What Is The Best Life Insurance Policy For Diabetics?

Chris Stocker

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.

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Last Updated on September 24, 2023

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.

For people with diabetes, you’re going to read ‘fake’ information across the internet.  Sadly websites like PolicyGenius, Investopedia, and NerdWallet provide content that is false.  Websites like these do not publish content written by life insurance agents like we do.  They’ll provide life insurance quotes that are fake and also will list insurance companies that are not competitively priced.  We understand first hand what life insurance companies are ideal for you, and what types of policies are best for the diabetes community.

The fact of the matter is that everyone’s financial situation, and health profile is going to be different.  This means that there is NO BEST company, or product for every consumer.  Because of this, you’ll want to contact us at 888-629-3064, and share your health history with us, as well your financial objectives. To begin the process simply request a quote here.

At the end of the day, the BEST policy is the one that will protect your family and meet your specific financial goals.  While we help you determine what carriers are ideal for your situation, we’ll also make sure they are the best priced solutions for your family.

To start we’re going to touch on the main types of life insurance plans that people with diabetes can qualify for.

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. This is unfortunate because for many families, whole life insurance is a perfect solution for them.  Whole life insurance is a permanent type of life insurance that provides valuable coverage for a person’s entire life.

Whole life insurance policy features include:

  • Permanent coverage that may increase over time
  • Level premiums for duration of the policy
  • Pays a death benefit at time of the insured’s death
  • Builds cash value (tax-deferred) that can be accessed
  • May serves as a long term investment vehicle
  • Borrow against cash value in the future.

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. Simply contact us and let diabetes life insurance specialists review what options you’d have.

Term Life Insurance

Term life insurance is generally the first type of coverage people with diabetes explore.  Premiums are lower compared to whole life insurance policies, and you may be able to afford a higher amount of life insurance with a term plan. Now the downside to term life insurance is that the policy will only be in force for a specific amount of time.

Term life insurance policy features:

  • Custom selection of the term that best fits your needs
  • Competitively priced, affordable coverage for only the time you need it
  • Level premium payments
  • Ability to customize coverage with riders such as accelerated death benefit (living benefits) rider
  • Preservation of insurability for converting to permanent insurance later
  • You can cancel policy at any point in time if no longer needing coverage

Term Life vs. Whole Life

• Tend to be less expensive than permanent life insurance• The policy can last until death
• Can be converted to whole life insurance• It can provide guaranteed cash value
• Coverage is temporary• Smaller death benefit than term life for the price
• Health issues or age can make it difficult to requalify
• Generally more expensive than term policies
• No cash value

*credit Usnews.com

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 may 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 best guaranteed issue life insurance for diabetics for people with diabetes out there. If you’ve ever been told that you can’t get affordable life insurance as a diabetic, either gestational, 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, which is also popular with older people, is best guaranteed issue life insurance for diabetics.  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. Rates are higher, and the policy will not pay out the full death benefit until after 2 years of the policy being in force.

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.  

Guaranteed issue products should ONLY be obtained as a last resort.  If you qualify for a policy that pays an immediate death benefit, you most certainly obtain one that pays out immediately.

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

The best no medical exam life insurance for diabetics 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.

Now just because you can skip a medical exam, this doesn’t mean that you’ll automatically qualify.  Companies will still do their own underwriting, and will have you answer a series of health questions.  Here’s the different types of underwriting companies will do on a no exam basis:

  • Prescription history and MIB review
  • Review of last 4 to 5 years worth of medical records along with MIB review and Rx check

Every company who will consider a person with diabetes on a non medical exam basis will have their own requirements.  That’s why it’s important to speak with us, and let us help direct you to the best possible company.

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 the best no medical exam life insurance for diabetics, 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 MAY be more expensive than a policy that requires an exam. This isn’t always the case as we see many with diabetes qualify for the same type of rates as people who complete examinations do.

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. Again, it’s possible to not pay higher premiums using no medical exam plans, but this is determined after you speak with one of our agents.

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. However this limit may be as high as $2 million.  Almost every applicant we work with will have options on non medical plans from $100,000 to $2 million of life insurance.

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.  Policies do not require examinations and approvals are made in 24-48 hours.  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.  Most applicants will also qualify for immediate death benefit plans.

You can even take out a policy for as little as $10,00 to $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.

Many popular life insurance providers such as Gerber Life, AARP, and Mutual of Omaha offer coverage.  All companies will have specific underwriting requirements and will view diabetes profiles on a case by case basis.  Since consumers are acquiring policies like these to address funeral expenses, the death benefits are paid out in just a few days.

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 the best whole life insurance for diabetics.

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 provide the best burial insurance for diabetics and 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 burial insurance for diabetics and other plans for your needs at an affordable cost.

Matt Schmidt is a nationally licensed diabetes insurance expert. Over this time frame he's helped out over 10,000 clients secure life insurance coverage with Diabetes. He's frequently authors content to Forbes, Entrepreneur, The Simple Dollar, GoBanking Rates, MSN, Insurancenews.net, and Yahoo Finance and many more.

Matt Schmidt is also the Co-Founder of Diabetes Life Solutions and Licensed Insurance agent. He’s been working with the Diabetes community for over 18 years to find consumers the best life insurance policies.  Since 2011, he has been a qualified non-member of MDRT, the most prestigious life insurance trade organization in the USA

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