Indeed, it is generally possible to obtain life insurance coverage even if one has diabetes. And there’s even the possibility of getting it at a competitive premium rate. However, it is important to note that various companies may have distinct policies and guidelines regarding life insurance coverage for individuals with diabetes. The policy and pricing options available to you will depend upon the specific type of diabetes you have, the type of policy you are considering, the duration of your diabetes diagnosis, and the effectiveness of your current management strategies. Read on to find out more about life insurance for diabetics as well as the best available providers.
What Is Insurance for Diabetes?
Diabetes health insurance provides coverage for the expenses associated with diabetes treatment and any associated medical conditions, assisting individuals in effectively managing the financial burden. Diabetes medical insurance plans provide coverage for hospitalization expenses associated with both Type 1 and Type 2 Diabetes, as well as any complications that may arise from the condition.
Can Diabetics Qualify for Life Insurance?
Individuals with diabetes may be eligible for a whole life insurance policy; however, the specific coverage and premium amount will be contingent upon the policyholder’s overall health, illness management, and other considerations. For full life insurance coverage, diabetics typically have to pay more than a healthy person.
Can I Get Money for Being Diabetic?
If your type 2 diabetes prevents you from working, you may be eligible for disability compensation. Not all people with diabetes are eligible. Even if you do, the process of applying for benefits may be lengthy and difficult.
Best Life Insurance For Diabetics
The best life insurance companies on this list typically cover people with a wide range of preexisting conditions, including diabetes. While some providers offer Guaranteed issue policies with no medical underwriting, others may only provide coverage for people with preexisting conditions. If you are in these pots, you may look into the following major insurance providers for policy possibilities:
However, keep in mind that the coverage you need and the sort of policy you desire will determine which life insurance is best for you and your health situation. Finding the best life insurance policy requires doing some research and comparison shopping.
#1. John Hancock Life Insurance
After conducting a comprehensive review and analysis of about 90 life insurance providers, John Hancock emerges as the top life insurance company for individuals with diabetes. It offers the most favorable overall coverage and benefits. The company’s Aspire program offers individuals diagnosed with type 1 or type 2 diabetes the opportunity to obtain life insurance coverage with a range of distinctive advantages. These include a potential discount of up to 25% on their policy.
Additionally, it is worth noting that John Hancock has been awarded an A+ (Superior) rating by AM Best for its commendable financial strength. Furthermore, the National Association of Insurance Commissioners (NAIC) also proclaims that John Hancock has received minimal complaints over the past three years.
Customers who hold a John Hancock Aspire policy have the opportunity to access discounts on nutritious food, wearable fitness trackers, travel, and retail items. These discounts are generally available through the Vitality GO or Vitality PLUS wellness programs. Certain customers diagnosed with type 2 diabetes may also have the opportunity to avail themselves of Onduo. Onduo is a virtual diabetes clinic that offers complimentary testing supplies, devices, and personalized health coaching services.
You can access the John Hancock Aspire program and Vitality benefits through term life insurance or permanent life insurance policies. However, to obtain a quote, you will need to engage in a conversation with an agent. As of now, Aspire is accessible to customers throughout the United States, with the exception of New York, Idaho, and Puerto Rico.
#2. Pacific Life Insurance
Pacific Life has the lowest number of complaints among our leading life insurance companies for individuals with diabetes. This suggests that policyholders generally express satisfaction with the customer service and claim handling Pacific Life is providing. Additionally, the company achieved a notable fourth-place ranking in the esteemed J.D. Power 2021 U.S. Individual Life Insurance Study.
Individuals with diabetes who are uncertain about the specific type of insurance policy they desire may find it advantageous to consider Pacific Life. This reputable company offers a diverse range of policies and is well-regarded for its exceptional customer service. In contrast to certain other providers that were evaluated, Pacific Life provides a comprehensive range of insurance options. These include term life, whole life, universal life, indexed universal life, and variable universal life insurance. You can speak with a representative of Pacific Life to assist you in selecting the most suitable policy for your needs. Nevertheless, this particular company could potentially serve as a more favorable alternative for individuals with well-managed diabetes, given the unavailability of guaranteed-issue policies.
Furthermore, Pacific Life exhibits notable maximum issue ages among the top-rated companies we assessed. This basically guarantees its inclusion in our comprehensive evaluation of the finest life insurance companies for senior individuals. Applicants have the opportunity to obtain term life insurance coverage until they reach the age of 75, while permanent coverage is available until the age of 90. Unfortunately, it is not currently possible to obtain a quote or initiate a policy application through our online platform.
Barner Life (Legal & General America) is a reputable insurance company that offers a range of life insurance products and services. With a strong presence in the industry, Banner Life/Legal & General America focuses on providing reliable and comprehensive coverage
Banner is an excellent choice for life insurance coverage for individuals who are managing type 2 diabetes. Individuals who effectively manage type 2 diabetes may be eligible for Banner’s standard plus underwriting classification. This enables them to acquire a term life insurance or universal life insurance policy. However, individuals diagnosed with type 2 diabetes who encounter complications or exhibit an A1C level exceeding 10% are likely to face potential denial.
Although Banner may have a more limited range of policy options compared to certain competitors, it is a highly recommended choice for individuals seeking a term life policy. Indeed, it is among our top recommendations for the finest term life insurance providers. Banner provides a maximum term length of 40 years, which surpasses the industry standard where most insurers limit term lengths to 30 years. They offer renewable and convertible term policies, allowing policyholders to customize their coverage with a selection of optional riders. These riders include an accelerated benefit rider specifically designed to provide coverage for terminal illness.
In addition to their primary term policies, Banner customers also get the opportunity to enhance their coverage by incorporating term life riders. These riders enable customers to obtain additional coverage for periods that are shorter than the duration of their policy. By employing this strategy, it is possible to temporarily augment the death benefit, particularly during the repayment period of a 30-year mortgage, while simultaneously managing the overall expenses associated with the policy.
#4. Mutual of Omaha
Mutual of Omaha provides simplified- and guaranteed-issue life insurance options without the requirement of a medical examination for individuals aged 45 and above. This form of coverage is commonly known as final expense insurance or burial insurance. Individuals with diabetes, facing challenges obtaining insurance coverage from other sources may have the opportunity to secure coverage through this particular policy.
If you submit your application through an authorized agent, you can get life insurance coverage of up to $40,000, subject to the evaluation of the application. Alternatively, you can submit your application online or through an authorized agent to obtain guaranteed-issue coverage, which means your approval is a matter of certainty. However, it is important to note that the death benefit for this coverage is capped at $25,000.
In addition, keep in mind that guaranteed-issue policies do not cover accelerated benefit riders and are subject to a graded death benefit period. In the event of a policyholder’s demise due to natural causes within the initial two-year coverage period, the designated beneficiaries shall be entitled to receive the sum of the premiums paid, along with an additional 10%.
Nevertheless, it is advisable to talk this through with an agent to gain a comprehensive understanding of the available options and determine which one aligns most effectively with your specific requirements. For instance, individuals with well-managed diabetes, indicated by a stable A1C level below 8, may potentially be eligible for an increased coverage limit through a term policy. Additionally, certain policies offer accelerated benefits to riders for chronic and terminal illnesses without any initial expenses.
You can obtain a quote and complete an online application within a five-minute timeframe. Or, reach out to an agent to receive a quote and initiate the application process if you require coverage exceeding $25,000
Can Diabetics Get Whole Life Insurance?
Whole life insurance policies are available to people with diabetes; however, the type of coverage and the cost will vary depending on the person’s overall health, the way they choose to treat their diabetes and other circumstances. Expect to pay more for whole-life insurance coverage if you have diabetes.
Is Life Insurance Worth It?
Purchasing a life insurance policy is not a good financial decision. In the case of your death, it will provide financial security for your loved ones or business partners. Therefore, if there are people who depend on your income, life insurance is probably a good investment. Funeral costs and ongoing support for your dependents can be covered by life insurance while your estate is settled. You can use it to pay for things while you’re still alive, like treatment for a terminal illness.
But life insurance may not be a good fit for some people. If you have no financial commitments, no outstanding debt, and a comfortable emergency fund, you may not require as much. It may be more prudent to save for a rainy day or put money into a retirement account with the money that would have gone toward life insurance payments.
What Factors Affect Diabetics Looking for Life Insurance
When it comes to ensuring insurance for a diabetic, a number of issues may come into play. These may include;
#1. Types of Diabetes
Compared to customers with Type 1 diabetes, people with Type 2 diabetes may find it easier to qualify for life insurance. The majority of insurance companies view Type 1 diabetes as more dangerous than Type 2. This is basically because Type 2 diabetes is typically manageable with healthy lifestyle choices. Conversely, Type 1 diabetes usually necessitates regular blood sugar testing and insulin treatment. For the same level of coverage, you would probably pay higher premiums if you have Type 1 diabetes.
#2. Management of conditions
You will likely spend less on premiums if you can effectively control your diabetes through lifestyle modifications, unlike when you need medication. You’ll probably pay more if you are insulin-dependent as well. On the other hand, if you have Type 2 diabetes, you can usually control your condition with some lifestyle modifications. It is generally possible to manage type 2 diabetes by eating a balanced diet, getting adequate sleep, exercising frequently, and managing stress.
#3. Other Health Issues
It could be difficult for you to get approved for life insurance if you have diabetes along with other medical issues. This includes high blood pressure, heart disease, cancer, a history of drug misuse, or if you are on other drugs. In these situations, a guaranteed-issue policy might be your best bet. However, your premium will probably be higher than if you were to be eligible for insurance that requires a medical exam. Guaranteed life insurance premiums are usually more expensive than those for other plans. This is because the insurance provider is taking on the risk of covering an individual without a complete medical history.
Is There Any Type of Specialized Life Insurance for Diabetics?
Although most life insurance companies don’t provide policies especially made for diabetics, it’s usually possible for consumers with diabetes to find policies that meet their unique financial needs by doing their homework and consulting an insurance agent or financial advisor. However, you might need to look into guaranteed-issue life insurance or other products that don’t require a medical exam if your diabetes is severe.
Bottom Line
There are basically several life insurance options for people with diabetes. You might even be able to get coverage at a cheaper rate than usual. The rate and the type of coverage you get, however, will depend on certain factors. This may include the types of diabetics, whether your condition is well managed, and the probability of you having other health problems.
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