Diabetes is a long-term health issue that happens when your body doesn’t handle insulin properly, which is the hormone that helps break down sugar in your blood. If it’s not managed well, it can lead to serious problems like heart disease, nerve damage, kidney damage, and even blindness. These issues can shorten the lives of people with uncontrolled or poorly managed diabetes, which can make it harder for them to get insurance.
According to the U.S. Centers for Disease Control and Prevention, over 38.4 million Americans have diabetes. But don’t worry, having diabetes doesn’t mean you can’t get life insurance. In fact, some insurance companies are known for being especially accommodating to people with diabetes.
Let’s take a look at some of the best life insurance options for people with diabetes:
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John Hancock Aspire With Vitality: This is one of the few life insurance policies specifically designed for people with diabetes. It offers a bunch of benefits like up to 25% savings on your insurance, virtual consultations with diabetes experts, free blood glucose meters and testing supplies, and even discounts on healthy foods and fitness devices.
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Mutual of Omaha: This company offers two life insurance products for people with diabetes: a whole life insurance guaranteed issue policy for older adults and a term life insurance simplified issue policy for young and middle-aged adults.
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Prudential: This is a great choice for diabetics who’ve had health complications because of their condition. They offer a BenefitAccess rider, which lets policyholders access death benefits while they’re still alive.
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Banner Life: This company is known for its competitive rates and long terms, and it’s also lenient with gestational diabetes, a temporary condition that many life insurance companies treat as semi-permanent.
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Protective Life: This company is appealing to older adults with diabetes because it offers a strong term-to-permanent conversion option.
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Pacific Life: This company offers some of the best life insurance for diabetics, with low premiums and great coverage options.
People with diabetes aren’t limited to one type of life insurance. Depending on the company, you might have many options, including term, whole, and universal life insurance.
So, can you get life insurance if you have diabetes? Absolutely. While diabetes is a preexisting medical condition that can shorten your lifespan if it’s not properly controlled, it’s not a dealbreaker for life insurance companies. You just might need to shop around a bit more than others.
How much does life insurance cost when you have diabetes? Well, that depends on how much of a risk the life insurance company thinks you pose. Some companies are fairly forgiving. If your diabetes is well-controlled, they might assign you a Standard or even Standard Plus health rating, putting you in a more favorable risk category than the typical tobacco user.
Do all life insurance companies require a medical exam for diabetics? If you need a substantial amount of life insurance — over $500,000 or $1 million, depending on the company — you should expect to get a medical exam as a condition of coverage.
How much life insurance can you get if you have diabetes? There’s no hard coverage amount limit for life insurance for diabetics. If you’d prefer not to get a medical exam, you’ll be bound by the upper limit of your chosen insurer’s no-exam coverage option.
Choosing the best diabetic-friendly life insurance policy depends on your life insurance goals, what the insurers you’re considering can do for diabetic applicants, and the relative cost and benefit of the policies you’re considering.
We considered several important factors as we built this list of the best life insurance for diabetics. Each factor relates to the overall accessibility, cost, and choice of life insurance for people with Type 1, Type 2, and gestational diabetes.
