Life Insurance for Diabetics: A Few Facts & Considerations

Written by Rob Pinner

Individuals with medical issues, for instance, diabetes often discover that qualifying for life insurance is not a simple as it sounds. There are three types of diabetes which people are diagnosed with. There is type 1 diabetes (also known as juvenile diabetes), type 2 diabetes (most common form), and gestational diabetes (occurs during pregnancy)

Not every diabetic who applies for life insurance is declined or forced to pay higher premiums. Depending on the severity of your diabetes, your treatment, and having an overall healthy lifestyle, is what effects your insurability.

A few things to consider before applying:

  • Are you taking insulin
  • Has your sugar been under control for 6 months or more
  • Are you overweight
  • Do you visit your doctor consistently
  • Any other health problems
  • Do you smoke

These factors all play a role in whether you would qualify for a life insurance policy.

Types of Policies Available

If you are a type 2 diabetic or had gestational diabetes when you are pregnant there is a good chance you would qualify for standard rate with most life companies.  You would be able to qualify for any traditional life policy, such as term or whole life.  There are some companies that will issue non-med policies in certain situations.  The key to earning this rate is having your blood sugar levels at under control for at least 6 month period.  Make sure to maintain a healthy weight, diet, and lifestyle.  Insurance companies like to see that you are doing your part in staying fit.

If you are type 1 diabetic getting insurance is going to be a little bit harder.  Most companies will offer you a substandard rate and maybe decline you all together for a traditional life policy. However most type 1 diabetics would qualify for a simplified issue whole life policy final expense.  These policies ask fewer health questions than traditional policies do.

If for some reason you can’t qualify for one of these, your only choice would be a guaranteed issue whole life.  These policies ask no medical questions at all, but do have a two year waiting period on natural deaths.  Accidental deaths are paid out from day 1.

Final Thought

If you are diabetic and looking to purchase life insurance make sure to team up with an experienced agent.  An agent with experience will know which insurance carriers are more lenient with there underwriting of diabetics.  This will ensure that you receive the best possible rate.

 

Rob Pinner
Rob Pinner

I have been a licensed insurance agent for over 15 years.  If you have any questions or comments please don’t hesitate to give us a call.

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