In 2020, According to the CDC over 34 million people have diabetes (over 10% of the US population). The American Diabetes Association states 30 million people in the United States have been diagnosed, while 84 million Americans have pre-diagnosed diabetes.
It’s important to note that each life insurance carrier has their own set of underwriting guidelines when it comes to underwriting for Diabetics. This is why it’s so important to speak with a licensed life insurance agent that specializes in life insurance for Diabetics.
Can I Get Life Insurance with Diabetes?
The simple answer is Yes! Whether you have Elevated Glucose levels, Pre-Diabetes, Type 1 or Type 2 Diabetes, Gestational Diabetes, or health complications from diabetes, you can find affordable coverage.
What are the Main Factors that affect the Cost for Diabetics?
Here are some of the main factors that life insurance companies look at when assessing the risk for Diabetics:
- Age of diagnosis. Age is a big factor because typically the older you were when you were first diagnosed with diabetes, the better. This is because diabetes is viewed as a progressive condition and usually gets worse over time. Also, this is part of the reason why type 1 diabetics who were diagnosed early in life typically pay a much higher premium than type 2 diabetics who were diagnosed later in life.
- Treatment. Treatments usually include an oral medication(s), insulin or diet and exercise only. Life Life Insurance companies like to see a good track record of follow up appointments with your Doctor and typically the fewer medications the better.
- A1C. Your A1C is the biggest indicator of well managed Diabetes. If your A1C level is lower than 7.0, that’s considered good control by many insurance carriers. Most carriers will go up to 7.5 and still offer very good rates as long as you have maintained that stable A1C over a 1-2 year period. Assuming no other health issues are present, standard rates (or possibly better) may be possible.
- Other Medical Concerns. If you have other medical conditions or your diabetes has caused other issues such as neuropathy or eye problems then these compound your risk factor and will make it very challenging to obtain life insurance.
Below are some case studies that we have insured:
66 Year Old Male
- Diagnosed with Type 2 Diabetes at age 52
- A1C is 7.2
- Takes 3 medications (one for blood pressure, one for cholesterol and metformin for diabetes)
- He was approved Standard with Pacific Life, $250,000 Term 10, $223 per month
40 Year Old Male
- Diagnosed with Type 1 Diabetes at age 30
- A1C is 6.9
- Takes medication for Gout and Insulin-dependent for Diabetes
- He was approved Standard Table 4 with Banner Life, $1,000,000 Term 20, $172 per month
Our Top 3 Tips to Save Money On Life Insurance for Diabetics
- Have good follow up with your Primary Physician. Going to your doctor on a regular basis is the best way to start keeping records. Your doctor will maintain medical information reflective upon how your condition has changed with time which also speaks volumes to the efforts you put into managing your diabetes.
- Have a life insurance medical exam done. Most people think that ‘No-Exam’ life insurance policies don’t verify health history. Actually, most ‘No-Exam’ policies still do prescription database checks and have other ways to verify your health history. Our best advice is always to do an exam if it’s possible.
- Speak with a Licensed Insurance Professional. Independent agents are impartial and not married to one company. We will always make sure to apply with the best company that is the more favorable with your health history.
You might not know which companies are the best for you, or the ones most favorable to diabetes, but an independent agent will.
If you have diabetes, it is still possible to find affordable life insurance. Don’t let your health condition keep you from seeking financial protection for your loved ones.
Contact Us Today!