Life Insurance for Diabetics

3 Best Companies, Sample Rates, & Buying Tips!

Are you looking for the best life insurance for diabetics?

In this guide, we’ll show you the top 3 life insurance companies for people with diabetes, sample rates, and what you can do to reduce your cost of life insurance as a diabetic.

Whether you need burial insurance, term life insurance or whole 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.

Table of Contents

About Diabetes
Can People With Diabetes Get Life Insurance?
Types of Life Insurance for Diabetics
3 Best Life Insurance Companies for Diabetics
What is the Cost of Life Insurance for Diabetics?
Is No Exam Life Insurance for Diabetics a Good Idea?
How To Get Better Life Insurance Rates as a Diabetic

Life Insurance for Diabetics

Before diving into how diabetes affects life insurance, let’s look at some statistics on diabetes to get some perspective on this condition.

About Diabetes

According to the Centers for Disease Control and Prevention (CDC), an estimated 23.6 million Americans are currently diagnosed with diabetes. In addition, another 5.7 million Americans are living with the disease and don’t even know it.

Yet, another 57 million have “pre-diabetes,” which means they are at risk of developing the condition.

Given the fact that the American Diabetes Association estimates that 65 percent of those with diabetes will die of a heart attack or stroke, it is easy to understand why purchasing diabetes life insurance can be difficult.

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.

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.

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

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

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.

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

4 Main Life Insurance Rating Classifications

Preferred Plus

This is the highest rating possible and it has the lowest premiums. It is for those with the healthiest conditions because they pose the least amount of risk to the insurance provider.

Preferred

These are people who are still very healthy 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 is 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 which 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 have type 1 diabetes or you have complications relating to your type 2 diabetes you could fall into one of these substandard categories which are labeled a through d.

If you cannot qualify for substandard categories a no medical exam life insurance policy will allow you to still get smaller coverage without undergoing an examination which would reveal the extent of your health conditions.

3 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, and a number of other factors. However, these are typically the best life insurance companies when looking for an affordable policy for a diabetic.

Company Policies Offered A.M. Best Customer Reviews
Protective Life
    • Term Life Insurance
    • Whole Life Insurance
    • Universal Life Insurance
    • Survivorship Life Insurance
    • Variable Life Insurance
  • Child Life Insurance
A+ 4.3 / 5
AIG
    • Term Life Insurance
    • Whole Life Insurance
  • Universal Life Insurance
A+ 4.2 / 5
Prudential
    • Term Life insurance
    • Permanent Life Insurance
    • Universal Life Insurance
  • Variable Life Insurance
A+ 4.7 / 5

Protective Life Insurance

Protective Life has been in business for over a century and they offer extremely competitive prices for term, universal, or variable universal plans. They have the best universal products with great riders and easy conversion for your plans.

Our Protective Life Insurance Company Review

AIG Life Insurance

AIG is a century old with an array of universal and indexed universal plans. They have fair underwriting, and they are a bit pricey but do not expect super-fast approval. The product selection is wider, even if the costs are slightly higher.

Our AIG Life Insurance Company Review

Prudential Life Insurance

Prudential is great for risk underwriting. A trusted brand, they have been around for over 140 years. They are great for smokers, so if you have diabetes and you smoke, this is clearly the better option for your consideration. There are, however, “no-exam” products available for diabetics. There is also no whole life policy available, but you can get term, universal, or variable universal plans.

Our Prudential Life Insurance Company Review

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, it is better than the smoking rate.

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 and blood-pressure matter.

Whole & Term Life Insurance Rates for Diabetics

Here are sample rates for different term and whole life policies for people with diabetes.

Age Policy Type Face Value Male Rate Female Rate
35 10 Year Term $500,000 $51/mo. $43/mo.
20 Year Term $500,000 $79/mo. $68/mo.
30 Year Term $500,000 $135/mo. $110/mo.
Whole Life $500,000 $632/mo. $544/mo.
45 10 Year Term $500,000 $71/mo. $57/mo.
20 Year Term $500,000 $105/mo. $81/mo.
30 Year Term $500,000 $188/mo. $133/mo.
Whole Life $500,000 $840/mo. $648/mo.
55 10 Year Term $500,000 $148/mo. $105/mo.
20 Year Term $500,000 $263/mo. $180/mo.
30 Year Term $500,000 $614/mo. $515/mo.
Whole Life $500,000 $2189/mo. $1507/mo.

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

For most, a term life insurance policy will be the best fit.

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.

Company Monthly rate
AIG $67.60
Protective $73.75
Mutual of Omaha $92.75
Transamerica $101.91
Lincoln Financial $105.11
Prudential $109.81

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.

Company Monthly rate
AIG $209.89
Protective $210.49
Lincoln Financial $217.68
Transamerica $269.72
Prudential $271.57
Mutual of Omaha $276.50

Is No Exam Life Insurance for Diabetics a Good Idea?

Diabetes does not mean denial of coverage automatically. There are in fact many policies out there which do not require a medical exam with your application.

Those who have more severe cases, or insulin-dependent, have type 1 diabetes diagnosed at an early age, or simply don’t want to undergo the medical exam and the questions therein can take advantage of the no exam life insurance policies.

These tend to be offered with burial insurance policies which have less coverage. If you opt for the no exam life insurance policies you get faster approval and you can find term life insurance policies or whole life insurance policies both of which offer you affordable rates despite diabetes.

With certain life insurance providers, you can also pay for extra features called riders. Whether this is a good idea is really based on:

    1. What you need in your policy
    1. What your income/finances are
  1. What your diabetes is like

If you have poorly managed diabetes and you have no plans to better control it, then a no-exam policy is going to give you the best premium.

If you want to change your lifestyle and remove your dependency on insulin, you could stand to gain better prices for your premiums with a medical exam. If you are financially stable and have no dependents, the no-exam burial insurance policies might be the best option.

How To Get Better Life Insurance Rates as a Diabetic

person with diabetes testing bloodLife 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 finding 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 tool!

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