Life insurance for diabetics

Can people with diabetes get life insurance?

Yes, people with diabetes can absolutely get life insurance, but there’s a bit more to consider when it comes to the details. The good news is that many insurers offer coverage, but your rates will depend on a few personal factors, like how well your diabetes is managed and whether you have other health issues. If your condition is under control and you’re in good overall health, your premiums might not be much higher than for someone without diabetes. On the other hand, if your diabetes is more severe or not well-managed, you could face higher premiums — or, in some cases, have fewer options.

Insurers determine your life insurance rates based on risk, using a system of classifications that range from Preferred Plus (the lowest risk and best rates) to Substandard (where higher risk means higher rates). Here’s a quick breakdown:

• Preferred Plus, Preferred, Standard Plus, Standard: These are the most common categories, and the higher your classification, the lower your premium. If you’re in good health and managing your diabetes well, you could land in one of these categories, though it’s probably rare for someone with diabetes to qualify for Preferred Plus.
• Substandard (table ratings): For those with more serious health issues, including unmanaged diabetes and diabetes treated with insulin, insurers may use "table ratings," where they assign you a letter or number to reflect additional risk. The further down the table you are, the higher your premium.
• Flat extras: In some cases, insurers add a “flat extra,” which is a specific dollar amount added to your premium based on certain health conditions or risks. This may occur if you have diabetes plus another risk factor, such as a history of cancer or participate in a risky hobby or occupation.

Even if your diabetes is more complex, there are still options like guaranteed issue life insurance, which doesn’t require a medical exam. While these policies are easier to get, they typically come with higher costs and lower coverage amounts. But with the right plan, it is still possible to find life insurance that works for you.

What factors affect diabetics looking for life insurance?

Certain factors come into play when applying for life insurance — whether you have diabetes or not. Your age, gender, overall health and lifestyle choices (like smoking) all help insurers determine your risk level and, ultimately, your premiums. Typically, younger, healthier individuals typically receive better rates, while older applicants or those with health conditions might see higher costs. However, with Type 1 diabetics, the reverse can be true. The older a client is with Type 1, the better the rating may be.

These diabetes-specific details can have a big impact on your coverage options and premiums. Here’s a look at the key diabetes-related factors:

Type of diabetes

The type of diabetes you have is one of the most important considerations for insurers. Typically, people with Type 2 diabetes have an easier time qualifying for coverage since it’s often manageable through lifestyle changes and medication. Many insurers see Type 2 as lower risk, which can result in better rates.

On the other hand, Type 1 diabetes is generally viewed as riskier because it requires constant monitoring and insulin therapy, which might lead to higher premiums. However, well-controlled Type 1 diabetes doesn’t necessarily mean you’re locked into sky-high rates. Insurers will look at the bigger picture of how well you manage your health.

For women who’ve experienced gestational diabetes during pregnancy, getting life insurance shouldn’t be a major hurdle. Once gestational diabetes resolves itself, which usually happens after childbirth, it might not even be considered a pre-existing condition by insurers. If you wait a few months post-pregnancy to apply, you’ll likely find it much easier to qualify for a policy at a standard rate.

Condition manageability

If your diabetes is well-controlled by lifestyle changes, you will probably pay lower premiums than if you have to take medication. On the flip side, if you are dependent on insulin, you will likely pay higher rates. However, if you have Type 2 diabetes, certain lifestyle changes can typically help you manage your condition.

Other health and lifestyle factors

While diabetes plays a key role in determining your life insurance rates, it’s not the only factor insurers consider. Your overall health, age, lifestyle habits and even your occupation are all taken into account when assessing risk. For example, if you have other health conditions, such as high blood pressure, heart disease or a history of cancer, it could make finding affordable coverage more challenging.

Your lifestyle also matters. Insurers will look at whether you smoke, how often you exercise and if you have a job that carries any health risks. If you’re managing other conditions on top of diabetes, you may face higher premiums, but the right combination of healthy habits and good medical care can still work in your favor.

By managing your health through regular checkups, medication and healthy choices you may improve your chances of securing a more favorable rate, even if your medical history is a bit more complex.

What types of life insurance are available for diabetics?

People with diabetes have several life insurance options, but it’s a smart move to start by applying for traditional life insurance before considering a guaranteed issue policy. Why? Because with standard policies, you’ll typically get more coverage for your money. Guaranteed issue may seem appealing for those with more complex health conditions, but it usually comes with higher premiums and less coverage. So, if your diabetes is well-managed, it’s worth exploring other types of life insurance first to maximize your benefits.

Here are the main types of life insurance available:

• Term life: Term life insurance is coverage that lasts for a certain period of time, you can typically choose between 10 and 30 years — depending on the insurer and your age. Because it isn’t designed as lifelong coverage, this is usually one of the more affordable ways to secure life insurance.
• Whole life: A type of permanent life insurance, whole life insurance policies include a death benefit and a cash value component that accumulates value over time. These are typically more expensive than term life because they are designed to guarantee a death benefit payout as long as the terms of the policy are met.
• Universal life: Another type of permanent life insurance, universal life insurance also includes a death benefit and a cash value component. It is one of the most flexible types of life insurance policies because the insured may adjust the death benefit or use the cash value component to pay the premium. There are three main types of universal life insurance — indexed universal, variable universal and guaranteed universal — each of which uses different investment strategies to grow the cash value.
• Guaranteed issue life insurance: If you’re facing significant health challenges and have been denied coverage elsewhere, guaranteed issue life insurance might be an option. This policy doesn’t require a medical exam, but it comes with higher premiums and lower coverage limits.
• Group life insurance: Often offered through an employer, group life insurance can be a good option for people with diabetes. It’s generally easier to qualify for and may offer lower rates since the risk is spread across a larger group of employees.

The main difference between a diabetic and non-diabetic shopping for life insurance is cost and coverage limits. Broadly, the higher the likelihood an individual has of passing away while their policy is active, the more their insurer will likely charge for coverage. Some insurers may also limit how much coverage someone can have based on the results of their medical exam.

Is there any type of specialized life insurance for diabetics?

When it comes to diabetic life insurance, each insurer evaluates medical conditions differently. To find the best policy and rates, it’s wise to shop around and compare quotes. Different companies might offer better pricing or more flexible options depending on how they underwrite diabetes.

One noteworthy program for diabetics is John Hancock Aspire, which is specifically designed for individuals living with Type 1 or Type 2 diabetes. In addition to providing coverage, Aspire also offers incentives to help your overall health journey. Here are some key features of the program:

• Up to 25 percent savings on your life insurance premiums
• Access to virtual consultations with diabetes experts through Onduo
• Tools, education and incentives to help you manage your health
• Discounts on healthy food, fitness devices and travel
• Participation in Vitality, a wellness program that rewards you for making healthy lifestyle choices, such as:
• Managing your HbA1c levels
• Exercising regularly
• Buying nutritious food
• Getting quality sleep

Aspire could be a great option if you're looking for a life insurance for diabetes policy that aligns with your health goals. However, don’t forget that each insurer has its own way of assessing risk. Comparing quotes from multiple companies can help you find the most affordable and suitable coverage for your needs.

Best life insurance for diabetics

Finding the best life insurance for diabetics doesn’t have to feel like an unwinnable battle. While some policies may have higher premiums or stricter requirements, many insurers provide flexible options specifically for individuals with health conditions like diabetes. The key is knowing where to look and what to consider.

Whether you’re managing Type 1 or Type 2 diabetes, the best life insurance companies offer coverage designed to fit your unique needs and budget. From policies that require a full medical exam to guaranteed issue plans with no medical questions, there’s a wide range of options. Bankrate has done the research to spotlight top insurers that cater to people with diabetes, helping you find a plan that matches your health, lifestyle and financial goals. As a reminder, hopping around and comparing offers is often the best way to ensure you get the right coverage at a price that works for you.

Will my existing policy be canceled if I am diagnosed with diabetes?

No need to worry — your life insurance policy cannot be canceled due to a medical diagnosis like diabetes after it is in force, whether you have a term or permanent policy. As long as you continue paying your premiums on time, your coverage will stay intact regardless of any health changes.

Permanent policies

With permanent life insurance, such as whole life or universal life, your coverage is designed to last for your entire lifetime, meaning a maximum coverage age range that typically falls between 95 and 121 years of age. Therefore, even if you’re diagnosed with diabetes after your policy is active, your premiums and coverage won’t change. As long as your premiums are up to date, your protection remains in place at the rate you locked in when you first purchased the policy.

Term policies

For term life insurance, your coverage is set for a specific period — usually 10, 20 or 30 years. If you’re diagnosed with diabetes during this term, your policy remains unaffected, and your premiums stay the same until the term ends.

When the term is up, you may have options. If your policy includes a renewability option, you might be able to renew the policy without going through another medical exam. However, your new premiums will likely increase significantly as they are based on your current age. Some policies also offer a conversion option, which lets you convert your term policy into a permanent one before the term expires. This allows you to keep coverage in place without worrying about new health evaluations affecting your rates.

If you let the term policy expire and need new coverage, that’s when your current health, including a diabetes diagnosis, will factor into the new premiums. But as long as the original policy is in force, your coverage is safe and your diagnosis won’t change a thing.

Frequently asked questions