Can You Get Life Insurance If You Have Diabetes?

Life insurance can seem out of reach for individuals managing diabetes. However, obtaining coverage is generally achievable, though it often involves a more detailed underwriting process. This article guides readers through the considerations and steps involved in securing life insurance while living with diabetes.

Factors Influencing Insurability

Life insurance companies assess several factors when evaluating an applicant with diabetes to determine eligibility and premium rates. The specific type of diabetes plays a significant role, with Type 1, Type 2, and gestational diabetes each viewed differently due to their distinct characteristics. Insurers consider the date of diagnosis, as a longer duration might indicate a more established health history.

The level of diabetes control is a primary concern for underwriters. Consistent management of blood sugar levels, often reflected by A1C readings, is crucial. Lower and stable A1C levels demonstrate effective management, leading to more favorable policy terms. Adherence to prescribed treatment plans and regular physician visits also indicates a proactive approach to health management.

Any existing or past diabetes-related complications, such as neuropathy, retinopathy, or kidney issues, can significantly influence an insurer’s decision. The presence of complications suggests a higher risk profile, potentially affecting approval and premium costs. Insurers also evaluate all prescribed medications and the applicant’s adherence to their treatment regimen.

Beyond diabetes-specific factors, an applicant’s overall health and lifestyle are reviewed. This includes age, weight, smoking status, and the presence of other pre-existing health conditions like high blood pressure or cholesterol.

Types of Policies for Individuals with Diabetes

Several types of life insurance policies are available, each with distinct features that may appeal to individuals with diabetes.
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, paying a death benefit if the insured dies within that term. This option suits individuals with well-controlled diabetes, often offering more affordable premiums compared to permanent policies.

Whole life insurance, a type of permanent coverage, protects for the insured’s entire life as long as premiums are paid. It also accumulates cash value over time, accessible through loans or withdrawals. While typically more expensive than term life, whole life insurance offers a stable, lifelong solution for those seeking enduring financial protection.

Simplified issue life insurance offers a less stringent underwriting process, often requiring applicants to answer a few health questions without a medical exam. This option appeals to individuals with moderately controlled diabetes who might find traditional underwriting challenging. However, simplified issue policies generally come with higher premiums and may offer lower coverage amounts.

Guaranteed issue life insurance provides coverage without any medical questions or exams, making it accessible to individuals with more significant health concerns. These policies typically have the highest premiums, offer the lowest coverage limits, and often include a waiting period, such as two or three years, before the full death benefit becomes payable.

Preparing for Your Application

Thorough preparation is essential before submitting a life insurance application, especially for individuals with diabetes, as it streamlines the underwriting process. Begin by gathering detailed medical information related to your diabetes, including the exact date of diagnosis and specific type. Compile a history of your A1C levels, ideally over several years, to demonstrate consistent management.

List all current medications, including dosages and prescribing physicians. Document any past or present diabetes-related complications, hospitalizations, or significant medical procedures. Having contact information for all treating physicians, including endocrinologists and primary care doctors, will facilitate the insurer’s ability to obtain necessary records.

Beyond diabetes-specific details, compile information about your overall health history, including other medical conditions, surgeries, or treatments. Lifestyle information such as smoking status, alcohol consumption, dietary practices, and exercise routines will also be requested. Insurers may also inquire about your occupation, as certain professions carry higher risks.

Financial information, such as income and existing debts, might be requested to help determine an appropriate coverage amount. Be prepared for a typical life insurance medical exam, which usually involves a blood test to check A1C, cholesterol, and kidney function, a urine sample, and measurements of height, weight, and blood pressure. Proactively obtaining copies of your personal medical records can significantly expedite the application process.

Submitting Your Life Insurance Application

Once all necessary information has been gathered, the next step involves submitting your life insurance application. Many applicants work with an experienced insurance agent or broker, who can provide guidance and help identify insurers favorable to individuals with diabetes. Applications can typically be submitted through an online portal, via paper forms, or directly with an agent.

Following submission, the application enters the underwriting process. The insurer thoroughly reviews all provided information, including medical records from healthcare providers and results of your medical exam. They conduct a comprehensive risk assessment based on your health profile and lifestyle to determine the level of risk and assign an appropriate premium rate.

Several outcomes are possible after the underwriting review. You might be approved at a standard rate, the most favorable outcome, or approved with a higher premium, often called a “table rating,” reflecting increased risk. In some instances, the insurer may request additional information or further medical tests to complete their assessment.

If approved, you will receive policy documents outlining the terms, coverage amount, and premium schedule. Review these documents carefully and formally accept the policy to put coverage in force. The insurer will also communicate the timeline for premium payments and other administrative details.