|Diabetic Life Insurance|
created this guide as there is a lot of mis-information when it comes to diabetic
life insurance policies. What we wanted to do is give you the facts from an unbiased
We do not receive any direct income from any insurer so we have
no interest in recommending a particularly insurer. Our focus is to give you information
about your options
What is a life insurance policy?
A life insurance policy is a form of insurance that
pays out a sum of money either on the death of the insured person or after a set
Why is life insurance different for a
Risk. For insurers they use a number of
calculations in working out how much they are willing to cover and for what price
(premium). Diabetes is one factor which is seen as increasing your risk to the
insurance provider and as such can often lead to higher premiums.
I get life insurance if I have diabetes?
get life insurance if you have either Type 1 or Type 2 diabetes, providing your
diabetes has been under control for a period of at least 6 to 12 months. You can
also get life insurance if you are insulin dependent. Diabetics who have their
diabetes under control may or may not be approved for life insurance coverage
if they have additional contributing health risks, such as:
" High blood pressure
which is not controlled
It will be hard to be approved
for life insurance if your diabetes is not under control. You may be able to purchase
specialty life insurance options like guaranteed-issue life insurance, but you'll
pay hefty premiums for your coverage.
Does Life Insurance
for Diabetics Cost More?
Yes, the cost of life insurance for diabetics
tend to be higher than for average consumers. The premium you will pay depends
on how the life insurance company rates you. This determination is based on a
number of health related and treatment variables such as:
" When you
" Additional health risk factors
" Your family
" Your age
" Your current height and weight
Your medical history
" Type of diabetes
" Medication you are currently
" Glucose / blood sugar levels
" Control Factor or A1C
rates for Type 2 diabetes tend to be more affordable than the rates for Type 1
diabetes, but again it all centers around how well the diabetes is under control.
Rates for people who have contracted diabetes when they are older also tend to
be more affordable than those who contracted diabetes in their youth.
I Get Diabetic Life Insurance Without a Medical Exam?
can get life insurance without a medical exam, but you will likely have to complete
a diabetic questionnaire. Typically, if you have Type 2 diabetes you'll have an
easier time finding this no-exam option. Keep in mind that any life insurance
policy that doesn't require a medical exam is always more expensive than a life
insurance policy that requires one. The premiums will be pricier because the insurance
company is not able to measure your risk factors accurately.
on your medical exam and giving accurate information about your diabetes to your
insurance company is important. Life insurance is subject to a two-year contestability
period. The life insurance company can perform an investigation into your medical
and health history and can cancel your policy if have falsified answers on your
Similarly, if you were to die during this contestability period
and the life insurance company discovered you were deceitful about your diabetes
during the application process, the insurance company may deny the payment of
benefits to your beneficiary.
How Can I Get Affordable
Diabetic Life Insurance?
best approach is to find life insurance carriers that specialize in high risk
health or special risk factors such as diabetes. You may also wish to look for
insurance carriers that offer "clinical underwriting," which is an evaluation
process that will look at your overall health and not just specific health risk
The most affordable life insurance policy will be available to
you if your diabetes is under control. If you have a lower A1C levels as well
as low glucose levels, and you lead a healthy lifestyle, your rates will be more
affordable. It also helps if you regularly visit the doctor, take your medication
as prescribed, keep a healthy body weight, and have regular eye exams.
How to Find the
Best Life Insurance for Diabetics
When you look for life insurance
for diabetics, consider your needs first. The best life insurance is going to
protect you financially, fit within your budget, and support your long-term goals.
You have some options to choose from, such as the following.
life insurance: pays death benefits only, and can be an ideal form of life
insurance for the purpose of income replacement. Term insurance is purchased for
periods of time such as 10, 20, or 30 years. You can also get a term policy that
covers you to a specific age, such as 65 years old. Premiums are guaranteed for
the life of the term, and the death benefit is paid to the beneficiary as a non-taxable
" Permanent life insurance: Permanent life options
such as whole or universal life insurance are also available for diabetics, but
they will be more expensive than they are for non-diabetics, and will also be
more expensive than a term life insurance policy. The cash value accumulation
feature can significantly increase your premium.
If you need some form
of life insurance coverage immediately and your diabetes is not under control,
you can apply for guaranteed-issue life insurance. A guaranteed-issue policy is
typically an expensive choice. However, it does not typically require a medical
exam, as the insurance company automatically assumes you're a risky candidate