What Is The Best Life Insurance For Diabetics

What Is The Best Life Insurance For Diabetics
Chris Stocker

Owner and author of The Life of a Diabetic. He's been writing about Diabetes related topics for over 10 years, and has been featured in HealthLine, Diatribe, Diabetes Advocates and JDRF.

Last Updated on October 26, 2021

Life insurance is one of the best investments that you’ll ever make for the future of your family. It’s one of the best ways that you can give your family the money that they need, regardless of what happens to you. When you’re looking to get life insurance protection, it can be a long and difficult process, but it doesn’t have to be. Our agents can make the process quick and easy.

Whole Life Insurance

People with diabetes who are in the process of shopping around for life insurance can often be turned off by the idea of going for a whole life insurance policy. For someone with a medical condition like diabetes, a whole life insurance policy can prove to be very expensive, especially if they are in good enough health that they anticipate paying for their life insurance for at least another decade. That brings them to another problem though – if a whole life insurance policy isn’t a good choice for them, or even a term life insurance policy, then just what is the best life insurance for Diabetics?

If you’ve ever been declined coverage in the past by a life insurance company because of your diabetes diagnosis, don’t assume that you can’t get a quality life insurance policy. There are plenty of options that will give you the life insurance coverage that you want, without breaking your bank every month.

What Is The Best Life Insurance For Diabetics?

One important thing to understand, and come to terms with is the fact that as a diabetic, you automatically will end up paying more for any kind of insurance policy compared to people who don’t have a condition such as diabetes. Insurance companies are still businesses and they have to make money too – and they always have to assess the risk involved for anyone who is applying for life insurance.

Fortunately, there are several options of life insurance for people with diabetes out there. If you’ve ever been told that you can’t get affordable life insurance as a diabetic, either type 1 diabetic or type 2 diabetic, that isn’t true. Regardless of your health or your diabetes diagnosis, there are several affordable life insurance offers from multiple life insurance companies that you can choose from.

Guaranteed Issue Life Insurance

One type of life insurance for diabetic people, that is also popular with older people, is guaranteed issue life insurance.  Just like the name sounds, you are guaranteed to be issued a life insurance policy with this type of plan, but it does come at a premium.

That being said, for people that are elderly, it may be a good option for them as they won’t have to go through an embarrassing physical and underwriting process, only to be told something they already know – that their health is not so good.

These are not just popular policies for diabetics looking for life insurance policies, but with all sorts of people who have medical conditions that keep them from being able to explore traditional avenues for life insurance.

No Medical Exam Life Insurance Plans

No medical exam plans can be a great option for getting life insurance protection that your family deserves, but there are several advantages and disadvantages that you should be aware of when you’re looking to get life insurance.

With a no medical exam life insurance policy for diabetics, anyone can purchase one of these plans, regardless of your health or pre-existing conditions. Everyone deserves to have quality life insurance, and your diabetes shouldn’t keep you from getting it. That’s where these no exam plans come in.

Quick Coverage

The next advantage is that you can get life insurance protection much quicker than you will with a traditional plan. With a traditional policy that requires you to take a medical exam, you’ll have to wait to schedule the appointment, wait for the results, and then wait for the insurance company to review those results.

The whole process can take several weeks, or even up to a month. With a no medical exam, you can get a life insurance policy approval as quickly as a few days. In some cases, you can get approved for coverage in as little as 24 hours. If you’re looking to get life insurance coverage as quickly as possible, a no medical exam is the best way to go.

More Expensive

Just like every other type of life insurance policy, there are going to be some disadvantages to these plans. The biggest disadvantage is that a no medical exam is going to be more expensive than a policy that requires an exam. The purpose of the medical exam is to give the company an idea of your overall health. With that picture of your health, they’re taking a much higher risk, and they are going to offset that risk by charging you higher premiums.

Policy Limits

Another notable disadvantage of these policies is that there is going to be a limit on how much life insurance that you can purchase without taking a medical exam. Most insurance companies will only sell you around $50,000 through a no medical exam policy. For most applicants, this isn’t enough life insurance. If you need more coverage than this, you’ll have to purchase two plans or apply for a traditional life insurance plan.

Burial Insurance

Another common option that people often describe as being the best life insurance for Diabetics, is what is commonly known as burial insurance. With burial insurance, you take out a policy for a fixed amount to be paid out in the event of your death.

This type of policy can be extremely cheap if you are still young, because the life insurance companies predict you will be paying for it for several years or even decades before they need to make a payout.

You can even take out a policy for as little as $25,000 to cover your funeral and burial costs so as not to burden your family during their period of mourning. Of course, higher payouts are also available to provide financial support for your family after your passing.

Calculating Your Life Insurance Needs

Before you ever apply for life insurance coverage, you should determine what your life insurance needs are. It’s vital that you get enough life insurance for your family. Not having enough coverage will leave your family with leftover debts and no money to pay off those bills.

How Much?

The first factors to consider when calculating how much life insurance you should purchase, is your debts and any final expenses that your loved ones would be responsible for if something tragic were to happen to you. Add up everything from your mortgage to your funeral expenses, which can easily add up to hundreds of thousands of dollars.

Annual Income

The next factor that you should consider is your annual income. The secondary goal of your life insurance is to replace your paycheck if something tragic were to happen. If you’re one of the primary income earners in your home, your family could struggle financially if you were to pass away. Your policy will give them the money that they need to pay for any necessary expenses.

So in short, there is no one size fits all answer for “What is the best life insurance for Diabetics?”, but there are several options you should be exploring if you are feeling discouraged during your research about whole life insurance.

A bit of exploration about the other types of life insurance for people with diabetes that are available to you might just present the perfect solution.  If you would like to get started with diabetic life insurance then use the form on this page and one of our specialists will be there to help you through the process.

At DiabetesLifeSolutions.com we are dedicated to making the life insurance sign up process easy for all diabetics and look forward to working with you.

If you have any questions about getting life insurance as a diabetic, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.

Our agents have years of experience working to give diabetic applicants the best plan to meet their needs. We understand the variety of different kinds of life insurance policies that you can choose from, and we can help you choose the plan that’s going to meet your needs.

You never know what’s going to happen tomorrow, and you can’t predict the future, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves.

We know that finding the perfect life insurance policy can be a long and confusing process, but it doesn’t have to be. Our agents can get the best plan for your life insurance needs at an affordable cost.

I’ve been working with the Diabetes community for over 17 years now. Over this time frame I’ve helped out thousands of people secure life insurance coverage with Diabetes. I’ve been featured in Forbes, Entrepreneur, The Simple Dollar, GoBanking Rates, MSN, Insurancenews.net, and Yahoo Finance.

My objectives are to provide real and accurate information to all our clients, as well as help you find the best possible life insurance policy.

Find out how much life insurance with Diabetes Life Solutions costs