Obtaining life insurance when you have a disease like diabetes can seem intimidating, but it can often be easier—and more affordable—than you think. Many of the trusted insurance companies we work with take into account your overall health, not just your diabetes diagnosis when determining your life insurance rates, so it shouldn’t deter you from exploring your options. Learn more about the most commonly asked questions individuals with diabetes have in regard to life insurance and how SelectQuote can help.
Does life insurance for diabetics cost more?
Life insurance coverage for individuals with diabetes does tend to be higher than the average rate due to the health risks associated with a chronic illness. Your diabetes diagnosis, however, isn’t the only factor life insurance underwriters take into consideration when determining life insurance costs. In addition to the primary factors that are considered when determining your life insurance rates (such as your age, gender, hobbies, etc.), they will also look at the age in which you were diagnosed with diabetes, what type of diabetes you have, the severity of your diabetes, and the treatment and control.
Types of Life Insurance For Diabetics
The level of severity around your diabetes diagnosis can determine what type of life insurance is right for you. Here’s a closer look at your options for coverage.
- Term Life Insurance – Term life insurance is often a common choice for people with mild or moderate diabetes. A term life insurance policy provides you with coverage for a set period of time. It can be beneficial for someone with diabetes to consider a longer coverage period, as it will lock in your premium for that set term regardless of future changes to your health.
- Whole Life Insurance – A whole life insurance policy can provide both a death benefit and a cash value component you can leverage as a savings account, but the premiums on a whole policy are typically much higher than a term life policy.
- No Medical Exam Life Insurance – If your diabetes is advanced or uncontrolled, or you have a history of blood sugar highs and lows, it could be in your best interest to apply for a simplified issue life insurance policy or a guaranteed issue life insurance policy. A simplified issue policy does not require a medical exam, but it does require a health questionnaire. A guaranteed issue policy has no health requirements, making it a smart option for individuals with severe diabetes.
4 Tips to Get Affordable Diabetic Life Insurance
While life insurance rates tend to be higher for individuals with diabetes, there are a few actions you can take to help lower your life insurance costs. Here are four tips for getting affordable life insurance while living with diabetes.
1. Make Sure Your Diabetes is Under Control
If you can prove your diabetes has been under control for at least 6-12 months, you could have a better chance of obtaining lower life insurance rates. Proving your diabetes is under control can be shown through blood tests, exercise habits, diet, how you manage your blood sugar levels and what medications you take.
2. Stay Active and Healthy
Staying physically active and keeping a close eye on what you eat are two easy ways to better manage your diabetes. The better your diabetes is controlled through medications, diet and exercise, the lower your life insurance premiums will likely be.
3. Control Your Weight, Cholesterol Level, and More
With all traditional life insurance applications, you’ll be required to take a medical exam, which will consist of measuring your blood pressure, height, weight, and taking a blood and urine sample. If any of these indicate you are unhealthy, it could lead to an increase in your life insurance costs.
4. Shop Around for the Best Life Insurance Price
The easiest way to find the most affordable life insurance is by shopping around. At SelectQuote, we’ll get to know your situation and compare coverage from some of the most trusted insurance carriers in the nation on your behalf. In just minutes, we can help you find the right coverage with the right carrier at the right price for you.
It’s Possible to Get Life Insurance with No Medical Exam
Although it’s possible to obtain traditional life insurance with diabetes, if you’re concerned about your overall health or have been denied before, no medical exam life insurance might be a good option for you. The main types of no medical exam life insurance include:
- Simplified Issue Life Insurance – Medical exam is replaced with a health-related questionnaire. This is a good life insurance option if you’re between 45-85 and are looking for a policy up to $40,000.
- Guaranteed Issue Life Insurance – No medical exam or health questions required, and just as the name implies, coverage is guaranteed if you’re between the age of 45-85.
- Accelerated Underwriting – Considered a fast track to traditional life insurance with a lower coverage amount.
How SelectQuote Can Help You Get Life Insurance
It can be intimidating to shop for life insurance when you have diabetes, but whether you have health-related concerns or are shopping for insurance for the first time, we can help you navigate your options to find the right coverage for you. In just minutes, we can find life insurance quotes from some of the most trusted insurance companies in the nation. Our team of licensed insurance agents will take the time to know your situation and ensure you have all the coverage needed to protect your loved ones.