Life Insurance for Diabetics

7 Best Companies, Sample Rates, & Buying Tips!
Bennett Bier - Life Insurance Agent and Owner of Spectrum

Updated: March 9, 2024

by: Bennett Bier

In this guide, we’ll show you the top 7 life insurance companies for people with diabetes, sample rates, and what you can do to find low cost life insurance as a diabetic.

Whether you need burial insurance, term life insurance, or whole life insurance (permanent life insurance) for diabetics, we’ll answer all your questions. You’ll also learn why diabetics pay more for life insurance and how to apply for an affordable life insurance policy.

2024 Update: You can still get life insurance after Covid 19 pandemic as a diabetic.

We will shop for your best life insurance type 1 diabetes and type 2 policy options with the highest death benefit, based on your health history. Including a permanent life insurance policy, universal life insurance and term life insurance.

Life Insurance for Diabetics

According to the Centers for Disease Control and Prevention (CDC), an estimated 34.2 million Americans are currently diagnosed with diabetes. Because it is so common, life insurance companies have been able to make policies more affordable for diabetics.

Can People With Diabetes Get Life Insurance?

Yes, of course!

People with diabetes can even find affordable life insurance rates as long as they maintain their health and stay on top of their diabetes.

While purchasing diabetes life insurance policies can be difficult due to the increased risks associated with the disease, it does not mean someone with diabetes has to go without coverage. There is a difference in the coverage you receive because there is a different risk associated with each type. You might only see a difference in the premium price, but you might face a difference in the term length options you have as well.

It is important to realize, however, that purchasing life insurance with diabetes will likely be more costly than purchasing a regular life insurance policy for someone who is in good health. High risk life insurance for diabetics is almost always more expensive.

Still, if you suffer from diabetes, you can help keep your life insurance costs down by keeping your diabetes under control.

In fact, if you do all of the following, you may still be able to get a good rating from your diabetes life insurance company:

  • Visiting your doctor regularly
  • Taking the prescribed medications
  • Following the prescribed treatment plan
  • Responding well to your treatment

Life Insurance with Diabetes Post Covid

Life insurance for diabetics type 1 and diabetics type 2 is currently still available after the Covid-19 pandemic. We are seeing the same top 3 life insurance carriers as mentioned below give the most competitive rates available.

The best carrier for well-controlled diabetics with no exam required is Foresters Financial.

If you have personally tested positive for Covid-19 there are some steps to take in order to secure new coverage. Once you have a negative test you will want to wait at least 30 days from when all treatment and follow-up necessary has ended with your doctor before securing the new life insurance coverage.

As a diabetic, it is always important to have a good record of your follow-ups related to diabetes as well. The carriers will want to see good control of the A1C levels in the recent past to get the best life insurance options for diabetics.

Types of Life Insurance for Diabetics

As a diabetic, you have many term life insurance policies and burial insurance policies available to you. With diabetes, your premiums will cost more than the average policyholder who is otherwise in good health.

But the actual cost for your policy is contingent upon how healthy you are personally and how well you are managing your condition.

Which Life Insurance Rating Classification Can Diabetics Get?

Generally speaking, there are four primary rating classifications that are used to determine the amount of money that you pay with your premium.

  • Preferred Plus: This is the highest rating possible and have the lowest premiums. It is for those with the healthiest conditions because they pose the least amount of risk to the insurance provider. This category requires no medical history on the health questionnaire including family history.
  • Preferred: These are people who are still very healthy with a healthy lifestyle and still pay a slightly lower amount for their premium but they’re simply not excellent. People who are moderately healthy for their age but could be doing better will fall into this category.
  • Standard: The average policyholder, average in terms of things like height and weight are considered standard and receives standard premiums.
  • Substandard: A substandard classification means that you have a bad health condition which makes you more of a risk to the insurer. The provider needs to be compensated for taking on that risk and they are compensated by charging a higher premium. Within this classification, there are several layers that dictate the amount of risk you personally may post.

As someone with diabetes, you could have your diabetes very well controlled and therefore fall into the standard category and pay an average premium if you were diagnosed over the age of 50 – otherwise, you’ll be a substandard risk.

If you previously had gestational diabetes without any health complications or family health history of gestational diabetes there are many great options to obtain life insurance with a top life insurance provider.

If you have type 1 diabetes, have complications relating to your type 2 diabetes, or were diagnosed prior to age 50, it’s likely you fall into one of these substandard categories.

If you cannot qualify for substandard categories a guaranteed issue life insurance policy will allow you to still get smaller coverage without undergoing an examination. There are no questions asked, but this is a more expensive policy.

7 Best Life Insurance Companies for Diabetics

The best life insurance carrier for diabetics will vary based on your age, overall health, how well you manage your diabetes, when you were diagnosed, medications, A1C levels and a number of other factors.

However, these are typically the best life insurance companies when looking for an affordable policy for a diabetic:

  • AIG Life Insurance– It is possible to find approval for high-risk diabetics with AIG.
  • Protective Life– Protective offers longer length polices than its competitors.
  • Prudential Life Insurance– Prudential is more lenient with the height and weight build chart.
  • Banner Life– Banner Life is excellent for Type 2 diabetes with good health factors and control. 
Banner Life company logo
Banner Life is an excellent life insurance company for people with Type 2 diabetes.

Best No Medical Exam Life Insurance Companies for Diabetics

Foresters life insurance company logo
Foresters is one of the best life insurance companies for diabetics who want a no-exam policy.

Best Guaranteed Acceptance Life Insurance for Diabetics with No Exam or Health Questions

  • The best company for diabetics to offer guaranteed acceptance life insurance with no medical exam or health questions is Gerber Life Insurance.
  • Even after a diabetes diagnosis with diabetes related complications or other serious medical conditions you will still have this diabetics life insurance option.
Gerber life insurance company logo
Gerber Life offers the best guaranteed acceptance (guaranteed issue) policy for diabetics.

Now, this is just an example and not a comprehensive list of all the companies that might best fit your situation. Again, you will want to get a reasonable list of quotes and talk over your situation with an expert before deciding.

What is the Cost of Life Insurance for Diabetics?

Diabetes is a pre-existing condition that will affect the health category or tier you get placed. You won’t get the top tier of pricing, however you can still get affordable rates if your diabetes is under control.

Life insurance for diabetics is usually affordable. 

Each company will have slightly different underwriting on how they categorize diabetics. Pre-diabetics who are able to control their condition with diet will rate much better than those on insulin. Also weight, A1C levels, blood pressure and other health conditions will impact your rates.

Term Life Insurance Rates for Diabetics

Here are sample monthly rates for different term life insurance policies for people with diabetes.

AgePolicy TypeFace ValueMale RateFemale Rate
3510 Year Term$500,000$27$21
 20 Year Term$500,000$40$31
 30 Year Term$500,000$68$53
4510 Year Term$500,000$52$44
 20 Year Term$500,000$89$67
 30 Year Term$500,000$152$108
5510 Year Term$500,000$126$89
 20 Year Term$500,000$223$150
 30 Year Term$500,000$380$305
Click the link below for an instant quote (make sure to choose regular/standard health classification).

Your costs will vary based on company, coverage, type of life insurance policy, and the class into which you are placed.

Term Life Insurance Rates for Women With Diabetes

The sample below is an average monthly cost for a 20-year term life insurance policy that is worth $500,000. The applicant is a female who is 40 years old living in California. She is 5’3” and weighs 140 pounds.

Said applicant was diagnosed with diabetes in 2014 and has a clean driving record. Their A1C levels were 7.7 when last checked and their average A1C levels are 7.2 for the last 12 months. They have no complications due to diabetes and do not use insulin. Their pill-based treatment for diabetes ended in 2016.

CompanyMonthly rate
Mutual of Omaha$92.75
Lincoln Financial$105.11

Term Life Insurance Rates for Men With Diabetes

Let’s look at another example. This one is a male who is 50 years old. A California resident too, this man is 5’9” and weighs 170 pounds. The applicant was diagnosed with diabetes in 2010 and has a clean driving record.

Their A1C levels were 7.7 when last checked and their average A1C levels were 7.2 for the last 12 months. They have no complications due to diabetes and no insulin use. Their pill-based treatment ended in 2016. The sample cost is for a 20-year term life insurance policy that is valued at $500,000.

CompanyMonthly rate
Mutual of Omaha$276.50

Is No Exam Life Insurance for Diabetics a Good Idea?

If you can qualify for coverage, then yes it’s a good idea. There are many no exam life insurance policies available.

If you have well-controlled Type 2 diabetes, here are 3 companies that offer term life insurance without an exam that you can potentially qualify for.

  1. Foresters “Your Term”
  2. Mutual of Omaha “Term Life Express”
  3. Nassau Re “Safe Harbor Term”

If you have poorly managed diabetes you won’t qualify for the above term  life insurance products.  

You may however qualify for a small burial insurance policy for up to $35,000 of coverage if you’re over the age of 50.  These policies take higher risks.

Many diabetics use the strategy of applying for a no exam policy and a medically underwritten policy at the same time.  If the no exam policy gets approved, they place that in force and now they’re “free rolling” on the medically underwritten policy.  If that medically underwritten policy gets declined or comes back more expensive, that’s ok – you’ll have coverage in force.  If that medically underwritten policy comes back less expense, you can cancel the no exam policy.

How To Get Better Life Insurance Rates as a Diabetic

person with diabetes testing blood

Life insurance companies want to see that you have managed your condition well which is why they want to see that:

  • you regularly visit your doctor
  • you are working hard to remain in control of your condition
  • you are not dependent on insulin or other pills
  • you take advantage of things like dietary changes to accomplish all of this

Low A1C levels on a regular basis and no other diabetic related conditions means that you are working hard to keep your blood sugar levels low. This could mean the difference between a “preferred” class level and a “standard” class level—and that difference could be a few hundred dollars versus a few thousand.

Apply for the Best Life Insurance for Diabetics

When it comes to buying life insurance for diabetics, you want to do all the research possible to make sure that you are choosing the right life insurance policy for your needs.

The best way to ensure this is to work with an independent life insurance agent who can compare the best life insurance rates and companies for diabetics at once.

Our independent agents can help you analyze the best life insurance policies on the market, and look at your specific situation to help you find the best life insurance coverage for your family’s financial needs.

Give us a call today, or begin comparing life insurance for diabetics using our online quoting calculator!