Want Life Insurance for Diabetes? We Ask You to Read this Article from Start to Finish
If you are a diabetic and want to know if you can get covered, a one-word answer can be- Yes. Life insurance for diabetes is available on the market.
But, it is a tricky answer.
An honest answer should read:
Yes, life insurance for diabetes is there but whether you can avail of it or not depends on several factors.
That means, all the 30.3 million (9.4% of U.S. population) people who, according to 2017 National Diabetes Statistics, have diabetes will not get covered for diabetes. While many of them can get coverage, many others will not.
It is often said that life insurance for diabetes type 1 is hard to get. On the other hand, life insurance for diabetes type 2 is easy to buy.
This is often an assumption. The fact is, neither type is insurance-friendly.
Truly speaking, more than what type of diabetes you have, it depends on other factors related to your overall health.
What Are the Factors?
It is kind of a bi-party thing.
The first factor is you. That is to say, how your condition is.
In order to qualify to get yourself insurance-covered, you need to fulfill certain conditions:
You have to prove that you have been managing your diabetes quite well.
And, you pose no other health risks from out of other probable complications.
Again, you have no habits that might be aggravators to your health.
The second factor is the insurance company.
Whether a life insurance company will get you covered or not depends on the company. Not each and every company likes to offer life insurance for diabetics.
They view it as a potential risk.
And, they do not want to take risks.
Type 1 Vs. Type 2 Diabetes: The Whole Truth
Often, as we have already said, many say that if you have type 2 diabetes, it is easy for you to get a life insurance policy. But the truth may be something different. Even if you have type 1 diabetes, it is possible to qualify for insurance. On the other hand, having the type 2 does not necessarily mean you can get it like non-diabetics do.
You can understand the reason if you know what David Edelman of diabetesdaily says: Every person is unique and neither type is a cakewalk.
That is to say, if you have diabetes 2 but have other health issues or hazardous habits, you cannot have guarantee that you will qualify for life insurance for diabetes.
Reasoning from the fact, we can say that when you are in proper management of your disorder, you are more likely to get life insurance for diabetics even though you have type 1 disorder.
When You Can Get Life Insurance for Diabetes
Type 1 diabetes, you know, bears more risks of an undesired consequence than type 2 does. If you miss your dosage, you are more likely to have problems. Again, your body may resist your treatment without notice. You surely understand what this means for you. As a result, insurance companies are very cautious with regard to offering life insurance for diabetes type 1.
But you can qualify for life insurance for both type 1 and 2 diabetes if you can prove:
You have been able to keep your hemoglobin A1C and blood sugar level well under control for a considerable length of time, preferably more than 6 months or more. The more is, of course, the better. It should neither touch nor cross level 7 by any means. The lower the level is, the better your chances are.
Also, you should not be over-weight.
Again, your insulin intake should remain within a limit. Typically, if it goes beyond 50 units, it may not bid fair for you. Smaller is better.
Besides, you do not have high blood pressure or cholesterol.
Moreover, you have developed no complications related to diabetes.
For certain, you do not smoke or drink.
In addition to these…
You have been serious about managing your disorder in every possible way—through medication and life-style change.
Which Companies Sell Life Insurance for Diabetes
Not everyone of the insurers sells diabetes life insurance products. But there are enough of trusted insurers out there ready to get you covered.
Here is a list of 10 trusted companies that sell life insurance for diabetes. All these carriers have best ratings from independent agencies like BBB, A. M. Best, SP, Moody’s and Fitch.
AIG is one of the best life insurance companies in the USA. Standard and Poor’s, more well-known as SP, rewards them A+ which stands for strong financial strength. They have an A2 from Moody’s Investors which indicates good financial strength of the company. From A.M. Best they have an A which stands for excellent financial strength and Fitch’s A again shows they are strong.
Better Business Bureau, more familiarly known as BBB, awards them A+ to prove that they are an excellent company.
Mutual of Omaha
Mutual of Omaha is a trusted name in the life insurance industry in the USA. Their AM Best rating is A+ which places them in the superior category. An A1 from Moody’s Investors places them in good stead and Standard and Poor’s AA- signals that they are a very strong life insurance company.
BBB also has an A+ for them.
Protective has A+ from A.M. Best, placing them in the superior class. An AA- from Standard and Poor’s categorizes them as very strong company. They have A+ from Fitch which ensures their financial strength. An A2 from Moody’s Investors indicates they are a good company.
BBB’s rating of A+ goes in their favor.
Transamerica is rated A+ from A.M. Best while their rating of Moody’s Investors is A1. Both indicate their financial strength. Their composite score on BBB is 2.32 which stands for C in alphabetic translation. BBB places them in the eighth group on their alphabetical rating scale of 13. This means they are more reliable than many others as they score between 74 and 76.99 out of 100.
Lincoln Financial Group
Lincoln has an A+ from A.M. Best while Fitch also awards them A+. From Moody’s Investors they have A1 and Standard and Poor’s gives them AA-. Respectively, Lincoln has the 2nd highest rating from A.M. Best, 5th highest from Fitch and Moody’s while 4th highest from Standard and Poor’s.
They have an A+ from BBB which means they get between 97 and 100 out of the centennial round.
Prudential has a financial strength rating of A+ from A.M. Best. They have an AA- from Standard and Poor’s while Moody’s Investors awards them A1 and Fitch has an A+ for them.
While the above ratings show a better financial strength of Prudential, overall rating of BBB is rather poor for them. In letter scale they have a D- which indicates they have 60+ marks out of one hundred. However, this means they are better than many others of their competitors.
They have A+ from A.M. Best which is indicative of excellence. AA- from both Standard and Poor’s and Fitch are indicative of their financial strength.
They have the highest rating from BBB which is A+.
Principal Financial Group
They have A+ from A. M. Best while Fitch awards them AA-. Principal has A1 from Moody’s Investors and A+ from Standard and Poor’s.
BBB’s composite score of them is A+ which proves they are one of the best life insurance companies in the U.S.
This company is again another one of the best life insurance companies with respect to their ratings from independent agencies. A. M. Best has their superior rating of A+ for them. Fitch has A+ for this company while their rating from Moody’s Investors is A1.
Another A+ comes to their basket from BBB to speak in their favor.
SBLI has good ratings from the agencies. They have A from A. M. Best, A- from Standard and Poor’s, and an A+ from BBB. BBB’s rating indicates SBLI is both financially strong and has better customer satisfaction rates.
What About the Costs ?
You are fortunate in a way.
Fortunate because until recently life insurance for diabetes was not available. If you nodded your head affirmatively when you were asked if you took insulin, your application would be given no second thought.
But things have changed. You can get either of the two major types of life insurance policies now. You can get a term life insurance policy if you want. Similarly, a whole life insurance policy is also possible for you to buy.
You have to pay higher costs in comparison with others – a non-diabetic person. This might lead you to believe you are kind of punished for asking for life insurance for diabetes. The fact is there is no reason to think it this way. Even people who do not have diabetes pay higher costs when they have negative habits or records. Risk is the factor here—not the disorder; nor are you. We have seen a non-diabetic smoker has to pay up to 531.94% more than a non-smoker.
To better understand the matter …
You need to know how life insurance companies classify their prospective buyer’s health. They mainly break your health status into the following ways:
Preferred Plus Non-smoker
The lower a health class you fall in, the higher the rate of your life insurance policy will be. So, you are not a subject-case for the insurer you ask for insurance.
The truth is …
When you are seeking life insurance for diabetes, you are almost certainly to fall in the sub-standard category. This means, your cost will be higher in comparison. But this is often less expensive than a non-diabetic customer who smokes.
Is Life Insurance for Diabetes Guaranteed?
Guarantee does not come in absolute form, in fact.
Life insurance companies do not take only your having diabetes or not having it into consideration in approving you. It is like a symphony— 3 H’s must synchronize: history, health and habit.
If you have diabetes, you may be refused or approved depending on the 3 h’s.
What to Do If Rejected?
Not being able to get a regular life insurance as a diabetic does not mean the boat is gone. You can still get insured.
You can buy a guaranteed issue life insurance policy for yourself. But remember, this type of life insurance is meant for paying the last rites bills. Of course, it does not mean the beneficiaries cannot use it for any other purposes. But the insurers have designed it with the last rites expenses in mind.
If you find it unacceptable to buy such a policy in place of diabetes life insurance, we would argue – why not?
Rightly translated, all life insurance policies relate to death.
Remember, your coverage will not be much on this policy. Most insurers typically offer $25,000 max.
The Question of Costs
Cost for life insurance for diabetes can be painfully high. But it is time you go cool. Read the discussion below.
Already you know if you are a type 2, you more likely stand on the sunny side. Although your price for a policy is not going to be as cheap as that of a non-diabetic healthy person, you are on an advantageous position in that you hold the keys to improve your health category. That said, you need to be active to beat your diabetes down. If you follow your doctor’s advice, be regular on medications and make changes in lifestyle, you are going to improve your health status which will benefit you.
Be on guard that you do not let your health status go downward. You had better go for life insurance when you have improved. You will get affordable rates on life insurance for diabetics.
We have said it is really hard for type 1 diabetics to get a life insurance policy, let alone for cheaper prices. If you fall in this category, it is always pragmatic on your side to wait for a reasonably sufficient time (at least 6 months) that you have consistently been trying to keep your insulin disorder in check. This will save you from getting refused. But in all likelihood, your price is not going to be inexpensive even then.
And instead of knocking on all doors, tap only on the companies that sell life insurance for diabetes.
Should You Shop Around?
Shop around – is a cliché you may have given little value until now. But when you have diabetes, this cliché may immensely prove useful for you. Life insurance industry being a competitive sector, insurers are always being less restrictive in terms of costs and liberal about approving policy sign-up requests.
So to say, there is a ‘beat ‘em’ attitude among them that you may benefit by shopping around while seeking life insurance for diabetes.
Who Are the Best Online Brokers?
While researching into the issue, we were somewhat disappointed. Many a broker claims they can get you affordable life insurance for diabetes. Sad enough, most of the quotes relate to traditional life insurance. Hopefully, we found the following 3 brokerage agencies whose quotes relate directly to diabetes life insurance.
We have arranged them on the basis of two criteria: direction relation to life insurance for diabetes and ease of access for you.
Policy Genius stands above all others because they are the one that best deals with life insurance for diabetes. They ask you all the questions a seeker of life insurance for diabetes should be asked. Unlike Policy Genius, most of the brokerage agencies deal with traditional questions when you seek life insurance quotes from them. You will be glad to know they instantly bring up quotes or probable costs from different companies. This will help you find the most affordable costs from among them and apply for sign-up. Another reason you will like them for is they do not ask you for your phone number or residential address.
Below is Policy Genius screenshot that shows their diabetes questionnaire:
Diabetics Life Insurance
They also deal with life insurance for diabetes. However, unlike Policy Genius, you cannot get your quotes without sharing your phone number. Again, despite inviting you to ‘get quotes now’ Diabetics Life Insurance instead say they would contact you back typically within 24 hours. Not getting instant quotes may disappoint you. You need to wait for a follow-on to go along with them.
Diabetics Life Insurance’s Screenshot shows questions related to diabetes:
However, they are better because they really deal with what you need – life insurance for diabetes.
Daniel Agency helps you find term life insurance for diabetes. From the way they work it is evident they mean business. They take you granted for a serious buyer. Therefore, you cannot impersonally have the quotes from them. You have to send more personal information to them than you would share with others. They ask you to put 3 types of your phone numbers: home, office and cell. You also need to mention the best available time they might contact you. Besides, they ask you to to send in your home address. However, instead of answering to the online questionnaire, you have to give a description of your diabetes status to evaluate your case.
Unless you are serious about making a purchase of life insurance for diabetes, you had better not be at the door of Daniel Agency.
Here is their questionnaire for life insurance for diabetes:
What Would Insurers Want to Know?
Buying life insurance for diabetes or not, you are to provide some typical information about yourself to your insurance company. Some of these common questions play a decisive role in determining your cost of life insurance, no matter you are looking for life insurance for diabetes or not.
The Common Questions
What is your full name?
What is your death of birth?
Where do you live?
Are you a permanent U.S. citizen?
What is your height?
What is your weight in pounds?
Are you married?
How many children do you have?
How old are they?
Do you smoke? If no, how long ago did you quit it?
Do you drink?
Have you got tickets for DWI (Driving While Impaired) in the last 2/3 years?
Do you have criminal offense records?
What is your occupation?
How much do you earn annually?
What are your hobbies?
How often do you travel abroad?
Do you already have any other life insurance? If yes, how much is the coverage?
Diabetes Related Questions
When were you first diagnosed with diabetes?
Which type of diabetes were you diagnosed with?
Do you have any diabetes-related complications?
Do you take any prescribed medicine for your diabetes?
If yes, what type and amount of dosage do you take regularly?
Do you follow any other ways to keep your diabetes under control?
What were your most recent blood sugar levels?
What were your most recent hemoglobin A1C levels on an average?
Do you see a medical specialist for your diabetic condition?
Did you need to get admitted into hospital over the last twelve months due to diabetes?
Do Costs Lower If I Improve?
You might wonder what if your condition tangibly improves after you have purchased your life insurance for diabetes.
The answer is – your cost may go lower if you improve.
If you are already insured or after you have been insured, keep in mind that you can benefit from the improvement. You can request your insurer to consider adjusting your premiums with your improved diabetes status. Of course, you have to produce medical proofs in favor of a consistent improvement.
What Life Insurance Mentors Say
You already know not all life insurance companies have opened their doors for life insurance for diabetes. We think finding one from company online services is rather hard. You had better consult independent agents online or offline to get yourself signed up. Off-line agents are better in that you can have them whenever you need them. If you go to online brokerage agencies, we ask you to make sure the agency does not do a solo-flying job. Should something happen to the only person, there will be none to guide you through.