Can You Get Life Insurance With Diabetes?

For those living with diabetes, questions often arise regarding eligibility and the specific requirements involved in obtaining coverage. While a diabetes diagnosis introduces unique considerations, it does not typically prevent someone from acquiring a life insurance policy. Understanding the nuances of how insurers evaluate applications from individuals with diabetes can help navigate the process effectively. The availability and cost of policies are shaped by factors such as the type of diabetes and how well it is managed.

General Eligibility and Considerations

Individuals with a diabetes diagnosis can generally obtain life insurance coverage. Insurers assess risk, and for individuals with diabetes, this assessment focuses on the specific type of diabetes, its management, and overall health status. The evaluation aims to determine the applicant’s expected longevity and the potential for diabetes-related complications.

Life insurance premiums are based on the insurer’s perception of risk, and pre-existing medical conditions, including diabetes, can influence these rates. While policies for diabetics may cost more than those for individuals without the condition, the exact increase depends on various factors. Each applicant’s unique circumstances, including their medical history and the effectiveness of their diabetes management, play a significant role in determining policy availability and pricing.

Key Factors in Underwriting

A primary distinction is made between Type 1 and Type 2 diabetes, as Type 1 is often perceived as a higher risk due to its early onset and insulin dependency. Type 2 diabetes, commonly diagnosed later in life, may result in more favorable rates if well-managed through diet, exercise, or oral medication. Insurers consider the age at which diabetes was diagnosed and the duration of the disease, as longer durations can increase the likelihood of complications.

A crucial metric is the A1C level, which reflects average blood sugar control over the past two to three months. Lower A1C readings, typically below 7.0, are viewed more favorably and can lead to better rates. Consistently high A1C levels, especially above 8.0 or 9.0, may indicate uncontrolled diabetes and could result in higher premiums or even denial for traditional policies.

The presence or absence of diabetes-related complications significantly impacts underwriting decisions. Insurers assess for conditions such as neuropathy (nerve damage), retinopathy (eye damage), nephropathy (kidney damage), and cardiovascular issues like heart disease or stroke. Evidence of these complications can lead to higher premiums or more limited policy options. Medications used for diabetes management, along with overall health factors such as blood pressure, cholesterol levels, and weight, are also reviewed. Lifestyle elements like diet, exercise habits, and smoking status also contribute to the insurer’s risk assessment.

Navigating the Application Process

Applying for life insurance with diabetes involves several procedural steps, beginning with providing a complete and accurate medical history. Gathering necessary documentation, such as medical records from your primary physician and specialists, as well as recent test results, is a preparatory step. A medical examination is typically required for traditional life insurance policies, which helps the insurer gather current health information.

This exam usually includes a review of your medical questionnaire, a physical assessment measuring height, weight, pulse, and blood pressure, and the collection of blood and urine samples. These samples are tested for various markers, including elevated blood sugar levels and indicators of kidney or liver function. Working with a life insurance agent or broker can be beneficial, as they can help navigate the complexities of the application, assist in gathering required documents, and communicate with underwriters on your behalf.

Policy Options for Diabetics

Individuals with diabetes have several life insurance policy options available, each with distinct characteristics regarding coverage, terms, and cost. Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It is often a suitable choice for diabetics with well-controlled conditions, though premiums may be higher than for non-diabetics. Opting for a longer term can lock in premiums, preventing increases if health changes.

Whole life insurance offers permanent coverage that lasts for the insured’s entire life, as long as premiums are paid. This type of policy also builds cash value over time, which can be accessed later. While whole life insurance can be an attractive option due to its guaranteed death benefit and unchanging premiums, it is generally more expensive than term life, and a diabetes diagnosis may further increase its cost.

For individuals who may not qualify for traditional term or whole life policies due to advanced diabetes or significant complications, guaranteed issue life insurance is an alternative. This policy type typically requires no medical exam or health questions, offering guaranteed acceptance. However, guaranteed issue policies usually come with lower coverage amounts, often ranging from $5,000 to $25,000, and significantly higher premiums. They often include a graded period, usually two years, during which the full death benefit may not be paid if death occurs from a health-related issue.

Simplified issue life insurance is another option that involves fewer medical questions and typically does not require a medical exam. Applicants complete a health questionnaire, and approval is based on the answers provided. This type of policy can be a good fit for diabetics who are in overall good health but prefer to avoid a medical exam, offering coverage amounts often up to $50,000. While simplified issue policies have higher premiums than fully underwritten plans, they are generally less expensive than guaranteed issue options.