Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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If you have diabetes, whether you’re in your in your 30’s or 60’s we’re here to tell you that getting life insurance is important, regardless of age. Diabetes is often classified as high-risk and approval with each company will all be viewed differently.

Working with a licensed agent or agency like Top Quote Life Insurance is often the best way in getting the most affordable price with life insurance for diabetics. When it comes to life insurance for diabetics we are able to shop the coverage with several of the best life insurance companies in the insurance marketplace. By doing this, it will cut out the process of guessing which company will offer the best rates.

In this article, we’re going to break down everything you need to know about life insurance for diabetics, including how to get it, why it costs more, and other intricacies specific to those of us with diabetes.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Insurance companies work by taking a gamble on their customers

One of the main factors that determine your life insurance rates is your health history, both past and current. The higher risk you pose to the life insurance paying out a claim the higher your life insurance rates will be. As we mentioned earlier, diabetes is considered high-risk.

Life insurance for diabetics usually does mean paying a higher premium than someone without diabetes. However, if you have been keeping your diabetes in check and a1c levels are well controlled we are off to a great start.

There are 29.1 million people in the United States living with diabetes, or 9.3% of the population.

Luckily, if you’re a diabetic, all hope is not lost in finding a great life insurance policy.

 

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Getting Started with Life Insurance for Diabetics

The first thing you need to know about life insurance companies is that they nitpick.

We can almost guarantee you’ll come across application questions that make you shake your head. The big question for diabetes patients is: “What kind of diabetes do you have?”

We know it sounds irrelevant, and maybe a little invasive. They ask, because type 1 and type 2 diabetes have different complications. Insurance companies prefer type 2 patients.

The preference doesn’t make much sense until you understand their rationale.

The type of diabetes that develops largely to lifestyle choices seems like it should scare off insurance companies. But, because personal choices cause type 2 diabetes, a change in lifestyle can also help manage it.

Diet, exercise, and maintaining a healthy weight all can help keep type 2 diabetes in check.

This doesn’t mean that type 1 diabetes patients are out of luck. Only that insurers will come at you with more skepticism.

 

Potential Insurance Costs with Diabetes

Diabetics will always face increased costs.

However, a healthy lifestyle helps keep monthly payments reasonable.

Make sure to prioritize diet and exercise. Insurance plans that require a medical examination reward healthy blood sugar levels, as well as overall health. Taking medication can both help and hinder a quote, depending on your unique situation.

It’s especially important to cut out any vices. Drinking, smoking, and drug use make insurance companies think twice even about healthy patients. Keeping costs down means eliminating anything extra that could lead to poor health.

Age will also play a part in your quoted costs. Insurance companies tend to offer better prices to those who acquired diabetes recently or later on in life. This is because of the gamble we previously mentioned.

Normally, an older person will pay a higher premium. However, young people with diabetes have more time for the disease to reduce their lifespan. This reverses how premiums are handled.

The rationale is similar for people who recently acquired diabetes. Catching it early can help reduce long term effects. This also explains some of the aversion to insure type 1 diabetes patients. Not only is the nature of the disease different, but people generally live with type 1 for longer.

The chance of a fatal complication increases the longer you live with diabetes.

 

Choosing a Life Insurance Plan

Two main kinds of insurance plans exist: term life insurance and lifetime life insurance.

We usually recommend term life insurance to anyone with an ailment, and really anyone in general. Term life insurance allows for greater coverage at a lower premium price. Depending on what you’re willing to pay per month, benefits range from thousands to millions of dollars.

The name “term” comes from the plan’s availability in fixed intervals of 10-30 years. Your insurance will pay out a death benefit to family members if you die within your specified term. There is no cash build up on term policies, and premiums are guaranteed to remain the same price throughout the term contract.

Lifetime life insurance offers insurance guaranteed over a person’s life span. Fixed premiums protect against unforeseen health factors increasing your payments in the long run. Some lifetime policies can accumulate tax-deferred cash value. This works sort of like a 401K or IRA, where your money compounds and is available for withdrawal to cover surprise expenses.

Policyholders on a lifetime insurance account can change benefit amounts and premium payments as desired. We recommend term plans over lifetime plans for diabetics for one main reason. Term plans are available that don’t require a medical examination.

This means you’re more likely to receive a reasonable policy.

You’ll always pay a higher premium because of the uncertainty surrounding your health, but you’ll also avoid unexpected complications during an examination.

Think of it this way: your medical exam could reveal a new problem. Maybe your morning coffee messed up your blood sugar levels. Now you’re looking at a higher premium and possibly no policy at all.

Conversely, if you don’t get examined, you’ll pay an expected higher premium without the risk of medical complications driving costs even higher. It’s always a good idea to check with a professional before deciding on one policy or another.

If you’re extremely confident in your ability to manage your diabetes, it may cost less to apply for a normal term plan. It’s never too late or too early in life to discuss life insurance options.

Don’t let a disease as manageable as diabetes stop you from providing your family with the financial security they deserve. If you’re in the market for life insurance for yourself or a loved one, get in contact with us. We offer quotes from only the best insurance carriers, and work tirelessly to make sure you’re getting the life insurance you deserve.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.