Chances are you or someone you know has diabetes. According to the CDC, 37.3 million Americans – about 1 in 10 – deal with either type 1 or type 2 diabetes.
While qualifying for life insurance with a preexisting health condition can be challenging, it’s also well-understood how widespread and manageable this condition is today. Insurance companies now offer a variety of life insurance options for diabetics.
Can I get life insurance if I have diabetes?
It is possible to find quality life insurance if you have diabetes. Because not all diabetes conditions are the same and cases range in severity, many insurers are happy to provide life insurance for diabetics. This is especially true if you’re properly managing your condition and are otherwise healthy.
What type of life insurance is best for people with diabetes?
There are many different types of life insurance policies for people with diabetes. Below are a few of the most common options.
Term Life Insurance
Term life insurance policies are an affordable way to provide your family with adequate income replacement if you were to pass away. As the name implies, term life insurance doesn’t last forever. Terms typically range between 5 and 30 years, after which you need to renew your policy or convert it into a permanent life insurance policy.
The cost of term life policies increases as your age increases and your health declines, so it can cost substantially more each time you renew your policy. For this reason, it may be wise to lock into the longest-term period available while your condition is potentially at its best.
Whole Life Insurance
Whole life insurance policies provide the insured with a death benefit and a savings vehicle to build tax-deferred cash value. Yet the most significant advantage of whole life insurance for diabetics is that they’ll have coverage for the rest of their lives. Once accepted, whole life policyholders never have to take a medical exam or undergo any tests. Additionally, premiums stay the same for as long as their payments are up to date.
However, permanent life insurance does come at a cost: whole life premium rates are substantially more than term life premiums.
No Medical Life Insurance
If your diabetes has advanced or you’ve previously been denied coverage, there are still life insurance options available to you. There are types of life insurance that don’t require a medical exam (aka no medical life insurance). Instead of undergoing a medical exam, applicants may need to answer a simple health questionnaire to obtain coverage. While no medical life insurance is a more flexible option, this type of insurance typically costs more than others.
Guaranteed Issue Life Insurance
People with advanced diabetes can also opt for guaranteed issue life insurance. Guaranteed issue life insurance requires no medical exam, health screenings, or medical questionnaires, and – as the name implies – approval is guaranteed.
Guaranteed issue life insurance is a form of final expense insurance, which means it is a permanent life insurance policy. Like other no medical life insurance policies, costs are higher, and the benefit is often capped at $25,000.
Does it cost more for life insurance if you have diabetes?
Generally, life insurance for diabetics costs more than for those who don’t. While insurers may not deny you coverage, they do factor chronic health conditions into premium rates. Regardless, the independent life insurance brokers at Principled Life may still be able to find competitive prices if you manage your diabetes and are in relatively good health.
Life Insurance for Diabetes Type 1
Type 1 diabetes, or “insulin-resistant diabetes,” is less common, develops at an early age, and requires daily treatment. As a result, life insurance premiums will generally cost more for people with type 1 than for those with type 2 diabetes. Be mindful that insurance companies do consider type 1 applicants on an individual basis and age, diet, exercise, and overall health status can help your chances of approval.
Life Insurance for Diabetes Type 2
Since type 2 diabetes is more common and easier to treat than type 1, life insurance applicants may find the rates more competitive. However, type 2 diabetes is often associated with other factors, such as heart disease, hypertension, or being overweight. Consequently, these additional conditions could adversely work against the applicant and impact premiums.
Gestational Diabetes
Women undergoing hormonal changes during pregnancy may develop a temporary case of diabetes known as gestational diabetes. Although this is usually temporary, it can sometimes persist for several months. Applicants in this situation may want to wait until the condition is no longer present before applying for life insurance.
Do I have to tell the life insurance company I have diabetes?
Yes. When applying for life insurance, you should never try to hide the fact that you have diabetes. Failure to disclose this or any preexisting health condition could void your policy or prevent your beneficiaries from receiving the death benefits.
How to Get the Best Life Insurance for Diabetics
The best thing any life insurance applicant can do is to make their health a top priority. Take good care of yourself and practice good habits, such as not smoking, eating right, and getting plenty of exercise. Particularly for people with diabetes, it’s important to follow the advice of your healthcare provider and keep up with any insulin doses or other medications they have prescribed.
Because there are many nuances to life insurance policies for people with diabetes, we recommend speaking to an experienced Principled Life advisor before deciding on a life insurance policy. No matter your health status, there’s a plan for every budget and every condition, and TDK will help you find the one that’s right for you. Contact us today!
