Are There Life Insurance Options for People With Diabetes?


As November comes to a close, and as we are winding down National Diabetes Awareness Month, a common question comes up from time to time.  Can an individual with Type 1, or Type 2 Diabetes obtain affordable life insurance???

About 6 years ago, my Father was in need of Life insurance.  Due to his history of Diabetes and other health concerns, our families insurance agent said NO life insurance companies would offer coverage.  While this new was concerning, I felt sure this agent was just not knowledgeable about life insurance and people with Diabetes.

Upon some further research, we found this out to be the case.  There was actually a company that would underwrite coverage for my father.  I quickly realized that we were not the only family with a member living with Diabetes, that was receiving incorrect information.   According to the American Diabetes Association, there are over 30 million people in America, with some form of Diabetes.

Unfortunately, there is a “myth” that people with Diabetes can’t get life insurance, or can’t be approved for affordable rates.  A survey done by Diabetes 365 discovered that about 70% of all people with Diabetes thought they wouldn’t even qualify for life insurance, so why bother looking into it.  And about 50% of people with Type 2 Diabetes thought they would have to pay much higher premiums than somebody who did not have Diabetes.

Life Insurance companies have begun to notice trends like this, and have honestly come a long ways compared to just 10 years ago.  Medical advancements and modern technology are playing huge factors into the recent innovations that make life insurance more affordable for individuals with diabetes. We are lucky to be living in a day and age where medical technology is advancing at a rapid pace. With a little over 9% of the population, roughly 30 million Americans have a form of diabetes and these medical advancements open the door to many more companies who offer life insurance.

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Why Exactly are Rates Higher for People With Diabetes?

People with diabetes are generally considered a high-risk applicant primarily because their condition could ultimately lead to some serious health issues. Insurance companies see red flags when they come across an applicant with diabetes. Due to these types of possible Diabetes complications, insurance carriers may charge higher premiums compared to a person without Diabetes.

Life insurance Underwriters see the potential for kidney disease, heart attacks, stroke –all conditions that could be fatal and a huge investment risk for them. However recent studies have come out indicating that life insurance rates are more accessible for diabetics now than ever.

According to Diabetes Life Solutions, rates have actually hit an all time low for applicants with Diabetes.  Life Insurance companies are finally understanding all the TRUE risks with the Diabetes community, and are actually making positive adjustments to their ratings.

In addition to better rates,  the Diabetes community are even able to qualify for Non-Medical Exam type of products.  Meaning a person with Type 1 or Type 2 Diabetes may qualify for a product, which they could be approved within a matter of minutes. Also, for the first time ever, a child with type 1 Diabetes may qualify for life insurance, as opposed to waiting until they were a young adult to apply.  Products like these were unheard of for the Diabetes community up until about 2 years ago.  Getting life insurance with Diabetes has actually never been easier.

insurance policy

If I have Diabetes, Where Can I Find Coverage?

Great news!  There are lots of agencies/agents who can help!  The key is to know how to find the best policy. Make sure you work with an independent agent, that represents several of the top insurance carriers and are familiar with which companies are more apt to underwrite those who have diabetes.

Unlike a traditional insurance agent, independent brokers work with dozens of highly rated companies across the nation. This is important as they can then impartially “shop” your policy to many different companies.  Why is this important?  It’s important because all insurance companies will view your health profile differently.  Once an agent has run your profile past several companies, they can present to you the various offers, and solutions from the companies.

From there, they can present to you several options and solutions.  Applying for life insurance with Diabetes probably isn’t as hard as you think.  So please don’t be discouraged to open up a conversation with an insurance professional.

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