Life insurance for diabetics
Key Takeaways
- There are several life insurance policy options for individuals with Type 1 and Type 2 diabetes.
- Whether your condition is well managed or not will impact your policy choices and premium rates.
- No medical exam life insurance policies are an option for advanced or uncontrolled diabetes.
Can someone with diabetes get life insurance?
Yes, many people with diabetes can qualify for life insurance. For people with well-managed conditions who are generally healthy, it’s even possible to find affordable life insurance for diabetics.
Protecting your family in a what-if scenario is even more important if you’re living with a chronic condition, like diabetes. Read on for tips on shopping for life insurance for people with diabetes.
What types of insurance are available for people with diabetes?
People with mild or moderate diabetes can often buy a term or permanent life insurance policy. For people with severe diabetes or other health complications, no medical exam life insurance might be a better fit. Here’s a closer look at your options.
Term Life Insurance
A term life policy provides a death benefit that can replace critical income from prime earning years should you pass away and leave a family behind. If you have diabetes that is well controlled, you might consider term life. Diabetics can often get approved for term life, although it may be with a higher premium. If you are approved for a term life policy, consider longer coverage periods. This will lock in your premiums, which rise as you get older or your health changes. Explore term life from Fidelity Life.
Whole Life Insurance
A whole life insurance policy provides both a death benefit and a way to save tax-deferred money. The premiums are significantly higher than with term life, and with diabetes, this may mean a bigger increase. However, if you are approved, your premium will be set for life. Permanent life insurance lasts for your entire life as long as you keep up with premiums, so you don’t need to worry about reapplying or taking a medical exam if your health changes. Explore the whole life from Fidelity Life.
Handling final expenses
No Medical Exam Life Insurance
If your diabetes is advanced or uncontrolled, or you have a history of blood sugar highs and lows (more common with Type 1 diabetes), you may want to apply for a simplified issue policy. This type of coverage requires no medical exam, but does require a health questionnaire. Explore simplified issue options from Fidelity Life.
Another option for people with bigger health complications is a guaranteed issue policy. It doesn’t have any health requirements, so even people with severe diabetes can get the coverage they need. Explore guaranteed issue options from Fidelity Life.
How are life insurance costs affected by a diabetic condition?
On average, life insurance for people with diabetes will cost more than coverage for those who don’t have it. Since life insurance companies base your rates on your life expectancy, a chronic health condition like diabetes typically means higher prices.
The type of diabetes you have can also affect the rate you’ll pay for coverage. The good news: If you’re managing your diabetes well, you may still be able to lock in competitive prices. Here’s how costs can differ for people with various types of diabetes.
Life Insurance Costs for Type 1 Diabetes
Life insurance for Type 1 diabetes patients can be harder to obtain or cost more than policies for people with Type 2 diabetes. This type of diabetes typically develops in children, teens, or young adults. People with Type 1 diabetes produce little or no insulin, so they require insulin through a pill or shot.
The early onset of Type 1 diabetes and medication requirements can mean higher prices, although life insurance companies will look at your profile individually to find a fair rate. The cost of life insurance for Type 1 diabetics depends on your age, blood sugar levels, diet and exercise, medication compliance, and whether your diabetes has become severe enough to affect the health of major organs.
Life Insurance Costs for Type 2 Diabetes
Life insurance for Type 2 diabetics, who make up about 95% of all diabetics in the U.S., is generally less expensive than policies for people with Type 1 diabetes. This type of diabetes tends to develop in people 45 and older, although it’s increasingly common in children and teens.
With Type 2 diabetes, your body develops insulin resistance that causes your blood sugar to spike. Many people can control it with medication instead of controlling insulin, and it’s generally seen as easier to manage. That’s why life insurance companies often offer more competitive rates to people with this form of diabetes. However, the risk factors for Type 2 diabetes, like being overweight, and complications like heart or kidney disease, can also impact costs.
What diabetics can do to improve life insurance options
Eat Healthy and Exercise
Quit Smoking
Smokers always pay higher life insurance rates than non-smokers, and smoking also increases your diabetes risk. In fact, smoking can boost your chances of developing Type 2 diabetes by 30-40% , according to the FDA. Smoking increases blood pressure and reduces the effectiveness of insulin, making it especially bad for diabetics. Participating in a smoking cessation program or quitting outright is one of the best ways to improve your life insurance options.
Follow Your Treatment Plan
Stick to your prescribed treatment to improve your health and your life insurance choices. Depending on the type and severity of your diabetes, that can mean keeping up with insulin doses or other medications.
You can also expand your options for life insurance for diabetics by considering non-traditional policy types. Ask your life insurance provider about which plans are available for people with pre-existing conditions and for other steps you can take to secure a policy at an affordable rate.
Life insurance riders for people with diabetes
- A terminal illness rider (also called an accelerated death benefit) can let you withdraw some of your death benefit while you are still alive, if you’re given a terminal diagnosis and only months or a year to live. This can help you if diabetes or another illness becomes fatal.
