Can diabetics get life insurance?
Yes, diabetics can usually qualify for life insurance, but the coverage options and costs will vary depending on the type of diabetes and how well it is managed.
Term life insurance may be easier for a diabetic to obtain because it carries a lower risk for the insurance company due to the policy's expiration date. Whole life insurance may be harder to get because it provides lifelong coverage, and a shortened life expectancy means the insurer will likely pay out sooner.
Kristen Gryglik, a senior sales representative and licensed agent at Comparion Insurance in Boston, says that life insurance companies measure risk differently, so price shopping is key to getting the best deal.
“As for a diabetic, it really depends on the underwriting of the individual life insurance company and how long they’ve been a diabetic and the type of diabetes,” Gryglik says. “What type of medications do they take? Do they have other health issues? The answer is not a hard [and] fast no. Different life insurance companies have different underwriting guidelines, so it would make sense to shop around,” she says.
How much is life insurance for a diabetic?
Life insurance rates for diabetics vary based on the type of policy, the amount of the death benefit, and the individual's health history, including diabetes treatment. Generally, Type 1 and Type 2 diabetes are treated the same way by insurers; the management and treatment of the disease will have a greater impact on rates. Someone with a long history of well-managed type 1 diabetes will most likely pay lower life insurance premiums than someone with unchecked type 2 diabetes.
While one carrier may view diabetics as a high-risk group of people to insure, pushing rates sky-high, another may offer a more affordable rate. So, while you can expect to pay more than someone without diabetes, how much more depends on the insurer.
What’s the best type of life insurance for diabetics?
The best life insurance for diabetics is a policy that you can afford and that provides the coverage you need. For most people, including diabetics, term life is a good choice. You can buy more coverage for less, and terms can last up to 30 years.
A term life policy pays out a death benefit that will replace much-needed income if you die and leave a family behind. Your rates may be higher as a diabetic, but if you buy young, you’ll be able to lock in a lower rate for the duration of the term.
If you still need coverage when the term ends, most term life plans are convertible to permanent life.
Whole life insurance will cost more than term life, but if you can get a policy, the rate will be locked for the remainder of your life and you won’t have to reapply.
“This policy locks in the coverage until they pass away. So, regardless of how long they live or any other health issues that may arise, this policy would be guaranteed to be paid out at the time of passing,” Gryglik says.
No medical exam life insurance, known as simplified issue, is a tempting option if you have diabetes. However, it’s essential to understand that the company will still ask medical questions and look at your health history; it will find out you have diabetes. And these plans cost more. If your condition is well-controlled and you are otherwise in good health, a medical exam will likely net you a lower rate.
If your health is poor and you can’t qualify for a traditional policy, guaranteed issue policies might be the only option. The application has no health questions or exams but is costly and offers small death benefit amounts.
How to buy life insurance with diabetes
To buy life insurance as a diabetic, request quotes from multiple carriers, and be honest and upfront about your condition. The more carriers you compare, the more likely you are to find one that will offer you an affordable rate.
Consider working with an agent who can help you to find a company with lower rates for diabetics. The important thing is to buy as soon as possible; as you get older, rates will get much higher.
