Living with diabetes often comes with a lot of challenges, and one area where individuals face uncertainty is whether to obtain life insurance coverage or not. Although diabetes may affect premiums and eligibility, it is important to know that securing life insurance is possible for diabetics.
Do you wish to know more about life insurance for diabetics? You’re in the right place. In this article, we will be exploring factors influencing life insurance for diabetics, companies that offer this life insurance policies for diabetics, and other tips that would help broaden your knowledge about life insurance for diabetics.
Factors Influencing Life Insurance Premiums for Diabetics
- Diabetes Management: Life insurance companies assess an individual’s diabetes management through factors like blood sugar control, HbA1c levels, blood sugar control, and compliance with treatment plans. Those who demonstrate good control and management of their diabetes can qualify for lower premiums.
- Age and health: This is also a significant factor that determines life insurance premiums for diabetics. Younger individuals with well-controlled diabetes have more affordable options compared to those with additional health complications.
- Type of Diabetes: The type of diabetes an individual has also determines the premiums. Insurance companies differentiate between type 1 diabetes and type 2 diabetes during the evaluation process. Both type 1 and type 2 diabetes can determine premiums. However, type 1 diabetes, which is diagnosed at a younger age and, as such, requires insulin therapy, will result in higher premiums.
- Complications: if there are other diabetes-related complications, such as neuropathy, retinopathy, or kidney disease, it would ultimately affect life insurance rates. Individuals with complications are considered at higher risk and may face higher premiums.
Companies that offers life insurance for Diabetics
Prudential
This is one of the best insurance companies for diabetics. Prudential is widely known for its underwriting flexibility, specifically designed to meet the needs of individuals with diabetes.
This insurance company offers a wide range of life insurance products, which encompass term life, whole life, and universal life insurance. The underwriting process considers factors like A1c levels, diabetes management, and the overall health of the individual.
Banner Life Insurance (Legal & General America)
Banner Life Insurance is a subsidiary of Legal & General America; it is known for its high-level performance, competitive rates and lenient underwriting guidelines designed for individuals with diabetes. They offer term life insurance policies with a comprehensive coverage options for diabetics who demonstrate good control of their condition.
Lincoln Financial Group
This is yet another company that offers the best life insurance for diabetics. Lincoln Financial Group provides life insurance options tailored to provide substantial services to individuals with diabetes. This life insurance offers term life, universal life, and indexed universal life insurance policies, which include underwriting considerations for diabetics.
Mutual of Omaha
Mutual of Omaha is a reputable life insurance company that offers a myriad of options that are advantageous for individuals with diabetes. This company is known for its simplified underwriting process that caters to the needs of diabetics.
They offer whole-life, term-life, and universal life insurance policies with flexible coverage options that cover diabetes management and overall health.
John Hancock
Through its Vitality program, John Hancock offers life insurance options tailored to meet the needs of individuals with diabetes. It is one of the best life insurance companies for diabetics, as they provide all-inclusive policies with wellness incentives and rewards for healthy lifestyles. This insurance company looks out for factors such as life-durability management, A1c levels, and engagement in the Vitality Program.
FAQs
Is life insurance for type 1 diabetes more expensive?
Yes, it is. Individuals living with Type 1 diabetes have a higher mortality rate, which means that the associated costs will be on the high side. Insurers often charge higher rates to people with Type 1 diabetes to account for the increased risk.
Can you get life insurance if you have diabetes?
Sure, why not? If it’s well-controlled diabetes, there’s a guarantee of getting life insurance. It is also important to work with an experienced life insurance agent or company that can recommend the best life insurance quotes based on your pre-existing medical history.
What is the easiest type of policy to get if you have diabetes?
Considering an easy policy for diabetes can sometimes be confusing, but if you’re on the lookout for the easiest” policy to buy, we highly recommend guaranteed-issue life insurance.
It is by far the easiest policy for anyone, regardless of their health status. With guaranteed-issue life insurance, we assure you of ease.
Will my existing policy be canceled if I am diagnosed with diabetes?
No, existing life insurance cannot be canceled if you happen to develop diabetes. Life insurance can’t be cancelled if you develop a health condition like diabetes, heart disease, cancer, or other health issues.
One of the benefits of buying life insurance is that it automatically covers other health related issues. With the right approach and effort, individuals with diabetes can make use of their life insurance. It is essential to regularly review the coverage to ensure it remains adequate for your health needs.
