Getting term life insurance for diabetics is possible but not all life insurance companies view diabetes the same way. Knowing which company to apply with can be the difference between getting approved or getting declined.
The outcome for approval will depend on the overall history of your condition and applying with an insurance company that specializes with diabetics. It’s not going to be easy but the key to success is to work with an agency like ours that helps people who are considered high risk.
What Is Diabetes?
Diabetes Mellitus is a disorder that is characterized by elevated levels of blood sugar (Glucose). More Americans than ever are being diagnosed with the disease. It is estimated by the Centers for Disease Control and Prevention, that over 29 million Americans have diabetes. What’s even more troubling is that 86 million – almost one third of the American population – show early signs of diabetes.
When we eat and drink, the food or fluids are broken down into nutrients that are needed for our bodies to function. Glucose is a one of those key nutrients and is absorbed into the bloodstream. It stimulates the pancreas to produce insulin and carries the glucose into our cells. It is then converted to energy for our bodies to use.
Type 1 Diabetes
This disorder usually develops in early childhood or young adults before age 30. Type 1 diabetes is a disease of the autoimmune system which attacks and destroys insulin producing cells of the pancreas. Childhood obesity is the main culprit of this disease. People with Type 1 diabetes are insulin dependent and need doses of insulin injected by needles or a special pump that delivers a continuous dose of insulin.
Type 2 Diabetes
Also known as adult onset diabetes, this disease affects almost 90% of people with diabetes. Adults who are overweight, rarely exercise and eat foods that are high in simple carbohydrates, are often diagnosed with Type 2 diabetes. The pancreas produces more than usual amounts of insulin but fat and tissue cells resist the insulin, preventing blood glucose to enter the cells.
Can I get term life insurance with diabetes?
It is possible to get term life insurance for type 1 diabetics and type 2 diabetics. Affordable life insurance is available to you if your diabetes is under control. You may want to consider whole life insurance for diabetics if you feel your insurance needs are long-term. You can usually get affordable rates if you respond well to treatment and lead a healthy lifestyle. Even if that is not the case, there are still ways to find the coverage you need.
How Do Insurance Companies View Diabetics?
Although diabetes is treatable, it’s still considered life-threatening by insurance carriers. Anyone applying for life insurance who has diabetes could find it very challenging to get a policy approved or get a favorable rate.
The life insurance companies will want to know:
When Were You Diagnosed with Diabetes? Age of Diagnosis: People who are diagnosed prior to age 50 will have a difficult time getting approved or will receive higher rates. If you and your doctor can show your condition is well under control you will have a better chance of approval.
Type of Diabetes: Most well controlled diabetics will be approved as a standard rate class. Type 2 diabetics will have a better chance of getting the coverage because the condition has been diagnosed more recently. However, regular doctor visits and control of the disease will determine the outcome.
A1C and Blood Sugar Levels: If your a1c levels are under 7, you are considered pre-diabetic and have a better chance of getting a policy with good rates. People with A1C levels of 8 or above are considered a higher risk to the insurance company and will most likely receive rated or substandard policies. Which means your policy will be more expensive.
However, someone whose diabetes is controlled by diet and exercise and who has a low A1C below 6, could get a standard plus or even preferred rate with certain insurance carriers.
Complications or Other Health Risks: If you are overweight, smoke or have other medical conditions you will probably be declined for coverage. Your other options for life insurance coverage would be to apply for a final expense or guaranteed issue policy which do not required medical exams or health questions
What are the best life insurance companies for diabetics?
The best way to get term life insurance for diabetics is to go with a company that will view your condition favorably. Not all insurance companies are created equal or “diabetic friendly” and knowing the best insurance companies for diabetics is very important. This is where we come in.
In order to find the most competitive rates we will need to have a brief discussion and we will need to know the following:
- Do you have type 1 or type 2 diabetes?
- What is your height and weight?
- Do you have a family history of diabetes?
- What are your current and past A1C levels?
- What age were you diagnosed?
- Are you taking medications?
- Any diabetic complications?
Knowing this information, will help us shop the insurance marketplace on your behalf and find the lowest rates for your situation. Each life insurance company will review your health history differently and with our unique experience in this field, it’s up to us to find the best rates.
The best life insurance rates will be available to people who have their diabetes under control and who were diagnosed later in life. The most expensive life insurance policy rates will be given to those with a long history of the disease and uncontrolled blood sugar levels.
Term Life Insurance For Diabetics Without a Medical Exam
No exam life insurance for diabetics is another option, but you will still need to complete a diabetic questionnaire. If you are Type 2 diabetic, chances are, you will have an easier time finding a no medical exam policy. Just understand that life insurance policies that are not fully underwritten will cost more. This is because the insurance company is not given the opportunity to measure your risk factors completely.
Even for someone without diabetes, searching for term life insurance can be frustrating. For a person with certain medical issues such as diabetes, finding a policy with affordable rates is even more difficult.
Our advice is to work with an independent agency like ours that can get multiple quotes from several insurance companies. We are not beholden to one insurance company but instead work with many. We work on your behalf to find you the best policy with the best rates. If you’re diabetic and interested in receiving a life insurance quote, please contact us or fill out our quote request form. We will call you within 24 hours to go over your options.