The Truth: Life Insurance with Type 1 & Type 2 Diabetes

You have diabetes, but are you taking the necessary precautions to protect your family in case something should happen? With life insurance for diabetics, you can ensure that your loved ones will be taken care of and financially stable. The truth is that type 1 and type 2 diabetes greatly increases the risk of cardiovascular diseases such as heart attack and stroke.

This makes it crucial for any diabetic to consider purchasing a life insurance policy with an affordable monthly premium. Life insurance with Type 1 or Type 2 Diabetes from PinnacleQuote no medical exam if managed!

Fill out the quote box to the right to get started with life insurance coverage today!

As a Diabetic, Can I Get Life Insurance

There are approximately 1 in 10 American adults who live with diabetes, according to the Centers for Disease Control and Prevention’s 2020 National Diabetes Statistics Report.

While life insurance can be cheaper if you prove that your condition is under control, this process might require a lot of work on your part.

Why Does Life Insurance Companies Accept Diabetes

Life insurance companies raise rates and make it harder for people with diabetes to qualify for coverage because of the risk factors associated with the disease.

Top 5 Things Life Insurance Companies Look at When Applying as a Diabetic

Life insurance companies will look closely at your diabetes and the way you’re managing it when deciding whether to issue a policy, which health class to put them in and how much they should charge.

There are five key factors that insurers use:

How Old Are You

The insurance companies are the ones that determine your age when they decide what rate you’ll pay. They know if someone has lived with diabetes for ten years, it’s going to be harder on them in their old age than somebody who is twenty and just diagnosed today.

What Type Diabetes Do You Have

Because of the lower risk factor, Type 2 diabetes is usually diagnosed in adulthood and can be managed with a healthy lifestyle and medication.

The tone should be witty to engage readers because insurers see Type 2 diabetics as less risky than those who have type 1 so you’re more likely to land in better health classes (such as Standard) which means paying a lower premium.

Many people are unaware that Type 1 Diabetes is much less common than the second type of diabetes. Generally, it’s diagnosed at a younger age and requires insulin therapy to keep it under control.

If you have Type 1, your health class will be assigned as Substandard with higher rates compared to others who don’t have this condition but if otherwise healthy enough shops around for cheaper premiums may receive them depending on what other conditions they do or do not possess in general!

If you have gestational diabetes, it is important to make sure that your insurer will treat this condition the same as they would a Type 1 or 2 diagnosis.

If you are pregnant and don’t apply for life insurance before becoming pregnant or during the first trimester of pregnancy, then there might be no way around paying more for your policy.

However, after giving birth some insurers can go back on their initial decision so maybe wait until then if possible.

Diabetes type 1 and 2 comparisons. Pancreas, insulin receptor, glucose transporter, cell.

How Bad is Your Diabetes

Getting your diabetes under control may help you get the life insurance that you need to ensure financial security for yourself and your family. Insurers will look at two main factors when determining if they should give coverage:

  • first, average blood sugar levels through a yearly A1C test;
  • second, glucose tolerance results from another type of testing called GTT.

Neither way is better than the other but getting closer to normal can make all the difference in terms of approval or denial!

Above all, Insurance companies will want to know about any diabetes-related complications, such as neuropathy (nerve damage) or retinopathy (retina damage).

You won’t be automatically penalized for having these conditions if you can prove that you are managing them well.

Is Your Diabetes Well Managed

In order to lower your premiums of diabetes, you should eat a healthy diet and exercise regularly with oral medication. Also, see the doctor often so it proves that you are trying to take care of yourself!

Other Factors That Will Impact Your Premiums

In addition to those big four factors, insurers also assess your health history and family medical history. They might ask about genetic conditions that could increase a person’s risk of disease or alcohol intake levels for this reason.

You Need To Choose The Right Life Insurance For Diabetics

The best policy option for you comes down to your budget and whether or not you want a life insurance medical exam.

These are the main options for life insurance if diabetic:

Term Life Insurance For Diabetics

If you want to save some money and still get a life insurance policy that will last for 10, 15, or 20 years then the cheapest and simplest option is term life insurance.

There’s no need to go through any health questionnaire but you’ll have to undergo medical exams so this would be a good fit if your diabetes is under control.

Whole Life For Diabetics

If you want to treat your policy as an asset, look into whole life insurance. It offers lifelong coverage and a portion of your premium is invested each month in order to give it cash value.

Once the policy has accumulated enough money, then you can start taking out loans against it.

Guaranteed Acceptance or Simplified Issue

People with diabetes who are younger than 50 might consider life insurance policies that do not require medical exams.

This simplified issue or guaranteed issues (no questionnaire required but still collect information about you) can be costly and capped at low amounts like $25,000-$50,00 because the insurer has less info on people’s health history.

Work Insurance (Group)

Life insurance is a great way to ensure that your financial dependents will be cared for should the worst happen. One of those ways people with diabetes can secure coverage without taking out individual policies or going through medical exams is through their workplace.

While many companies provide group life insurance as part of employee benefits, this type often only covers up to two times your salary and is not enough if you have debt, assets, etc.

So supplemental plans may need to come into play for greater protection depending on the situation.

What Types Of Life Insurance Riders are Available

For a person with diabetes, these riders are worth looking into:

  • Accelerated death benefit rider. Allows you to tap a portion of your policy’s death benefits early if you’re diagnosed with a terminal illness and can’t work anymore,
  • Critical illness riders let’s you withdraw part of the insurance while still alive as long as proof is given that there is an immediate need for it due to chronic or serious illnesses, waiver of premium lets one pause premiums for those who become disabled temporarily because they cannot do their job.
  • Guaranteed Insurability Rider allows you to increase your coverage later on without taking another medical exam or answering health questions.
  • Term conversion rider, this lets you convert all or part of your life insurance policy before age 65 and get permanent (level) coverage instead.

Health Questions The Insurance Company Will Ask

When you choose a policy that requires either completing a medical exam or physical, expect to be asked various questions about your health. These might include:

  • If you have type 1 diabetes,
  • How long ago did your doctor diagnose it?
  • What is the current state of your glucose levels and
  • What sort of medication do you take for them?
  • How many units per day are in each dosage, and
  • Roughly how much insulin does that equate to every week or month.
  • What kind of diet do you currently eat (i.e., mostly carbohydrates?)
  • When was the last time an A1C level checked out
  • Who’s your doctor?
  • And when was your last checkup?
  • They may also need some contact info for other health care team members like primary care doctors or endocrinologists—in fact, they probably will want it if any of those folks are involved in your current treatment plan (which hopefully they aren’t).
  • Medical conditions like coronary artery disease and kidney issues that you’ve had in the past.
  • Have they ever experienced a diabetic coma?
  • Do you take dialysis for other health problems?

During the medical exam, your insurer might request records of recent test results such as blood pressure and cholesterol levels. The process will be smoother if you have all documentation handy during this step in the application process.

How Much More Will I Pay For Life Insurance Being a Diabetic

People who have Type 2 Diabetes may pay more for their policy than those without it.

However, there is still hope! If managed well enough some companies can offer lower premiums – even if they’re in “Standard” classification!”

Life Insurance Rates For Diabetics (Sample Rates and Scenario)

This shows how important your treatment is to insurers. Here’s how much you can expect to pay per month for a $500,000, 20-year term life policy if you have diabetes and don’t smoke.

Gender and ageType 2 diabetesType 1 diabetes or Type 2
Male (Controlled)(Not well controlled)
Age 30 $35.48$44.37
Age 40$56.56$70.02
Age 50$132.65$176.30
Female (Controlled) (Not well controlled)
Age 30$29.73$37.53
Age 40$43.99$56.99
Age 50$97.94$125.00

How Can I Lower My Life Insurance Rates With Diabetes

There are a few ways to cut the costs of life insurance with diabetes:

Comparing life insurance quotes from a handful of companies ensures that you get the most competitive rates. Diabetes is difficult to manage, but if your doctor visits are regular and medication intake consistent then it will be easy for an insurer to see how serious you’re taking this condition when they review their quote requests.

Call us, we are brokers that specialize in high-risk applicants.

Above all, we will help you narrow down your options and boost your chances of approval.

Conclusion

Life insurance is a topic that we often avoid thinking about until it becomes an absolute necessity. But, there are many reasons to think about life insurance now and not later. Let’s take the time today to explore some of those reasons, as well as how type 1 & type 2 diabetes could affect your ability to get coverage in the future.

We can help you find affordable life insurance quotes at any point in your journey with these two types of diabetes by utilizing our free online quote tool or contacting us directly for assistance.

Do you have questions? Feel like talking through anything mentioned here? Get in touch! 855-380-3300. Or fill out the quote box to the right and see rates.