Finding term life insurance for diabetics can be difficult, but with a little research and free guidance from licensed experts, you can navigate the process successfully and avoid frustration.
Factors like A1C, weight and how long you’ve been diabetic will significantly impact your chances of getting insured.
In this article, we’ll give you some insight on term life for diabetics, what insurance companies look for when you apply and who has the best rates.
As an independent agency, we have personal experience and understand the challenges faced by our clients living with diabetes.
Here’s how we can help:
- Simplify the Process: We make it easy with an online application and expert guidance from start to finish.
- Top-Rated Carriers: We work with the best partners that specialize in insurance for diabetics.
- Get You Approved: Our team is on your side to pre-qualify and optimize your application to get you approved.
Questions?
Contact us or schedule a free consultation and get the peace of mind you deserve!
Licensed: FL, GA, MD, NC, NJ, PA, SC, TN, TX, VA
Life Insurance for Diabetics
Underwriting is the most critical step in obtaining life insurance for diabetics.
When insurers evaluate your application they will review:
- A1C Levels: Lower A1C levels indicate better blood sugar control and can lead to lower premiums. Many insurance companies will deny your application with an A1C of 9.0% or more.
- Age, Height, Weight (BMI): These factors are standard considerations for life insurance applicants. For diabetics it is even more important.
- Insulin Usage: If you use insulin it can impact your eligibility & rates.
- Duration of Diabetes: The length of time you’ve had diabetes can influence the insurer’s assessment.
Underwriting also involves an evaluation of other risks to determine your eligibility, the cost of premiums, and the amount of coverage you can request.
- Lifestyle Habits: Regular exercise and a balanced diet contribute to a healthier lifestyle and better insurance options.
- Overall Health History: Any other health conditions can factor into the underwriting process.
While A1C, BMI and other factors can impact your life insurance options, it doesn’t automatically disqualify you.
By working with an experienced broker and taking steps to manage your diabetes effectively, you can increase your chances of securing the best term life insurance rates and terms.
Types of Underwriting
Different types of underwriting refer to the varying levels of medical scrutiny and information required by insurance companies to assess an applicant’s risk.
For life insurance applicants, this means the application process can differ significantly based on the type of policy and the insurer’s requirements.
Understanding these differences can help you choose the right policy for your needs and potentially speed up approval.
Traditional Life Insurance Underwriting
In a traditional life insurance application, the underwriter typically requires:
- Medical exam: This may include physical examination, blood tests, and other assessments.
- Lab work: Blood tests to evaluate your overall health and identify any underlying conditions.
- Medical records: Documentation of your medical history, including previous diagnoses, treatments, and hospitalizations.
* Best for: Healthy individuals who want lower premiums and are comfortable with a more in-depth review process.
Underwriting Life Insurance for Diabetics
Several factors can influence your life insurance options as a person with diabetes:
- Severity of Diabetes: The severity of your diabetes, as measured by factors like A1C levels and the presence of complications, can significantly impact your risk profile and, consequently, your premiums
- Diabetes Management: How well you manage your diabetes, including your adherence to treatment plans, diet, and exercise, can influence your eligibility and the cost of premiums
- Duration of Diabetes: The length of time you have had diabetes can be a factor. Longer durations may increase your risk
- Comorbidities: If you have other health conditions in addition to diabetes, such as heart disease, high blood pressure, or obesity, your risk may be higher.
- Lifestyle Factors: Your lifestyle habits, including smoking, excessive alcohol consumption, or dangerous hobbies, can also influence your eligibility and premiums
- Age: Your age is a significant factor affecting premiums. Older individuals generally have higher premiums
- Weight: Excess weight can exacerbate diabetes and increase your overall health risks, potentially leading to higher premiums
- Coverage Amount: The amount of coverage you seek can also impact your premiums. Larger coverage amounts may require more stringent underwriting
Accelerated Underwriting vs. Simplified Issue
Two underwriting options that may be more favorable for individuals with diabetes are accelerated underwriting and simplified issue.
- Accelerated Underwriting: This involves an in-depth review of your medical history, but often with no medical exam. Offers more flexible underwriting guidelines with higher policy limits.
* Best for: Healthy individuals looking for a faster approval process without a medical exam.
- Simplified Issue: This option requires less medical information and can be faster, but it may have lower coverage limits and higher premiums. It’s suitable for individuals with relatively stable health and well-controlled diabetes.
* Best for: Those who prefer convenience or have minor health concerns but still want affordable coverage.
Avoid Excessive Shopping
While it’s essential to shop around to find the best rates and coverage, excessive shopping 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.
The Application: Honesty is the Best Policy
It’s crucial to be honest about your diabetes on your life insurance application. Withholding information can lead to policy denial or, worse, a denied claim in the event of death.
By being upfront about your condition, you can work with the insurer to find the best coverage options.
Not to mention insurance companies use a variety of data sources like MIB to verify your health and financial information so it’s best to disclose everything upfront!
Sample Life Insurance Application Questions
Best Term Life Insurance for Diabetics
Before you apply for life insurance with diabetes know the answers to 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
Foresters Financial
- Diabetes-Friendly Programs: Offers specialized programs designed for individuals with type 1 and type 2 diabetes.
- Simplified Underwriting: Quick and easy application process with fewer medical requirements.
- Exclusive Member Benefits: Access to discounted diabetes management products.
Banner Life (Legal & General)
- Flexible Underwriting: Considers individual health profiles and may offer more favorable terms for well-managed diabetes.
- Competitive Rates: Potential for affordable coverage with good health history.
Mutual of Omaha
- Established Reputation: Known for reliable coverage and customer service.
- Tailored Plans: Offers a range of life insurance options to suit various needs and budgets.
Additional Tips:
- Work with an Insurance Agent: An experienced agent can help you navigate the complexities of life insurance for diabetics and find the best options for your specific needs.
- Shop Around: Compare quotes from multiple insurers to ensure you get the best possible deal.
- Maintain a Healthy Lifestyle: Prioritize regular exercise, a balanced diet, and consistent medication adherence to improve your overall health and insurance eligibility.
If you have diabetes and concerned about getting approved for life insurance, we can help.
Cost of Term Life Insurance for Diabetics
The cost of life insurance for diabetics can vary significantly. However, you may be able to find affordable options by shopping around and comparing quotes from different companies.
- Shop Around: Compare quotes from multiple insurers to find the most competitive rates.
- Work with a Knowledgeable Agent: An experienced agent can help you navigate the process and find the best policy for your needs.
- Maintain a Healthy Lifestyle: A healthy lifestyle can improve your overall health and potentially lower your premiums.
- Consider Simplified Issue: These policies may have less stringent underwriting requirements, making them easier to qualify for.
By understanding the factors that influence life insurance rates for diabetics and taking proactive steps, you can secure affordable coverage that provides financial protection for your loved ones.
For illustration only. 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
Example 3 – Male, nonsmoker, age 50
- 20-year term life, $300,000
- no insulin
- A1C = 7.5
- duration = 5 years
- height = 5′ 10″
- weight = 200
Premium: $150-$200 a month
Get free expert guidance before you apply for life insurance. Contact us or schedule a phone consultation with a licensed agent Monday-Friday with no obligation!
Denied Life Insurance Because of Diabetes?
If you’ve been denied life insurance due to diabetes, consider waiting a year or two before reapplying.
During this time, focus on addressing any underlying health issues that may be contributing to your risk profile.
- Improve Your A1C: If your A1C is high, work with your doctor to improve your blood sugar control. This can significantly enhance your insurability and potentially lower your premiums.
- Weight Management: Strive for a healthy BMI through balanced diet and exercise. A healthy weight can significantly improve your overall health and reduce your risk of complications
- Medication: Adhere to your prescribed medication regimen and consult with your healthcare provider regularly to ensure optimal treatment
- Cholesterol Control: Maintain healthy cholesterol levels to reduce your risk of heart disease, a common complication of diabetes
- Blood Pressure Management: Keep your blood pressure under control. High blood pressure can increase your risk of diabetes-related complications
Steps You Can Take
- Get a copy of your MIB Consumer File – If you’ve applied for life or disability insurance within the last 7 years you should have a file at MIB.
This report (similar to a credit report) contains much of the information insurance companies use to verify your information. It may contain your health history, medications and the results of your previous applications.
Note: Insurance companies know if you’ve applied elsewhere. Be consistent with your answers! - Employers often offer group life insurance with discounted premiums. Check with your employer to determine if a group policy is available. For the most part, your health is not a factor.
- Guaranteed-issue whole life insurance is a type of life insurance that doesn’t require you to undergo a medical exam or complete a health questionnaire.
It’s often the recommended life insurance for serious health conditions, patients and others when they don’t qualify for traditional life insurance.
Speak With A Licensed Agent
We hope this post has provided some insight as to what medical conditions can disqualify or deny you from life insurance.
During your search, there may be a time when consulting with an agent becomes necessary.
Life insurance depends on many risk factors like health, finances, credit score, lifestyle and even your driving record.
If you have questions contact us before you dive into an application.
There is no cost or obligation and it can save you time, money and the possibility of being denied coverage!
Licensed: FL, GA, MD, NC, NJ, PA, SC, TN, TX, VA
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.
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.