Knowing the cost of term life insurance for type 2 diabetics is an important starting point in securing your financial future and protecting your loved ones.
While type 2 diabetes is something insurers will consider, affordable options are still possible.
In this guide, we’ll look at the average cost of term life insurance for type 2 diabetics.
Most importantly, we’ll give you some tips to help you navigate life insurance, find the best possible rates, and get the term life coverage you need without breaking the bank.
Use our calculator to find the average cost of term life insurance. Your actual rates will vary.
Tip: Speak to a licensed expert before you apply to save time, money & frustration. We also advise to avoid excessive “shopping.”
Need help? Contact us to discuss your options.
Free Expert Guidance: We provide free expert guidance, pre-qualifying your application and working with you and the insurance carrier to get covered. Specialized Carriers: We partner with top-rated life insurance providers that specialize in offering term life insurance for type 2 diabetes.Compassionate Support: Our agents understand the challenges of living with diabetes. Many have personal experience with the condition, offering truly compassionate and informed guidance.Privacy & Confidentiality: Your privacy is our priority. We never share your personal details or ask for payment information, ensuring a safe transaction.Easy Online Application: Apply quickly and easily online, with expert support available every step of the way.
Example Costs of Term Life Insurance for Type 2 Diabetics
While type 2 diabetes can influence the cost of life insurance, you can take proactive steps to secure the most affordable rates.
Below are cost examples for term life insurance. Your rates will vary:
Example 1 – Male, nonsmoker, age 40
30-year term life, $100,000
no insulin
A1C = 9.0
duration = 5 years
height = 5′ 10″
weight = 250
Premium: $40-$50 a month
Example 2 – Female, nonsmoker, age 35
30-year term life, $200,000
insulin
A1C = 8.0
duration = 10 years
height = 5′ 6″
weight = 180
Premium: $80-$95 a month
Understanding Life Insurance with Type 2 Diabetes
Can you get term life insurance for type 2 diabetes? Yes, but premiums are typically higher than for those without the condition.
This is because diabetes, even when well-managed, increases the risk of certain health complications, such as heart disease, stroke, and kidney failure.
Insurance companies assess this increased risk when determining premiums.
However, having type 2 diabetes doesn’t disqualify you from obtaining coverage. Many factors play a role in determining your specific rates.
Factors Affecting Cost of Life Insurance for Type 2 Diabetics
Several factors contribute to the cost of life insurance for type 2 diabetes.
Duration
The length of time you have been diagnosed with type 2 diabetes can also be a factor in determining your life insurance premiums.
Recent Diagnosis: If you have been recently diagnosed and are otherwise in good health with well-managed blood sugar levels, you might find more favorable rates compared to someone with a longer history.
Long-Term History: Individuals who have lived with type 2 diabetes for many years may face higher premiums, especially if there have been challenges in managing the condition or if complications have arisen.
Management
How well your diabetes is managed plays a significant role. Factors such as your A1C levels and medications are considered.
Age
Age is a primary factor in life insurance premiums for everyone, including those with diabetes.
Generally, premiums increase with age.
Overall Health
Other health conditions, such as high blood pressure, high cholesterol, or obesity, can further impact your rates.
Maintaining overall good health is crucial.
Lifestyle
Smoking, excessive alcohol consumption, and a sedentary lifestyle can increase premiums.
Adopting a healthy lifestyle can lower the cost of term life insurance.
Type & Amount
The type of life insurance policy (term life, whole life, etc.) and the coverage amount you choose will directly impact your premiums.
Before you apply for term life insurance as a diabetic be prepared to answer these prequalifying questions:
Do you take insulin?
What is your most recent A1C test value?
How long have you had diabetes?
What is your current age, height & weight
Need help? Contact us to discuss your options.
Types of Life Insurance for Diabetics
Individuals with type 2 diabetes can access the same types of life insurance policies as those without the condition.
The key is finding the policy that best suits your needs and budget.
Term Life Insurance This provides coverage for a specific period (the “term”). It’s often the most affordable option and suitable for temporary needs, such as covering a mortgage or providing for dependents.
Whole Life Insurance This provides lifelong coverage and includes a cash value component that grows over time. It’s generally more expensive than term life insurance.
Universal Life Insurance This offers more flexibility than whole life, allowing you to adjust your premiums and death benefit within certain limits.
Guaranteed Issue Life Insurance This type of policy guarantees acceptance regardless of health conditions, but it typically offers lower coverage amounts and higher premiums.
Example Costs of Term Life Insurance for Type 2 Diabetics
While type 2 diabetes can influence the cost of life insurance, you can take proactive steps to secure the most affordable rates.
Below are cost examples for term life insurance. Your rates will vary:
Example 1 – Male, nonsmoker, age 40
30-year term life, $100,000
no insulin
A1C = 9.0
duration = 5 years
height = 5′ 10″
weight = 250
Premium: $40-$50 a month
Example 2 – Female, nonsmoker, age 35
30-year term life, $200,000
insulin
A1C = 8.0
duration = 10 years
height = 5′ 6″
weight = 180
Premium: $80-$95 a month
Manage Your Diabetes to Lower Life Insurance Costs
Maintain Healthy A1C Levels: Consistent monitoring and management of your blood sugar levels are essential. A strong history of well-controlled A1C levels demonstrates lower risk to insurers, which can positively impact the cost of life insurance.Follow Your Doctor’s Recommendations: Adhering to prescribed medications, a healthy diet, and regular physical activity is critical for managing your diabetes and showcasing responsible health management to insurers.
Lifestyle Changes Can Affect Cost
Quit Smoking: Smoking significantly increases health risks and, as a result, the cost of life insurance. Quitting smoking is a crucial step toward potentially lowering your premiums.Maintain a Healthy Weight: Reaching and maintaining a healthy weight can positively impact your overall health profile making life insurance more affordable.Exercise Regularly: Regular physical activity is vital for managing diabetes and demonstrates a commitment to healthy living to insurers.
Work with an Insurance Broker to Understand Life Insurance Costs
Seek Expert Advice: An experienced insurance broker can help you navigate the complexities of life insurance and find policies tailored to your specific needs and health condition, ultimately helping you understand the potential cost of life insurance.Compare Quotes to Find the Best Cost: Brokers have access to multiple insurance providers, enabling them to compare quotes and find the most competitive rates.
By proactively managing your diabetes and working with a knowledgeable insurance broker, you can navigate the life insurance landscape effectively and secure coverage that provides financial security for you and your loved ones.
Remember, having type 2 diabetes does not prevent you from obtaining life insurance; it simply requires a more informed approach.
While it’s essential to shop around to find the best rates and coverage, applying excessively can have unintended consequences.
The Medical Information Bureau (MIB) is a non-profit organization that collects and shares medical information about individuals who apply for life insurance.
When you apply for life insurance, your information is reported to the MIB.
Excessive shopping can lead to multiple inquiries on your MIB report , which may raise red flags for insurers. This could result in higher premiums or even denials.
Limit inquiries: Try to keep the number of applications you submit within a reasonable timeframe.Be honest and accurate: Provide truthful information on all applications. Assume the insurance company can verify your answers!Consider pre-qualification: Some insurers offer pre-qualification options that allow you to assess your eligibility without affecting your MIB report.Work with an insurance agent: A knowledgeable agent can help you navigate the insurance market and find suitable options without excessive shopping.
Free Consultation
Get help from a licensed expert with no obligation.
As an independent agency, we help individuals, families & small businesses find affordable plans and benefits in:
FL, GA, MD, NC, NJ, PA, SC, TN, TX, VA
Your privacy is our priority. We don’t share personal information or collect any payments, ensuring a safe and secure experience.
That’s BenZen.
Information is meant to be accurate and educational and not intended to be legal, medical or financial advice. Do your own research and contact a professional for help. We earn revenue from partners & advertisers. Read our disclosure for more.
Ted McNeil
Owner, BenZen Insurance. Licensed insurance broker making it easy for individuals, families and business owners to get affordable health benefits.
His background in marketing, research, insurance, and financial services gives him a unique perspective to help others plan for a secure future and improve their physical, mental, and overall well-being.
