Life insurance for diabetics

For many people, life insurance is the foundation of their financial and estate plans. A suitable life insurance policy can provide you with living benefits, replace your lost income for loved ones in the event of your death, or leave a gift to a family member or charity. People with diabetes may believe they will be unable to find a policy because life insurance rates are often heavily influenced by your overall health.

Fortunately, this assumption is incorrect. Diabetes patients can find coverage, but it may take a little more digging and planning. StrongInsurance research may assist you in selecting companies that provide diabetic insurance policies. Learning about diabetic life insurance may make your insurance search easier.

Can people with diabetes get life insurance?

The short answer is that people with diabetes can obtain life insurance. The specifics of your diagnosis and condition, on the other hand, will influence how much you pay. If you have well-controlled diabetes and are otherwise healthy, your premium may not be significantly higher than it would be for someone without diabetes. The more serious your condition, the more you will have to pay for your insurance.

What types of life insurance are available for diabetics?

There is no specific type of life insurance that is better suited to or more widely available to diabetics. Diabetics, in general, can obtain the same types of life insurance coverage as those who do not have this condition.

People with diabetes, on the other hand, will most likely pay more for life insurance. You might also be unable to purchase the same amount of life insurance. If your life insurance requires a medical exam, the results may have an impact on how much insurance you can purchase. Poor medical exam results may indicate that a company will limit the amount of coverage it is willing to provide.

Is there any type of specialized life insurance for diabetics?

Diabetes is accepted by the majority of life insurance companies. However, premiums and coverage levels may be affected by the answers to your application questions and the results of your medical exam. If your condition is advanced, you may want to look into policies that do not require a medical exam or guaranteed issue policies.

What factors affect diabetics looking for life insurance?

When it comes to underwriting diabetics for life insurance, several factors can come into play. Among these elements are:

Type of diabetes

People with Type 2 diabetes may find it easier to obtain life insurance than those with Type 1 diabetes. Because most insurance companies consider Type 1 diabetes to be more dangerous than Type 2, you can expect to pay higher premiums for the same level of coverage.

Disease management

If you can control your diabetes with lifestyle changes, you will most likely pay lower premiums than if you must take medication. If you rely on insulin, your rates will almost certainly be higher.

Other health issues

If you have other health issues, such as high blood pressure, heart disease, cancer, a history of drug abuse, or are taking other medications, it may be difficult to qualify for life insurance. In such cases, a guaranteed issue policy may be the best option, though your premium will most likely be high.

Best life insurance companies for diabetics

People with diabetes can get life insurance from a variety of companies. Some of them provide custom-tailored policies designed specifically for diabetics, while others simply provide guaranteed issue policies with no underwriting requirements. Here is a short list of companies that can provide diabetics with coverage:

AIG

AIG provides a variety of life insurance products, including guaranteed issue whole life, which eliminates the need for a medical exam. If your disease is under control, you may also be eligible for universal or term life insurance.

Mutual of Omaha

Mutual of Omaha provides a variety of life insurance products, including term, whole, and universal life. There are guaranteed issue policies available, which may make it easier to find life insurance coverage.

Nationwide

For those with type 2 diabetes, Nationwide offers a variety of life insurance products, including term, whole, and universal life. It does not, however, cover people with type 1 diabetes.

Prudential

Prudential offers both term and whole life policies, and there is no set minimum age of diagnosis required. The company also offers numerous online life insurance resources.

What happens to existing policies if I am diagnosed with diabetes?

Those who are diagnosed with diabetes after purchasing a life insurance policy have nothing to worry about. If a newly diagnosed diabetic already has a life insurance policy, the policy will remain unchanged. In the case of permanent policies such as whole life and universal life, this means you are covered for the rest of your life at the pre-diagnosis rates.

If you have a term policy, your payments will remain the same until the end of the term, which is usually five, ten, twenty, or thirty years. You may choose to let the policy lapse at the end of your term. If you choose to renew your policy, your health will be assessed, and your new rates will reflect your diagnosis. If your diabetes is severe, you may be unable to renew your policy and will need to consider a guaranteed issue policy.

Frequently asked questions

What is the best life insurance company?

The best life insurance company will be determined by your specific rating factors, which include your health, the type of policy you want, the amount of coverage you want, and any optional riders you may want to add. The best company, as with home and auto insurance, is unique to each individual. Obtaining quotes from several companies may assist you in locating a carrier that meets your requirements.

What if my health improves after being diagnosed with diabetes?

That is determined by the type of policy you have. If you have a term policy, your premiums will not change until the term expires. If you decide to renew, your renewal premium will be determined by your health at the time of the new application and exam, which may result in a lower premium if your health has improved since you first purchased your policy. If you have a permanent life insurance policy, you will almost certainly be unable to change your premiums without surrendering the policy and purchasing a new one. However, there may be financial and tax implications to cancelling a permanent policy, so consult with your agent or financial advisor before doing so.

Why is life insurance more expensive for people with diabetes?

Life insurance premiums, like all insurance policies, are calculated based on risk. Diabetes increases your risk of developing heart disease, nerve damage, kidney damage, and other conditions, so life insurance companies charge a higher premium to compensate for this risk. This is also why your insurance premium will be determined by the severity of your diabetes and how well it is managed.