How does a life insurance policy work for diabetics?

Nearly 1 in 10 Americans have diabetes. Good health care and a healthy lifestyle can manage this common health condition. However, because it is a lifelong illness, some life insurance providers are hesitant to provide policies to people who have diabetes types 1 and 2. 

For people with a chronic condition like diabetes, finding life insurance is still important. It could be a vital part of a person’s plan to take care of their loved ones if something were to happen to them. Diabetes won’t stop you from caring for your family and keeping them safe from money problems.

Which types of life insurance are available to people with diabetes?

There are two types of life insurance typically available: term and permanent life. Diabetics can get either type of policy, but it’s important to understand the differences between them.

• Term life insurance is only valid for a specific time period It’s usually 10, 20, or 30 years. The insured person pays premiums for that time, and the policy is only valid for that time. If something were to happen to you after the policy expires, your family wouldn’t receive any benefits. Given this structure, term life insurance is much cheaper than other life insurance.
• Permanent life insurance costs a lot more, but the policy covers the insured person for their entire life. As long as you pay the premiums, you and your loved ones are protected. It usually has a much larger financial benefit and an investment component, too.

Why does health matter to life insurance providers? 

Insurance is a business that provides financial protection in case something goes wrong. This is how all types of insurance products work, including auto insurance, home insurance, renters insurance, and health insurance.

Insurance companies can charge higher premiums for individuals with certain risk factors. They may also deny coverage if it appears that these individuals are likely to face future issues.

Getting affordable life insurance can be challenging if you have a chronic illness or recurring health issues. Conditions that permanently or lifelong impact your health are called ‘pre-existing conditions’.

Illnesses or issues such as diabetes, cancer, asthma, and autoimmune disorders like HIV and lupus are all considered pre-existing conditions. 

Can diabetics qualify for life insurance?

Having a pre-existing condition like diabetes doesn’t exclude you from qualifying for life insurance. Diabetics can find a policy that suits their needs. It helps to have a lot of information about your illness. There are a lot of factors that can impact insurance costs, and the more information you can provide, the better.

Does diabetes type matter to life insurance providers?

Diabetes is important to life insurance companies as it affects the type of coverage they offer. Type 1 and Type 2 diabetics are classified differently by insurance companies. It’s essential to know the difference. 

Diabetes is an illness that affects the way that the human body regulates blood sugar or glucose. There are different types of diabetes, but all of them can lead to high blood sugar. 

Too much sugar might not seem to be a bad thing when it comes to cake and cookies, but when there’s too much sugar in your blood, it can have really serious effects.

Diabetes complications could possibly lead to blindness, heart disease, nerve damage, and other very serious health problems. Usually, blood sugar levels are naturally regulated by a hormone called insulin, but diabetics can’t naturally regulate their own blood sugar for a variety of reasons. 

What is diabetes?

Diabetes is an illness that affects the way that the human body regulates blood sugar or glucose. There are different types of diabetes, but all of them can lead to high blood sugar. 

Too much sugar might not seem to be a bad thing when it comes to cake and cookies, but when there’s too much sugar in your blood, it can have really serious effects.

Diabetes complications could possibly lead to blindness, heart disease, nerve damage, and other very serious health problems. Usually, blood sugar levels are naturally regulated by a hormone called insulin, but diabetics can’t naturally regulate their own blood sugar for a variety of reasons. 

Type 1 Diabetics

A diabetes diagnosis of type 1 usually shows up during childhood or adolescence. It only affects 5% of all diagnosed diabetics. It happens when the cells in the pancreas that should produce insulin are damaged or destroyed by the body.

As a result, people with type 1 diabetes don’t produce any natural insulin. They have to manage their blood sugar artificially by monitoring their blood sugar, watching their diet, and taking prescription insulin when necessary. (Insulin-dependent diabetes could potentially influence your life insurance options.)

To obtain life insurance, type 1 diabetics need to be able to prove that their diabetes is under treatment and well-controlled. This is usually done by getting a statement from a doctor or during a medical exam as part of the life insurance qualification process. Knowing your numbers like A1C levels, what medicines are being used, and how often you are monitoring your diabetes will help in this process. 

Afterward, they could sign a life insurance policy but may face higher insurance premiums and lower amounts of coverage due to the perceived financial risk that a person with diabetes presents to life insurance companies.

Type 2 Diabetics

Unlike type 1 diabetics, type 2 diabetics do produce insulin; however, their cells aren’t able to process it very well. Most type 2 diabetics are diagnosed in adulthood. Type 2 diabetes is more common than type 1, and there are more treatment options for it.

Type 2 diabetes is viewed as more controllable than type 1 diabetes. It’s also much more common and affects older people.

What other factors matter in life insurance for diabetics?

If you are diabetic, there are a lot of health factors that may be important if you’re looking for a life insurance policy. Being healthy improves the quality of life insurance, even if you have diabetes.

If you have diabetes, your health and habits can impact the life insurance policy you receive. A few key factors include:

Age

The younger you are when you apply for life insurance, the lower your premiums could potentially be and the more coverage you could qualify for. The age you were when you were diagnosed with diabetes also matters. The longer you’ve lived with the illness, the higher risk you pose to a life insurance company.

Know your numbers: Blood glucose & glycated hemoglobin

Knowing what your A1C level is and when you last tested are important. Knowing what medicine and what actions you are taking to maintain healthy numbers and healthy blood glucose levels over time shows good health maintenance. This could potentially work in your favor when applying for a life insurance policy. 

Overall health management

Healthy habits such as regular exercise, a good diet, good sleep habits, and other indications that you are working to stay as healthy as possible aside from diabetes are good signs for insurers.

Family history

If your family has a generally healthy medical history, this may possibly result in better rates or more affordable coverage.

Do Diabetics Need a Medical Exam To Get Life Insurance?

You may have heard that diabetics need to take a medical exam to get life insurance. That isn’t entirely true. There are a lot of life insurance companies that don’t require a medical exam to get a policy. These companies may be friendlier to diabetics and other people who have chronic illnesses. 

If you don’t need to take a medical exam for your life insurance policy, be aware that the total amount of coverage available to you might be smaller. However, if you feel uncomfortable disclosing details of your diabetes, the option to get a life insurance policy without a medical exam exists.

If you do go for an exam or complete a questionnaire as part of your life insurance application, they may want to see your A1c levels, blood sugar level, and how you take care of them.

Other conditions & factors in conjunction with diabetes could also potentially influence your life insurance rates, such as: 

• High blood pressure
• Kidney disease
• Weight gain or loss 

How can I get a life insurance quote for a diabetic person?

If you have diabetes and want to set a plan in place to financially protect your family, life insurance could be a good choice. You may have heard that getting life insurance is difficult or impossible for diabetics, but that just isn’t true. 

You may need to do a little more legwork and be asked a few more questions than usual, but it’s possible to get a good life insurance policy that will protect your loved ones and give you financial peace of mind. 

If you want to compare life insurance policies across carriers and see quotes, start on Rate Insurance’s life insurance comparative quoting platform. Our searching gets you savings.*

*Savings, if any, vary based on the consumer’s profile and other factors. Contact your insurance agent for more information. Restrictions apply. 

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Sources:

The Facts, Stats, and Impacts of Diabetes | CDC.

Type 1 vs. Type 2 Diabetes: Difference, Symptoms, and More | Healthline

What are the principal types of life insurance? | III