FAQ about life insurance with diabetes in 2024

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Last Updated on July 8, 2024

Q. If I have Diabetes, can I even get life insurance?

A. Absolutely. Life insurance rates are at an all time low, for diabetics. More companies are considering people with diabetes for coverage, than at any other point in time. Depending on your level of diabetes control, and other health history, you may qualify for the same life insurance premiums people without diabetes receive.

Q. Can I get life insurance during this Covid 19 Environment? And is death due to Covid 19 and Coronavirus covered?

A. Yes, a person with diabetes can still obtain coverage during this epidemic. Companies have changed their underwriting guidelines, and some have stopped offering coverage to those with diabetes. A s an example, AIG has stopped offering coverage currently to those living with diabetes. Other companies have NOT made any changes and are happy to offer you a policy. All companies we work with payout if death is due to Covid 19 or the Coronavirus.

Q. Does Diabetes affect life insurance rates?

A. The answer to this question will ultimately depend on several factors. Diabetes is considered a chronic illness, and life insurance companies may view you as a ‘higher’ risk in terms of underwriting. In some circumstances diabetes will have NO impact on your life insurance rates. For some people with diabetes, you will pay higher premiums on life insurance.

Life insurance companies are going to want to know what type of control you have over your type 1 or type 2 diabetes. The better the control, the greater chance that your diabetes won’t have an impact on life insurance rates. Many people who have type 2 diabetes qualify for standard life insurance rates that have no extra increase in premiums, due to the history of diabetes. However, if you have type 1 diabetes, you are most likely going to pay higher premiums, compared to a person without diabetes.

When it comes to calculating the amount of coverage and premiums of life insurance for diabetics, it is their current health and diabetes conditions that matter, as well as past health history. That is why insurers will want you to have some medical tests and provide them with documentation on your treatments and follow-up reports so that all risks can be accurately evaluated.

Given that, having diabetes doesn’t necessarily mean you will have to deal with higher premiums. It all depends on your health.

Q. Is it hard to get life insurance with Diabetes?

A. No, it really isn’t. It may be a little tricker, depending on your overall health profile. Life insurance companies have come leaps and bounds over the years, to make obtaining life insurance with diabetes much easier. The key is to work with agents who are properly trained, in working with the diabetes community. Ideally, you’d want to work with agent affiliated with Diabetes Life Solutions. Depending on your financial objectives, we will simply help you find the best policy, that meets your needs. Many websites, and agents provide fake, or inaccurate information. This is sad, but routinely occurs. When working with us, you’ll only receive REAL and ACCURATE information.

Q. What types of life insurance policies can diabetics qualify for?

A. Most people with Diabetes can qualify for all the same types of policies, as people who do not have Diabetes. This includes Term life insurance, Whole life insurance, Universal life insurance, and even burial insurance policies. Depending on what your financial needs are, you would be able to obtain the proper type of life insurance policy.

Q. I have a policy with another insurance company currently. Can I replace it with another?

A. If it makes sense to replace a policy with a better option, a person can most certainly do this. Sometimes we are able to help a consumer find a policy that’s considerably less expensive, or a policy that has additional riders and features. You never want to alter an existing policy until the new policy is in force though.

Q. How do I know the insurance companies you represent are reliable?

A. All companies we work with are A rated, and have a long history of financial stability. In our opinion these companies are some of the best companies in the world.

Q. Are there any restrictions on how the life insurance policy can be used by the listed beneficiary?

A. Ultimately, it is up to the beneficiary to decide how to use the death benefit. Death benefit of the policy is generally paid out in a lump sum, and tax free benefit.

Q. Does using diabetes related technology help my rates?

A. Using technology to help manage your diabetes is generally viewed extremely positively by certain life insurance companies.  However, your complete health profile will be reviewed to determine what ‘healthy credits’ can be applied to your file.  We have seen in certain circumstances that people who have an artificial pancreas, insulin pump, or CGM receive more favorable results.  For many people with diabetes, using technology and your smartphone , you’re able to monitor your condition.  Companies are slowly catching up to the ever-changing world of diabetes and getting a better understanding of how technology benefits you.

Q. What medical records do I need to provide an insurer with?

A. As you may already know, the insurance application process begins with a review of your health profile, that is aimed at helping underwriters find out more details on your case. In order to make an unbiased decision on whether you qualify for a policy or not, they will require medical records and documentation from your Endocrinologist or Doctor for:

  • up-to-date test results for A1C, blood pressure, fasting blood sugar, cholesterol levels, etc.);
  • diabetes management methods, treatments, and medications you have been used/are currently using;
  • detailed follow-up reports;
  • any diabetes-related complications and adverse conditions.

Keep in mind that this information is essential for getting approved for a diabetes life insurance policy. Your agent would work with your medical providers to secure these records.

Q. Do you have to take a medical exam, to qualify for diabetes life insurance?

A. No, you do not. Depending on your situation, you may qualify for multiple no exam life insurance policies. Some life insurance carriers may offer same rates, as if you completed a paramedical exam. When working with us, we’ll provide you no medical exam options, if you meet the underwriting criteria. Often times, a person may be better off doing a no medical exam policy, compared to going thru with a blood and urine test.

Q. What amount life insurance can I qualify for?

A. It depends. There are countless factors which affect how much you can qualify for in coverage. As long as you can ‘financially’ justify the amount of coverage you are seeking, most companies should be able to provide the needed amount. When calculating your benefits, underwriters are likely to place an increasing emphasis on how you manage your Type 1 or Type 2 diabetes, what medications you currently take, and at what age you were diagnosed with this chronic disease. As long as you fit their underwriting guidelines, you would be able to obtain whatever amount of life insurance you need.

Now if you are looking for no medical exam options, most companies are going to ‘cap’ the amount they will offer. The amount of coverage varies from company to company and can go up to $500,000. Besides, the type of policy should also be factored in. Typically, no medical exam life insurance provides less in benefits than traditional plans.

Q. Can I qualify for life insurance if my A1C is more than 8.5?

A. The A1C test is something that tells your underwriter whether or not you manage to control your diabetes well by showing your average blood sugar level for 3 months. The results of this test help the insurance company to assess your case in terms of risks. Ideally, an underwriter would want your A1C level should be below 7.0, meaning that the likelihood of diabetes-related complications is minimized.

Unfortunately, not everyone with diabetes can keep their A1C level at a lower level. If it is 8.5or higher, your underwriter will consider your case, but may view you as a higher risk. As a result, this can dramatically increase your premiums for life insurance. Some companies will consider you for coverage, with an A1C as high as 10.0 However, you should know your options. Even if some insurance companies have already refused to offer coverage to you, do not give up and continue to shop around. Or you can always turn to Diabetes Life Solutions for help. We help people everyday with diabetes, obtain affordable life insurance.

Q. How can I compare diabetes life insurance quotes and different types of policies?

A. For all people with Type 1 or Type 2 diabetes, it takes a lot of effort and time to find the right insurance company, suitable coverage plan, and responsive agents. There is a myriad of insurers in the U.S. these days, which makes the process way more confusing. Don’t let all of this overwhelm you!

With Diabetes Life Solutions, you are assisted by a team of experts who take great pains to change things in the diabetes community for the better. Here we put your interests first without trying to get you ‘hooked’. We know how vital it is to be covered by a well-thought-out insurance plan and have the resources to help you find that plan.

Our capabilities allow us to provide diabetics with the information and insurance rates they’ve been looking for. With us, you will be able to compare policy premiums, approval requirements, and amounts of coverage available. We work with more than 80 U.S. insurers and can assure you that you can be covered, no matter what your current diabetes condition is.

Once you apply thru us, we will obtain ‘final offers’ of life insurance coverage for you. At that point, we will provide the rates from multiple life insurance carriers. We’ll also provide you rates for various term life insurance options, and permanent life insurance options. Once you know the final premium amounts, you can choose the policy, or policies, that suit you and your family. While applying for coverage with us, you are not locked into any amount of coverage.

Q. If you’ve been declined for life insurance previously due to Diabetes, can I still be approved?

A. YES!  Just because one company declines you for coverage does not mean another life insurance company won’t approve you.  Many people make this type of mistake.  Do not let one decline prevent you from seeking out coverage or applying again.  There could be countless reasons for an insurance application to be declined.  In some situations, you may have just worked with the wrong agent or dealt with the wrong website.  Even people who are in poor health can qualify for guaranteed acceptance policies.

Q. How long does it typically take to be approved for coverage?

A. The exact length of time will vary from person to person.  If you apply for a policy that requires an examination, and review of medical records, you can expect this to take 3-4 weeks.  Waiting on the medical records from your Doctor’s office will vary from applicant to applicant.  Now if you apply for a non medical exam policy, we have seen approvals ranging from 15 minutes to 5 days.  If needing a policy in a timely manner for a SBA Loan or Divorce obligation, you’ll want to make sure you leave yourself enough time to complete the application process.

Q. Why would it make sense to work with an independent agent versus an agent who only works with their captive employer?

A. Working with an independent agent will generally allow an agent to find the most competitive policy for your financial situation.  An independent agent would be able to ‘shop’ your complete health profile to multiple companies, and see what rates and offers could be made.  They would also have access to various products and life insurance riders.  When an agent only has one company to work with, this means they can only represent and offer their plans.  It’s not that these policies would be bad, but in our experiences it would mean higher rates.  Or for certain people with type 1 diabetes, captive agencies may not even approve a person for coverage.  IN our opinion, having several options to choose from would be advantageous.

Q. If I die from a Diabetes related complication, will my life insurance policy still pay out?

A. Assuming you disclosed this on the application while applying, a life insurance company will still pay out the full death benefit.  Companies will ask details into your Diabetes history when you apply, which include asking about Diabetes related complications.  As long as you were honest on the application, you have nothing to worry about.

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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