them the peace of mind they need, knowing that their health condition cannot stop them from planning for their family’s future.

Diabetes is a chronic disease that affects millions of people around the world. It is a lifestyle disease that can turn life-threatening. Therefore, it is crucial to have life insurance to cover medical expenses if you are diagnosed with it.

The primary benefit of term insurance is that a large sum insured is available for policyholders at an affordable premium rate, making it the purest and cheapest form of life insurance. However, diabetics may wonder if they are eligible to purchase term insurance. The good news is that if yes, does the application have a chance of being rejected on medical grounds? You may still be able to purchase a term policy as a diabetic, provided you meet certain requirements.

Over 37 million Americans have diabetes, and many of them can buy life insurance. However, it will likely come at a steeper price than for those without diabetes.

A life insurance policy can provide a secure financial future for your family. It also gives essential insights into life insurance for self-employed individuals. We analyzed term life insurance costs and essential coverage features to find the best life insurance for people with diabetes.

Can People With Diabetes Get Life Insurance?

When you have diabetes, life insurance can be more challenging for you. The specifics of your diagnosis and condition determine the cost of your premiums and the type of insurance coverage you are eligible for. Your insurance premium may not be that much higher than it would be if you did not have diabetes and you managed your diabetes well. Insurance companies usually charge more for coverage if your condition is severe since you pose more risk to them.

Your life expectancy determines your life insurance premium, so people with chronic illnesses like diabetes may have to pay a higher premium because they have a greater likelihood of dying earlier or suddenly. You may not be eligible for life insurance coverage if your diabetes is not well managed. Consider a guaranteed issue life insurance policy if you don’t have to take a medical test in this case.

What Is Term Insurance For Diabetics?

Term policies are pure life insurance plans that offer higher sums assured and are highly flexible. If the policyholder dies, the family gets the sum assured. There is no survival benefit associated with term plans. 

Using flexible features, policyholders can choose the premium payment method, payout option, etc. 
The purpose of term life insurance for people with diabetes is to provide the family of the diabetic with a financial death benefit in case of an unexpected death during the policy term. 

The importance of term insurance for diabetics cannot be overstated. It can provide the policyholders and their families with financial assistance in extreme need. A term insurance plan’s life cover and premium depend on the health condition of the policyholder. Similarly, Secure a Brighter Future: Invest in Life Insurance for Your Grandchildren Today.

Below is a list of some of the best life insurance providers that you can check and choose as per your eligibility and requirements. Let’s Explore them first:

Best Life Insurance for People With Diabetics in 2024

In the United States, there are many providers, but our team has gathered some of the best life insurance for people with diabetes. Here is the list:

John Hancock Life Insurance

Life insurance from John Hancock is specifically designed for those with type 1 and type 2 diabetes: Aspire. Through John Hancock’s partnership with Onduo, a virtual diabetes clinic, you may get free testing supplies. The Aspire program offers discounts on healthy foods and virtual meetings with diabetes experts.

Moreover, John Hancock’s Vitality program is integrated into Aspire, giving you points you can redeem for a wide range of benefits based on your healthy activities. John Hancock offers the Aspire program as a part of its term and permanent life insurance policies, but depending on the product, you may need to take a medical exam.

Pacific Life Insurance

Our analysis of Pacific Life’s variable universal life insurance gave the policy top marks. Pacific Life’s life insurance policies offer competitive pricing and reliable illustrations that allow you to maximize your cash value accumulation. In addition, the company has shown good performance in its investments, which have boosted customers’ cash values.

Due to Pacific Life’s low internal costs, policy expenses won’t eat up your cash value. Term life insurance buyers should consider Pacific Life because of its low rates.

Protective Life Insurance

Protective’s universal life insurance policies offer competitive internal policy costs for most customer ages and health risks, allowing you to use more of your premium towards cash value. It has demonstrated superior performance concerning the bonds and mortgages underlying the cash value of its universal life insurance policies, and its illustrations are generally accurate.

Particularly, the historical investment performance of its index universal life policies and their cost competitiveness have been outstanding.

Protective’s Classic Choice policy is a good option for buyers as it offers low rates and a variety of term lengths. Term lengths are available for 10, 15, 20, 25, 30, 35, or 40 years.

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Why Does Timing Matter With Life Insurance For People With Diabetes?

Applying for life insurance with diabetes at the right time can significantly impact which policies and rates you qualify for. Here are some examples of how you might consider timing when applying for life insurance for people with diabetes:

Don’t Wait Until Diabetes Strikes

You’ll have lower life insurance premiums if you have life insurance before you get diabetes than you will if you try to get it later. If you hide a diabetes diagnosis from your life insurance provider, it could be considered life insurance fraud, which could result in a cancellation of your policy.

Get Gestational Diabetes Under Control

You might be eligible for life insurance at a lower price if you wait to apply if you develop gestational diabetes during pregnancy. Life insurance quotes will likely be more affordable once your gestational diabetes is over if you are otherwise in good health.

Keep Your Diabetes Under Control

People with diabetes usually have higher life insurance rates than people without diabetes, but proof of good health and well-managed diabetes can help you get the lowest rates.

When your blood glucose and A1C (glycohemoglobin) levels stay stable and within the recommended range for a year, your insurer may view your medical exam results more favorably. When your condition is more stable, you will have more coverage options and lower prices.

What Types of Life Insurance Can a Person With Diabetes Get?

Comparing quotes will help you find the right life insurance policy for you. If your diabetes is under control and you’re relatively healthy, you may qualify for a traditional insurance policy. Otherwise, people with diabetes can look into nontraditional life insurance policies.

Term And Permanent Life Insurance for Diabetes

A person with diabetes can qualify for competitive term or permanent life insurance policies if they’re well managed. Permanent life insurance, such as whole life and universal life, provides coverage regardless of when you pass away. In contrast, term life insurance is more affordable and will only provide coverage within a limited time.

Final Expense Life Insurance for Diabetes

Your loved ones will be able to pay for your final medical bills, funeral expenses, and other end-of-life costs after you pass away, as the name implies. You can qualify for a final expense policy and burial insurance if you have well-managed diabetes.

Individuals over 50 typically purchase final expense insurance, so you should keep your health as well as possible as you age if you plan to purchase one. If your diabetes is under control, your life insurance options will be more affordable the younger and healthier you are.

Simplified Issue Life Insurance With Diabetes

Diabetes limits your standard life insurance policy options, but a simplified issue policy lets you apply by filling out a health survey and answering medical questions without a medical exam. Diabetes patients in good overall health might benefit from a simplified issue policy, which may cost much less than a fully underwritten policy.

Guaranteed Issue Life Insurance with Diabetes

Health-related problems can’t disqualify guaranteed issue policies, but they cost more. If you have difficulty qualifying for other types of life insurance because you’re older, in poor health, or have diabetes that you can’t control, consider this option.

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How Your Type of Diabetes Affects Life Insurance

Because you’re at a higher risk, you may have fewer options and pay more for life insurance if you have diabetes. Since each type of diabetes affects your health differently, it will greatly impact how life insurance companies evaluate your application and other health factors.

Life Insurance For People With Type 1 Diabetes

Life insurance companies consider type 1 diabetes less manageable than type 2 diabetes, especially if insulin is required.

When assessing risk, life insurance companies consider the age of diagnosis. If you’re diagnosed later in life, you have fewer years to impact your health, but type 1 diabetes is often diagnosed in children and teens.

Life Insurance For People With Type 2 Diabetes

When you manage type 2 diabetes with lifestyle or pills and haven’t had complications, life insurance companies consider you a lower risk. Diabetes type 2 is often diagnosed as an adult, so companies are more likely to view you favorably. Having type 2 diabetes should not prevent you from getting a policy. However, it will affect your risk rating and cost more.

How Are Life Insurance Costs Affected by Diabetes?

The cost of life insurance for people with diabetes will typically be higher than for those without diabetes. Because life insurance rates are based on life expectancy, chronic health conditions like diabetes may lead to higher rates.

Here’s how diabetes costs can vary for people with different types of diabetes. The good news is that if you’re managing your diabetes well, you may still be able to lock in competitive rates.

Life Insurance Costs for Type 1 Diabetes

A life insurance policy for a person with diabetes with Type 1 diabetes can be harder to obtain or more expensive. Type 1 diabetes usually develops in children, teens, or young adults. People with Type 1 diabetes produce little insulin, so they need to take a pill or inject insulin.

Insurers will look at your profile individually to find a fair rate, even if your Type 1 diabetes began early and required medication. You can get life insurance for Type 1 diabetics based on your age, blood sugar levels, diet, exercise, medication compliance, and whether you have developed severe diabetes.

Life Insurance Costs for Type 2 Diabetes

Diabetes type 2 life insurance is generally less expensive than diabetes type 1 insurance. Although it is becoming increasingly common in children and teens, this type of diabetes usually develops in people 45 and older.

Many people with Type 2 diabetes can control their blood sugar with medication rather than insulin, and it is generally thought to be easier to manage. Because of this, life insurance companies often offer more competitive rates to people with this type of diabetes. In addition to being overweight, complications such as heart disease or kidney disease can also contribute to diabetes costs.

What Factors Affect People With Diabetes Looking for Life Insurance?

Several factors must be taken into account when underwriting diabetes life insurance. A few of these factors are:

Types of Diabetes

Type 2 diabetics may have an easier time qualifying for life insurance than Type 1 diabetics. Since Type 2 diabetes can usually be managed through healthy lifestyle changes, most insurance companies consider Type 1 diabetes to be more risky. You will likely have to pay higher premiums for the same amount of coverage if you have Type 1 diabetes. Compared with Type 2, Type 1 diabetes usually requires frequent blood sugar monitoring and insulin therapy.

Condition Manageability

If you have well-controlled diabetes through lifestyle changes, your premiums will probably be lower than if you need medication. Conversely, you’ll pay a higher rate if you depend on insulin. Despite this, if you have Type 2 diabetes, certain lifestyle changes can typically help you manage it. A healthy diet, adequate sleep, frequent exercise, and limiting stress are all helpful in managing Type 2 diabetes.

Other Health and Lifestyle Factors

Life insurance companies consider many factors when rating your policy, including your age, lifestyle, occupation, and other health conditions. You may have difficulty qualifying for life insurance if you have other health conditions besides diabetes, such as high blood pressure, heart disease, cancer, a history of drug abuse, or are taking other medications. You may qualify for a policy requiring a medical exam if you qualify for a guaranteed issue policy, but your premiums are likely to be higher. Because the insurance company is taking on the risk of insuring someone without knowing their full medical history, guaranteed life premiums are typically higher than other plans.

How Can Diabetics Improve Life Insurance Options?

Life insurance for diabetics can be more affordable and flexible with a few lifestyle changes – plus, your health will improve.

Eat Healthy and Exercise

For people with diabetes, avoiding processed foods, limiting meal portions, and eating fiber and nutrients can make a big difference in managing the disease. In addition, medical professionals recommend weight loss and regular exercise. You can find an affordable life insurance plan if you follow your primary care provider’s or nutritionist’s diet and wellness tips.

Quit Smoking

There is a 30-40% increase in diabetes risk among smokers, according to the FDA. Smoking increases your life insurance rates. Among the best ways to improve your life insurance options is to participate in a smoking cessation program or quit smoking outright. Smoking increases blood pressure and reduces insulin effectiveness.

Follow Your Treatment Plan

Following your prescribed treatment, you can improve your health and life insurance choices. That can mean staying on top of insulin doses or keeping up with other medications.

Consider non-traditional policy types when searching for life insurance for people with diabetes. Find out what options are available for people with pre-existing conditions and what steps you can take to get an affordable policy.

FAQs

Can You Get Life Insurance If You Have Diabetes?

If you have diabetes and it is well-controlled, you can get life insurance. In the same way, as with any other medical condition, it is best to work with an experienced independent life insurance agent who can recommend the best companies.

What is The Easiest Type of Life Insurance For People With Diabetes?

Guaranteed-issue life insurance is the easiest policy, regardless of your health condition. You don’t have to take a medical exam. However, guaranteed issue life insurance is often expensive and sold in small coverage amounts, such as $10,000. Even diabetics may find term life insurance cheaper.

Will My Existing Policy Be Canceled If I Am Diagnosed With Diabetes?

If you develop diabetes, cancer, or heart disease, your life insurance policy won’t be canceled. This is one benefit of buying life insurance.

What If My Health Improves After a Diabetes Diagnosis?

A healthier lifestyle will likely increase your life expectancy, but your life insurance premiums will likely not be lowered. Diabetes will remain a risk.

Another possibility might be re-rating life insurance prices when a policyholder quits smoking or loses weight.

Why Is Life Insurance More Expensive For People With Diabetes?

Insurers rate life insurance based on the risk they face in paying out a death benefit. Diabetes, for instance, increases mortality risk and makes you a higher risk to insurance companies. Life insurance rates are highly personalized, however. Your rate will depend on your unique rating factors and how well you manage your disease, even if you have diabetes. The right type of policy, coverage amount, and premium for your needs are not necessarily limited by diabetes. Work with a life insurance agent to find the right policy type, coverage amount, and premium.